Summary:
When leasing a car, you are neither the owner nor the registered keeper. Instead, ownership and responsibilities associated with the V5C logbook lie with the leasing company. This arrangement impacts several legal and practical aspects when it comes to a leased car, as outlined below:
What is a Registered Keeper?
First and foremost, the registered keeper is listed on the V5C document and is responsible for ensuring the car is road-legal, taxed, and MOT-compliant. However, it’s important to note that the registered keeper can differ from the owner. Crucially, they are the ones who receive any fines related to the car, which they can either pay directly or pass on to the driver.
Lease Cars: Roles and Responsibilities
- Registered Keeper: The finance company manages official communications, fines, and compliance.
- Driver: You must insure the car and comply with lease terms. Additionally, inform your insurer that the car is leased, as ownership details may influence your policy.
Special Considerations
If you plan to drive abroad, you’ll need a VE103B form, which acts as an alternative to the V5C and authorizes international travel with the leased vehicle. To obtain this document, you must coordinate with the finance company.
Fines and Penalties
In the event of parking fines or police penalties, notices are sent to the finance company as the registered keeper. Typically, they may either pay the fine and charge you an administrative fee or provide your details to the issuing authority. Furthermore, in police-related cases, you may be required to identify the driver at the time of the offense.
Key Takeaway
Ultimately, while leasing simplifies car ownership, it comes with specific responsibilities and necessitates regular communication with the finance company for legal and administrative matters.
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