Car Insurance Who Owns The Vehicle ? Hire Purchase ?
Ok I am the registered keeper on my car "LOG BOOK"
but this is a hire purchase sports 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" in attendance is a option "company lease" but hire is different then lease
Answers:
In UK law nearby is a difference between the registered keeper and the legal owner. In your covering, the finance company is the legal owner, you are the registered guardian.
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 unqualified to pay. And that would be a separate policy.
I believe in the USA the Hire Purchase Company owns it until you own paid for it to the extent that they keep the registration docs until you enjoy paid for it.
That would not work in the U.K as the reg docs are required to import tax the car.
Andy C
if you are the registered keeper you own vehicle as long as you
preserve up payments, if you lease then you do not
You are the registered keeper,The h p company owns it.
You are the beneficial owner very soon but up to a certain point in the hire purchase time the nouns company automatically become the owner if you fail to keep up pay-out.
So yes if you are up to date you are the owner
You are the Owner. It is only if you defaulting on payments that they have a right to assume ownership.(i.e. repossess)
Related Questions:
but this is a hire purchase sports 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" in attendance is a option "company lease" but hire is different then lease
Answers:
In UK law nearby is a difference between the registered keeper and the legal owner. In your covering, the finance company is the legal owner, you are the registered guardian.
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 unqualified to pay. And that would be a separate policy.
I believe in the USA the Hire Purchase Company owns it until you own paid for it to the extent that they keep the registration docs until you enjoy paid for it.
That would not work in the U.K as the reg docs are required to import tax the car.
Andy C
if you are the registered keeper you own vehicle as long as you
preserve up payments, if you lease then you do not
You are the registered keeper,The h p company owns it.
You are the beneficial owner very soon but up to a certain point in the hire purchase time the nouns company automatically become the owner if you fail to keep up pay-out.
So yes if you are up to date you are the owner
You are the Owner. It is only if you defaulting on payments that they have a right to assume ownership.(i.e. repossess)
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