EK: Speeding up repayment of in house car loan?

[ekairbus]

Is possible to increase the amount paid towards an in house car loan so as to pay it off earlier than the normal four years?

[troff]

You make the deal and decide how long or short you want the car loan to be. There is no min four years, but why be in a rush to pay it off? It's interest free?

[BigGeordie]

Maybe in a rush to leave?:E

Also, you have to pay it off before you can sell the car.:}

[The_Red_Baron]

It's worth noting that when you leave EK, they subtract the outstanding amount from your Car Loan (and any other expenses) from your End of Service Benefit.

Not a big deal, unless you're not expecting it, then it stings like a b@st@rd.

[ekairbus]

It is with a view to leaving earlier than planned. Nothing for sure yet but just want to keep my options open.

Can the term of the EK loan be modified once the four year clock has started running....as in to change it from four to three years after the loan has been taken out?

[Sheet House Rat]

Go to the HQ and pay the balance in full (they will accept credit card payments) or an amount sufficient to reduce the life of the loan to coincide with your planned departure date.

De-hypothecating (dropping the lien) the vehicle takes a bit of time and admin hassel, so you can decide accordingly how much time you need to take title to the vehicle and then sell/ship it prior to your departure.

You ask a very good question, as the car loan lasts 4 years, while the training bond lasts only 3. I can imagine there are some folks contemplating 3 years and out, particularly given the company's desire to spit in the face of an entire group of aviators who answered the recruiting call in 2007-2008 (when they badly needed bodies), only to be told in 2009 that their "little jet" time just wasn't "hard" enough to suit the new command policy. Oh, but alas, I drifteth off the thread...

If it were me, I'd get the process started before giving my 3 month notice. This will allow an easier sale/trade in/shipment of the car, and should prevent any foot dragging by the company/insurance/RTA that would cause additional stress during your final months here in workers' paradise.

Best wishes,

SHR

[NG_Kaptain]

Has anyone shipped their vehicle home?

[cadidalhopper]

Shipping home to where?? USA? Forget it.

It's an interest free loan. Take the money you were going to use to pay off the 'free money' and go to the gold souk. Buy gold!! $5000 an ounce in 10 years!!

When you leave Emirates they will simply deduct what you owe from your end of service benefit. As little as it is... it will cover the car loan.

[break dancer]

As previously mentioned, the loan is noted on the car registration card. It isn't too difficult to get removed (a standard letter from HR portal, a trip down to the registration place and you're away) This needs to be done before any sale of said vehicle and can cause more a delay than a real problem if trying to do it all together with the new buyer.

Best to do it the during registration renewal. My letter was valid and accepted 11 months after getting it from the company, so there's no expiry date on it.