Personal Guarantor for company car lease

Marktheshark

Who signed just you or the other guarantors ? .

Thrugelmir

carlsagen wrote: »

It seems stupid that you would still be liable for a directors guarantor even after resigning as a director. the finance company should do there due diligence to make sure that had someone involved with that loan that also was related to the business and of course in control of it.

If resigning as a Director negated the liability the guarantee would be worthless. Unfortunately many people treat being a Director as a title. Rather than understanding the full legal ramifications of the responsibilities they are committing to.

molerat

SeanG79 wrote: »

............
You need to try to get settlement figures for each of the vehicles, then see what you can sell the vehicles for. Hopefully you can sell the vehicles for enough to settle the finance and avoid a voluntary surrender or repossession of the vehicles.

If there is negative equity (the finance is more than what you can sell the vehicles for), speak to Mercedes Finance, they may still give you permission to sell the vehicles provided the purchaser pays them directly and then you can come to an arrangement with them to pay the shortfall.

..........

I doubt if those options are available to the op, this was a B2B lease arrangement and not a consumer pcp. The lease company will own the vehicles and any early termination will be at a cost as stated in the contract, any shortfall will be the responsibility of the company or in this case the guarantor.

superbigal36

Who thinks there are another 4 directors driving about in cars while not making payments ?

Sure if they were all stolen would be best scenario, assumimg they are insured.

SeanG79

molerat wrote: »

I doubt if those options are available to the op, this was a B2B lease arrangement and not a consumer pcp. The lease company will own the vehicles and any early termination will be at a cost as stated in the contract, any shortfall will be the responsibility of the company or in this case the guarantor.

The OP doesnt specify if the vehicles are on Hire/Lease Purchase or if they are on Contract Hire/Lease. I fully understand the difference between B2C and B2B contracts, be they PCP, conditional sale, Hire/Lease Purchase, Contract/lease hire. Irrespective of which option, there are ways to end the contract early at reduced costs.

Contract/Lease Hire - with MB Finance, settlement is quite high, you normally owe 95% of outstanding rentals, but they will provide you with a figure to purchase the vehicle. The VAT that is charges makes it prohibitive as to who you can sell the car to.

Hire/Lease Purchase, you can request a settlement figure and they will offer some rebate of interest for early settlement.

stator

If the company is still solvent you can sue them for recovery of anything you have to pay.

chanz4

aaa credit rating? thought they were numbers

annefiona

who care about credit score if he/she fighting with there financial problems