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Financial hardship and novated leasing

22/07/2020 by Lania Mason in Novated Leases

Buying and running a car is a big financial commitment. You have spent months researching different ways to purchase a car, and you have decided that novated leasing offers too many benefits to pass up.

From the discounted vehicle price and income tax savings, to the GST savings on ongoing expenses such as fuel and servicing - it just makes sense.

But like many Australians, one question sits in the back of your mind ‘What if I lose my job?’.

We know that the future is not always certain, which is why we work extremely hard to ease your concerns and offer cover for when you need it most.

Responsible Lending Policy

Our responsible lending policy ensures that we do not suggest a novated lease, assist you to apply for a lease, or enter into a lease where we believe you will not be able to meet your financial obligations. Like all reputable licenced credit providers, we encourage you to seek independent financial advice before signing on the dotted line.

Lease Responsibility

Should the unfortunate event occur, and you lose your job, the lease will revert to a standard finance lease arrangement. You will continue to pay Fleetcare for the vehicle, however, you will now be responsible for payment of the vehicles running expenses. When you move to a new employer, we will work with your employer to set up a new novated lease agreement.

Financial Hardship

If you are unable to pay your lease due to financial difficulty, your dedicated account manager will take the time to understand your personal situation and explore all options to get you back on track.

Our objective wherever possible, is to ensure you face no undue financial burden. We want all Australian drivers to enjoy their dream car and take advantage of the many tax savings that comes with a novated lease.

If you have any questions about novated leasing or its financial security, our friendly team are available to chat on 134 333.

*Disclaimer: The information does not take into account your personal financial circumstances.

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