Originally Posted by mikem
I don`t understand why the finance is in your name instaead of your dad`s. Unless he`s medically unfit to work, he`s obviously in a position where he`s financially comfortable or else he`d still be working. Car finance will be secured on the car also, so even less of a risk.
Why does the insurance cost £2100 a year and how many other cars are in the household.
I hope you get it sorted out but there seems to be a little more to the story.
my dad is retired and when we were looking at buying a car i wanted the bmw where he would have gone down a toyota route, so we decided with the money we have i would pay the rest on finance because he wouldnt pass a credit check as he has no income apart from an early pension, but its still a shared car between me and my dad except i pay for the finance.
the insurance is £2100 a year due to me having a claim for an accident and having a 6 month ban due to the totting up on my license.
there really is no more to the story, insurance is void due to the person who is the finance holder should be the the main driver and the registered keeper which i am not and my dad is
Its like me buying a car for my dad on finance as a gift and him insuring it and putting me as a 2nd driver, we share the car, i use it 3 days in a week to go work and he uses it for weekends and the rest of the week mostly. He also has a rav 4 for when we go out with the rest of the family, he has owned the rav 4 for 12 yrs now...i really thought we were legit the way everything was done but obviously not.
i am going to take legal advice and then see where we go from there, fair do this has really put a downer on me but gotta pick myself up again and try to move on