Can you salary package with your employer? Then this could be for you. Your employer pays the rental payments to the lender and you enjoy full use of the vehicle.
- Repayments come our of your regular pay and are made by your employer to the lender
- Up to 100% finance
- You get to choose the type of car
- You get to keep the car if you move employers
- If your employee leaves, you are not left with the car
- The employer doesn’t need to buy and maintain a fleet of car
So how does it work?
- The employee chooses a car and leases it from the lender
- The employee then novates the lease to their employer, who assumes some of the employee’s rights and obligations under the lease, including responsibility of meeting the lease rentals as part of their salary package for as long as the employee remains with the employer.
- The employee is the owner of the car and remains responsible for it.
- The employees retains the car if they leave their employer.
- Vehicle running costs are separate to a Novated Lease.