Exiting your lease early
How do I end my lease?
To exit a lease, please follow the steps below:
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.
Requesting an Early Termination quote FAQs
If your circumstances change, it’s possible to end your novated lease early.
To discuss your options, or request an early lease termination, please fill in this form.
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.
If your quote expires before you have a chance to accept, we can reissue a new quote aligned to your next available lease anniversary date.
Your Early Termination quote includes the following figures:
Present value of remaining rentals (Net Present Value calculation)
Residual value (incl. GST)
Any outstanding rentals
Applicable fees (e.g., early termination fee, admin fee - these are outlined in your finance contract)
GST where required
Please note: The Early Termination amount only reflects finance related items. The following is not included on the quote:
Pre-tax and post-tax payroll deductions
FBT adjustments
Running costs (fuel, servicing, tyres, insurance)
Any remaining expenses not yet processed
These are finalised in your end-of-lease reconciliation. For any additional questions, please contact our team and we can walk you through each component if preferred.
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.
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.
The Early Termination quote includes:
The present value of future rentals
The residual value (incl. GST)
Interest, which is higher in the early stages of the lease
Fees applicable to early termination
Finance leases are structured so that more of the repayment is allocated to the interest owed in the early stages of the lease. This means that the early termination amount may be higher than the original amount financed during the initial period of the lease.
No. Early Termination quotes can only be issued in line with your contract anniversary date.
Yes. The quote can be paid in three instalments, however, please note that we can’t proceed with terminating your lease until the full amount has been paid per the quote expiry date.
To get a trade-in valuation, please click here and follow the prompts.
Unfortunately, once your lease is terminated, you will no longer have access to your online account. Please download any documents or statements from mySG upon payment of your Early Termination quote to keep your own records.
After I’ve paid my Early Termination quote FAQs
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.
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.
Absolutely. To start a new novated lease, please email our novated lease consultants on novatedbenefits@sgfleet.com
As you’ve paid the residual value and now own the car, you will be responsible for registration moving forward.
As part of finalising your novated lease, any unspent budgets were reconciled separately as part of your final account reconciliation. Please refer to this for more information.
Yes. Please contact a member of our team on novatedservice@sgfleet.com and we can send a tax invoice with GST clearly itemised where applicable.