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Can I buy a car for my wife via PCP?

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  • 30-03-2020 12:14pm
    #1
    xboxdad
    Registered Users Posts: 898 ✭✭✭


    Hello everyone,

    We're a single-car family.
    My wife has an old car (no loan) and I ride a motorbike.

    I'd like to buy a new car for her via PCP.

    Is it simple to arrange for the husband to take out PCP and have the wife as the owner?

    Reason: She's in bonus 10 and I'm in bonus 0 (I've only been the named driver - and that's as it should be as she drives it 95% of the time)
    I'm the one who would qualify for the loan, so that's why I'd be taking it out.

    Thank you.
    Tagged:


Comments

  • Options
    #2
    bazz26
    Registered Users Posts: 51,113 ✭✭✭✭bazz26


    The finance company giving the money will insist that the car is registered to the person applying for the finance I'd imagine.

    Better off talking to your insurance company about how they would treat husband and wife cases on their policies as you both have an insurable interest in the vehicle.


  • Options
    #3
    ASOT
    Registered Users Posts: 7,733 ✭✭✭ASOT


    It won't matter who's the registered owner as far as insurance goes as your married. The car can be registered to either.


  • Options
    #4
    Atlantic Dawn
    Registered Users Posts: 81,153 ✭✭✭✭Atlantic Dawn
    M


    Would she not be entitled to the loan also as income is jointly assessed for married couples?


  • Options
    #5
    bazz26
    Registered Users Posts: 51,113 ✭✭✭✭bazz26


    Atlantic Dawn wrote: »
    Would she not be entitled to the loan also as income is jointly assessed for married couples?

    I don't think PCP finance covers combined applications but I could be wrong.


  • Options
    #6
    kenmm
    Closed Accounts Posts: 1,698 ✭✭✭kenmm


    Doesn't the car belong to the finance company anyway? Or is this being the registered keeper (or am i confusing UK terminology?)


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  • Options
    #7
    bazz26
    Registered Users Posts: 51,113 ✭✭✭✭bazz26


    The car is the property of the finance company but not the same as being the registered keeper.


  • Options
    #8
    xboxdad
    Registered Users Posts: 898 ✭✭✭xboxdad


    Thanks everyone.

    One thing is clear now based on your comments: It's far from being a well known / usual case :)


  • Options
    #9
    Tails142
    Registered Users Posts: 2,103 ✭✭✭Tails142


    There was an AIB loan ad recently where the husband comes home having bought the wife a new car... how thoughful, he's saddled the family with debt on a rapidly depreciating asset! And it would appear he hasn't even discussed with her about the model or colour! What a romantic gesture!! Always gave me a chuckle.


  • Options
    #10
    endacl
    Registered Users Posts: 22,231 ✭✭✭✭endacl


    Why PCP? Presuming her car is running, she doesn’t need a new car. You’d probably be better off putting what PCP payments would cost you into a savings account to buy a car for cash when you actually need to replace. PCP means you pay for the use of a car that you don’t own, with an option to pay a lump sum at the end for ownership, which will be greater than the actual value of the car at that point.

    PCP isn’t a way to buy a car. It’s a way to buy a debt. A ‘proper’ loan would be preferable. At least you’d own the car.


  • Options
    #11
    xboxdad
    Registered Users Posts: 898 ✭✭✭xboxdad


    endacl wrote: »
    Why PCP? Presuming her car is running, she doesn’t need a new car. You’d probably be better off putting what PCP payments would cost you into a savings account to buy a car for cash when you actually need to replace. PCP means you pay for the use of a car that you don’t own, with an option to pay a lump sum at the end for ownership, which will be greater than the actual value of the car at that point.

    PCP isn’t a way to buy a car. It’s a way to buy a debt. A ‘proper’ loan would be preferable. At least you’d own the car.


    Thanks for your advice. I'm well informed about PCP and it does suit my needs.


