Exiting your novated lease early

If your circumstances change, it’s possible to exit your novated lease early. It’s important to note however that financial obligations apply.
Ford Mustang Mach-E

How do I end my lease?

To exit a lease, please follow the steps below:

1
Contact us and request an Early Termination quote. This quote advises the remaining balance on the lease and how much you’ll need to pay out to exit the lease early.
2
Review the quote and pay out the remaining balance.
3
Once the payout has been received, we’ll end your lease, reconcile your running costs and remove the security on your car.
4
From here, you’ll own the car outright. Choose to keep or sell the car depending on what’s right for your personal circumstances.

Are there costs with ending my lease early?

Yes. If you choose to terminate your novated lease, there are costs you’ll need to pay, including:

 

1. Remaining lease balance: This is the amount remaining on the lease, including the residual value (RV). The RV is the amount that remains owing on the car per the lease contract.

 

2. Any outstanding lease rentals: This is for any lease rentals that are yet to be paid.

 

3. Early termination fee: The standard fee is $660 (including GST); however this may vary depending on your employer.

 

The costs above are provided when you request an Early Termination quote. 

 

Are there any other options available instead of paying out my lease?

Depending on your lease, there may be other options available to you. To discuss your circumstances, please call our team on 1300 138 235 or email us on novatedservice@sgfleet.com                                                                                                                                                                                      

What happens once I payout my lease?

Once you’ve paid out your lease, we will email you confirmation and arrange for the security on your car to be removed. You will then own the car outright.

 

Please note that once you payout your lease, you will be responsible for your car’s running costs such as servicing, registration and insurance. Please monitor these appropriately and update your contact details as required.                                                                                                                                                  

Frequently asked questions

If your circumstances change, it’s possible to end your novated lease early.

To discuss your options, or request an early lease termination, please contact our team on 1300 138 235 or email us on novatedservice@sgfleet.com.

 

Depending on the financier of your lease, we may be able to generate a quote for you on the spot, however in some circumstances it can take up to 1-3 business days.

The Early Termination quote is valid until the ‘Quote valid to’ date outlined on the document. Once the quote has expired, you can request a new quote. This is typically generated monthly on your lease anniversary date.
Unfortunately, no. The RV must be paid using post tax dollars. Any surplus funds in your fund balance will be returned to you through your employer’s payroll during the reconciliation process. This returned balance will be subject to income tax. 
Your car’s security (also known as encumbrance) is generally lifted 7-10 business days after your payout has been received, provided there are no outstanding lease rentals. Please email us for a Personal Property Securities Register (PPSR) certificate to confirm.
In some cases where your lease is financed by Macquarie Leasing, or another Third-Party financier, a payout figure must be obtained from your financier directly. Please email us to request a payout request document and a step-by-step outline. 
Payroll deductions will continue until all outstanding payroll deductions have been received by SG Fleet from your employer, up to the date of payment of your Early Termination quote. Once all payroll deductions have been received, we will email your payroll to request a cease in deductions.
If you've requested an Early Termination quote and then decide to continue with your lease, no further action is needed. We will continue your novated lease as usual until the scheduled end date.
Unfortunately once your lease is terminated, you will no longer have access to Fleet Intelligence. Please download any documents or statements from Fleet Intelligence upon payment of your Early Termination quote to keep your own records.