Getting new car finance in a parents name

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Johnboy123

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No it seems not, anymore anyway as @da.murf says.

I am talking maybe 15 odd years ago or thereabouts so the guys doing this now are going to know a lot better than I do.
I can understand,finance has changed big style since the recession.its a nightmare
 

chris_b

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I can understand,finance has changed big style since the recession.its a nightmare
Yes it certainly seems so. I know one thing for certain, if I were you and would be ensuring whatever you do is 100% as the guys have said, you don't want that coming back to bite you.
 

Johnboy123

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Yes it certainly seems so. I know one thing for certain, if I were you and would be ensuring whatever you do is 100% as the guys have said, you don't want that coming back to bite you.
Thanks,totally agreed like.Thats why I thought better ask to be 110% sure than 100%
 

da.murf

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It was many moons ago I know because I had to do it. In order to do so I had a million loop holes to go through but everyone, finance co, dealer, Insurance checked everything and were 100% happy and the circumstances were noted on the deal.



Thats interesting, as stated above I had no choice but to do this donkeys years ago and I am totally certain it was at the time all perfectly fine.

So my daughter will be driving in two years and due to this change I cannot go down to Bavarian for example and get her a new Mini on drip ? (legitimately)


If you where clever about it

'Hello I am here to buy a new car for myself.... my daughter will be a named driver etc etc

And everything had ur name on it and only mention of your daughter would be on insurance as named driver

Then yes although not strictly right with fca and companies you would be joining the many who do it already.

Or just get a Tesco loan in your Name and ibacs transfer it to Bavarian lol.
 

KyleR

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It doesn't make sense that a father can hand over a fist full of cash to buy a car for their kid, but he's not allowed to finance it. Is there a scam that's been running involving this or some other thing happening that's seen finance companies losing out?
 

Coog

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Fronting, mentioned somewhere above is an insurance fraud term.

Getting finance on behalf of someone else is circumnavigating the finance company checks, causes ownership issues if for example 'owner' and financer fall out and generally exposes the finance co to risk that you're not telling them about. That's a problem.

Nout wrong with an accommodation deal, but the finance co needs to know about it and can reject or increase rate as necessary.
 

Chris_702

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Finance houses will call it fronting also.
Any main prime lender will decline a fronted/accomodation deal if they are made aware.
If you require it to be in someone elses name and want to let the finance company know, it will be a sub prime finance house with a larger rate of inomidatio

To be safe without having to worry or pay a higher rate of interest, get your parent/relative to apply for a personal loan.
 

Johnboy123

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Finance houses will call it fronting also.
Any main prime lender will decline a fronted/accomodation deal if they are made aware.
If you require it to be in someone elses name and want to let the finance company know, it will be a sub prime finance house with a larger rate of inomidatio

To be safe without having to worry or pay a higher rate of interest, get your parent/relative to apply for a personal loan.
I know wat your saying,in 2 minds wat to do.i can get the finance no prob.pcps are best and now I'm in 2 minds between a petrol and diesel
 

Chris_702

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I couldn't see a PCP having an impact on your remortgage? If your doing under 15k p.a, i'd be looking down the lines of a petrol to be honest.
 

Johnboy123

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Thanks.Right,well was reading that apparently cause I have a mortgage and it's a new deal affordability shouldn't come into effect unless I switch to another bank.A few have said that,i don't know anyone that drives a petrol car with that sort of mileage.thats y I'm totally confused.i don't wanna pay the £350 premium each year if I hang fire.
 
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