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Edwin Miles. Underwriting Manager

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Can you change names on car finance agreement?

Hi Edwin, My friend has a car under finance that he's only had for about a year, leaving 4 years left on the policy. He's moving to China in the new year and we've agreed i'll take the car off his hands.

Can i simply change the name on the car and finance agreement to mine, and pay the monthly payments into his account? Or would i have to take the whole finance off him/ buy the car from him? Thanks.

Posted by Phil Wych on


Hi Phil, thanks for your question.

In order to purchase your friends car the current finance company won't just change names to yours on the agreement unfortunately.

The car would have to be purchased from your friend and the existing finance settled. Do you know the existing settlement figure on the car and how much it is worth?

Once you have this information we can then get a finance agreement put in place for yourself and we'd simply pay off your friends finance agreement and you would start a new one paying the monthly installments from your bank account. Please apply when you're ready and once approved we provide a no obligation quote. Kind Regards, Edwin

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Hi there, my daughter has just been offered a job in dubai but she has a car on finance. she has been paying the finance for 14months. it was over 4 years with a lump sum payment at the end of the 4 yrs if she wished to pay it outright. could the finance be switched to my name and i would take over the car and the finance with it??

Posted by Jue on


Hi June. Hope you are having a good day.

Unfortunately you can't change names on the finance agreement as the agreement was made based on your daughters credit profile, not yours. The only way around this would be to get a settlement figure from the finance company and purchase the vehicle from your daughter so she can settle the existing agreement.

We can provide competitive rates on personal loans that will enable you to do this. Please make an application when you're ready and if approved we also provide a no obligation quote. Kind Regards, Edwin

Posted by on


Hi ive got a car on finance over a 5 year contract. I have had the car 2 months and am struggling to pay due to changed circumstances. If i could get some one to pay me the settlement fee for the car does that mean one i have paid it off i can then get the car details changed in to their name?

Posted by Becky on


Hi Becky. If you can get someone to settle the finance for you then the finance will be settled. You will then own the vehicle out right and can do with it whatever you wish. You cannot change the names on the finance agreement as the acceptance was based on your credit profile. I hope this helps.

Posted by on


Hi, I have an Audi on finance which I have had for only a few months. We were honest about the high mileage I would be doing so pay a high monthly fee.

However, due to change of circumstances I am now not working. Can we change the agreement to a lower annual mileage to reduce payments? I can no longer afford to pay the finance but thought this may be an option. Many Thanks

Posted by Maxine Bashford on


Hi Maxine, thank you for using our Q&A.

This is a good idea to reduce your monthly payments but it is one that you'd have to ask Audi on. I think it should be possible but i don't know the T&C's of your agreement.

To keep your credit history up to date and clean please try and make all your payments on time otherwise this may effect your chances of credit in the future. Good luck! Kind Regards, Edwin

Posted by on


Hi, my husband and I have a car on finance that is in my name only.

We have recently separated and he has agreed to pay for the finance. Can it be put in his name? Many thanks

Posted by Sandra Cufley on


Hi Sandra, thank you for your question.

As the agreement is between yourself and the finance company the name on the current agreement can't be changed unfortunately.

Your husband would have to apply for car finance and establish a new agreement to pay off the existing one you have in place. Kind Regards, Edwin

Posted by on


My friend couldn't afford her payments on her Jeep. I offered to take over the payments and I had her sign a written agreement that I would take over payments and vehicle.

However, she is calling me on the due date for the money. I've asked why can't I make the payment with my card and she said everything has to be done with her credit card. Since I agreed to take over the payments do I have to deal with this? Can I call the lender to make payments myself?

Posted by valerie on


Hi Valerie, thank you for your question.

Legally the car is still owned by your friends finance company until all the repayments have been made. The agreement you have between yourself and your friend would not stand up in a legal court of law should anything go wrong.

If you want the car your friend has to sell it to you. This can be done by you taking out your own finance agreement to clear your friends current finance agreement. I hope this makes sense. There are issues around insuring the car here too as your friend will be the owner on the V5 registration document but you're insured on the car.

My advice would be to hand the vehicle back to your friend or buy it off her by settling the current finance agreement. This can be done by cash or finance. If you need finance we'd be more than happy to provide a no obligation quote. Please make an application if you wish to.

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Posted by sabrina dolman on

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