I just got a car (Fiat 500L, automatic) out on Finance for my mother. Finance was taken out in my name as my mum’s credit score isn’t great, so she was going to place a standing order into my account to cover it.
We’re having issues insuring the car, as I am the registered owner/keeper. From what I can tell, as long as I am the owner, I need to be on that insurance policy. Now, I only have 1 years NCD, so the insurance for both me and my mother is coming in cheapest at £131, which isn’t within her budget. It would be miles cheaper if she could just insure herself, but I don’t think that is the case.
So now we are debating our options. Initial thoughts are that my mum can’t afford to run this car, so we scrap the idea of her putting the standing order into my account, and I keep the car for myself. I know the cheaper option would have been to get a manual, but mum was adamant on an auto. With the plan being me alone driving it, I am thinking of swapping it for a cheaper manual to match my budget.
We got the car and signed the documents on the 2nd of this month. Does anyone know if there is a cooling off period wherein I can swap the vehicle for something more ideal for me? I am also leaning towards cancelling the Finance altogether, but I imagine that will incur some kind of cancellation cost of some kind, would anyone be able to confirm/clarify that for me?
Thanks in advance for all responses.
EDIT: title was supposed to say ‘help’ not ‘hell’ my bad
Submitted January 04, 2018 at 06:54AM by Jackdaw0025 http://ift.tt/2CTNoni
