If you own a car, it is regarded as an asset. Under a Trust Deed, your Trustee take account of any assets you own and where vehicles are concerned, a £3,000 valuation threshold applies.
Where your car is valued less than £3,000, there are generally no issues at all. Where your vehicle is valued at £3,000 or more, a written plan will be put in place.
You will become the owner of the vehicle when you have complete your car finance term but you would also consider how much the car would be valued after a period of 4 years, the typical length of a Trust Deed term.
You may also consider downgrading the vehicle before you proceed with a Trust Deed.