r/NovatedLeasingAU

Hi Everyone,

I'm 2 years into a 5 year lease with SG Fleet

It's a Model 3 Rwd, lease started in 2024 and doesn't finish up until 2029.

We've got a baby who's just over 1 year old now. 14 months to be exact. Whilst the car is a beautiful machine, it's a real pain to bend over and put her car seat every time we take her. Also the boot space is good but not great for a young family.

I think I already know the answer but do Leasing companies allow you to do a lease exchange?

What i mean is i have a 2 year old, maybe i can swap it to another 2 year old car of same value and keep the repayments the same?

If not i will keep the car until 2029 and work out next steps.

P.S Car is great and I love it, it's just the lack of space.

Hi all, I’m due to accept delivery of my Tesla next Tuesday. Tesla has been asking for final payment for a few days. I’ve tried getting in contact with my delivery coordinator via phone and email with no luck so far. Has anyone had experience with SG Fleet and Tesla? Have you had to follow up with them to ensure final payment is made? Or have they done it without being prompted? I will be incredibly frustrated if my delivery date is moved because SG Fleet didn’t provide payment in time. Thank you!

Edited to add: I managed to resolve this! To anyone reading this in the future who is dealing with the same thing, call their 1300 number and ask to be put through to the purchasing/delivery team. Turns out my Delivery Coordinator is on leave (I wasn't notified/seems like nobody else was going to progress this in the meantime), and they had someone else from that team call me back within minutes. I was instantly notified that the Authority to Deliver form had been sent to Tesla, and I received an updated Final Invoice from Tesla at the same time. About an hour later I received an email saying delivery of the vehicle had been authorised, with a form attached that I need to sign and send back to SG Fleet after delivery so they can process payment.

Hi there, looking to enter my first NL but drowning in information/analysis paralysis at the moment. Zeekr 7X would probably be the dream car, but repayments are on the higher end of the budget. Went for a test drive in the Geely EX5 yesterday and the pricing was really sharp. Heaps of features I wanted for much less than the Zeekr. Here's my dilemma. I know the RWD version of the Geely is probably on the way next year, so would rather hold out for that.

My thought process at the moment is to take out the Geely on a shorter loan, say 3 years and then upgrade to a Zeekr at the end of the lease term (hopefully the price reduces a little once new models hit their lineup). But is this risky with all the FBT roll backs? With all the advancements in EV tech, I don't want to be locked in if things change drastically. Or should I just bite the bullet and get into the Zeekr now on a 5 year lease?

Any advice is much appreciated!

Ive got quotes from maxxia, lease plus and Smart, both Maxxia and Lease plus where practically identical, both at 11.5% PA, Smart was somehow $100 more expensive per fortnight

anyway, I will see what interest rates they can move to, but as im needing a car quite quickly but still want to get the best deal i can get myself, how do i go about doing self managed, ive seen people doing it with maxxia, but unsure if NSWhealth is open to the idea of doing self managed even if its really no different from their end.

what are the actual steps to go about organising self manged leasing

Thinking to get a 3 year NL and our company only works with Smart. I checked their reviews on Google and they are abysmal.

Looking to get some feedback, are they really this bad once you sign the agreement?

I was comparing a few novated lease quotes and initially focused mostly on the fortnightly repayments. Then I started looking at the residual at the end of the lease and realised it can change the overall numbers quite a bit. The lower repayments on a longer term look tempting, but there’s a bigger amount sitting there at the end. Feels like the residual is easy to overlook when comparing quotes, especially when the headline savings look good. Would be interested in hearing how much it factored into other people’s decisions.

I am looking at going a 5 year NL on an electric Zeekr 7X. I earn $360k/y but the project I'm on only runs for 2 years. I will likely be transferring onto a new project with my employer but it may not happen. What's the right move here? I want to run a 5 year lease as I need to make the most of my tax bracket exposure. Is it worth the savings I will make in the first 2 years if I'm not guaranteed a continuation of the salary packaging?

Another question before I finally sign this thing 😂

Paywise is offering optional GAP insurance for my 2 year Model Y novated lease. They said it would add around $10-20/fn.

From what I understand, it covers the difference if the car gets written off/stolen and the comprehensive insurance payout doesn’t cover the remaining lease balance.

Is it actually worth paying for on a new EV with only a 2 year lease, or am I just doubling up on what comprehensive insurance already covers?

Thanks!

Looking to buy an electric vehicle. Can charge easily at home. But employer does not do novated lease. Besides cash or a vehicle loan either bank or dealer or car manufacturer is there another way.

Hey all. Wife and I have been looking at leasing an EV for a while. We can see outright how financially it makes sense 100% but we have been cleaning up poor debt.

This has resulted in us feeling uneasy about the idea of a lease emotionally as people who are trying to avoid consumer debt. Understand not everyone gets this feeling but for those who did, how did you overcome it?

Edit: Thank you everyone for your comments!!

I've been tempted by the thought of a novated lease on an EV but I'm torn on whether it's something I should actually pursue or not. I am currently on $70k a year gross and I have a 2006 Suzuki Swift Sport that is technically owned outright but I'm paying $50 a week into a savings account my wife and myself used to pay for the vehicle.

Main reasons for wanting to get out of said Swift Sport are:

- While it's a hoot to drive, I don't actually have a particularly long commute (I'm only about 8.5km from work. I do usually go home for lunch since I have the time for it so my annual km is more like 8800km but that's still well under average).

- I don't go for spirited drives on the weekends. I don't track it.

- It's on 17s and BC coilovers which are not coping particularly well with the lumpy road and driveway to our house.

With the payment I'm making into the savings account, fuel, third party + fire & theft insurance and rego I'm at around $100 post-tax every week on this thing, not including the costs for servicing, tyres etc. Doing the sums on something like a $180 pre-tax lease I'd be looking at an equivalent of $132 post-tax. I do have a HECS debt and I'm aware I would be needing to potentially either salary sacrifice extra or make post-tax contributions to cover the extra for my ATI.

It's doing my head in trying to work out of it actually makes sense for me to do it. I would likely be looking at something like a Geely EX5 or a BYD Atto 3, potentially the newly announced Evo depending on what the price is going to be.

There's a reason a lot of employers make 2 months deferred finance a mandatory requirement in their BYO/self-managed Lease framework.

Anything less and the finance payments start falling into arrears. Finance takes priority, so your running expense budget gets raided to play catch-up, and now you're short on fuel, servicing and rego as well.

Here's the part that catches people out. If the salary packaging provider sets up your payroll deductions later than they needed to, and your first (sometimes second) finance payment doesn't get made on time, the financier chases you for it. Not them. You. And there is effectively no recourse, because the entity that caused the problem isn't the entity you now owe money to.

My bias: I work in this space. A chunk of what I do is advocating for people stuck with self-managed Leases who set the finance up through an introducer, who then stopped answering calls and emails once the sale was done. It happens constantly. It's preventable, but not everyone heeds the warnings.

For what it's worth, I stay with clients from the day I quote through to the day they pay their residual. Fully maintained, self-managed, BYO, doesn't matter. I'd rather be the person they can call in year three than win a race to the bottom on rates.