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Novated leasing vf ssv redline

PSISLE

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Hey all,
Has anyone done a novated lease on a new VF, and if so, who did you go through and what kind of pricing did you get?
I'm looking to possible novate a lease on a new redline

Cheers
 

vk2him

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My redline is a novated lease through Maxxia - I've also had novated leases through Fincar and FleetPartners over the years - they all work basically the same. The lease company have always been able to beat any price I could negotiate, probably because they get Fleet buyers discount and the car is GST free ... The killer for me is always the residual amount as I drive >40,000km per year so the cars are usually valued below the residual value because of the high mileage - I'll probably roll-over the lease on the current redline when it end as teh car is still solid with over 80k on the clock already
 

Mike Litherous

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If u do high k's just have a lower residual. I guess if you are loaning say 55k having a 40% residual would be dangerous. Last 55k work car I bought had 11k residual so positive equity you have in the car after about 2.5yrs. Monthly repayments are higher thou.

It's pretty risky having a 4 or 5 year lease if u have to get out of it under 1/2 way.

Last one I used maquarie leasing. There are no penalties for the payout which is good. Some have 3 months payments if u get out of it early. They are pretty ruthless operators. Once I had to delay a payment for a few weeks and they send all kinds of nasty letters home even thou u organised to move the payment.
 

blakethemus

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Once I had to delay a payment for a few weeks and they send all kinds of nasty letters home even thou u organised to move the payment.

Most of those letter are auto generated. A real human only really looks at the account once it's 3mths behind. Then they are coming for the car unless you come to some sort of agreement.
 

vk2him

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If u do high k's just have a lower residual.

No, it doesn't work like that - the ATO put limits on the residual amounts - for a 2 year lease the residual can't be less than 56.25%, 3 years it's 46.88%, 4 years is 37.5% and 5 years is 28.13% and the residual is calculated on the purchase price plus GST ...
 

Azzz

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Mine was done through maxxia ... Picked up a vf black edition ute, tonneau, some other wanky bits too..
Total lease/finance value 36 k
 

Forg

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It's worth getting a quote from all of them ... they all calculate what they'll charge you differently, they all pay different prices for the vehicles, they all get their money from different places so rates vary, and they all have different deals with suppliers, eg. fuel pricing.
They will almost never disclose what they're actually paying for the car; so you have to compare the actual monthly figure they're charging.

Paying some extra 'employee contributions' often gets you a cheaper overall cost, due to tax rules, but it depends on your income. I looked at some online prices for our situation, turns out for us it was cheaper to just buy outright, using money from the mortgage offset-account; but for some, it's cheaper to lease than to borrow. Do be aware that it's never cheaper to lease than to just buy a reliable near-new used car ...
 

Heron SSV

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Check the hidden costs, get a breakdown of all the charges in the monthly figure. The interest rate they charge is stupidly high as well. I looked into leasing a car recently which I ended up buying on finance, Maxxia was going to charge $1000 pre tax and another $487 post tax, that was for a Hyundai i30 with a purchase price of $32k over three years. I bought one for just under $32k and the interest rate I'm on is 5.1%. I went through all the running costs and it was cheaper for me to do it myself rather than through a novated lease. Plus the early exit fees can be massive.
 

ToeCutter21

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Check the hidden costs, get a breakdown of all the charges in the monthly figure. The interest rate they charge is stupidly high as well. I looked into leasing a car recently which I ended up buying on finance, Maxxia was going to charge $1000 pre tax and another $487 post tax, that was for a Hyundai i30 with a purchase price of $32k over three years.

I went through Maxxia. Be careful about the hidden costs which are usually all optional. I looked at the final quote for mine and it included three types of insurance I didn't need, including redundancy at my employment (safe govt job), agreed value top up in case of write off (I got the same cover from NRMA for a tenth of the price), and gap insurance in case market value is lower than residual (finance is geared to ensure this won't happen). I had those removed and it saves me quite a bit per month, as does sourcing my own insurance ($550 per year) instead of using theirs ($2k per year)

I sourced my own vehicle, a dealer principal Redline for $50k. Haggled them down to $47,500. Lease price was $43,000 as I didn't have to pay GST so I was very happy. As Heron mentioned, I checked out the finance costs. Maxxia was around 9% whereas I could have used mortgage equity at 4.5% (approx), but that 9% is pre-tax which brought it down to around 5.5% real world and calculating the savings of GST, buying petrol pre-tax, along with insurance, tyres, servicing, etc - I'm way better off. I even send my cleaning products receipts - wax, leather cleaner, etc for reimbursement.
 
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