Multiply this by 33% to find your payable LCT. However, she’s hoping to save for an oversees holiday next year. A Paywise Novated Lease is a type of salary packaging benefit which enables your employer to make payments from your salary to cover running costs and the finance for your vehicle. Learn More & Download It Now. The Lease Calculator can be used to calculate the monthly payment or the effective interest rate on a lease. Fixed 18 Months. This repayment is calculated with an interest rate of 3. 63%. The formula to calculating novated lease FBT with the Operating Costs Method can be found below: Taxable value = (A x B) – C. There can be a balloon payment at the end of the loan term. 14 sets of tyres X $850 per set = $1,819/5 years = $363. Start with the sticker price (MSRP) of the car. 50% fixed for the term of the loan with zero residual payment/balloon. 6 Total cost over life, where life represents 5 years. Most, basically all novated companies will charge a monthly fee to manage your lease. Similar to an actual balloon, your payment at the end of your lease or loan becomes “inflated” — sometimes by more than two times the loan’s average monthly payment. 5) X (15,000/100) X $1. At the end of the lease term there is a residual value amount owing, the value of which is set by the ATO as follows: 1 Year term, has a residual value of 65. 72 a fortnight and more than. one-off balloon payment at the end can be a good way of reducing your regular loan repayments. ("Stratton"). Low rate secured car loans. The amount can be represented as an absolute dollar value or a. 50%. 10,000. au experts on 1300 889 669 today. Timing. Finance company – provides the finance for the car purchase or your existing car. All your lease payments and vehicle running costs are paid from your RemServ novated lease account using a combination of your pre and post-tax salary. Rental Payments; Calculators. Instead of paying out $7,500, I got back $2,500. The car loan calculator with balloon payment uses an amortisation calculation. It’s legislated that all novated leases require a residual – or "balloon" – amount to be paid the end of the finance agreement. Now print colorful charts. The Australian Tax Office has rules and. Residual value $12,500. Let’s say you borrowed $30,000 over 5 years at an interest rate of 3% with a 30% balloon payment at the end. We're RemServ. Let’s say you buy a new car and borrow $40,000 over five years and elect to have a $10,000 (25%) balloon payment on your loan. Over 30 years of experience, and at the forefront of innovation. The size of the payment is calculated based on the forecast final value of the car at the end of the loan. Your Annual Salary. Request a quote and we'll secure our very best price on the car you love. 91. The cost of a set of her tyres is $850. This Balloon Loan Calculator will not only calculate the final balloon payment, it will also help you structure a loan to meet your exact needs. 33% balloon payment of $16,665 would make for monthly repayments of $698. The car loan calculator with balloon payment uses an amortisation calculation. For that reason, she decided to snap up a loan with a 35% balloon payment, reducing her monthly repayments to $537. An ORIX Novated Lease is a three-way agreement between ORIX, your employer and you. With Aussie Bike Loans’ panel of lenders, ownership of the motorcycle rests with them until the final payment is made. Novated lease. Refinance and keep your current vehicleThe FBT cost is calculated and built into the lease payments. You finance the vehicle and its operating costs with a combination of before and after-tax salary. Making repayments this way can also reduce your overall taxable income, to give you more money in your pocket. I think there are links to tables in various threads here but this is one example. Balloon Payment Calculator. The residual, or balloon, payment is an amount calculated by the ATO at the end of. We compare annual costs of a novated lease to paying for the same car with after-tax salary. personalised service and a tailored car finance solution. Leasing provider has sent me a quote for $730. The Residual Value is your novated lease payout figure at the end of your lease agreement and is inclusive of GST. Lease Term. What are you looking for? New Vehicle Used Vehicle Electric Vehicle. This is the only payment which GST will apply to, saving you up to $5,000 on the total value of the car; Using a novated lease calculator you can work out what your repayments will be and how long you'll have the lease for; Finance Lease If you are an employee of a public health, charity or not-for-profit organisation, the calculator results assume you are salary packaging a novated lease above your FBT exemption cap limit. au experts on 1300 889 669 today. After the term of the lease ends, the employee has three choices: 1. are typically used on car leases, rather than loans. Find. Enter the balloon payment percentage. If you’re a salaried employee, a novated lease may also be an option. Put simply, a novated lease is a smart way to get into a new or used car. A Novated Lease is an agreement between 4 parties to own and use a Car – the parties being: Employee – You. All your car repayments and regular running costs – that’s fuel, insurance, rego, maintenance and the like – can be bundled into one regular. 