“Yes, you technically own the car. You’re responsible for taxes, registration, and maintenance. However, you don’t own it “”free and clear,”” which means you no longer owe money on it. The bank is the lienholder of the loan, which means if you don’t fulfill your obligation to pay the loan, they can repossess it.
Who has logbook?
A log book is proof that you are the registered keeper of your car. It means that you are the one who is responsible for registering and taxing the vehicle. The log book is not, however, proof that you own the car.
What do you need when you go finance a car?
Car Loan Documentation Checklist: The 8 Things You Need
- Proof of identity.
- Proof of income.
- Credit and banking history.
- Proof of residence.
- Vehicle information.
- Current vehicle registration (for trade-in)
- Proof of insurance.
- Method of down payment.
What is the difference between a V5 and a V5C?
The V5C is also known as the registration document, vehicle logbook, or simply the V5 form. It is the most important document you will possess as a car owner in the UK and it is essential to keep hold of it. If you’re buying, selling, or already own a car, knowing about the V5C registration certificate is essential.
Do you own your car if its on finance? – Related Questions
What is proof of ownership of a car?
To prove that you own the car, you’ll need some sort of receipt or invoice from when you bought it. Even if you buy the car privately, make sure the seller gives you some sort of written agreement detailing the date of sale, the amount you paid and the method of payment.
Who sends off the log book when buying a car?
The dealer will usually register a brand new vehicle for you. If they do, you’ll get a vehicle log book (V5C) after 4 weeks. If the dealer will not do it, you can register the vehicle yourself. Contact DVLA if the new V5C has not arrived after 4 weeks.
Is the V5 proof of ownership?
In fact the registered keeper is not necessarily the owner of the vehicle and the V5C document is not proof of ownership. The DVLA make it clear that the V5C registration document is not proof of ownership, with the words ‘this document is not proof of ownership’ clearly printed on the document in large, bold letters.
What should my V5C look like?
Current V5C forms are red; they used to be blue. If you still have an old blue form, the DVLA encourages you to update it to a red one for free. The DVLA maintains an informative webpage with further details on the V5C and how to contact the DVLA with any questions. You can reach them here.
Can I sell my car without a V5?
It’s actually entirely possible (and 100% legal) to sell a car and transfer ownership without a V5C document. Most people do not realise that the vehicle logbook is a record of the registered keeper, not proof of ownership.
Can I view my V5C online?
You can get a duplicate V5C online if you do not need to change anything in the V5C. The V5C will be posted to the address which the DVLA has on record. This service is also available in Welsh (Cymraeg).
How long does logbook take to come?
You’ll usually receive your V5C after 4 weeks if you apply by post. Contact DVLA if you have not received your V5C and it’s been 4 weeks since you applied.
How fast can you get a log book?
You must be the registered keeper on the log book to apply online. You should receive your log book within 5 working days.
How do I know if my logbook is ready?
Can i be informed if my logbook is ready fro collection? Yes you can, kindly dm us the vehicle registration details we will will advise on the status or lo onto your #TIMS account and check the status.
How do I get my log book online?
Here are the steps:
- This service costs 550 KSh.
- Log in to your eCitizen account.
- Once your account is created or if you have one, login to eCitizen here:
- Select National Transport Safety Authority (NTSA) and click on “Get Service Now”.
- Select “Make Application”
- Select “Vehicle registration”
Where do I pick my log book?
To get your logbook from NTSA,you need to physically visit their offices. Once the logbook is ready, its forwarded to the NTSA office or branch you selected at the time of transfer . What are the required documents of collecting a logbook at NTSA offices?