What is a novated lease?

A novated lease is a three-way arrangement between you, your employer and a financier. You enter into a lease through Easy Auto Leasing and then by way of a novation agreement, your employer undertakes to meet the lease rentals whilst you are employed by that organisation.

• We collect the funds from your employer.
• Your employer transfers the costs to you through a deduction in your salary. Note; your employer collects Fringe Benefits Tax (FBT) from your pre-tax salary to be passed onto the Australian Tax Office (ATO).
• If you leave your employer, the novation agreement ceases and reverts to a finance lease between you and Easy Auto Leasing. Your new employer may take up the novation agreement.

What type of cars can be leased?

You can lease any type of passenger motor vehicle. You can't novate a motorbike or truck under the Packaged Vehicle Program.
Used vehicles can be novated, provided the car meets the following conditions

• The vehicle is no older than eight years old at the end of the lease term.
• The vehicle has not more than 200,000km on the odometer at the end of the lease term.
• The minimum amount financed is $10,000 (exc. GST).
• The vehicle has a valid roadworthy.
• You are able to supply current registration papers for the vehicle.

How long can I take the lease out for?

A novated lease can be taken out for terms of between 12 and 60 months .

What values are used if I want a residual?

Residual values are set according to the ATO minimum requirements. These are displayed in the table below.

Service packages and options with your novated lease

Registration

A vehicle under a operating or finance novated lease is registered in Easy Auto Leasings name. The registration renewals are addressed to Easy Auto Leasing so we can automatically pay the annual renewal on your behalf. We then forward the registration labels onto you.

Scheduled service, maintenance and tyres

You have the option to include all your service and maintenance costs, when these are included, we manage and authorised these through the service providers.
The allowance for tyres is based on the number of kilometres you have nominated to travel and manufacturers’ recommendations.

Roadside Assistance

This service is available 24 hours, 7 days a week directly through the manufacturers roadside assistance program where applicable or RACV. A RACV membership card is provided either at the time of delivery or when the manufacturers’ roadside assistance expires.

Insurance

You can also choose to use your own insurance provider. Simply pay the premium upfront and send us a reimbursement claim form along with the payment details for reimbursement.
As part of the terms and conditions of the novated lease your car must be comprehensively insured at all times.
*An Employee Contribution Lease or a Novated lease may not suit your circumstances. Before committing to a novated lease, ask your accountant or tax professional to ensure this product is right for you.

Process Overview

1. Select the car you want to lease and contact Easy Auto Leasing for a quote. You will receive your quote within 2 business days.

2. Accept your quote, complete the appropriate forms and send them back to Easy Auto Leasing. We will then conduct a credit assessment.

3.Your car will be ordered within 3 business days of your lease being approved. We will email you with the proposed delivery date and forward any relevant documents to you for completion.

4. Start driving. Check the correct deductions are being made from your salary once your car is delivered.

5. Keep track.. We will monitor your usage to ensure you are tracking according to the term.

6. Service and maintain your car without any hassles (if included in your lease), simply book the vehicle in at a service centre most convenient to you. We will authorise the  service centre to proceed with the work required  and send us the account for payment.

7. Options at the end of your lease.

• Extend the lease subject to conditions
• Make an offer to purchase the car
• Return the car to Easy Auto Leasing (If a residual has been set, it must be paid out on return)