Results 1 to 4 of 4

Thread: Selling shares in a cc while having signed surety on vehicle and asset finance.

  1. #1
    New Member
    Join Date
    Jan 2014
    Location
    jhb
    Posts
    3
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Selling shares in a cc while having signed surety on vehicle and asset finance.

    Hi All.

    When selling a cc, and i have signed as one of the sureties on vehicle finance, what do i do regarding removing my name as a surety, to make sure once i have left that i don't end up leaving myself at risk? (this has happened to me before and I ended up with a 1.8m bill to pay off - so just checking how it is done if any one knows. )

    Do I notify the bank? Is it as easy as i am thinking?

  2. #2
    Platinum Member sterne.law@gmail.com's Avatar
    Join Date
    Oct 2009
    Location
    Durban
    Posts
    1,328
    Thanks
    38
    Thanked 561 Times in 410 Posts
    Blog Entries
    7
    You will still be the surety.
    You need to approach the bank, they will probably require some one else to sign surety.
    Anthony Sterne

    www.acumenholdings.co.za
    DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.

  3. #3
    Platinum Member desA's Avatar
    Join Date
    Jan 2010
    Location
    South East Asia
    Posts
    1,023
    Thanks
    512
    Thanked 126 Times in 99 Posts
    Agree with Sterne.
    In search of South African Technology Nuggets(R), for sale & trading in South East Asia.

  4. #4
    Diamond Member Justloadit's Avatar
    Join Date
    Nov 2010
    Location
    Johannesburg
    Posts
    2,671
    Thanks
    88
    Thanked 544 Times in 460 Posts
    Blog Entries
    1
    Get the purchaser to re-finance the vehicle, you cancel your current agreement, he signs surety and becomes the new person responsible.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

Similar Threads

  1. [Question] Asset Management/ Finance Startup
    By PCAdeJ in forum General Business Forum
    Replies: 11
    Last Post: 24-Mar-14, 01:48 PM
  2. Replies: 1
    Last Post: 19-Jul-13, 03:59 PM
  3. Re Finance Vehicle Finance
    By QUINN in forum Business Finance Forum
    Replies: 1
    Last Post: 12-Dec-08, 07:10 AM
  4. Capital Asset Finance
    By Pretty in forum Business Finance Forum
    Replies: 0
    Last Post: 24-Jul-08, 12:02 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •