Financial bods expertiese needed!

paultither

This is a bit of a quandry. A work college of mine was promoted at the beginning of this week, he deserves it too, he works his butt off. Anyway, part of the perk of this promotion is a company car.

He's looked through all the figures and taxes and would make significant savings and also have a much more desirable car than his current Vauxhall Astra.

The Astra in question is on a 3 years contract hire agreement with 2 years to run. He has decided he wants rid of the Astra and go ahead with getting a company car. He spoke to the company his lease is with, who confirmed he is free to sub-lease the car to someone else, however there is a catch. The agreement has to remain in his name and he would be liable for any arrears or missed payments.

I've suggested he gets an agreement written up by a solictor if he is that desperate to get rid of it (which he is). Are there any other suggestions you could offer other than to keep the car?

Rafter

Why not wait 6 months then he can simply hand the keys back? Or is it not that kind of agreement?

Certainly wouldn't recommend sub-leasing to a stranger.

R.