The car was initially his car plan from his previous employer and was taken out by his 2nd employer as part of his hiring package. As per policy of employer2 the car plan should either be brandnew or should come from his employer's subsidiary company warehouse of 2nd hand cars. But this policy was not followed or deviated, because the said car was taken out from his previous employer - less the payments he made during his employment with employer1.
The initial purchase of the car is at 667,000.00 last 2009 and was able to pay PHP213,354.17 before leaving Employer1 in December 2010. Then was taken out by employer2 at 453,645.83 when he joined them last January 1, 2011. The said car was allowed to be taken out by employer1 with the book value of 453,645.83 where in fact the fair market of the car at that time (2011) was 550,000.00-600,000.00.
During my husband's employment with employer2, from jan 2011-feb 2015, he earned and paid, thru salary deduction the said car plan an additional 287,279.99 on top of his initial investment during his employment with employer1 (PHP213,354.17).
Now, employer2 is asking him to pay the market value of 350k so he can get the car back...and the said price is too much because of all the investments he has earned/paid for the car. As per employer2's accounting dept, the remaining book value of the car as of jan 2015 is only P83,182.92. Making it 400% more of their asking price.
Employer2 said as per policy, an employee has the option to buy at book value if payments remaining is 11months only.
HERE ARE SOME POINTS WE WANT TO QUESTION:
- upon take out of the car, the policy on how to acquire the car was not followed or deviated...since the said car was taken out from another company at a lesser price due to partial payments that were made by the employee/my husband from employer1
- the said car plan should be paid off this dec 2015, since my husband's tenure in the company is 4 years and 2 months as of feb.
- the deductions for the car plan were delayed for unknown technicality..y husband uses the car since day1 (jan 2011) but deductions started after a year (jan 2012)... Employer1 didnt get the car back after my husband resigned...since there was an intent to take out the car via employer2.
Isn't it just right to fight for the car to purchase it near book value plus employer's share...roughly around 83,000 plus to 160k instead of 350k. Since the total investment paid and earned is atleast 75% already.
Hoping for your legal assistance regarding this...because we believe we are at a loss here with employer2 asking for so much....and seems like my husbands money and effort are put to waste if we let go of the car that he already invested in for years.