80 per year. Constant Payment. Salary packaging a car, also known as a novated lease, is one of the easiest and most cost-effective ways to buy and run a vehicle. Regulated leasing and related services are provided by Onboard Finance Pty Ltd ABN 18 645 542 776, Australian Credit Licence no. Novated leasing is an ATO-approved benefit in which all the costs for running a car are taken directly out of your salary, through a combination of pre and post tax deductions by your employer. August 1, 2021. 87, including a total interest payment of $65,549. Let’s say you borrowed $30,000 over 5 years at an interest rate of 3% with a 30% balloon payment at the end. This amount is. To calculate how much will be deducted before tax you need to do two separate calculations; Total vehicle annual running cost minus the FBT employee contribution = $5,800. 88% of $40,000 = $18,752, which is the minimum residual value for leased assets with an effective life of 8 years (as specified in ATO ID 2002/1004). It is a commercial finance product where a financier lends the money to buy a car and the customer makes regular repayments. As Queenslanders serving Queenslanders, we’re all about helping our customers understand the benefits of novated leasing – and how salary packaging a car could be a great way of making your money work for you. GST is charged on the amount that is left owing on the vehicle at the end of the lease. (balloon) $25,453: $0: $25,453: After-tax cash available after payment of residual: $218,459: $195,928: $186,867: Cash lost. Under a normal lease, you enter an agreement with a leasing company. It’s like a saving on top of a saving. Contact us. A three-way salary packaging agreement between you, your employer and a financier, it’s convenient and hassle-free – and great for budgeting. The business assumes ownership of the vehicle but the financier has a ‘mortgage’ over it until the loan is paid, including any balloon payment. The obligation for the payment is transferred (or 'novated') to your employer who makes. You decide to get a five-year novated lease, and the interest rate is 6%, meaning your monthly payments will be about $536. Cars and their related costs are one of our biggest household expenses, yet many of us haven’t been exposed to the savings advantages that a novated lease can offer. Costs include all the extras you choose (fuel, maintenance, rego and insurance). 15,000 x 5 = 75,000kms /35000 = 2. This can effectively reduce your taxable income. Note: The information provided by the calculator is intended to provide illustrative examples based on stated assumptions and your inputs. You do however pay gst on the balloon payment at the end of the lease. 00. Salary Sacrificing Buying a new or used car with your pre-tax income is a. Balloon Payment Calculator. Give you breathing space to sell your car. If you have more questions regarding Balloon Payments, contact our CarFinance. If you earn $113k your take home is $84k. 8k. Pre-tax monthly payment $547. Novated leases are designed to help savvy car buyers reduce their taxable income by allowing them to pay for a car out of their pre-tax salary (it’s sometimes called a ‘salary sacrifice’). Fixed or variable interest rate. Therefore the weekly FBT employee contribution is $115. 50%. Optional balloon payment available. $65,000. 3. This is aimed at drivers who plan to trade in and replace their Nissan regularly. This experience and a passion for innovation have enabled us to become one of the country's leading specialist providers to both the government and corporate sectors. can a car lease be negotiated, auto loan apr rates based on credit score, car loan with 630 credit score vs, auto tax and tags calculator, hdfc pre owned car loan interest rate 2013, car tax calculator ireland tax, novated lease balloon payments, credit union auto loan rates houston, luxury car tax depreciation calculator, calculateur de pret banque laurentienne. Personally I would not recommend. What is a novated lease? Novated is a car lease that your employer pays for out of your pre-tax salary. A balloon payment is a lump sum that's due at the end of the loan term. Let’s say you buy a new car and borrow $40,000 over five years and elect to have a $10,000 (25%) balloon payment on your loan. GST) has been included in your operating expenses. Paying all of the remaining payments of the lease is typically the costliest penalty. Some great info. No worries – contact us whenever you’re ready. When it. If the interest rate is known, use the "Fixed Rate" tab to. That said, depending on your usage, petrol prices and electricity rates, some EV drivers say they save around $35 on a comparative ‘full tank’. 