First Time Buyers

[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

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?

[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

[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.

[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.

[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

[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...?

[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

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.

[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.

[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?

[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.

[SXGuy]

Re: First Time Buyers

If you didn't get the finance agreed before, its unlikely you will now at this present time. Maybe after a few months of mortgage payments when your risk becomes less they may accept you. But whatever way you want us to put it to you, the fact remains, the current credit agreement will not be transferable. Yes you can pay it on his behalf, but no, the finance will not be registered in your name.

If your dad doesn't like this, ask him to telephone and ask himself. To be honest, if you are already paying the finance then its a bit unfair for him to dictate to you, whether you can have the car or not. Would he expect you to still meet the payments even if he didn't let you have the car?

[l8onjones]

Re: First Time Buyers

Ive already tried the amicable route as I am already paying him monthly for it and 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?

[PlanB]

Re: First Time Buyers

It is the credit agreement I am on about which can be transferred I applied before last year but was turned down probably due to defaults, He can dictate this as the agreement is in his name, we have found a house offer accepted etc hence the mortgage offer from halifax all the docs are now with the solictors so just waiting on them, so the car is the final piece in the jigsaw as such

Credit agreements can't be transferred (assigned by the borrower to another borrower, only by the creditor to a debt purchaser etc). You would have to take out a new credit agreement for the car. Your Dad will probably not want to sabotage his current credit agreement in his name because this would trash his own credit score.

Any chance you and your Dad can you sort this out amicably ?