First Time Buyers

[PlanB]

Re: First Time Buyers

he is insitent that the finance agreement is transferred to my name, and thats the only option he will take so the simple answer to that is no, I have applied to GMAC before so basically when I did that I was applying for a new credit agreement for the remaining amount in my name?

Who is the car loan finance with? If it's GMAC they no longer exist in theory. They left the market at the start of the Credit Crunch (largely caused by them allegedly) and skedaddled back to the USA from whence they came. They are now a 'closed-book lender' not accepting new business/customers however brilliant their credit score. They are winding down their loan book.

[l8onjones]

Re: First Time Buyers

So when I apply to GMAC what exactly is it that im applying to do? because when I phoned and asked they informed the remainder of the finance would be in my name? It's with GMAC well thats who searched my credit file last year, so even with an clean credit file you still think they will say no?

[Never-In-Doubt]

Re: First Time Buyers

Plus they couldn't pay your dad off so he'd have to close his agreement then you'd get a new one / different car.

Why not sell the car and pay off GMAC then get your own credit later?

I don't see how you can transfer the loan. It's not dooable plus as planB says GMAC isn't lending.

[Never-In-Doubt]

Re: First Time Buyers

So when I apply to GMAC what exactly is it that im applying to do? because when I phoned and asked they informed the remainder of the finance would be in my name? It's with GMAC well thats who searched my credit file last year, so even with an clean credit file you still think they will say no?

how can they say yes when they don't lend?

Maybe they've agreed to do this but it is very unorthodox to say the least mate.

[PlanB]

Re: First Time Buyers

As far as I'm aware GMAC never offered unsecured loans. Is this car loan secured to your Dad's home? Could that be the big issue for him?

[Never-In-Doubt]

Re: First Time Buyers

Just seen this --> http://www.gmacfs.com/uk/dealers/index.html

Seems car finance might still be available (unless that's in the USA or a dealer partnership like M&S Money (HSBC) used to operate...?

[l8onjones]

Re: First Time Buyers

I think that would be the case they would close his agreement and open another for myself, it basically boils down to he blames the finance being in his name affecting his ability to borrow elsewhere

[Sapphire]

Re: First Time Buyers

Are you up to date with the car payments? If not then it could affect your dad's credit rating and he will have cause for concern.

if your up to date then there must be another reason his credit rating is affected.

[Never-In-Doubt]

Re: First Time Buyers

I think that would be the case they would close his agreement and open another for myself, it basically boils down to he blames the finance being in his name affecting his ability to borrow elsewhere

Fair enough mate. Just wait till a week before you move and then do it, as they usually search a few days prior to completion & release of funds to check you didn't borrow the deposit (loan) which would go unaccounted in affordability tests.

[l8onjones]

Re: First Time Buyers

Yeah because we have to give a months notice at our rented property, I think the house will be completed during this notice period so as soon as I know the mortgage funds have been released and completed ill make the app to the rented address as we'll still be here then inform them of change of address once we move

[l8onjones]

Re: First Time Buyers

Are you up to date with the car payments? If not then it could affect your dad's credit rating and he will have cause for concern.

if your up to date then there must be another reason his credit rating is affected.

Yeah everyman and his dog appear to know that but for some reason he cant see it himself, because everything is up to date not a single missed payment, that I know of because obviously he makes the payments, if the transfer of the agreement or the closure of my dads will that affect him negatively or not?

[PlanB]

Re: First Time Buyers

it basically boils down to he blames the finance being in his name affecting his ability to borrow elsewhere

I'm sure if he's got an "out date" he'll be fine about this. He just needs to see a light at the end of the tunnel

Maybe he needs to borrow money for his own reasons which he doesn't want to discuss with you. Parents are like that. Perhaps this loan is holding him back.

I've recently had a similar fracas with my daughter. My finances are up shit creek without a paddle yet I'm still paying her mobile phone contract and car insurance. I just want her to bugger off and free me of her financial burdens so I can deal with my own.

[l8onjones]

Re: First Time Buyers

I'm sure if he's got an "out date" he'll be fine about this. He just needs to see a light at the end of the tunnel

Maybe he needs to borrow money for his own reasons which he doesn't want to discuss with you. Parents are like that. Perhaps this loan is holding him back.

I've recently had a similar fracas with my daughter. My finances are up shit creek without a paddle yet I'm still paying her mobile phone contract and car insurance. I just want her to bugger off and free me of her financial burdens so I can deal with my own.

Yeah the out date is what I want to give him just want to make sure im following the right chain of events really.

I know from a credit report error that he has several credit cards etc so thats not helping him, I dont want to know any reason why he is applying for credit thats his business.

Its just purely the fact he keeps telling me he wants the car payments to be in my name, so im just doing as he says and it makes my life easier as I dont have to answer to him any longer

[Never-In-Doubt]

Re: First Time Buyers

Just be careful mate. Tell the finance firm you're currently buying a house because N Hunter will link to Experian (Delphi / Analytics) and see the mortgage and address of loan. So it could end up CIFAS'd.

Just cover your ass. Good luck

[l8onjones]

Re: First Time Buyers

Yeah ill explain that too them, is it worth a covering letter with the app?