Hi Dj95

I was in the same position in February, a family member put the finance in there name and I didn’t have any issue with my trustee. Although I did have to get them to sign a note saying that they were helping me with this.

Hope this helps!

Hi

I am in the same position. I need to pay £3500 in December for my pcp deal so I can keep the car. My dad is going to pay it and I’m going to pay him the £192 a month I was originally paying for the car. I cleared this with my trustee and they agreed to me doing this.

That’s great thanks for the replies! I did think this would be okay as I had previously discussed putting the finance in someone else’s name and they said this would be okay as long as payments remain the same so don’t see this being much of an issue as I will have proof of purchase etc 🙂

Welcome to the forum Dj95.

I’m sure this will be fine.

I’d suggest running it by your trustee first.

I’d also suggest keeping a clear paper trail that you’re not the owner of the vehicle.

Thanks for getting back to me, does my name being on the v5 make me the owner? How would I keep a clear paper trail? Sorry just a little confused on that matter as I’m sure it says on the v5 that it does not mean you are the registered keeper?

Hi Dj95.

Being the owner, and being the registered keeper, are two separate things. You can be the registered keeper of a vehicle that someone else owns.

Your relative might want to keep a copy of their loan agreement, their receipt for the vehicle purchase, and perhaps a simple written agreement between you that they'll lend you the car in return for you covering the loan repayment costs.

It’s great to see some flexibility and understanding from Trustees in relation to car finance.

For most people a car can be essential and not only help out with work but also family life. I know if I didn’t have a reliable car it would make work tricky but also taking my kids to their various clubs.

As long as someone can afford the payment, that the payment is reasonable and not too much then this should be fine.

Being on the V5 only means you are the registered keeper of the vehicle. As TDA has pointed out it would be a good idea for the relative to keep a copy of the loan but importantly the invoice for the purchase of the vehicle from the garage.