How does a dual currency facility work? - NextGear Capital Ireland
If you apply for a NextGear Capital Stocking Plan of €150,000 or more, you may be able to take advantage of our dual currency facility, which allows you to buy vehicles using Euros or GBP.
Your overall Stocking Plan limit will be approved in Euros, but you can choose to allocate a proportion of it to be used as GBP.
Having a dual currency Stocking Plan means you can take advantage of our network of UK auction partners, buying directly from approved sources in GBP.
Please note, in order to purchase vehicles from UK approved sources with a GBP Stocking Plan you will need to be TAN registered and have a UK-based sterling current account (i.e. capable of making and receiving UK interbank payments in GBP)
If you are purchasing vehicle in the UK using a dual currency Stocking Plan, disbursements will be paid to the auction gross of UK VAT and this amount will be taken from your account by Direct Debit at the end of the plan or when the vehicle is settled. It will be your responsibility to reclaim this VAT from HMRC.
In the case of VAT qualifying vehicles NextGear Capital will fund the net hammer price of the vehicle subject to proof of export which will be obtained at your first audit.