Right, I just got made redundant (as in escorted from the building along with all my colleagues). Not unexpected, and possibly even a good thing (if things work out), but, I need to consider all options. So.
I may be left with no job, and with a lease car I've only just acquired personally on PCP that will be surplus to requirements and beyond my means if things don't go well. So, as far as I can see, I have three options (maybe four).
1. Keep paying for the car on a monthly basis and just lump it.
2. Try and renegotiate the lease to a longer, lower mileage deal, which I believe I can do.
3. Try and sell the car and put up with the difference between what I make and the total of what I owe each month. Will make some loss but will be annoying rather than disaster.
4. Something else.
Does anyone have any ideas about this. At the moment, it's on a 3 year, 35k a year deal, which if work stuff doesn't work out, is far too expensive.
All ideas gratefully received.
Gord.
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Comiserations, Gordon.
Regretfully, I cannot advise you, other than I reckon a lease co will be delighted if the car will do less miles, so try to negotiate a lower mileage deal.
--
Espada III - well if you have a family and need a Lamborghini, what else do you drive?
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Firstly commiserations, it's not a good feeling but you sound like the whole world hasn't collapsed and I hope the irons in the fire produce a result.
I think of the four options re-negotiating a lower payment sounds sensible if I'm right in guessing that you feel confident of a new job being pretty close. Option 1 is easy but is financial pressure which may get bigger sooner than you think if your income stays at £0 for longer than you hope and may lead you into a rush decision which is what option 3 sounds like. Selling in a rush is always an expensive course of action.
Option 2 relieves pressure, keeps you mobile and gives you more time to consider selling if that's what ultimately is required.
Good luck
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Really sorry to hear the news Gordon.
It is very tricky to advise I guess but for what it's worth, I would tend to go with option 2 as well. The car will probably come in handy for getting a new job. Travelling to interviews etc? At least you could always fall back on the dreaded option 3 if you had to later on.
Very best of luck.
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Worst case scenario would be hand the car back to the lease company, usually they require you to pay half of any remaining payments. You may be able to rewrite the lease but often the lease company will only do it after 12 months have expired however if you explain the circumstances they may be able to do something.
Other options would be to find someone who could take these lease over and have them transfer it into their name. You could try these guys and see if they can help. www.transfercontracts.co.uk/
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It is always a good move to approach financial institutions early on if you are having payment troubles or you anticipate that you may have. Have you considered writing to the lease company, explaining your situation and asking them what options are open to you? They have probably come across this situation before and will appreciate it if you are frank and honest with them. You haven't got anything to lose. Even if they are totally non cooperative you are still no worse off than you are at the moment.
Hope the job situation works out. It is a rotten position to be in.
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Firstly, you can not sell a lease vehicle, it is not yours. Either negoiate a lower mileage deal or declare you are unemployed and what can the lease company offer in terms of deal or cancellation costs.
I assume you are being paid 90 days pay and severance pay of some sort. Go to the Job Centre Plus and declare your redundacey to get a stake in the ground as the lease company may want evidence of unemployment. If you require further non car assistance email me via my profile. Regards Peter
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Thanks for all the help guys.
I'm going to renegotiate the deal in the first instance - we're in the middle of trying to continue a business venture we were trying to set up when the parent company folded, but in the meantime I've got to minimise expenses. Thanks for all the pointers though, it's much appreciated, especially the point about the car not being mine! Good point, hadn't occured to me but of course you're quite right.
Hope everyone has a good weekend,
Gord.
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Just one further thought, G
If the vehicle was essential to your work in the company, or there was a relationship between your employer and the lease company , eg. personal finance, or a clause specifying a certain type of vehicle in your employment contract etc,
then you may have theoretical recourse to the company for some form of contribution to the higher cost incurred, especially if you have just taken out a new lease.
Talk to your colleagues and approach the HR department.
Who knows, the company may contribute something as an additional ex gratia payment,if only to make you go away.
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Sadly the company went to the wall. Long story, but there is nobody I can go after. I'm not actually going to have a problem making the payments for some time, and I hope that I'll still need the car, I was just looking for ways of getting the payments down as low as I can in the meantime in case things don't go well.
Thanks to all for your help,
G
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Probably won't help with your specific query, but check this out:
www.honestjohn.co.uk/forum/post/index.htm?t=37613
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