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Scottish Trust Deed Forum
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Topic starter
06/06/2014 7:56 pm
Hello everyone. My car has broken down again. It has proved to be nothing but completely unreliable this year and I cannot afford to keep on getting it fixed. I absolutely need a car for my work. My dad has offered to buy a car on finance and register it to me for tax and insurance purposes, as long as I put all the family on the insurance so they can drive it in case of emergencies. Will this be a problem whilst in a trust deed? Im not sure but I was thinking that as I will not actually be the owner - my dad will (or rather the finance company are the owners until my dad makes the final HP payment) so this would not be considered an asset of mine. Would this be correct? Would this be ok to go ahead with? Thanks in advance for any advice.
06/06/2014 8:04 pm
Your dad can be the registered owner and you can be the registered keeper. That way it is his asset and not yours.
Glad that's over with....
Topic starter
06/06/2014 8:18 pm
I hate to appear a bit dim, but I'm not sure what the difference is?
06/06/2014 8:52 pm
if your dad signs all the finance paperwork and is paying for it then he would be the owner. If he then hands you the registration document and you fill it in you become the registered keeper but not the owner. The registered keeper is responsible for road tax, insurance and all fines but does not have to own the car.
06/06/2014 8:55 pm
and as upstream says in that case the car is not an asset of yours because you Dont own it your dad does. You just have the use of it.
Topic starter
06/06/2014 9:17 pm
Thank you so much for the explanation. I thought that might be the case. So this would not effect my trust deed then?
06/06/2014 11:03 pm
Wont be a problem at all. A simple email to your trustee to keep them in the loop would help too.
paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
07/06/2014 10:06 am
Thank you so much. I will email my trustee.
