Car finance question.

[FastEdd11e]

We are remortgaging and need to either sell a car (on HP) or transfer it to my name (I am not on the mort).

Is it possible for my wife to sell me the car and I take an HP deal on it?
Do lenders see that as fraud?

The finance is £640pcm which I can afford but is weighing my wife's borrowing power. She is the main breadwinner, I married well!

I do realise it adds an owner to the log book, that makes no difference.

Thanks.

[mike9009]

Better to ask the finance company about options than on PH. Then there will be no debate guessing the options open to you.

[Edible Roadkill]

Are you at the point with the finance where you can hand the car back and just buy a runaround so that you’re not over committed for the mortgage ?

[Edible Roadkill]

Also even if you are not on the mortgage you’ll still be down as linked financially so it might still impact shifting finance to your name.

[FastEdd11e]

No. It is HP and there is a decent amount left - £15k on a £21k car.

I'd like to keep the car whilst we order a new one.

[Edible Roadkill]

Is putting you on the mortgage to increase affordability not an option?

[Deesee]

Take a personal loan op and clear it, no need to change name over.

[Ed.Neumann]

FastEdd11e said:

No. It is HP and there is a decent amount left - £15k on a £21k car.

I'd like to keep the car whilst we order a new one.

You can pay her finance off, doesn't matter where the money comes from.

Just take a loan out.


You don't need to change the V5 either, so don't need to add another owner.

[Dimebars]

Deesee said:

Take a personal loan op and clear it, no need to change name over.

This

Got to your bank or t'nternet

Get a loan for her settlement amount in your name

Pay her settlement

Enjoy the next 3/4/5/6/7 years of debt