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)

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.

Advocate Aparna Nair

3.0| 1+ ratings

Greengage Apartments, Bangalore

CONSULT NOW

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

Popular Labour & Service Lawyers

Advocate Wg Cdr Ajit Kakkar (Retd)

Dwarka, Delhi

18 years Experience

Advocate Harish Malhotra

District Court, Gurgaon

21 years Experience

Advocate Shikhar Khare

Jangpura Extension, Delhi

5 years Experience

Advocate Jaspreet Singh Rai

Greater Kailash 1, Delhi

15 years Experience

See More Labour & Service Lawyers

"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

All Answers by LawRato

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Divorce Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.

Fixed Cost Legal Services

15 Minutes Labour / Service Advice Session by Phone