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  • Options
    #12
    colm_mcm
    Registered Users Posts: 73,382 ✭✭✭✭colm_mcm


    Tails142 wrote: »
    There was an AIB loan ad recently where the husband comes home having bought the wife a new car... how thoughful, he's saddled the family with debt on a rapidly depreciating asset! And it would appear he hasn't even discussed with her about the model or colour! What a romantic gesture!! Always gave me a chuckle.

    Car was a pre-facelift Nissan Qashqai, so was 2010 at its newest. Advert is from 2017, So car at least 7 years old and used Qashqais are always in demand. Shrewd move.


    That ad was banned because the child was wearing a jacket in his child seat!


  • Options
    #13
    GavMan
    Registered Users Posts: 1,913 ✭✭✭GavMan


    I am in the exact same situation.

    I just bought a new Kodiaq on PCP. Loan is in my name, my wife is the registered owner


  • Options
    #14
    reg114
    Registered Users Posts: 687 ✭✭✭reg114


    bazz26 wrote: »
    The finance company giving the money will insist that the car is registered to the person applying for the finance I'd imagine.

    Better off talking to your insurance company about how they would treat husband and wife cases on their policies as you both have an insurable interest in the vehicle.

    Absolutely not true. OP anyone can be nominated to pay the finance on a car. If you wish to pay for your wife's car the the DD will be coming out of your bank account. You''ll obviously have paid an initial deposit and a closing balance will have to be paid. The car may be registered in a different person's name, I know because I have gone through this process myself.


  • Options
    #15
    xboxdad
    Registered Users Posts: 898 ✭✭✭xboxdad


    GavMan wrote: »
    I am in the exact same situation.

    I just bought a new Kodiaq on PCP. Loan is in my name, my wife is the registered owner


    Good to hear it does work!
    How did you apply for it, may I ask?
    Did you have to put in a joint application?
    ...or you just take it out yourself and you can freely name your spouse as the owner regardless?


  • Options
    #16
    GavMan
    Registered Users Posts: 1,913 ✭✭✭GavMan


    xboxdad wrote: »
    Good to hear it does work!
    How did you apply for it, may I ask?
    Did you have to put in a joint application?
    ...or you just take it out yourself and you can freely name your spouse as the owner regardless?

    Very simply I went to the dealership and once the deal was settled on, I just gave my particulars to the finance manager and the application and approval was almost instant once you show a payslip and a bill and ID.

    There was no joint assessment

    At that point you just tell your sales person that you want the car in your Wife's name. If you share the same surname, its straightforward. If you don't I think you need your marriage cert but still can be done.

    I've done this twice now with 2 different brands


  • Options
    #17
    bazz26
    Registered Users Posts: 51,113 ✭✭✭✭bazz26


    reg114 wrote: »
    Absolutely not true. OP anyone can be nominated to pay the finance on a car. If you wish to pay for your wife's car the the DD will be coming out of your bank account. You''ll obviously have paid an initial deposit and a closing balance will have to be paid. The car may be registered in a different person's name, I know because I have gone through this process myself.

    Ok, does this only apply between spouses or across the board regarding PCP?


  • Options
    #18
    xboxdad
    Registered Users Posts: 898 ✭✭✭xboxdad


    reg114 wrote: »
    Absolutely not true. OP anyone can be nominated to pay the finance on a car. If you wish to pay for your wife's car the the DD will be coming out of your bank account. You''ll obviously have paid an initial deposit and a closing balance will have to be paid. The car may be registered in a different person's name, I know because I have gone through this process myself.


    Thank you!


  • Options
    #19
    xboxdad
    Registered Users Posts: 898 ✭✭✭xboxdad


    GavMan wrote: »
    Very simply I went to the dealership and once the deal was settled on, I just gave my particulars to the finance manager and the application and approval was almost instant once you show a payslip and a bill and ID.

    There was no joint assessment

    At that point you just tell your sales person that you want the car in your Wife's name. If you share the same surname, its straightforward. If you don't I think you need your marriage cert but still can be done.

    I've done this twice now with 2 different brands


    Sounds very good, thanks!


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