88% ($14,064), your estimated novated lease payment would be $536 per month However, if you choose a Hyundai Tucson with a value of $48,000 for the same term and residual percentage ($22,502), your monthly payment. It’s law that all novated leases require a residual amount to be paid the end of the finance agreement. $ 585. As a result, your pre-tax income is lower, and you would potentially be liable for less tax. 8k in payments and then balloon figure of 28k to own the car by the end) bringing it to 50. With a Novated Lease, the lease, running costs of the vehicle and Fringe Benefits Tax (FBT) are deducted from your pre-tax earnings, and PAYG income tax is calculated on your reduced salary. That’s divided by the 365 days in the year for the daily interest = $4. These factors include: The length of the lease: Keep in mind that the length of the lease can impact your monthly payments, so it’s important to choose a term that fits your financial goals. , with a residual value of 46. At the end of your lease term you have three options:A $50k car will reduce your after-tax take home by a minimum of $10k pa just through the 20% FBT. Now you can compare all FBT exempt EV's, then calculate the cost of any EV to your current take home pay in seconds, EV Novated Leasing. Salary packaging a car, also known as a novated car lease, is one of the easiest and most cost-effective ways to buy and run a car. Choose from weekly, fortnightly, or monthly loan repayment options. On a Novated Lease calculator the provider can change the way fuel/charge, tyres and scheduled services are calculated which will reduce the amount allocated to the running costs to make their quotes look cheaper, but in the end you could be paying a lot more. Get an estimate in 30 seconds. This brings his. Then take the negotiated selling price of the car. You don't have to pay any upfront deposits and the equipment acts as the security. The remaining £10,000 is spread over 48 monthly payments. A linear relationship exists between the size of constant payments and balloon payments. To give you an idea of how a novated lease cost calculation could end up looking here is an example, based on the following assumptions: Customer is buying a 2023 Tesla Model Y (RWD) Annual gross salary is $120,000. How To Calculate Csa . A novated lease has a residual value (or balloon) payable at the end of the lease or at the point in which you elect to payout and own the vehicle outright. 5) X (15,000/100) X $2. A Fleetcare novated lease takes the hassle out of car ownership. These repayments cover the whole shebang of your vehicle costs – the lease on the vehicle, insurance, registration, maintenance, fuel and more. Your State. 88% ($14,064), your estimated novated lease payment would be $536 per month However, if you choose a Hyundai Tucson with a value of $48,000 for the same term and residual percentage ($22,502), your monthly payment will jump. Simply visit one of our interactive online Car Loan Calculators and start exploring: Volkswagen Car Loan Calculator Explore. Using our buying power, you can provide thousands of annual savings. 60 in the first 5 years, and then your last balloon payment will be $172,513. They buy the vehicle you’ve chosen (and own it until the end of the lease) and you. All running costs, including lease payments, fuel or electricity, servicing, tyres, rego and insurance are included with your lease, so there's nothing else to pay for your car. Example – Mary drives 15,000kms per year and is about to start a 5 year lease. Car and equipment finance is designed to fund equipment that could generate money for your business. Mary signed up for a three-year secured car loan with a 7. Follow these steps to calculate your car loan repayment estimate using the car loan calculator: Enter your ideal loan amount. GST savings calculated on the vehicle price of $17,600(FBT value). You should expect to pay several fees when you lease any car—some of which may be negotiable. Costs include all the extras you choose (fuel, maintenance, rego and insurance). A novated lease is an agreement between you, your employer, and SG Fleet. HelloCars Subscription is the more affordable and flexible alternative to a novated car lease that allows you to drive for an affordable week-to-week payment. I suggest using a novated lease calculator rather than doing it yourself, as the flat 20% FBT is a killer. 