Finance Products
Novated (Operating) Lease
An Operating Lease is a simple rental agreement. The Lessee (employee) pays the lease installments (rents) to obtain use of the asset for a specified period of time and contracted kilometre limit. At the expiry of the lease the asset is returned to the Lessor (financier).
This method of finance is particularly attractive for international employees on 457 Visas, but is available to all employees.
Your lease term must not exceed your employment contract or VISA term.
Only new vehicles are eligible for this type of finance.
Fixed cost fully maintained operating leases typically include:
- Handbook scheduled service and maintenance
- Premium Roadside Assistance
- Accident Management
- Registration / CTP for term of lease
- Tyres
- Hand back at end of term
Fuel and insurance are normally provided for directly by the lessee.
Under this structure, whilst the employee does not have the residual risk, the employee loses the right to any profit on sale of the vehicle. Further, subject to the vehicle’s condition at the time of handing back, the financier may impose ‘fair wear and tear’ penalties to restore the vehicle to a saleable condition to suit its requirements. These costs are the employee’s responsibility. Further, if the contracted kilometres are exceeded during the course of the contract, excess kilometre fees will be imposed.
Want more information? Simply click here to book a call, phone us on 1300 885 074 or email info@aspirebenefits.com.au.