Question:
My friend is in a very tricky situation, her boyfriend is in a spot of bother and wants to sign his car over to her so that bank debt collectors cannot reposes his car, he has the car on finance but that is covered to her knowledge by insurance so that in the event of losing his job the finance company will freeze his interest and the payments so the car is safe in that aspect. If the car is put in her name will she have to pay anything? because she doesn't want people knocking on her door looking for money and she doesnt want to break the law. thank you very much for your time :)
Answers:
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From what I have seen on this site, things are a tad lunatic in the UK, but normally if there is financing on a motor vehicle the bank will retain the title to the car until the loan is paid. This means her boyfriend will not be able to sign anything over because he has nothing to sign over. He has physical possession of the vehicle for as long as he continues to make payments on it, but if he stops making payments the bank will repossess the car. If a debt is unpaid on a car it can be repossessed regardless of any sort of spot of bother anybody happens to be in and since he does not have title he has nothing to sign over.More Questions & Answers ...
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