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.