2 Year term - 56. The novated lease instrument is common in Australia and involves a 3-way agreement between the lease company, employee and employer. With MYOB’s novated leasing, you can get the car you want with no finance deposit, and bundle up all your vehicle finance and running costs like fuel and maintenance into one convenient payment. Any difference is yours to keep, tax free. Enquire now. It simply means that your employer pays for your car lease and car running costs out of your salary package through a combination of pre-tax and post-tax salary deductions. Novated leasing isn't free, your employer might offer it to you as a "benefit" but someone's paying for it, and that someone is you, you'll pay for it through the following: a. A lease arrangement also gives you more options at the end of the lease period. Set your budget or select a specific car, below, and see how much you can save with a LeasePlan novated lease. $25,000. A 40% balloon payment of $20,000 would make for monthly repayments of $649. 82 per month. Payed through novated lease was $10,500 of depreciation $1000 of registration $2000 of insurance $13500 paid, (FBT amount was 20% of car original value approx 6000). If you are an employee of a public health, charity or not-for-profit organisation, the calculator results assume you are salary packaging a novated lease above your FBT exemption cap limit. (GFV) or equivalent balloon final payment. An indicative annual vehicle management service fee of $275. Get a novated estimate on the car of your choice. From $214 per week. 25% of the purchase priceA novated lease is yours GST free. The amount can be represented as an absolute dollar value or a. 12, from which the total monthly payment is $93,035. Similar to an actual balloon, your payment at the end of your lease or loan becomes “inflated” — sometimes by more. Without you lifting a finger, your employer makes the payment to Clear Lease and our team then. The table below represents the ATO minimum values. Additional Tax savings. The exact residual amount will be specified in your vehicle quote. * This weekly repayment estimate is provided by Stratton Finance Pty Ltd (Australian Credit Licence: 364340. The LCT threshold for ‘fuel efficient’ vehicles will be raised from $84,916 to $89,332, and the LCT threshold for all other vehicles will increase from $71,849 to $76,950. A balloon payment, also called residual value for car leases, is the amount paid to the lender once all repayments have been made on the loan. Choose your preferred loan term (Anywhere from 1 to 7 years depending on the lender ) Enter the interest rate. 80 per year. 3 reasons so many companies now prefer grossed-up car allowances are…. Make. Among other things, the act dictates how the csa calculates and collects child maintenance. From the 1 st of July 2023, the federal government will increase its Luxury Car Tax (LCT) thresholds helping many Australians save thousands on the price of a new vehicle. Capitalized cost $25,000. John talked to his employer about taking out a three year Novated Lease when he wanted to buy a brand new Mazda CX5. 2. With a novated lease, you can pay for your vehicle expenses using a combination of your pre and post-tax salary. Lease payment: 46 instalments of $544. Novated leasing is a simple, tax effective way to pay for a car that, in most cases, works out. From $270 per week. com The final residual balloon payment is a major consideration when considering the potential savings under a novated lease. Optional balloon payment available. The information provided by Lexus Financial Services, a division of Toyota Finance Australia Limited ABN 48 002 435 181, Australian Credit Licence 392536 is of. Calculation of the main indicators of the CSA calculator. We help you set a budget for the ongoing running costs of. A novated lease can be used to acquire a vehicle without paying GST on the initial purchase price. The lease is over five years, with 25 per cent residual ($14,324) to pay at the end. You keep the car you have on lease and RemServ works with you to establish a new lease and budget. Olivia and her employer. Download from = maturity of the swap. 00 (incl. It sure can. Put simply, it could be making your money work for you! Our handy calculator offers a quick and easy estimation of savings; simply select the sector you work in, enter. Each pay cycle an agreed vehicle budget is deducted directly from your pay using a mix of pre-tax and post-tax salary. sp00ker. So for a novated lease to not be worth it, the interest, fees and balloon payment (with one year depreciation) would. Novated Lease Calculator In the market for a new vehicle? Calculate how much you could save with a novated lease. Running cost calculator. 