Hi Delboy69

Yes the value is £3k maximum. However it may be an idea to draft something up which clearly states that they will provide finance for the purchase of the car, the car has been purchased by your parents and title to the car will rmain with them and not pass to you.

I know for insurance purposes that the V5 may have to be in your name, however the registered keeper is not necessarily the registered owner.

It may also be worth while advising your Trustee of the arrangement just to have something on file.

Belts and Braces!

Mark

Hi Delboy69,

Any car worth less than £3,000 in value isn't taken into consideration in a Trust Deed. Providing the value of the car is less than that there should be no issues with the vehicle.

One issue could be your parents providing you with money i.e. showing up on a bank statement etc. I would suggest your parents purchase the vehicle for you and you can be the registered keeper on the V5.

You can have a vehicle worth more than £3,000 but it then becomes an asset and has to be looked at. I realise it can be difficult to try and pick up a reliable vehicle for less than £3,000. If you required a vehicle with a value more than the £3,000 you can still obtain this as it would be your parents purchasing the vehicle and therefore they would be the owners. You would just be the registered keeper on the V5.

I'd drop your Trustee/Relationship Manager an email just to advise them about the change in vehicles so their file is up to date. Will save any questions later on down the line.

Sounds like you have really good parents as well!

Thanks Guys.