Lost job - car question

Mal23

Hi everyone

So I resigned as a director today , was told to stay away from company so quit immediately , been stress for years so was final straw

I have a question about my car if anyone can help me

The finance is in company’s name but registered keeper is in my name

I paid the finance as it was taken each month off my dividend payments , company now say transfer the finance to my name and I pay it and they will pay me full dividends each month then or give car back

I have no doubt if I agree to finance being in my name they won’t pay my dividends so it’s going to kill me financially , I would have thought the car belonged to finance company anyway .

Help please ,

Comms69

Are you an owner or not?

Les79

I'm assuming that you aren't the OWNER (registered keeper doesn't imply ownership) here...


It seems fairly straightforward to me:


1. Do you want the car? If so, secure funding. If not, return it to the owner (or tough luck if you are the legal owner)


2. Can you get anything in writing which secures those dividend payments going forward? And do you believe that the company would remain solvent, more so if you have to take them to court if they don't pay? Mind you, are dividend payments not based on PROFITS? If so, what if they don't make a profit?


(The above two should probably be treated as two separate points)


3. Can you maybe negotiate other terms, such as them paying 3-6 months of insurance payments upfront in lieu of dividends so that you have a buffer?

kazwookie

Mal23 wrote: »

Hi everyone

So I resigned as a director today , was told to stay away from company so quit immediately , been stress for years so was final straw

I have a question about my car if anyone can help me

The finance is in company’s name but registered keeper is in my name

I paid the finance as it was taken each month off my dividend payments , company now say transfer the finance to my name and I pay it and they will pay me full dividends each month then or give car back

I have no doubt if I agree to finance being in my name they won’t pay my dividends so it’s going to kill me financially , I would have thought the car belonged to finance company anyway .

Help please ,

This is not really making sense.

If you have left the company, why would they carry on paying you a dividend each month.

How much is the car finance each month?

What is the return policy of the car if you want to send it back?

Who actually owns the car?

Can you afford to pay for the car each month, as you don't have a job?

Can you afford to run the car, (service, tax, ins tyres etc)?

Mal23

Thanks Les for reply

I’m not owner , just registered keeper

They already owe me dividend that was issued but not paid so don’t trust them to keep word,and as it’s all fallen apart the remaining shareholders won’t want to pay me dividends out of spite I would guess

Option 3 is a very good option

Mal23

Hi ,sorry if confused you

I am a shareholder and the same dividend was paid each month for years

My car cost was deducted each month from dividend amount I would receive

They have said that they will pay me dividends each month at full amount rather than deducting car amount as they used too

I just don’t trust them to pay dividends anymore and being lumbered with car I can’t afford

Les79

Mal23 wrote: »

Thanks Les for reply

I’m not owner , just registered keeper

They already owe me dividend that was issued but not paid so don’t trust them to keep word,and as it’s all fallen apart the remaining shareholders won’t want to pay me dividends out of spite I would guess

Option 3 is a very good option

I think that's a bit of a red flag if they already owe you money....

If option 3 doesn't materialise, I feel you may be better just turning in the car and either downgrading to a cheaper car (one you CAN afford on finance) or using public transport for a bit till you get back into work.


THEN deal with the missing dividend payments separately.

MataNui

As i understand:
You have resigned as Director of a company but you remain a shareholder.
You have a company car. The finance for the car is in the companies name but you have been paying it out of dividends.


If this is right then it seems pretty simple to me. The company currently bears all the risk and responsibility for the car. If you really want to keep it then thats something you, the company and finance company need to sort out but simplest thing for you to do would be hand it back and walk away. Any issues with the finance situation regarding this would not be your problem. They would be the companies problem since the finance is in their name.


Regarding the dividends thats also simple. They cant not pay you dividends if dividends are issued. You are a shareholder. If they dont want to pay you dividends then they cant take dividends. Its that simple. You havent disclosed the nature of your shareholding etc so just taking things at face value.