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      10-30-2009, 07:40 AM   #1
olly-bmw
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2 quick Car Finance Questions

Hey folks,

I was hoping somebody could help out with these 2 questions:

I have BMW finance in my name and am due to spend 8 months abroad. Would it be possible for me to make my friend the registered keeper during this time [i.e. new owner/keeper on the logbook] whilst the payments still come from my account? Once back, I will have the V5 switched back to my name.

It's just that I'm happy to pay BMW finance but not comfortable with the logbook in my name whilst I'm not around.

The BMW agreement states:

"Until you exercise the option to purchase the vehicle, You must keep it in your possession and under your control and must not sell or dispose of it and attempt to do so, and must not allow any lien to arise over it"

I called BMW Finance and the guy hinted that they would never know if the registered keeper details were changed [as DVLA don't disclose this info to BMW] and that an intermediary owner on the logbook wouldn't stop BMW from accepting the car back after the 3 year finance agreement.

So what are my options? Can it be transferred temporarily to a 2nd owner?

Question 2: If the above is possible, how does it affect the 3 year invoice GAP insurance I have? i.e. god forbid something were to happen during those 8 months whilst my friend is the registered keeper, would GAP still pay out? Ofcourse, the car would be fully comprehensively insured with my friend as the main policy holder?

Any assistance would be appreciated.
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      10-30-2009, 07:48 AM   #2
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You dont have to be the registered keeper of the vehicle to drive it.

Just keep it in your name and he can get it insured. My vehicle is in my wifes name but I insure and drive it.

I dont think that there is anything in the finance agreement that only you can drive the car.

Keep it in your name. The plus is that you dont add 2 other owners, making the car more difficult to sell. Each time the owner is changed it is logged, so when you return it after 3 years it will have had 3 owners.

Hope it helps.
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      10-30-2009, 08:00 AM   #3
olly-bmw
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The problem I have is that I don't want any interference from police or authorities in relation to speeding tickets etc. whilst I'm not around which is why I am keen to have the owner details changed.

Adding on a driver on the insurance is no probs but I would feel much better if the V5 wasn't on my name. Any way around this?
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      10-30-2009, 08:05 AM   #4
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Your not actually selling it.
I'm sure you can do this as registered keeper is not necessarily the owner.
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      10-30-2009, 08:34 AM   #5
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Olly,

I would certainly keep the V5 in my name if I was in your situation. Why on earth would you want to effectively add two owners to your car in the space of 8 months? I'd also not worry about the Police. Clearly you're not in the country and cannot be "blamed" for any incident that may occur with your car during your absence. Just make sure it's taxed and insured.

To sum up, don't add more owners to the V5, add you friend to your insirance, and if any intervention is required, then your friend can deal with it. If he's that good a friend that you're kindly allowing him to use your car, then he should be fine with standing up for any issues that he may potentially encounter.

Matt
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      10-30-2009, 08:50 AM   #6
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Alot if insurance companies won't cover unless your registered keeper. Joke I know. Useless cants.
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      10-30-2009, 09:09 AM   #7
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Olly,
I'd also not worry about the Police. Matt
I see where your coming from and you have a valid point - however, the 3 owners doesn't bother me as long as BMW don't mind.

Not sure whether I will have the registered keeper changed yet but should I wish to go ahead, would it be possible?
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      10-30-2009, 09:27 AM   #8
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I wouldn't change the registered keeper. Maybe you could change the address on the logbook to your friend's address so that any correspondence regarding tickets would go to him; if that's all you are bothered about.
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      10-30-2009, 09:27 AM   #9
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when he has the V5 what stopping him selling it on private and get some silly cant that dont do a hpi and then the cars gone and your left the bill to pay it back
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      10-30-2009, 09:37 AM   #10
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Quote:
Originally Posted by olly-bmw View Post
Hey folks,

I was hoping somebody could help out...

It's just that I'm happy to pay BMW finance but not comfortable with the logbook in my name whilst I'm not around.

The BMW agreement states:

"You... must not sell or dispose of it and attempt to do so, and must not allow any lien to arise over it"

I don't understand your motivation or desire not to be on the logbook? It makes zero sense, especially given the wording of the agreement you signed. What is your problem with being on the logbook? Surely it can't just be the feared speeding/parking fines... do you not trust your friend? If you're so convinced he's going to be getting these tickets, why are you loaning/giving him your car??? Plus, if there are speeding/parking tickets, and you are not to blame - and can prove you were out of the country, you have nothing personally to fear.

