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Topic starter
28/10/2012 5:31 pm
Hi.
Just need a bit of advice regarding my car. I am currently in a trust deed. When I signed I had a car that was valued under £3000 so I was infored that this was of no interest to the trust deed and I was allowed to keep it etc. However, the car was still under finance at this time and as such the car finance company was included in the trust deed creditors.
My question is, am I able to trade this car in? Is it officially mine or is it still the car finance companys or is it the trust deed companys?
It is quite old and needing a few things done to it which I might not be able to afford. It also has the £240 odd a year tax bracket and is heavy on petrol. So, I would like to trade it in for an newer, more economical one. I could probably afford £100 a month or so, so I think this would be viable for a cheap 2nd hand car. I appreciate I would probably not get finance so would need to get a family member to buy it or whatever but my main quiestion is am I allowed to do what I want with my existing car or are there restrictions on this?
Thanks in advance
Steve.
steve
28/10/2012 6:28 pm
I recently asked my TD company the same question. I was told that if I traded it in for a car worth the same value that would be fine. If you have a spare £100 per month I would imagine your TD company would want some if not all of this. I also asked about a relative buying a car and if that's the case it must stay in their name as if it was in your name and worth over £3000 you are back to square one. Also it's near on impossible to get an insurance company to insure you if you don't own the vehicle. I hope you have better luck than I did.
28/10/2012 8:22 pm
Hi steve1984.
If the loan has gone into the trust deed it wasn't on finance, the car was always yours.
If you sell it your trustee may consider that the proceeds should help to repay your creditors. I wouldn't do anything before you clear this up with your trust deed provider.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
28/10/2012 10:15 pm
Yes sorry I meant a car loan not really finance I suppose. I understand what you mean if I sold it, just wondered if trade in was allowed. I will ask them and see.
Thanks
steve
28/10/2012 10:54 pm
Mrs Mac
Just out of interest, how long ago were you trying for insurance?
We had no difficulty getting insured for a car we don't own. In fact, it's leased but not to us, the registered owner is the leasing finance company Black Horse and they had to be named on the policy.
We had a few outrageous quotes, over £800 but most were far lower, some lower than we were paying before.
31/10/2012 7:43 am
1058159534.
f lancaster
31/10/2012 7:47 am
No idea what I posted above. Hi mrs mac iv just taken out car insurance as i have more no claims than my husband but he is the registered keeper, but just the named driver on the policy. Did the same with the last company too. I am also able to pay monthly which thought might be a problem in a trust deed but doesn't seem to be with this company.
f lancaster
31/10/2012 12:58 pm
Thanks everyone for your information. I did find a broker who will insure me now and the cost was ok.
