Peugeot Finance Problem!

117

Hi Guys,


Need advice with regards to a vehicle contract.


Basically my business partner took out a finance lease on a 4 year basis with a baloon payment at the end of the agreement on a Peugeot Bipper van in 2008, under the name of his old limited company, he acted as the guarantor with his name present on the V5.


We have since formed a new company, and he is using the van, however trying to change the contract into the new business name is proving impossible, and they say they want two more additional guarantors in order to change the contract, which is impossible in our current position.


All payments have been made on time and we are continuing to make payments on the van, albeit by card every month as they refuse to process direct debit transfer.


It is likely that the old company (who the contract is in the name of) will cease trading soon due to the actions of the current owner, and Peugeot have threatened to repossess the van in this case, and make my business partner liable for the shortfall even though we have continued to pay for the van.


Could anyone offer any advice on this situation? Is there any way to terminate the agreement due to these issues?

maninthestreet

What does the contact state about the conditions under which the van can be repossessed?

Export_Controls

Hi i am new to this forums, but i believe the best part you did here is all payments have been made on time, so, just accept your mistake.

maninthestreet

Export_Controls wrote: »

Hi i am new to this forums, but i believe the best part you did here is all payments have been made on time, so, just accept your mistake.

What mistake??

Anihilator

The Van doesnt belong to either of you. It actually belongs to the company by the sounds of it therefore the finance company can't enter into an agreement which would see them basically recognise the new company as owners without the old companies permission.

Personally think you will need to look at settling the finance and hoping the old company dont realise its their asset and demand it back.

maninthestreet

Anihilator wrote: »

The Van doesnt belong to either of you. It actually belongs to the company by the sounds of it therefore the finance company can't enter into an agreement which would see them basically recognise the new company as owners without the old companies permission.

Personally think you will need to look at settling the finance and hoping the old company dont realise its their asset and demand it back.

I think both the old and new companies were owned by the OP's OH.