Terrible, poor service, poor communication, none of the financial numbers add up in your favour
I have a novated lease on a car. The only benefit was that they negotiated a deal with the dealership and I think I got a pretty good price on the vehicle at the start.
However they refuse to authorise a service when my balance is negative? But would always have been negative as I'm in a lease? And for me to claim through reimbursements - a fee is charged and would be using my post tax income to pay for the service without saving on gst. Which ends up costing more and negates the point of tax saving benefits from having the lease.
They also d...o not tell you explicitly the cost of Admin fees and employer deductions and the balance at the end - ends up costing you more. But is not something that you can calculate upfront or easily calculate the total cost of until the end of the lease. They are also not transparent with the in and out statements. And can't actually provide a document for my accountant to investigate the total in vs out of the lease.
- Verified customer
Buyer beware, expect to overpay and end up end debt
You never end up making money on a novated lease. Every lease I had the balloon pay out at the end spiralled out of control and ended up not worth the time and effort. The pro is that you don't need to worry about monthly fuel/maintenance costs, however you do pay for it when the lease expires losing money. Also beware as they don't keep accurate records and you might even end up with the debt passed to a collector as they wash their hands, this is after the costs blow out, even years later.
Questions & Answers
Sorry, there are no questions yet.
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.