Contract Hire Nightmare!

[mj2000uk]

Hi there

I just joined this forum today and this is my first post so I hope you guys can offer me some help.

Background story is this, I have a Toyota Avensis on a 3 year personal contract hire from Toyota Financial Services that I use solely for my job and all was going swimmingly as the £471.72 per month that I pay Toyota for the vehicle was being nicely balanced by the car allowance that I recieved from my employer. I am 10 months into this contract. At the end of the term, I simply give the car back and there are no further payments to be made. In this deal, if I continue the lease after 3 years, I get a new Toyota and I have no options for buying the car after the lease ends.

So all is well and good and then at the end of November, I got made redundant from my employment. Company was taken over by large PLC and although I am good at my job, I am excess to requirements and so given the boot.

Now my situation is that I have a car, 10 months into a 3 year contract and having put my situation to Toyota, all they have offered me is a buy out of the contract at 6.8K and they take the car back off me!!!

I cant afford to keep the car, its too expensive, I cant accept a job unless it offers a car allowance and they seem thin on the ground.

Please, someone, offer me either a technical loophole to get out of this or some good advice whereby if I have to keep this car, I at least get to own it at some point!!!

Thanks in advance new friends!!!

Mike

[aven_man]

:censor: situation to be in. Over here I know once you enter a leasing contract with a company you have to either spend full term or buy out before full term is out. At the moment the company I work for have 1 year left on an Alfa Romeo and it is just sitting in car park as no takers for car (most people take car allowance).

Only advice I can give is talk with friendly solicitor to see if there are any loopholes in the contract but I doubt there is. Most companies have a pretty standard contract.

Good luck.