Changing car owner Watch

Ano123
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#1
Report Thread starter 3 weeks ago
#1
So title is a bit wrong.
Basically my sister is getting a new car and I am gonna have my sisters car that she is still paying for on finance. I was just wondering what needs to be done for me to legally drIve it. Obviously I’m going to insure it in my name but was not going to actually own the car. Do I need to change it so my name is on the v5c? Also are there any issues regarding tax about this? Will I need to tax it myself even though it is already taxed?
I suppose what I’m saying is she’s just letting me have the car, and I just wanna get insured on it but not sure if I need to do anything else
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StriderHort
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#2
Report 3 weeks ago
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Nah, the insurer doesn't care much who OWNS it, I drive, insure and tax my mum's car with no issues. Check the finance agreement though in case they have any funny insurance conditions, such as 'agreed value' clauses.
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IWMTom
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#3
Report 3 weeks ago
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(Original post by Ano123)
So title is a bit wrong.
Basically my sister is getting a new car and I am gonna have my sisters car that she is still paying for on finance. I was just wondering what needs to be done for me to legally drIve it. Obviously I’m going to insure it in my name but was not going to actually own the car. Do I need to change it so my name is on the v5c? Also are there any issues regarding tax about this? Will I need to tax it myself even though it is already taxed?
I suppose what I’m saying is she’s just letting me have the car, and I just wanna get insured on it but not sure if I need to do anything else
You'll probably find the finance company expects the main driver of the insurance policy to be the finance holder.
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StriderHort
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Report 3 weeks ago
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(Original post by IWMTom)
You'll probably find the finance company expects the main driver of the insurance policy to be the finance holder.
Yeah full comp/agreed value was the condition my mums finance place put on me

(slightly unique case though as i'm also my mum's legal guardian with financial powers, in many ways i effectively am the finance holder.)
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