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This is similar to a finance lease and is mainly used as a Salary Packaging tool in conjunction with a Novation Agreement, allowing the employee to drive the vehicle of their choice. The Novated lease specifies that the employee (lessee) assumes the responsibility for lease payments from their pre-tax salary.
The employee enters into a finance contract with Infiniti Financial Services and the employer and employee simultaneously enter into a Novation Agreement with Infiniti Financial Services, under which the lessee’s obligations are transferred to the employer who then pays the monthly rental usually from the employee’s pre-tax income.
If the employee changes their employer, payment obligation automatically reverts to the employee; the employee may be able to re-novate with the new employer. A Novated Lease offers you:
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¹Information provided is of a general nature only. It does not constitute, nor should be considered to constitute legal, tax or financial advice. Prior to making a decision about any products or services as described, please consult with your own independent legal tax or financial advisor who can provide you with specific advice pertaining to your personal circumstances.