Before entering a novated lease, you should be given an opportunity to review:
your selected vehicle, options and accessories;
the lease term and number of payroll deductions;
your estimated pre-tax and post-tax deductions;
fees, charges and relevant taxes;
the residual value payable at the end of the lease;
commissions or other benefits that may be paid or received;
the running-cost budgets, products and services included;
anything that is optional or not included; and
the important assumptions used to prepare your quote.
You can ask Custom Fleet to explain the quote or provide further information before you decide whether to proceed. You may also wish to obtain independent financial, tax or legal advice.
Your application remains subject to Custom Fleet's credit assessment, your employer's approval and completion of the final lease documentation.
You should be told which products and services are included, optional or not included.
An optional product should only be added after you have received information about its features, cost, eligibility requirements, limitations and exclusions and have actively chosen to include it.
If you choose Custom Fleet-arranged comprehensive insurance, you must be given access to the relevant Important Information document and Product Disclosure Statement before proceeding.
You may arrange your own comprehensive insurance, provided it meets the requirements of your lease and Custom Fleet receives an acceptable Certificate of Currency before the vehicle is delivered.
Amounts included for fuel, servicing, maintenance, tyres, registration and other running costs are budgets based on the information and expected vehicle usage shown in your quote. Your actual costs may be higher or lower.
Custom Fleet will provide running-cost budget statements for applicable salary-packaging services. If your usage or costs change, you can contact us to discuss reviewing your budget. An adjustment may increase or decrease your future salary deductions.
You should review your statements and contact Custom Fleet if your actual costs or vehicle usage differ materially from the original assumptions.
Depending on your lease and circumstances, you may remain responsible for:
running costs that exceed the amounts budgeted in your package;
the residual value payable at the end of a finance lease;
outstanding lease amounts, early-termination costs or administration charges;
any shortfall where an early payout exceeds the vehicle's market value;
vehicle-condition, repair or return costs applicable under your agreement; and
fines, toll infringements, parking fines and other driver-related penalties.
Review the amounts that apply to you |
|---|
Review your quote and lease documents carefully and contact Custom Fleet if you need any of these amounts or responsibilities explained. |
Changing or leaving your employer may affect your novated lease, salary deductions and tax treatment.
If your employment ends, the lease obligations may transfer back to you. Contact Custom Fleet as soon as possible to discuss the available options, which may include:
transferring the novation to another participating employer;
continuing the lease directly with Custom Fleet; or
requesting to end the lease early.
Important information for certain plug-in hybrid vehicles |
|---|
If your vehicle is a plug-in hybrid electric vehicle that continues to qualify for an FBT exemption under the transitional rules, changing employer or entering a new novation arrangement may affect that treatment and increase your ongoing costs. Contact Custom Fleet and consider obtaining independent tax advice before making a change. |
Any applicable Peace of Mind Plan benefits remain subject to the plan's eligibility requirements, terms, limits and exclusions.
You can ask Custom Fleet for an early-termination or payout quote at any time.
The quote will explain the estimated amount required to end the lease and any applicable early-termination or administration charges. The payout amount may be higher than the market value of the vehicle.
Ending the lease early does not automatically transfer ownership of the vehicle to you.
For a finance lease, the residual value is separate from your regular payroll deductions and remains payable at the end of the lease.
Before the lease ends, contact Custom Fleet to discuss the options that may be available. Depending on your circumstances and the applicable approvals, these may include:
arranging a new vehicle and lease;
requesting an extension of the existing lease;
offering to purchase the vehicle; or
returning the vehicle to Custom Fleet.
Additional amounts may be payable, including outstanding lease amounts, vehicle-condition costs or other charges under your agreement.
If you are experiencing financial difficulty, hardship, accessibility barriers or vulnerability, please contact Custom Fleet. We will treat your circumstances with sensitivity and work with you to identify the support that may be available.
You may appoint another person to act on your behalf, subject to us confirming their authority.
If you are unhappy with your lease or a service provided by Custom Fleet, you can make a complaint using the contact details available on our website or customer portal.
We will handle your complaint promptly and fairly through our internal dispute-resolution process.
If you are not satisfied with the outcome, we will explain any further review or dispute-resolution options that may be available to you.
Before proceeding, please review the documents relevant to your arrangement:
Important Privacy Notice - see downloads section below
Comprehensive Insurance Important Information document and Novated Product Disclosure Statement | Upcover (541KB, PDF) (opens in a new tab), if applicable
Peace of Mind Plan information (will be provided to you separately if selected).
For questions or assistance, contact Custom Fleet on 1800 811 922.