Ok, currently 18 months into trust deed, with a car valued at only 1k so at end of TD no interest taken by IP. Heres the thing..... a friend of ours has given us a car for nothing!! Its been stood for 2 years therefore needs some work i.e new tyres, battery, disc pads, breaks etc. On completion of this work, the car is in mint condition and valued at approx 12k. Our friend hasnt yet signed the ownership over to us as we are unsure how we will stand with the TD. We originally were going to do the car up and use in place of our original car because although our own car is worth virtually nothing, it is a 4ltr engine and gas guzzling is costing us a fortune, its not very economical.
Here is the dilema, we would like to take this car obviously but are not prepared to hand over the excess money (approx 11k) to the TD at the end of its term. Is there any way we can get around this? We thought of him giving ownership to our 17 year old daughter (she cannot drive yet) then obviously get us all put on the insurance, how would this work with the TD. Would they still class it as our assetts? Would they actually know about the new car? Or is there any other way we can take ownership of this car and use it without having to give it up or its value to the TD.
Any advice greatly appreciated.