car options in view of possible redundancy ?

[yellow_diamond]

I have recently been given a promotion at work and as part of the package am given an allowance, paid in my salary to lease a company car. I can either do this through the company or take the money and provide a car "suitable for company business" (there are clauses here such as must be a 4 door, capable of carrying 4 passengers) using the money. In summary I have two options:
Option 1. Lease a vehicle via the company scheme using the monthly sum which will cover a lease and insurance and all the service fees for the vehicle. Could you give me the consequences for these circumstances with my IP:
a) If I sold my current car would the IVA company take the money I got for that?
b) Would my IP company adjust my agreement at my annual review to remove any car related benefits e.g. maintenance fees off me?
c) If I left the company I would incur fees for terminating a lease early plus then be without a car - I don't know how I would cover these costs and purchase a new car if you answer yes to question a) above.

Option 2.
Use the monthly amount given to me to fund myself buying a car privately.
a) My insurance costs would increase as I'd need to get insurance for business use on the car - my annual review isn't until next year - how could I get this considered now?
b) I would need to save the allowance to get a car new as obviously I could not use credit to fund the purchase privately. This would take at least 10 mths - after that would they just take the allowance off me, even though the vehicle I would buy would not be new, I would have to purchase second hand and possibly need to replace more regularly than if I had a new vehicle. Plus, I would obviously have higher maintenance costs as the vehicle would be doing much more mileage.

The added complication to this is that I am also at risk of redundancy as my company is going through a re-structure, therefore the first option may see me being left without a car anyway.

[MelanieGiles]

You will really need to discuss these options with your IP. On the one hand a lease car looks the most attractive, and I would not have thought you would be liable for the lease payments if the company terminated your employment, but if you sold your current car your supervisor may well claim that this money should be paid into your IVA.