Car Insurance Who Owns The Vehicle ? Hire Purchase ?
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Car Insurance Who Owns The Vehicle ? Hire Purchase ?
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Ok I am the registered keeper on my car "LOG BOOK"
but this is a hire purchase car for which am paying a monthly instalments ? when a insurance company asks whos the owner is it me ? there is no option for hire purchase or do I choose "other" there is a option "company lease" but hire is different then lease
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Timbo is here
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You are the beneficial owner now but up to a certain point in the hire purchase time the finance company automatically become the owner if you fail to keep up payment.
So yes if you are up to date you are the owner |
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wheelieman
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if you are the registered keeper you own vehicle as long as you
keep up payments, if you lease then you do not |
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taxed till i die,
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You are the registered keeper,The h p company owns it. |
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Bardic
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In UK law there is a difference between the registered keeper and the legal owner. In your case, the finance company is the legal owner, you are the registered keeper. |
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Robin B
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You are the Owner. It is only if you default on payments that they have a right to assume ownership.(i.e. repossess) |
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ANDY
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Hello
Where are you?
U.K
You are the owner, your method of payment will only become required if you are setting up a insurance to cover the payments should you become unable to pay. And that would be a separate policy.
I believe in the USA the Hire Purchase Company owns it until you have paid for it to the extent that they keep the registration docs until you have paid for it.
That would not work in the U.K as the reg docs are required to tax the car.
Andy C |
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