What’s a Personal Guarantee and why do I need one?
A Personal Guarantee is a straightforward agreement, required to protect the assets of NextGear Capital.
As NextGear Capital retains title to the vehicles that you buy, it means that in the event of default by your business, NextGear Capital can lay claim to your assets, or the assets of a third party giving that guarantee, to settle any debt.
It's needed to enable us to claim our losses if our vehicles are sold by your business and we are not paid for them, or they cannot be recovered and sold by us for enough to recoup what we paid for them, as well as any charges or fees payable by you.
- Who is NextGear Capital UK?
- Who can apply for a NextGear Capital stocking plan?
- I’m a dealer, how do I apply?
- How quickly can I set up a Stocking Plan?
- I’m an Auction House/Wholesaler, how do I get involved?
- How much does it cost?
- What is covered in the price?
- What is Landlord's Waiver and why do I need one?
- Application stages
- What is a TAN number?
- Why do I need to be a member of SIMI?