A few months before your novated lease ends, a member of our team will reach out to discuss your options.
These include:
What is the residual value payment?
At the end of your lease, you’ll have what’s called a ‘residual value payment’ due. The residual value is the amount that remains owing on the car at the end of the lease contract, including GST. Minimum residual values are set by the ATO (Australian Tax Office).
Once your lease term expires, you will need to either pay the residual value directly to the financier or choose to refinance the lease for an additional term*.
*Subject to finance approval
Changing employers
If you are moving employers, you may be able to transfer your existing novated lease to your new employer and continue to enjoy your salary packaging benefits.