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Old 09-15-2002, 23:13   #1 (permalink)
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Question Novated Lease

Hi All

Today I was at City Ford in Sydney and sat in a new Focus Zetec!

Loved it. Want it.

I work for a small company who doesn't have the resources to offer novated leases. I was wondering if any ones knows a way I could do a novated lease through another company to which the company pays the lease payments?
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Old 09-15-2002, 23:39   #2 (permalink)
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what resources? all your company needs to do is pay the lease, and do the fringe benefits tax...fark all resources.
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Old 09-15-2002, 23:42   #3 (permalink)
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My Company seems to think that they have to do all the calculations etc...I think a call to Ford Credit is in order...I have been looking at there website which seems to confirm your comments Robjo.
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Old 09-16-2002, 05:39   #4 (permalink)
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Have a look at Prosperion - www.prosperion.com.au - they package the car, fuel, servicing, tires, insurance etc. and the maximum insurance rate is $1200 for any age and any car.

They will also call your employer and explain how it all works and convince them to let you do it :s5

Might be getting a WRX through them in a couple of months as it works out to be only slightly more expensive each month to own one than to own my 10 year old TX5!!!
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Old 09-16-2002, 05:49   #5 (permalink)
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Try SMB novalease at Frenches Forrest Sydney. I had an AUII XR6 through them last year. Another good idea when taking a lease it to pay an extra few hundred bucks and take out insurrance against loss of job etc.
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Old 09-16-2002, 17:02   #6 (permalink)
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Thanks Guys

I will look into the different options.
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Old 09-16-2002, 21:22   #7 (permalink)
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I have my car through Toyota Motor Finance via City Ford. I was the first in my company to do it and more have followed since. It's not hard at all - the company is being a bit conservative IMO.
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Old 09-17-2002, 00:50   #8 (permalink)
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so how do you do all this novated lease stuff? how does it work? I might just go ahead and get me a new car!
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Old 09-17-2002, 00:58   #9 (permalink)
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Your better off just hire purchasing the motor car through a finance company yourself, eg. AGC or some other lender.

Thats what i do.
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Old 09-17-2002, 01:10   #10 (permalink)
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Try www.orix.com.au - they have a handy Excel spreadsheet with calculator to show how it works. They also have the ability to roll up all your expenses with the lease and monitor your lease for the company.

In saying that I work for a big company and went through CBA Finance as their rates were unbeatable. I just pay the lease payment and pay for expenses myself and then provide a Stat Dec to my company that my expenses per year are greater than the FBT payable. It's the only way I could afford my XR8 - without my wife killing me for spending too much money. The lease costs me around $5k a year (cause it's taken out of gross wage not nett) and I have to spend $6200 per year to cover the FBT. The FBT is calculated on the fact that I do 25000 klm per year and I know every cent I spend in expenses/maintenance (that do not enhance the re-sale value) is money that I do not have to pay to the tax man. The best thing is that the GST on the purchase price, approx. $5500, is an input credit to the Lease company - therefore my AUIII XR8 cost me less than $50k - I love it...
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