Company Car Plan

[jut703]

Nowadays, drivers/security personnel are only provided to expats.

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Our Pinoy VPs get drivers too. So I think it's still company dependent

[dr. d]

The car plan is important because potentially matatali ka sa company because of it. If you avail of a car plan, you'll most likely have to stick it out for 5 years. If you don't, you either give up the car (and any monthly payments you've made) or be forced to buy the car (and pay off the remainder of what would've been the company's share, plus interest).

For an 80/20 car plan with 6% annual interest, book value only becomes lower than market value after around 2 years. If you forfeit before that, lugi ka cuz you won't be able to dispose the car at a higher price than what you paid the company for it.

well, now that you put it that way... the car does become leverage of sorts.
sa amin naman kasi, there's no no anchor to keep us in place. alis kung gustong umalis...

[jut703]

personal observation ko lang..
medreps have this tendency to "hunt in packs". they occupy lotsa space, and without meaning to, they inconvenience others.
in many hospitals, limiting medreps' movements and activities, is a common policy.
maybe that is the reason... maybe i'm wrong...

the "alipin" part...? let's just say, it's a two-way street, madam. sometimes, i'm not sure who is the alipin...

going back to thread...
i'm sure the medreps have a car plan. but i do not know which one from among jut's list (entry #26), they fall under. what with all the tools of the trade that they are required to carry, it would be difficult to do without.

I've met an ex-med rep na walang company car. Nagcocommute daw talaga siya with all his samples and flyers.

For the majority though, they get entry level vehicles (minicars mostly nowadays, pinakamaganda na Vios). It depends on the pharma company of course - don't expect Pfizer to have the same benefits as a startup pharma.

I think med reps are given either vios or altis which is usually under a fleet plan for the pharma. You check the toyota service centers and you can find a lot of med reps waiting in ths lounge area. Good opportunity to strike up a deal.

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Wala pa kong nakikitang med rep na naka Altis. What company offers that?

When I was new in the workforce, I was told that in terms of benefits for field staff (car plan, per diem, hotel allowances, etc), there's a certain hierarchy based on industry. Lowest was pharma, then telco, then FMCG, then petroleum. So far I find this claim to be true. Of course the company matters too, a multinational FMCG will probably have better field benefits than a local petroleum company.

[dreamur]

Our Pinoy VPs get drivers too. So I think it's still company dependent

Let me qualify bro. Expats and VIPs (which could include VPs) so yes, dependent on company policy.

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[dreamur]

I've met an ex-med rep na walang company car. Nagcocommute daw talaga siya with all his samples and flyers.

For the majority though, they get entry level vehicles (minicars mostly nowadays, pinakamaganda na Vios). It depends on the pharma company of course - don't expect Pfizer to have the same benefits as a startup pharma.



Wala pa kong nakikitang med rep na naka Altis. What company offers that?

When I was new in the workforce, I was told that in terms of benefits for field staff (car plan, per diem, hotel allowances, etc), there's a certain hierarchy based on industry. Lowest was pharma, then telco, then FMCG, then petroleum. So far I find this claim to be true. Of course the company matters too, a multinational FMCG will probably have better field benefits than a local petroleum company.

Novartis. A manager friend got an altis...twice. though she is not a med rep but back office support.

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[dr. d]

from what i am told..
there is a certain ranking involved.
lower-rungs like field workers, get entry models like vios and below, but only if they "need it" for their work.
"much higher" managers who , i assume, stay in the office much of the time, get altis.
the big boss, camry.
one rep even said, "hindi ko madala altis ni wifey sa trabaho, kahit kotse na namin ito. bawal. baka tayo mapag-kamalang...".. i don't know if he was pulling my leg or not.

[jut703]

well, now that you put it that way... the car does become leverage of sorts.
sa amin naman kasi, there's no no anchor to keep us in place. alis kung gustong umalis...

It works both ways. Yes, matatali ka, but it can also offset a lower salary.

For example, offer A: 120k base pay per month, no car benefits.

Your net take home will be about 85k. You decide to get a Nissan Juke through a bank loan (20% DP, 26% OMA). You shell out 200k outright and pay 16k per month. You also spend 5k a month on fuel, 10k on annual maintenance costs, and 25k on annual insurance costs.

That will reduce your net take home to about 62k per month. You also have to pay the DP outright.

Offer B: 90k base pay per month, 900k car plan, fuel, maintenance and insurance are covered, 80/20 sharing.

