General - FAQ
What is a residual?
All Novated Leasing arrangements incluce a 'Residual Value' component which is a lump sum (inc of GST) that you need to pay the financier at the end of the lease term which then finalises the lease. Lease & Asset Finance sets the residual values for Novated Leases according to the Australian Taxation Office minimum requirements.
What happens if I leave my employer during the Lease term?
Should you leave your employer, your employer's novation agreement with Lease & asset Finance concludes. A full reconciliation of the running costs, up to the lease end date will be carried out, with any surplus or shortfall being settled in your pay by your employer. Pro-rata FBT will also be settled prior to departing your employer.
What happens next?
- Subject to your new employer's agreement, arrange for a new novation agreement with them, or
- Continue to pay your monthly lease rentals, under your finance lease agreement (vehicle running costs will not be included in this payment), or
- Payout the Lease and make an offer to purchase the vehicle.
What happens at the end of the Lease?
A leasing consultant will contact you three months before lease end to help finalise your lease. Your options may include;
- Extend the lease subject to conditions, or
- Pay the residual value and terminate the lease.
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Understanding Novated Leasing
How do I pay for my vehicle expenses? - We will organise for you to be sent a Caltex Star Fleet card, which takes approximately 2 weeks from vehicle delivery. This card is used to purchase fuel from all Caltex & Ampol fuel stations Australia wide. It will also be used to pay for routine maintenance and tyres. When you receive your Star Fleet card you will also receive a user