But what if
A few of the most common questions
...Can I have a novated lease on any car?
Generally yes, as long as the vehicle is under 7 years old at the end of the finance period and the kilometres will be under 200,000 kms. There are exceptions, we have some very special cars under novated lease, such as a pre 1970's Mercedes
... Okay but who owns the car?
You own the car and are responsible for it, the total ownership does not transfer until the novated lease balance is paid out.
This usually happens at the end of the lease term, when you either pay the residual or sell the vehicle to pay the residual out.
...if I lose my job?
Losing your job can be a very scary point in your life..
Did you take the 'Redundancy Protection*' out?
- Yes - your total vehicle costs for the next 6 months are covered, or after 3 months you have the option to return your vehicle.
- No - let's see what the vehicle is worth, the current finance payout and Zenra will help you work out what the best options are. Surprisingly, selling the car, may not be the best choice.
* 'Redundancy Protection' is an Insurance policy that activates when your are sacked only, ask us for a copy of the Policy so you can have a look through it.
...I want to move to a new employer, what about my car?
It's your car, take it with you, but before you start, make sure they allow novated leasing through payroll, or you might find that pay rise gets eaten up by having to pay for all of your car costs out of after tax money (yup.. your wallet)
If they don't do Novated leasing, get their 'right person' to contact us, and we will walk them though the, How, What and Why of Novated Leasing.
Even if they already offer novated leases with a different provider, Zenra is here to help with a smooth transition, from us to them.
...I want to get a new car before the end of my lease?
Great, probably a smart idea too.
Pass the car on to your spouse or one of the kids, after all, you know the full history of the car. Plus, whats the chance of being able to buy a car like yours for the same money.
But It will depend on the financial position of the car
...I sold my car for more than the finance payout?
Great, that was always the plan, because we think that money feels better going into your wallet than taking it out.
And guess what... because your car was a novated lease, the tax man doesn't want any of the profit you make
...I sold my car for less than the finance payout?
To quote Toyota... bugger!
Any shortfall between the actual value of the car and the finance payout comes from your wallet.
And the taxman wont kick any in either.
Talk to us early, maybe we can prevent you ending up in this position, usually due to;
- Wrong finance setup - Term too long or Residual set too high
- Choice of vehicle - wrong model or colour
- Kilometres travelled
- Vehicle condition
Want to take a peek? Play with some options? Fantasise a little?
Talk to our Novated Packaging Specialists today
Call on 1300 71 38 12 or email