Hi pingpong

Hypothetically it could be classed as acquirenda ( an asset acquired after the start of the Trust Deed) if purchased by a loan. Slightly more complicated under HP as the agreement states that ownership ( or title) does not pass until the final payment is made.

A PCP or lease deal would completely exclude it as you never own it.

Mark

Thanks for the reply Mark,

Is that hypothetical an actual?

If so technically if you got a loan for anything you would have to hand what you borrowed over to the trustee.

Any way looks like i may have to pay the loan payments to the funder, the old car payment amount to the Trustee and then give the trustee the new car at the end of the trust deed.......

ah well, it's an experience all the same

Hi pingpong.

Is someone you know possibly funding the purchase of the vehicle?

If so, might they remain the owner? They can have title to the vehicle even if you're the registered keeper and insured driver.

Would your trustee have a problem with you making a payment to the purchaser/owner each month for allowing you use of the vehicle?

Hi pingpong

More actual than hypothetical. Another example of @ the Trustee's discretion/interpretation.

Mark

I would speak to your trustee first of all. It may be that there is not a problem with the car at all, depending on the value of the car purchased. A car upto the value of £3000 can be disregarded, so it would only be anything over that value that would be looked at. As TDA said, if someone is buying it for you, then they could be the owner whilst you are the registered keeper. You just need to speak to your trustee.