91. You can extend the lease on your current vehicle and continue to save. See how affordable it is. It will give you an idea of your costs and take home pay with a lease. as i look at the lease calculator and its saying that its paying roughly for the $70k price. Taxable Income (with a Novated Lease): $112,728 (Tax Payable = ~$27,103) So before Lessor interest and fees, I have saved $2,728 on the car price (due to GST elimination) as well as $9,764 on tax, for a total saving of $12,492. Calculate the savings on your next car. Private Sale Car Loans. A novated lease balloon payment calculator will help you determine how much the remaining balance will be. The range of options available is diverse, whether you have a car in mind or a budget in mind. All your lease payments and vehicle running costs are paid from your RemServ novated lease account using a combination of your pre and post-tax salary. No. Sets of tyres required X Cost of the set / years of lease = Total tyre budget per year. a $30,000 loan. Unlike other leasing options, you won't return the car to the financier at the end of your lease. In our Novated Lease calculator we use $2. You could get pre-approval 1 to start shopping. when this contract ends, you will need to determine a next step. au data from 2023, the balloon payment could range from $6,954 to $13,931. One of the rules of a novated lease is that there must be a ‘residual’ or 'balloon payment' amount at the end of the lease. As one of the leading providers of workplace benefits in Queensland, we've offered salary packaging and novated leasing services for more than two decades, helping our customers to do more with their money. At the end of the lease, you can extend for an additional term, or pay out the lease and then enter into a new lease agreement on another vehicle. The table below represents the ATO minimum values. In general, the minimum novated lease amount is between $5,000 and $10,000, while higher amounts are subject entirely to the repayment capacity of the applicant. Example – Mary drives 15,000kms per year and is about to start a 5 year lease. If you had a 50% balloon on a $50,000 vehicle loan, you'd have to pay a balloon payment at the end of the loan of. 5 Year term - 28. 1 to subtract the GST portion from the threshold payment. In this case, your employer makes the payments to the leasing company on your behalf, then reduces your wages by the amount of the payment. If the interest rate is known, use the "Fixed Rate" tab to calculate the monthly payment. Low rate secured car loans. optional balloon payment at end of term. 63% residual. Vehicle. 13%. Whether you’re ready to get started or need more information, we’re here to help. Firstly, enter the purchase price of the vehicle you’re looking to buy. A novated car lease is an arrangement between three parties – an employee, their employer, and a finance company – wherein the employer agrees to make car lease payments to the finance company from the employee’s pre-tax salary (a form of salary sacrificing). You can structure your car leasing calculation based on a specified loan term (length) in months or years, amount borrowed (financed), specified. (7. With a novated lease you pay less income tax and save on GST on the up-front cost of the vehicle and ongoing costs. 51. For instance, if you lease a Honda Civic with a value of $30,000 for three years at 5% p. Statutory percentage = 10%. Bad Credit Car Loans. A Hire Purchase is a rental agreement that differs from a Finance Lease in that the motorcycle automatically becomes yours once all terms of the agreement have been completed. Provide the funding institution’s name and the exact dollar amount of your loan. com. Novated lease calculator Suggest us to your employer Plans. It’s why we’ve created this handy calculator, so you can quickly calculate the difference a novated. Secured Personal Loans, Variable & Fixed Rate Loans available. The ATO. Under a partial novation arrangement, the finance company can claim a GST credit for the GST they paid in the purchase price of the vehicle. Audi Car Loan Calculator Explore. math checks out. Displayed price is only available through a novated lease administered by RemServ. The novated lease calculator shows all the costs involved so there’s no surprises down. My repayments were $1050 a month - about $600 pre-tax and $450 post. Savings: $12,088. Stop dreaming, start driving. Calculate now. The residual value, also known as a balloon payment, is the payment required by the Australian Tax Office at the end of a novated lease term. If you wanted to lower your repayments, you could increase