I'm still suitably confused.

I'm going to go with I'm the keeper and the lease company are the owner.

You shouldn't guess! Ask your lease company how they register their vehicles

The v5 shows registered keeper, not the owner.

Vwfs will be named on the v5 as registered keeper.

You are just a long term user of the vehicle as you are hiring it from them for 2, 3, 4 years.

You will never own it or be the registered keeper.

Vwfs simply allow the use of their car for x amount of £ per month.

We insured our (VWFS) PCH car the other week with Sheilas Wheels as we just transferred our policy. I just told them it was a lease car which belonged to VWFS. The dealer never asked to see proof of cover as I guess they checked it through MID.

 

Instead of a V5 you'll get a copy of this 

 

Edited 25 June, 201510 yr by bob corb

Bought a yeti on PCH recently and took out insurance with Direct Line and hadn't realised that VWFS were the owner. Called Direct Line to tell them that I needed to correct the owner to VWFS and they were fine. 

 

Changed it on the spot and no cost. Result. 

Edited 27 February, 20179 yr by mattlittle