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Afternoon,
My employer recently put me into a managed car scheme, with one of the large leasing companies. This is based on the contract being in my name and the cost is covered by 45p/25p business miles, some small initial company contribution and what would have been my company car tax. Obviously the only financial benefit is to the company but there was no other option for me and the car is required for my job.
Clearly with the current Covid situation, the mileage is not covering cost and furlough limits salary. I have a 3-month payment break but have no idea what will happen after, as there is no way I can afford the lease. Also, this break still has to be paid at the end.
If anybody has any advice on options where I can give the vehicle back to the leasing company (only 1,000 miles in), or any other thoughts on where I stand legally, your input would be much appreciated.
Many Thanks.
My employer recently put me into a managed car scheme, with one of the large leasing companies. This is based on the contract being in my name and the cost is covered by 45p/25p business miles, some small initial company contribution and what would have been my company car tax. Obviously the only financial benefit is to the company but there was no other option for me and the car is required for my job.
Clearly with the current Covid situation, the mileage is not covering cost and furlough limits salary. I have a 3-month payment break but have no idea what will happen after, as there is no way I can afford the lease. Also, this break still has to be paid at the end.
If anybody has any advice on options where I can give the vehicle back to the leasing company (only 1,000 miles in), or any other thoughts on where I stand legally, your input would be much appreciated.
Many Thanks.
