Liable in car lease if work goes bust?

Hi

At the moment I'm renting a car through my company. I was initially told that my contract would be for one year only, which was fine. I kept renewing my current car up to it's third year.

My company then decided to change leasing companies and offered the same new yearly lease to me. This time I did a bit of looking around online and found out that most leasing companies hold you to a minimum of three years.

So I'm guessing that with my current lease, if I returned my car say after one year, my company would just find another of it's employee or new employee to lease the car for the remaining 2 years.

Nothing wrong with that because they can offer cheap rates to their employees. But what if my company goes bust (my employer)? It's my name on the lease. Would that mean that I would be stuck with that lease for 3 years? Or stuck with the charges if it was cancelled on me?

I'm just wondering because if I go with my company again (language school) and they lose a contract, go bust etc. then I'm stuck with the payments for the car. But if I lease a car on my own (similar monthly cost and 3 year contract) then I know what I have to pay.


Any advice?

Thank you

So currently the contract is in your name, or is it in the company's? If it's in your name, you have the right to see what kind of early cancellation charges the contract states, and if it's in your company's name, I don't think you have to worry at all.