If your job role has been made redundant and you have a car with us here at ECS, we will be able to support you through this process. When you have to leave your role partway through your lease term, there are a few options you can explore regarding your electric vehicle.
What are the options for my EV?
In this scenario, you have a few options that are available to you:
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You can purchase the car outright from the leasing company
If you are keen to keep your car after you have left, you can purchase your EV outright from the lessor. The cost of this will be made up two aspects: the cost of the car + the Early Returns Fee.
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You can take your car with you to your new company
If you have a new company that you are moving to after your redundancy, we can help support with the transfer. If your current company and new company are happy to go ahead with this process, we then will need to set up our cost-neutral scheme at the new company (if they aren’t already set up) and begin the novation (transfer) process. There is a cost associated with novating a vehicle. We can help advise of this cost dependant on the lessor.
Your previous and new company will also have to agree to novate the vehicle and sign additional documents to enable the transfer. Your new company will also have to be accepted for credit by the same leasing company that your car is with. The novation timeline can vary but this generally takes between 2-6 months to complete from end to end.
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If none of the above options are suitable we will look to re-use this car as part of our goals to get people into second-hand electric vehicles!
The way this works is that we will initially market the car internally at the company you are leaving to see if there are any people interested in taking over the lease. If there are no takers at your company, we will then market the car externally to our wider customer-base.
The process for this is very similar as if you were to transfer your car to a new company, except the car will go to the new driver.
How long do I have to have had my car for before I or my company is protected?
As part of our highly competitive risk protection offered, we offer redundancy protection from day one once the car has been delivered! In these cases, we here at ECS will cover the cost of the Early Returns Fee!
What do I need to do if I have been made redundant?
The best way to ensure a smooth and simple process is to let us know about your redundancy as soon as possible with a rough end date in mind. Letting us know the current mileage, if there is any damage above BVRLA’s fair wear and tear and if you are a smoker will help us determine the early termination fee with the lessor. We will then get in touch with your HR/Finance/Payroll team to get a copy of your letter of redundancy and begin next steps on the paperwork.
Where should I keep my car in the meantime?
We don’t recommend driving your car after your last day of work, as you may no longer be insured and so before your last day of work you can either decide to leave the car on company premises (if possible) with the permission of your company to do so, or you can keep the car at your property in the meantime.
Can I transfer my car from a Business to Personal Lease?
Unfortunately, the lessors won’t be able to transfer cars from a Business to Personal Lease.
Summary: When am I liable for the Early Returns Fee?
In redundancy cases, neither the company nor yourself will be liable for the Early Returns Fee, as this will be covered by us here at ECS! If your redundancy turns out to be Dismissal for Cause then this may change.