Page 13 - Demo

13 May 2025 Abbott UK Company Car Handbook12 TRADE UP/DOWN12.1 TRADE UP%u2022 Abbott company vehicle drivers are permitted to trade up with a payment of up to a maximum of 20% above their band limit, which is deducted from their salary on a monthly basis. Trading up allows the driver the flexibility of adding more accessories to their chosen vehicle or upgrading to a slightly better model of car by a contribution via salary.%u2022 Contributions will be deducted from the driver%u2019s monthly net salary in the month following the start of the lease, for 48 months or the agreed lease period at the time of the order.%u2022 It is the responsibility of the driver to ensure any trade up costs are an affordable monthly expense.%u2022 Drivers on unpaid sick leave, maternity leave, parental and adoption leave will continue to make monthly repayments via a personal bank transfer to the relevant Abbott legal entity to arrive no later than payday of the month due.%u2022 On leaving Abbott, an employee is required to pay any outstanding trade up. The trade up will be automatically deducted from their salary. Where the amount is greater than one month salary it will be deducted over the notice period (or greater) to ensure all outstanding money is paid back prior to the leaving date.%u2022 If an employee leaves Abbott UK including to go to another Abbott International affiliate/or goes on an international assignment (with the exception of redundancy), prior to the completion of the trade up payment, any outstanding contributions will be deducted from the final UK net salary.%u2022 If a driver needs to replace their vehicle before the end of the 48 months, they will still have to continue to pay the monthly contributions unless the car lease is terminated by Arval with no early termination fee. Drivers who decide to trade up agree to the monthly deductions from salary or monthly repayment if unpaid, as well as to paying any remaining deductions in the event that theirfinal salary is insufficient to cover it. Any money owed to Abbott will be pursued as a debt to the Company under Abbott%u2019s normal credit management procedures.%u2022 Acceptance of the Trade Up value will be done via the Arval Quoting tool, this is done by clicking on the %u201cOK%u201d button, the driver gives his/her consent for deductions to be made from payroll and they confirm that they have read, understood and accepted the above terms and conditionsEmployees who are promoted will not change their current Company Vehicle until the end of its lease, and any %u2018trade up%u2019 or %u2018trade down%u2019 payments if applicable will continue until the end of the agreed term. %u2022 If you are unclear about any terms and conditions of Trade Up, you must contact the Arval Driver Helpline or Abbott Fleet Contacts.12.2 TRADE DOWN%u2022 Abbott company vehicle drivers are permitted to order a car up to 20% below their grade lowerlimit. This is classed as trade-down.%u2022 A trade down will be paid as a monthly allowance to the driver, less tax and National Insurance. Please note: drivers on the lowest band can still trade down by 20%, however, they will not receive a trade down allowance. The reimbursement will be paid as a salary supplement in the month following the start of the lease for 48 months or for the duration that the driver has this vehicle as their company leased car.%u2022 If the driver leaves the company before the end of the lease, the salary addition will cease.%u2022 Drivers should ensure the vehicle is suitable for business use.%u2022 Acceptance of Trade Down value will be done via the Quoting tool. In confirming the order, the driver gives his/her consent to the Trade Down and in so doing they confirm that they have read, understood and accepted the above terms and conditions.%u2022 If you are unclear about any terms and condition of Trade Down, you must contact Arval Driver Helpline or Abbott Fleet Contacts.Please note: the Arval Quoting Tool is a real-time calculation and will calculate quotations with an actual trade up or down figure total for the life of the lease which Payroll then deducts over 48 months or the agreed lease life of the vehicle at the time of order. The figure on the Arval quote is the monthly deduction over the initial lease life of the vehicle.