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Car finance - VLC in banks name?

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  • 23-05-2008 5:07pm
    #1
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭


    If you take out car finance (where the bank or finance company maintains ownership of the car until repair in full) - does the VLC go into your name or the banks name ?


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    #2
    Lizzykins
    Closed Accounts Posts: 637 ✭✭✭Lizzykins


    We took out a car finance package with Bank of Scotland Ireland now Halifax. The VLC was in my husband's name. We've just finished paying for it.


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    #3
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    The VLC will always be in your name.


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    #4
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    So if one sold the car to someone they wouldn't be any the wiser but the bank could come after them 2 years down the line and take the car off them? They'd lose their money and the car?


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    #5
    Lizzykins
    Closed Accounts Posts: 637 ✭✭✭Lizzykins


    True I believe if the original borrower never kept up repayments. I know of someone that lost out that way a good number of years ago. As far as I know there is a website that you can check if a car has outstanding finance on it but I don't remember the name.


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    #6
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    random wrote: »
    So if one sold the car to someone they wouldn't be any the wiser but the bank could come after them 2 years down the line and take the car off them? They'd lose their money and the car?

    Exactly. Make sure there is no outstanding finance on a car before you buy. AA i think have some checking service. I would say its money well spent.


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