New BMW car PCP & personal guarantee

TCE home 2021 Forums Car finance New BMW car PCP & personal guarantee

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    • #151405
      Brent Pitcher

      My company is 3 & a half years old from a trading perspective & grown year on year 400% to approx £2m in turn over. We have never taken out a loan so no credit/low credit/poor credit score. I’ve seen a BMW I’d like to lease & after they did a credit check are requiring a personal guarantee from myself. My question, should anything happen whereby the business can’t pay/ceases trading … worse case … can I get out of the remaining terms of the lease? The lease is based on 24 months on a £50k valued M2

      Cheers, Brent

    • #151543
      Stuart Masson

      Hi Brent. The whole point of having a guarantor is so that the finance company can bill you personally in the event that your company can’t/won’t pay.

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