Page 6 | Car payments

NewMessageFrom · 17/01/2022 13:54

As op has not provided any figures at all, it is impossible to discuss how much if any she should be entitled to

eg car cost 50,000 and op pays 37p a month, no she's not entitled to anything at all.

or
Car cost £20, op pays £10 a month, then she is being ripped off
(extreme examples, but until we know otherwise, it could be anything)

sanbeiji · 17/01/2022 13:55

Also OP it’s worrying that you can’t even afford to pay road tax as a lump sum, but want a new car.
If your road tax is very high you must’ve a high spec car. It needing changing after 2 years is worrying.

Fair enough if you made a mistake, or unforeseen things went wrong.

We have all done stupid things, I once paid a huge non-refundable deposit on a car I didn’t want.

There’s more to this story. You’re hiding something and you’ve deliberately obfuscated.

Boatingforthestars · 17/01/2022 13:57

I actually disagree with the running costs bit.
If I lent you my car for 2
Years and you serviced it and maintained it, that would still be my car, you've just kept up with the maintanence.
Has nobody here seen pcp deals on 2nd hand cars? The leaser is responsible for services and mots etc.
Even if you had gone halves on the value of the car for you to use, I don't see there being a problem you maintaining it as they are costs that don't really count. Like if you wear the tyres out and replace them the value hasn't changed as a car is required to have usable tyres etc

Sashimiandhisthunderpaws · 17/01/2022 13:57

It all depends on whether the car has been purchased mainly for the benefit of the OP, what the expected resale/scrap value will be and whether the OP has paid off her half at the point of resale. Also how much cash/savings the OP’s DP has. If this a a relatively significant chunk of cash and may have considerable impact on disposable income. His comment on paying the VED up front suggests he is more frugal with cash.

sanbeiji · 17/01/2022 13:59

@Boatingforthestars

I actually disagree with the running costs bit. If I lent you my car for 2 Years and you serviced it and maintained it, that would still be my car, you've just kept up with the maintanence. Has nobody here seen pcp deals on 2nd hand cars? The leaser is responsible for services and mots etc. Even if you had gone halves on the value of the car for you to use, I don't see there being a problem you maintaining it as they are costs that don't really count. Like if you wear the tyres out and replace them the value hasn't changed as a car is required to have usable tyres etc

There’s a line though between mandatory services and service that would extend the life of the car but not really worth it if you won’t sell.

Either way I’m curious - was the car supposed to remain in his name forever until OP paid it off? Or what?

MorningStarling · 17/01/2022 14:02

From my reading of this rather confusing situation the OP isn't owed anything.

The partner bought OP a car because OP couldn't afford it herself. The car will be worth less now than when they bought it. The OP has to deduct the depreciation from what she's owed.

The example that's previously been quoted, which as far as I can tell is just plucked out of thin air and not from the OP's posts, is
Car cost £10000
Partner paid £10000
OP has repaid £2500
Car can be sold for £8000
Both OP and partner lose 20% of what they've paid, so partner gets £6000 of their net £7500 and OP gets £2000.

That example is wrong because the partner shouldn't be losing money on this. The OP needs to deduct the depreciation from their own investment, so partner should get £7500 and OP is left with only £500.

If the depreciation is £2500, the OP should get nothing.

If the depreciation is over £2500, the OP will need to continue making payments until the full amount is paid off.

It's really just a typical leasing scam scheme, you pay the money to drive the vehicle, but you will never own it. Only difference is the finance is provided by the OP's partner, not an independent company.

Boatingforthestars · 17/01/2022 14:08

@MorningStarling

From my reading of this rather confusing situation the OP isn't owed anything.

The partner bought OP a car because OP couldn't afford it herself. The car will be worth less now than when they bought it. The OP has to deduct the depreciation from what she's owed.

The example that's previously been quoted, which as far as I can tell is just plucked out of thin air and not from the OP's posts, is
Car cost £10000
Partner paid £10000
OP has repaid £2500
Car can be sold for £8000
Both OP and partner lose 20% of what they've paid, so partner gets £6000 of their net £7500 and OP gets £2000.

That example is wrong because the partner shouldn't be losing money on this. The OP needs to deduct the depreciation from their own investment, so partner should get £7500 and OP is left with only £500.

If the depreciation is £2500, the OP should get nothing.

If the depreciation is over £2500, the OP will need to continue making payments until the full amount is paid off.

It's really just a typical leasing scam scheme, you pay the money to drive the vehicle, but you will never own it. Only difference is the finance is provided by the OP's partner, not an independent company.

