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What are guarantees / indemnities?

prezzo
prezzo Posts: 22 Forumite
in Loans
What does "guarantees / indemnities may be required" mean in terms and conditions of car finance? Does this refer to a guarantor?

Comments

  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    prezzo wrote: »
    What does "guarantees / indemnities may be required" mean in terms and conditions of car finance? Does this refer to a guarantor?

    Surely if it meant a guarantor then it would say so no ?
  • SeanG79
    SeanG79 Posts: 977 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Yes! It means exactly that, a guarantor or 3rd party who provides guarantee to repay the finance if the original party financed cannot for whatever reason.

    It also refers to guarantees provided by directors of limited companies...
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    OP has also posted the same question on the Motoring Board, which makes things a little confusing.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • SeanG79
    SeanG79 Posts: 977 Forumite
    Part of the Furniture 500 Posts Name Dropper
    iolanthe07 wrote: »
    OP has also posted the same question on the Motoring Board, which makes things a little confusing.

    Many radio advertisements for manufacturers finance offers on new vehicles, end with terms/phrase "guarantees/indemnities may be required", so that is most likely why the OP posted in the motoring section as well...
  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    prezzo wrote: »
    What does "guarantees / indemnities may be required" mean in terms and conditions of car finance? Does this refer to a guarantor?
    SeanG79 wrote: »
    Yes! It means exactly that, a guarantor or 3rd party who provides guarantee to repay the finance if the original party financed cannot for whatever reason.

    It also refers to guarantees provided by directors of limited companies...

    So thats what it means

    Thanks.
  • prezzo
    prezzo Posts: 22 Forumite
    Thanks for the replies :-)

    There's a few people here getting their knickers in a twist because I posted the same questions on another board - wasn't aware this was against forum rules. Sorry
This discussion has been closed.
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