Employee unable to pay car lease as premature termination

I had taken a 3 year car lease on behalf of my companys name from ALD car leasing company who has ties with my company. I get tax benefits from car lease (irrelevant to my question). After 1 n half year of car lease during, i got Laid off with severance package because of automation & am serving 3 month notice period till Feb 16 2018. I havent been able to secure another job & the current IT market is not in my favour. I do not intend to work in IT anymore as im looking to establish myself in business. In order to terminate the car lease, i have to pay the remaining installments in bulk to car lease & surrender the car. i cannot afford to pay in bulk & hence need 1 years time to arrange for the money. Is there a work around this predicament wherein i can ?

Answers (1)

52 votes

Legally you may not have a recourse in the given circumstances.

However it would be good to have a word with the car dealer and the company. Requesting them for a monthly payment may help. Car dealer may agree on payment on an EMI basis. Wish you all the best.

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