Leasing for an employee

MEM62

iolanthe07 wrote: »

it is not a company car so there shouldn't be any bik payments.


When I was working I purchased my own car with a loan from my employer. I definitely did have to pay BIK.

Different circumstances in but your case you would of different reasons. Assuming that your employer did not charge you interest on the loan the value of the interest that you should have paid is a BIK.

foxy-stoat

DoaM wrote: »

Everyone has a "credit-worthiness" .. otherwise known as a "rating" (in common parlance). What that "rating" or "score" actually is can only be defined by the individual credit providers (as you are inferring), but the credit reference agencies who generate "scores" at least give a guide to how a credit provider might view someone seeking credit.

As such your post does not help the OP in any way.

The employee has told his boss that he has a low credit score - can you lease a car for me.

If the OP put in his opening post, employee has been declined credit after an application - they I would agree with you, his credit worthiness for that lender was too low or some other reason.

Judging by the number of posts of people logging onto noddle or whoever and getting a score of 400 then coming on here saying they have a low score what do I do about it - I assumed the same.

DoaM

Fair point, although I came at this from the position that the employee had already tried to lease a vehicle and failed, rather than they'd simply checked a "credit score" and assumed the worst.

Of course the employee could also simply be trying to pull a fast one ... the tone of the OP's post suggests that they are a small company and perhaps not so worldly-wise.

caprikid1

Is there any way in which this could be considered fraud by the finance company ? It is after all a kind of fronting ??? Just a thought..

Mercdriver

caprikid1 wrote: »

Is there any way in which this could be considered fraud by the finance company ? It is after all a kind of fronting ??? Just a thought..

No it's not any kind of fronting. OP would be signing a contract that he would be legally responsible for and it would be his bank that the direct payments would be taken from. Some mobile phone companies and other providers won't take payment from a third party bank account, but ultimately, the OP would be responsible for the payments.

Homersimpson

What happens when it comes to returning the car at the end of the period and its covered in scratches, dents and dog hair from the family mutt and has 20K more miles on it that it should have?

The OP will end up with a bill for the repairs and devalutation of the vehicle.

The main reason people can't get credit for cars is they have some history which makes them a poor risk, why would the OP want to take this risk on when major finance companies (of which there are companies dealing with poor credit risk) won't touch them with a barge pole?

rhysadams

Have a look at Flexigo Cars or Cocoon Vehicles, he can then take the vehicle on in his own name but he isn't tied into the vehicle. They offer new cars or nearly new cars for those with bad credit. Won't put link on as I don't want to be banned