Net take home is about 67k. If you remove the 20% share, that's about 64k take home.

So even if the base pay of offer A is 33% higher, net take home pay is slightly lower, plus a bigger cash-out for the car (200k vs 80k).

Which is why when I get offers from companies, I look at the entire package more than just the base pay.

[_Cathy_]

Yup those med reps that make "rounds" in the hospital get sub compacts.

Anyway why did I ever get into banking. Even our director doesn't get a driver. Hehe. In Caltex I think they even pay for country club dues of upper management. I saw it when I was an intern there.

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[jut703]

Novartis. A manager friend got an altis...twice. though she is not a med rep but back office support.

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Ohh interesting. My friends in pharma puro subcompact lang eh. Though as you said, manager na yan eh. I'd expect more senior staff to get better perks of course.

[jut703]

one rep even said, "hindi ko madala altis ni wifey sa trabaho, kahit kotse na namin ito. bawal. baka tayo mapag-kamalang...".. i don't know if he was pulling my leg or not.

In some companies may ganyang issues talaga. But it really shouldn't be an issue if it's yours. Alam naman ng colleagues mo kung alin yung company benefit and alin yung binili mo on your own

It's common among companies though that you can't add more than a certain percentage to your car plan limit, to avoid encroaching on those above you.

For example, I had a colleague before, wanted to get a Ranger Wildtrak and was willing to add 300k from our limit (son of a supermarket tycoon), but HR didn't allow it. He ended up with a lower end truck.

[dr. d]

In some companies may ganyang issues talaga. But it really shouldn't be an issue if it's yours. Alam naman ng colleagues mo kung alin yung company benefit and alin yung binili mo on your own

very different from our workplace...
"nandiyan na ba si boss?"
"opo. dumaan na yung lumang kotse.."
our big boss gets around in a 20 year old japanese dinosaur... may tsuper lang nga... even as a young and upcoming... drives around in a recent model bimmer convertible.. heh heh heh.

[jut703]

Yup those med reps that make "rounds" in the hospital get sub compacts.

Anyway why did I ever get into banking. Even our director doesn't get a driver. Hehe. In Caltex I think they even pay for country club dues of upper management. I saw it when I was an intern there.

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Car plan lang hindi competitive ang banking, but bawi naman sa pay, bonuses and other benefits. My friend in the industry seems to be doing well, handling equity and investments.

[_Cathy_]

Car plan lang hindi competitive ang banking, but bawi naman sa pay, bonuses and other benefits. My friend in the industry seems to be doing well, handling equity and investments.

Traders get million peso bonuses (some are only in their 20s) but you need to come from a well connected family to become one.

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[dreamur]

Bank? Of course look at Deguito.

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[_Cathy_]

Traders are on a whole different league from branch managers. No need to steal to get millions. Hehe.

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[dcph172]

In my dads company, managers get cars worth 900k every 5 years. upgradeable but you add difference. no employee share unless you upgrade. You own it outright after 5 years plus you get another new car. Vp gets driver and 3m suv and 2m car and lotsa other perks. Managers and up have country club benefits together with family in BCC.


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[sientobente]

Sometimes, I would prefer to get a car plan converted outright to cash. Ours is non-taxable but the problem here is you have to accumulate 30k worth of car/transportation expense receipts every month to get it paid out. So that eventually makes you get a new car even when it's not needed unless you will spend that allowance on different rims every month :D

[jut703]

Most companies don't give out cash allowances for car benefits, because hindi nila natatali yung employee to stay with them for the entire term of the loan.

The few ones that give out cash allowances usually do it because they're avoiding the capex of acquiring a car and the hassle of disposing it (in case they dont require the employee to buy it out when they leave).

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[StockEngine]

In my dads company, managers get cars worth 900k every 5 years. upgradeable but you add difference. no employee share unless you upgrade. You own it outright after 5 years plus you get another new car. Vp gets driver and 3m suv and 2m car and lotsa other perks. Managers and up have country club benefits together with family in BCC.


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I think PLDT has the same schem/plan?

[dcph172]

I think PLDT has the same schem/plan?

Maybe. I think remember seeing them having a penthouse unit in BCC. In the fire evacuation plan printed on the door, you'll see what companies own which penthouse. Ours ( my dad's company) is near a petroleum company and a ph owned multinational company penthouses. Facing the golfcourse. We havent used that PH since 2009 i think.


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