leases

[Zman]

Besides Prosperion, are there any other companies that offer novated leases?

[blind_elk]

Novation Leasing (Melb) 03 9866 3322

[ix9]

www.supanovalease.com

[Evan]

Toyota finaince did my r34.

E

[Zman]

Do these companies operate in sydney as well?

are there any age restrictions on the vehicles?

Cheers

[dAVE]

what is a novated lease?

i have a lease through progress financial (underwritten by GE capital). All i needed was $500 up front and then the rest is paid monthly over 4 years.

[Zman]

i just copied this from the supanova site

A Novation Agreement– What is it ?.  

A Novation Agreement, when used in conjunction with a vehicle lease represents an agreement between three parties being the employee (lessee), the financier and the employer. The employee leases the vehicle in their own name from the financier, then by attaching the Novation Agreement the following occurs.  

-The employer takes over all the obligations of the lease except for the residual value which remains the obligation of the employee.  

-These obligations remain whilst the employee remains employed. During this period the employer makes all lease payments to the financier from the employee’s salary.  

-If employment is terminated, the Novation Agreement is rescinded (ceased) and only the lease agreement between the employee and the financier remains. When the employee leaves their employment they are required to take the vehicle with them.  

.

[blind_elk]

PeteSmith's is probably a 'conventional' lease, which is paid for with 'after-tax' money, ie take-home pay.

With a novated lease, you effectively pay for the lease with 'before-tax' money, by sacrificing some of your salary for the cost of the lease.

It can be an effective way to reduce PAYE tax, particulary if you are earning in the top tax bracket (> $50k), because it lowers your take-home pay, and the lower take-home pay attracts a lower tax rate.

[IML337]

I can highly recommend Leaseplan.

I can highly recommend against Orix.

I am about to find out how good MacMillan-Shakespeare are...

If you work for a large company they may already have an agreement with a preferred fleet company... There are age restrictions on the cars you can lease with the bigger lease/fleet companies though.

Novated Leasing rocks if you set it up correctly, and drive enough km to get the FBT down

Any questions, let me know, I'm about to enter my second one

[JH32]

Hmmm ... this sounds interesting ...

my mum owns a medical centre, so could I get my car on a lease as well? And say it's a company car? :confused:

[IML337]

well, technically, yeah

but you'd have to ask your mum