They bought it together, so share the depreciation. Nobody buys a depreciating asset as an investment.

girlmom21 · 17/01/2022 14:08

@sanbeiji

Also OP it’s worrying that you can’t even afford to pay road tax as a lump sum, but want a new car. If your road tax is very high you must’ve a high spec car. It needing changing after 2 years is worrying.

Fair enough if you made a mistake, or unforeseen things went wrong.

We have all done stupid things, I once paid a huge non-refundable deposit on a car I didn’t want.

There’s more to this story. You’re hiding something and you’ve deliberately obfuscated.

For all we know she can't afford tax because the purchase cost is extortionate

MaudieandMe · 17/01/2022 14:08

@Justme49

Yes we live together. He says I have another 2 years of payments to make to him till I catch up with what he has paid for it.

What a bizarre way to manage buying a joint purchase in a genuine loving partnership.

Hopefully, your home is rented and you’re not planning on buying a house or having children together because before that, you both need to thrash out some realistic plans for dealing with your income and expenditure long term. If you have children and end up taking maternity leave or working part-time to fit in with childcare, you are going to be very unhappy if he’s still controlling the finances in such a parsimonious way. I don’t think he’s really your DP because he clearly doesn’t see your relationship as a 50/50 partnership but more as a trading game.

My DH always earnt more than me but big joint purchases are discussed and paid for from OUR joint incomes so that we have equal spending money when everything else is paid for. If anything, I spend much more than DH overall as I spend more on my hobbies than he does on his.

sanbeiji · 17/01/2022 14:08

@MorningStarling

From my reading of this rather confusing situation the OP isn't owed anything.

The partner bought OP a car because OP couldn't afford it herself. The car will be worth less now than when they bought it. The OP has to deduct the depreciation from what she's owed.

The example that's previously been quoted, which as far as I can tell is just plucked out of thin air and not from the OP's posts, is
Car cost £10000
Partner paid £10000
OP has repaid £2500
Car can be sold for £8000
Both OP and partner lose 20% of what they've paid, so partner gets £6000 of their net £7500 and OP gets £2000.

That example is wrong because the partner shouldn't be losing money on this. The OP needs to deduct the depreciation from their own investment, so partner should get £7500 and OP is left with only £500.

If the depreciation is £2500, the OP should get nothing.

If the depreciation is over £2500, the OP will need to continue making payments until the full amount is paid off.

It's really just a typical leasing scam scheme, you pay the money to drive the vehicle, but you will never own it. Only difference is the finance is provided by the OP's partner, not an independent company.

you don’t pay the full purchase price of a car with leases though. That’s the difference here

HippyMoon · 17/01/2022 14:09

[quote Mumski45]**@HippyMoon* and @gettingolderandgrumpy* but this is not a shared car. It is in essence her car which he has bought on her behalf and allowed her to repay him over a longer period of time than the finance agreement so she still owes him for the purchase of the car.

She pays all the upkeep because she is the user of the car. I presume he has his own car (although correct me if I'm wrong here @Justme49)[/quote]
That makes it even worse then. It's her car and she's paying 50% of it but when it sells, he'll keep all the money? No.

AlDanvers · 17/01/2022 14:12

So basically op couldn't afford a car. He got one for her and covered the payments. She has only paid a small amount towards her own car. Less than 50%.

Op still hasn't paid for even half the car, as agreed. But wants an upgrade. Even though she can't afford it.

Not surprised the car is in his name. Nowhere has op stated he won't move it in to her name once she has paid for half of it.

As it stands, he has paid for the majority of a vehicle, that op uses. Why would it be in her name?

If a woman posted her boyfriend could not afford a car, so she got finance for him and she kept up the payments, while he had full use of it but paid a tiny portion of the payments, then that the finance has ended but that he still hadn't paid even half of it. But wanted to upgrade and her to get more finance for him....posters would say he was taking the piss. Also they would tell her to not have car in his name as he could piss off leaving her with the finance on it.

Staryflight445 · 17/01/2022 14:14

I agree with you 100% @AlDanvers

Mumski45 · 17/01/2022 14:15

@HippyMoon that depends on how much she still owes him when the car is sold and how much he gets it for. If the agreement was that she pays for the whole car over time and it has depreciated and is now worth less than she owes then yes he keeps all the proceeds to pay off the debt she owes him.

helpfulperson · 17/01/2022 14:15

The name on the V5 is the registered keeper, it is very clear that it is not the owner. So the fact that its not her name on it is not relevant.

girlmom21 · 17/01/2022 14:16

@AlDanvers she did say she'll never own it, but I'd love a bit more of an explanation on finances to fully understand the situation because you're completely right!

