What happens if I buy an ineligible vehicle?
An ineligible vehicle is one that falls outside the description of ‘non-defective’ used cars and LCVs up to 3.5 tonnes. Your Stocking Plan will indicate to the auction that the purchase request has been referred and you won’t be able to use your NextGear Capital Stocking Plan for that purchase. But don’t worry, you can […]
What happens if I miscalculate and go over my Stocking Plan limit?
Your Stocking Plan will indicate to the auction house that the purchase request has been referred and you won’t be able to use your NextGear Capital Stocking Plan immediately for that transaction. But don’t worry, you can still purchase the vehicle you’ve chosen by using other funds or you can contact us to find out […]
Do I have to pay anything before I sell the vehicle?
A vehicle can be held in stock for up to 120 days, with interim payments required. A daily holding charge applies throughout the holding period and fixed fees are payable at the start of the holding period and on the interim payment dates. So, if you sell the vehicle in less than 45 days, all you […]
How soon after selling one vehicle can I use the balance on the account again?
Once you’ve sold a vehicle you can log the sale online. Payment is collected automatically by Direct Debit on the next working day, and once it’s cleared you can use the available balance again. Plus, if you’re at your limit and want to secure a purchase before the payment clears, you can ask us whether […]
How long can I stock a vehicle for?
The standard availability term is 150 days but you can settle early. Interim payments are payable during the term. The flexibility of a NextGear Capital Stocking Plan means you can stock a vehicle for as long as you need to up to the standard plan of 150 days.
How does the auction house get paid?
We pay the auction house direct by bank transfer as they are the selling agent for the vendor. In the case of trade sourced vehicles, we pay the dealer or finance house. After the close of business on the day the vehicle transaction is made, payment will be made on the next working day.
What is a Margin Scheme vehicle?
A Margin Scheme vehicle is a car that is being sold by you under the HMRC Second Hand Margin Scheme. Please see the HMRC website for more details about Margin Scheme.
What is self-billing and why is it needed?
When you load a Trade Source vehicle onto your Stocking Plan, we will issue an invoice to NextGear Capital on your behalf in order to speed up the process and ensure you receive payment promptly. You can find out more about self-billing from the HMRC website.
What happens when I load a Trade Source vehicle to my Plan?
When you load a Trade Source vehicle onto your Stocking Plan, the system will automatically check the value against CAP and run an HPI check. Your Stocking Plan will be credited for either the CAP valuation or the purchase price of the vehicle, whichever is lower. The CAP valuation will be visible on the screen […]
What does Trade Source mean?
Trade Source vehicles are those purchased from any sources other than NextGear Capital’s auction or wholesale partners. Examples of Trade Sources include: Part Exchange Trader Bought Off Fleet/Lease. E.g. Motability Existing Stock Online Where the vendor is not yet a NextGear Capital partner Auction Houses – where the Auction is not yet a NextGear Capital […]
