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1 CAR PLAN POLICY on Tue Nov 29, 2011 9:07 pm


Arresto Menor
I'd like to ask your opinion about my existing car plan with my present employer. It's on a 50-50% sharing scheme with my employer (employer paid upfront, then my share is being deducted from my salary, for a period of 48 months) and I'm now on my 41st monthly payment.

However, I filed for resignation recently, and will be with this company until Dec. 15th of this year, or 7 months prior to the completion of the payments. Under the existing car plan policy, I have the option to pay the remaining balance (paid by both employer & employee) based on booked value. But now they are asking me to pay for the actual market value, in full amount, saying that the existing policy is no longer in effect, and that my 41 monthly payments have been forfeited, due to a "breach in contract" (I never signed such a contract). They have not issued any new car plan policy, either, and all this was relayed to me just verbally.

I just want to know what my legal options are. I was willing to pay the balance of the booked value, as what was originally stated in the car plan policy. However, I feel it's very unfair for them to ask me to pay the market value in full.

I'm fearing that as I write this letter, my company might be drafting a new car plan policy, and might be effective before Dec. 15th. If this should happen, am I still legally covered by this new car plan policy, considering that they have already accepted my resignation? Do I have the right not to sign it, just in case?

I am very much looking forward to your reply.

Thank you very much!

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