One of the key differences between a personal lease or business lease and other vehicle finance types is who the registered keeper is and who is the owner of the vehicle and this can be a source of confusion for new customers to leasing - this guide aims to clear up any confusion and provide clear information to help make it even simpler to lease a car happy.
Before we get into the specifics of who the registered keeper of a leased car is it's best to explain the key differences between them both in the context of contract hire.
What is a registered keeper?
The registered keeper is the person responsible for the vehicle, its maintenance, roadworthiness and the recipient of communications from the DVLA and emergency services such as the Police. A registered keeper should be the person who will be using the vehicle, in this case, the lessee.
There can be jointly registered keepers such as in a married couple
The registered keeper is not necessarily the owner of the vehicle.
What is the owner of the vehicle?
The registered owner is the person who owns the vehicle as an asset and has control over the vehicle and its registered keeper. The owner of the vehicle is the only one down on the proof of purchase of a vehicle. The proof of ownership is NOT the V5(c) document but a receipt of the transaction signed and dated by the previous owner or the selling dealership if there was no previous owner.
The owner of a vehicle is often the registered keeper but they don't need to be.
So, who is the registered keeper of a lease car?
The private individual (personal car leasing) or the business (business car leasing) is the registered keepers of the lease car with the finance company the owner of the vehicle, at all times.
Difference between the registered keeper and owner for lease cars
Here are some of the differences between registered keepers and owners in terms of a lease:
- At no point does the registered keeper own the vehicle and must hand it back when the contract expires
- The owner arranges and pays for the road fund license
- Insurance must be arranged by the registered keeper
- Parking, speeding and any other fines issued by the Police or the DVLA are the responsibilities of the registered keeper(s)
- The registered keeper is responsible to repair or pay for damages on the vehicle which sit outside of the fair wear and tear policy
- The day to day usage of the vehicle is down to the registered keeper
Can a leased car be registered to another person
For specific cases, you should speak with your finance company if this is possible. However, in most cases a car can not be registered in another person's name was the contract is live.
Do you get a V5 with a leased car?
Although your name will be down on the V5 document as the registered keeper, you will never be in receipt of the V5 logbook as this will stay with the owner.