Transferring ownership of car on finance

[Deleted User] · 09/01/11 - 14:49

Hi, I am thinking of getting a new car and a family member wants to take over the repayments on my current one. Is it possible for me to put the car into their name? Is this something the finance company would allow and let the other person finish repayments?

[Deleted User] · 09/01/11 - 14:55

What does it say in the T&C's ?

chrisjr · 09/01/11 - 15:11

If it's a lease type deal then you might not actually own the car, the finance company does. You only get to own it when the final payment is made.

So contact the finance company to see what your options are.

Keefy-boy · 09/01/11 - 15:43

It is possible in principle but It really is up to the finance company, so as already said, you need to go ask them.

Depending on the type of finance package you have there is almost always an option to buy the vehicle before the end of the term, your relation could possibly buy the car and re-finance it.

[Deleted User] · 09/01/11 - 18:34

You generally cannot transfer one policy into someone else's name. That's because the amount you pay is assessed on the individual's circumstances, such as gender, age and occupation.

Essentially you need to close down your policy and create a new one for the person who is taking over the car.

Edit: Sorry! I misunderstood. I though you meant insurance but see it's a car on finance/credit!

Yosemite · 09/01/11 - 18:47

*Cf* wrote: »

Hi, I am thinking of getting a new car and a family member wants to take over the repayments on my current one. Is it possible for me to put the car into their name? Is this something the finance company would allow and let the other person finish repayments?

It's highly unlikely, but you are making this far more complicated than it needs to be.

You are essentially talking about selling your car to a family member, so the steps are :

1. They arrange their own finance (e.g. a bank loan) to purchase the vehicle from you at the agreed price.

2. They pay you the agreed price.

3. You repay your finance agreement from the sale proceeds.

4. You transfer ownership to the purchaser.

c4rv · 09/01/11 - 20:08

You can try but its very unlikely as finance is based on your circumstances.

What Yosemite says is the easiest course of action.

d0lphin · 09/01/11 - 22:11

Yosemite wrote: »

It's highly unlikely, but you are making this far more complicated than it needs to be.

You are essentially talking about selling your car to a family member, so the steps are :

1. They arrange their own finance (e.g. a bank loan) to purchase the vehicle from you at the agreed price.

2. They pay you the agreed price.

3. You repay your finance agreement from the sale proceeds.

4. You transfer ownership to the purchaser.

This is correct. I did the exact same thing when I bought a car last year, only difference was I had cash so I paid the finance company off with my debit card. Was easier than I expected.

[Deleted User] · 09/01/11 - 22:48

Yosemite wrote: »

It's highly unlikely, but you are making this far more complicated than it needs to be.

You are essentially talking about selling your car to a family member, so the steps are :

1. They arrange their own finance (e.g. a bank loan) to purchase the vehicle from you at the agreed price.

2. They pay you the agreed price.

3. You repay your finance agreement from the sale proceeds.

4. You transfer ownership to the purchaser.

I will need to phone them tomorrow and get a settlement quote, only reason I just wanted someone to take over repayments is because the T&C only mentions settling early after a quarter of the agreement has passed, will soon find out though.

Hey there!

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