Stuck with car finance after job ended

Meeksymandy

I worked for a company as a nurse and was told I needed a car under 5 years old on finance and they’d pay it on top of salary. I left the job after three weeks and now landed with a finance deal I can’t get out of and a part time job not even as a nurse so I’m struggling with repayments. Company not interested saying the agreement is between me and finance company but I find this so unfair. I’ve never taken anything on finance before because I never would. 

Has anyone else experienced this? Who can I report it to? Am I stupid to have entered the deal in the first place even thou I couldn’t do the job without a car? Feeling desperate as I can’t sell car as doesn’t belong to me but the finance company! I’m literally trapped. 

Any advice really really appreciated. 

jimjames

Not a lot you can do other than sell the car if you don't want it. The finance is in your name not company so it might have been a good idea in hindsight to wait to know if you were staying before committing to a long term loan.

Try all the usual places like We Buy Any Car or Motorway who will settle the finance on the car for you so you can sell it. You might be lucky with the prices being strong at the moment.

KimJongUn88

Why did you leave the job?

It’s nothing to do with the finance company. They just need their monthly payment to be met as you have their car.

400ixl

It sounds like you were going to get a car allowance to fund your own vehicle in lieu of a company car. There would be no stipulation that it had to be on finance, but would likely be the case for many who did not have the funds to buy a car of that age, or already own one.

What sort of finance did you take out on the car? Was it a straight finance loan, a PCP, a lease? All do have options to get rid of the car, but different methods and costs of doing so.

elsien

You can possibly sell the car and settle up the finance (terms and conditions depending) although you  might find that you lose out in the process. 
Hard lesson to learn but a) a car can be 10 years old and perfectly reliable so telling you your car has to be under 5 years old is well outside of an employers remit.
b) if an employer is going to pay for you to have a car then they might as well provide it themselves. "We'll pay you on top of your salary but we're not going to put our name on the deal or anything in writing" was never likely to end well. 

Belenus

Are you unable to get another job as a full time nurse?

Grumpy_chap

elsien said:

Hard lesson to learn but a) a car can be 10 years old and perfectly reliable so telling you your car has to be under 5 years old is well outside of an employers remit.
b) if an employer is going to pay for you to have a car then they might as well provide it themselves. "We'll pay you on top of your salary but we're not going to put our name on the deal or anything in writing" was never likely to end well. 

I disagree on both counts.

a) You are correct about the reliability factor but a company is often considering parameters such as safety features and projecting a positive image to Clients.  Car must be under 5-years old is a relatively common limitation in my experience. 

The image thing in (a) can work both ways, so companies don't want staff turning up in a car that is too extravagant or "showy".  The 5-year ago limit controls that as well as most employees can't afford a too outlandish car that is also under 5 yo.

b) Employers often previously gave company cars and staff moan that they don't want a Golf, they'd prefer a Leon. If the company offers the Leon on the list, someone will want an Astra, etc. etc.  Going to the car allowance type of arrangement gives that extra flexibility - I suspect this is how the OP's contract worked (car allowance), not just some vague "we'll pay you extra".

Ectophile

There is a serious shortage of decent second-hand cars at the moment.  If the car is any good, you should have no trouble finding a trader who will buy the car off you.  They will pay off the finance themselves as part of the sale.  You might even end up with some money left over.

Obvious candidates are We Buy Any Car or Motorway.  But your local franchised dealer might also be interested.  Or whoever services the car (if not the same people).

Meeksymandy

Hi thanks all. If I sell the car to a dealer or online ie Webuyanycar I lose at least 2-4 thousand pounds which I have to cough up which I don’t have. I can’t sell it privately I’ve been told but even if I did I won’t get anything near the settlement fee. I don’t think it’s morally right they don’t put their name to the deal when asking you to have a car under five years old. Even if I left the job after a couple years or got sick I’d still have the repayments for 5 years. I wonder how many others have been caught out and are getting further into debt because of this practice. Can I complain to anyone about this? Is it worth getting advice from a solicitor? 

TadleyBaggie

Meeksymandy said:

Can I complain to anyone about this? Is it worth getting advice from a solicitor? 

No and No.

Phantom151

Meeksymandy said:

Can I complain to anyone about this? Is it worth getting advice from a solicitor? 

I suspect not. Most employers will have this as a stipulation for cars that are used as customer facing.