Car finance

KazzieLou

Ive got a car on finance, but im not able to drive it so my mother will be driving it until i can get insured, i have not told my finance company of this, should i of told them? Will it affect anything.

My mother is on low income and wouldn't qualify due to social payments.

Henry Ford III

As long as they get paid by you they won't care.

Wheety

How is it insured? In your Mother's name?

Atlantic Dawn

Make sure she's covered fully comprehensive for driving your car or if she crashes through her own fault you will get zero.

KazzieLou

My mother is insured on the car but car is financed in my name, i dont have any car insurance she does.

KazzieLou

She has got fully comprehensive insurance

KazzieLou

Atlantic Dawn wrote: »

Make sure she's covered fully comprehensive for driving your car or if she crashes through her own fault you will get zero.

She has got fully comprehensive insurance, i dont have any insurance or licence shes driving the car, but finance documents are in my name. Would the finance company be able to tell who is insured on the vehicle

Cows Go µ

KazzieLou wrote: »

My mother is insured on the car but car is financed in my name, i dont have any car insurance she does.

Is it your name or her name on the log book?

KazzieLou

Cows Go µ wrote: »

Is it your name or her name on the log book?

My name is on the logbook

Cows Go µ

KazzieLou wrote: »

My name is on the logbook

And do the insurers know that? Generally, you have to own the vehicle to insure it so her policy may not be valid.

I think Liberty used to have the option to not own the vehicle but I don't think they allow it anymore.

Regarding the finance, that probably depends on the conditions of the loan. When I got a loan for my car from AIB, they said they didn't care what I used the money for so long as I paid it back. But, that was the terms of my loan, it may vary.

KazzieLou

Cows Go µ wrote: »

And do the insurers know that? Generally, you have to own the vehicle to insure it so her policy may not be valid.

I think Liberty used to have the option to not own the vehicle but I don't think they allow it anymore.

Regarding the finance, that probably depends on the conditions of the loan. When I got a loan for my car from AIB, they said they didn't care what I used the money for so long as I paid it back. But, that was the terms of my loan, it may vary.

They were aware, the car finance is of the dealerships themselves not a bank loan?

godtabh

KazzieLou wrote: »

She has got fully comprehensive insurance

if she doesnt own the car how can she? She has no insurable interest

KazzieLou

godtabh wrote: »

if she doesnt own the car how can she? She has no insurable interest

Shes had to pay excess fees on top pf what shes paid for insurance

dellas1979

Why did you get a car and you cant get insured (you don't have a drivers licence).

Surely its wasting your money?

Your mam should check her insurance policy to make sure she can be fully ensured on a car she doesnt own. Other than that, it doesnt matter.

KazzieLou

godtabh wrote: »

if she doesnt own the car how can she? She has no insurable interest

Becuase my mam had an old car and it was costing too much money for repairs every month something was going wrong with it..

Wheety

Yeah, not having a go but she's probably not insured correctly on the car. Usually you have to own the car to insure it in your own name. You won't find out until/if something happens and she tries to claim. That's when insurance companies will look at everything in much finer detail than they would when you're paying them money.

Maybe, you could transfer the car to your Mother? Not sure how that would work with the finance company though. As above, they might not care if they're still getting paid.

awec

Cows Go µ wrote: »

And do the insurers know that? Generally, you have to own the vehicle to insure it so her policy may not be valid.

I think Liberty used to have the option to not own the vehicle but I don't think they allow it anymore.

Regarding the finance, that probably depends on the conditions of the loan. When I got a loan for my car from AIB, they said they didn't care what I used the money for so long as I paid it back. But, that was the terms of my loan, it may vary.

Liberty still allow it in certain circumstances, like if it's owned by your spouse. Not sure if they allow parent/child.

Cows Go µ

awec wrote: »

Liberty still allow it in certain circumstances, like if it's owned by your spouse. Not sure if they allow parent/child.

Most companies are fine with spouses. I've heard of Liberty allowing a child to insure a parent's car but I can't remember what else they allowed.