Staryflight445 · 17/01/2022 14:17

‘ My partner bought a new car two years ago and I've contributed monthly to it. He has paid the car off but I still contribute my monthly payment.
I have suggested I might like to get a newer car now. Either trade in current car or I'm happy to go it alone and get my own car in my own name.
He said you won't have a deposit though and I said I would be looking for a percentage of the monthly payments I have made. He went nuts and cannot see that I have contributed to his car and continue to do so.’

Now we know OP has sole use of the car, it does seem extremely unreasonable tbh.
Can’t believe you haven’t even paid off what you owe him for doing this for you and you’re already asking for a percentage of what you’ve given him back.

AlDanvers · 17/01/2022 14:19

[quote girlmom21]@AlDanvers she did say she'll never own it, but I'd love a bit more of an explanation on finances to fully understand the situation because you're completely right! [/quote]
Yes, but that could be because she keeps wanting a new one before she has paid for the old one. So I'd she nevers pays him back, its never going to be in her nam.

I have I explained that well? Its simple in my head. Harder to type out

Chloemol · 17/01/2022 14:20

It’s either your car, so in your name, you paid for it, his car, soon his name and he paid for it, or jointly owned in which case you both pay

But if it’s joint he also pays his share of maintenance, MOT, fuel etc

Personally I would add up all payments, all bills for running the car and 8 bet you have made just as much as him

Stop making the monthly payments, save up for your own car and leave him to sort this one out

NewMessageFrom · 17/01/2022 14:23

@Chloemol

It’s either your car, so in your name, you paid for it, his car, soon his name and he paid for it, or jointly owned in which case you both pay

But if it’s joint he also pays his share of maintenance, MOT, fuel etc

Personally I would add up all payments, all bills for running the car and 8 bet you have made just as much as him

Stop making the monthly payments, save up for your own car and leave him to sort this one out

I think the OP is the only user? So yes, I've had full use. I already pay for all repairs, wear and tear etc

So why should partner pay for upkeep, mot, tires, fuel? he's not wearing them out?

sillysmiles · 17/01/2022 14:24

I have I explained that well? Its simple in my head. Harder to type out

If your version is the reality it is clearer that the OP's post.
Because in my reading of the OP's post, she was now looking to buy a car on her own - but no idea if she was looking to trade in existing car or....
Either way it seems as a relationship, they don't trust each other with money, but have partially enmeshed their finances.

AlDanvers · 17/01/2022 14:25

@Chloemol

It’s either your car, so in your name, you paid for it, his car, soon his name and he paid for it, or jointly owned in which case you both pay

But if it’s joint he also pays his share of maintenance, MOT, fuel etc

Personally I would add up all payments, all bills for running the car and 8 bet you have made just as much as him

Stop making the monthly payments, save up for your own car and leave him to sort this one out

I don't think he uses the car.

He got the finance as, I presume, op can't afford it.

He actually, did her a favour and is paying for half of the car for her. Really, if she does have sole use. She should be paying him back completely.

Bunnyfuller · 17/01/2022 14:27

Get yourself a car. Stop paying him for nothing!

ilssagain · 17/01/2022 14:28

Was the idea at the beginning that he would take out the finance (as perhaps you couldn't afford it) and that you would pay him back because the car was for your sole use (or the vast majority of the time)?
There's been a big miscommunication here.

If you are the only one driving it then you should be responsible for MOT, repairs etc. But if he is also using it or if you ferry him around in it then he should also be contributing to this.

Also why are you wanting to sell it after just 2 years? What's wrong with it?

Your joint finances and communication with another seem to be a bit of a mess so that all needs sorting out before the relationship progresses any further - eg. a house purchase, marriage, kids

AlDanvers · 17/01/2022 14:30

@sillysmiles

I have I explained that well? Its simple in my head. Harder to type out

If your version is the reality it is clearer that the OP's post.
Because in my reading of the OP's post, she was now looking to buy a car on her own - but no idea if she was looking to trade in existing car or....
Either way it seems as a relationship, they don't trust each other with money, but have partially enmeshed their finances.

Ah so she wants him to sell the cat she hasn't paid him back for. And give her the money she has paid back?

But he would still be losing money?

Its so confusing 🤦‍♀️