Car finance quandry
Discussion
I'm hoping someone on here can offer some advice on my situation.
Just over a year ago I helped purchase a car for my then girlfriend. We recently had an amicable break up but I want to keep the car. I paid the hefty deposit and suffered depreciation, she has paid the monthlies and neither of us feel we owe each other any cash.
Is there any way for me to take over the PCP from her? I can afford to pay the settlement figure and buy it outright but I could potentially be going through an important business takeover soon so would be wise to keep as much cash available as possible.
I would however be willing to pay the settlement figure if I could somehow release the cash by financing it afterwards?
The car is worth about 55k at the moment and settlement figure is 39k.
Just over a year ago I helped purchase a car for my then girlfriend. We recently had an amicable break up but I want to keep the car. I paid the hefty deposit and suffered depreciation, she has paid the monthlies and neither of us feel we owe each other any cash.
Is there any way for me to take over the PCP from her? I can afford to pay the settlement figure and buy it outright but I could potentially be going through an important business takeover soon so would be wise to keep as much cash available as possible.
I would however be willing to pay the settlement figure if I could somehow release the cash by financing it afterwards?
The car is worth about 55k at the moment and settlement figure is 39k.
The agreement and V5 is in her name. She was the main user but after the breakup she decided that she doesn't want it and I do want it so just need to transfer the ownership via a finance agreement to my name.
The finance company said it's unlikely that they can switch it to my name but just waiting for confirmation.
The other option would be part exchange it for a similar model but I know a few thousand would be lost in the process. Could try and sell it to a dealer but we don't want to keep any financial ties for any longer than absolutely necessary.
The finance company said it's unlikely that they can switch it to my name but just waiting for confirmation.
The other option would be part exchange it for a similar model but I know a few thousand would be lost in the process. Could try and sell it to a dealer but we don't want to keep any financial ties for any longer than absolutely necessary.
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