Complete noob when it comes to novated leasing and looking for guidance from those more familiar with it.
TL/DR: Wife took out a novated lease through her employer for a new car; unexpectedly changed jobs just after taking delivery of the car and can't directly transfer the lease under the new employer - what do we do?
I've had a look through various novated lease threads but can't find anything for our particular scenario:
- Ordered a new car on novated lease in Feb 2023 whilst working for 'Employer A' who offer salary packaging options via 'Provider A'.
- Car delivered in early Jul 2023 and commence salary deductions from 'Employer A' to 'Provider A' as planned - all good.
- Wife is referred for a new job by a friend; despite not planning to change, new job is too good to turn down from a career development and salary perspective, so successfully applies and starts in mid-Aug 2023 with 'Employer B'.
- Despite being told originally that 'Provider A' can usually continue the lease with new employers, 'Employer B' only works with their preferred 'Provider B' and so suggest requesting a payout from 'Provider A' and setting up a new lease with 'Provider B' - seems reasonable.
- Unfortunately, payout figure from 'Provider A' is apparently more than 15% above market rate for the car, hence 'Provider B' cannot setup a new lease on those terms.
My wife has been regularly trying to contact 'Provider A' and also their financier but it seems impossible to actually speak directly with someone, and replies to emails/messages via their app takes multiple business days to respond (and aren't particularly helpful).
I'm therefore trying to understand our available options here if anyone can help?
- We payout the lease with 'Provider A' and take ownership of the car at the inflated cost (including the fees/charges of the provider) and forego the salary sacrifice benefits, writing it off as an expensive lesson for the future?
- We payout the lease with 'Provider A' at the inflated cost, then setup a new lease with 'Provider B' based on market valuation (like a second-hand car, which seems to be an option from what I've read) - we would take a hit on the price difference but potentially still get some advantage from salary sacrificing moving forward?
- Return the car to 'Provider A' and find a new one (either outright purchase or via new lease with 'Provider B') - I'd imagine there will still be fees/charges involved but maybe less overall compared with keeping the car?
- Anything else?
Thanks in advance :-)
This would be one of those , get professional advice situations, few hundred for someone to look at the specifics could save you thousands.