I don't know, but just something sounds fishy/strange here.
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      10-30-2009, 10:50 AM   #11
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      10-30-2009, 11:02 AM   #12
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I don't understand your motivation or desire not to be on the logbook? something sounds fishy/strange here.
Let me explain. My friend will have full use of the vehicle and when I get back, depending on the company car I get, I may allow him access to the vehicle for the remainder of the hire agreement [a further 16 months]. In essence, it will 'become' his but not legally. Transferring the finance over is impossible due to his credit score. Whilst I am happy to pay the finance [he in turn pays me the monthly's], I am not happy with the logbook on my name.

I have asked numerous organizations today and I am getting mixed answers. My situation is similar to somebody getting banned for a year: what do you in that situation?
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      10-30-2009, 11:12 AM   #13
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Mate, stick it in his name, It aint no issue. Forget the cars financed for minute. WHat would you do...

There you go.. just get on with it.

WHere you going anyway?
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      10-30-2009, 11:22 AM   #14
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Mate, stick it in his name, It aint no issue. Forget the cars financed for minute. WHat would you do...

There you go.. just get on with it.

WHere you going anyway?
Lolz - a first time car buyer so excuse the ignorance. I'm off to hong kong! Dumped the mrs, paid outstanding bills/rent, RSPCA'd the cat, waxed ma balls and car finance to settle....!
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      10-30-2009, 12:23 PM   #15
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Quote:
Originally Posted by olly-bmw View Post
Lolz - a first time car buyer so excuse the ignorance. I'm off to hong kong! Dumped the mrs, paid outstanding bills/rent, RSPCA'd the cat, waxed ma balls and car finance to settle....!
Cant fault you mate, hope you have a good time and soon forget the Mrs and the cat.
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      10-30-2009, 12:26 PM   #16
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Quote:
Originally Posted by olly-bmw View Post
Lolz - a first time car buyer so excuse the ignorance. I'm off to hong kong! Dumped the mrs, paid outstanding bills/rent, RSPCA'd the cat, waxed ma balls and car finance to settle....!
thats going to solve everything hope you find some nice lady-boys,
when you come back you arse will be sore and you will be in the same place as u were last time, but less money
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      10-30-2009, 01:15 PM   #17
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thats going to solve everything hope you find some nice lady-boys,
when you come back you arse will be sore and you will be in the same place as u were last time, but less money
When did you go to Hong King JJ?
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      10-30-2009, 01:16 PM   #18
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When did you go to Hong King JJ?
i went with you ian, heard you liked it soo much u been back
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      10-30-2009, 01:27 PM   #19
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haha brilliant stuff, keep it going Jase!

Mate has gone to Thailand, he says the women are all over him! I take it they ARE women as there are some pretty convincing ladyboys out there!
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      10-30-2009, 04:04 PM   #20
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Quote:
Originally Posted by olly-bmw View Post
Let me explain. My friend will have full use of the vehicle and when I get back, depending on the company car I get, I may allow him access to the vehicle for the remainder of the hire agreement [a further 16 months]. In essence, it will 'become' his but not legally. Transferring the finance over is impossible due to his credit score. Whilst I am happy to pay the finance [he in turn pays me the monthly's], I am not happy with the logbook on my name.

I have asked numerous organizations today and I am getting mixed answers. My situation is similar to somebody getting banned for a year: what do you in that situation?
I think this would be a clear breach of contract on your part.
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      11-04-2009, 10:21 AM   #21
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Just to confirm,

You would clearly be in breach of your contract with the finance company (i'm assuming its with BMWFS) as you have to be in controll of the goods at all times and not sell, RENTor dispose of it or attemt to do so or allow someone other than you to become registered at the DVLA as the vehicles registered keeper. If you considor the finance companys point of view, if they had to repo the vehicle you would not be available to deal with it or to respond to any calls/mail regarding the vehicle, notwithstanding the fact that the vehicle would never be at the hirers/your address. You must also maintain comprehensive insurance cover for the duration of the agreement. Hope this helps.
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      11-05-2009, 07:23 AM   #22
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so can you not even sell the car while its still under finance? i mean once you sell the car you would pay the outstanding amount off and that's it deal finished and done right?
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