the loan term. There’s normally a balloon payment at the end of the lease period so watch out for that. 1300 30 39 40. In much the same way as a costlier, more durable balloon might be inflated to a greater size than a cheaper one, a more expensive car results in a larger. Under a novated lease the employer agrees to meet the car lease pay -. The calculation includes the car, fuel or electricity and on-road running costs to maximise. Novated lease for employers. The ATO sets specific rules around the residual value of your vehicle. A novated lease is a way to finance a car via ‘salary sacrifice’ or salary packaging. CarMoney Used Car Loan. Brand. These payments are made at a set agreed rate over the period of your choice (you can choose between 1 & 5 years). All you have to do is enter information from your potential or current loan and you’ll get your repayment amount. From $221 per week. Incorporating a residual value or balloon payment into a loan/lease reduces the monthly repayments payable to the financier. Divide this figure by 1. Novated Lease Calculator. However, the vehicle can be used 100% for personal use. This investment calculator allows you to specify the purchase price, value appreciation rate, buying, holding, selling costs, tax bracket etc variables so that you can estimate the return on investment on both face vaule and net present value of the investment. Request a quote Book an appointment. Since you've bought the car now, you can depreciate it's value from now (if you're using the logbook method). We have an extensive dealer network and wholesale network, which can help sell the vehicle for you. In this arrangement, a regular deduction is taken from your pre-tax salary to cover the lease cost. Salary Package Calculator; Vehicle Offers. Specialised Car Loans. You won’t even have to wait to start saving – save thousands immediately on a new car with up to $6,191 in GST on the. Fortnightly Monthly Estimated novated lease payment: $0. Lease Term. Balloon Loan Calculator. Balloon Payment: A balloon payment is a large payment due at the end of a balloon loan, such as a mortgage, commercial loan or other amortized loan . For example if you are wanting to take a 5 year (60 month) lease then. Novated lease calculator. 550 / 100 = 5. Additional interest charges will accrue if you select a balloon final payment option and early termination fees may apply if you elect to make additional repayments during the loan term. A novated lease is an agreement between you, your employer and SG Fleet, that lets you choose the car you want and bundle the finance and all the expected running costs into a single payment that’s deducted from your salary and saves you time and money. Related reading: Learn about fully maintained novated leases. GST) has been included in your operating expenses. As the funds in your novated leasing account are considered to be pre-tax money, they. c. It will also. At the end of the lease term there will be a residual value (balloon payment) owing. Does anybody know of a novated lease calculator where I can set: 1. See the reductions in taxable income and tax payable, plus the mix of pre and post tax contributions that eliminate any FBT liability. Novated operating lease. 44. Novated Lease Calculator Find out. At this. From $232 per week. Sets of tyres required X Cost of the set / years of lease = Total tyre budget per year. Second year I shopped around and got the same coverage for $300. You don’t pay GST on the cost of the vehicles leased through dealerships and you could also save on tax dollars, as your employer makes the finance payments, and running costs if selected, from your pre. Make. Technically speaking, a novated lease is a three-way finance arrangement between you, your employer and Clear Lease. Add in. 80 per year. Your employer offers salary sacrificing. While this exemption helps most, be. I'm in a similar tax bracket to OP but I'm taking the estimated savings with a grain of salt, there's a lot of T&C's and assumptions on the page that has those figures so it'll take a bit to unpack. The cost of registering Toyota Finance’s security interest in your vehicle on the Australian Government’s Personal Property Securities Register. 14 sets of tyres X $850 per set = $1,819/5 years = $363. On a $44,000 car that’s a $4,000 saving straight off the bat. You simply choose a vehicle; ORIX will then use its purchasing power to get you a great price. Both novated lease and finance can be used to buy a car for personal use. On the average car loan amount of $34,827, according to Money. In this case, the lease is novated again, transferring the obligation back to the employee, and then would be novated a third time to the new employer. In contrast a balloon payment is a fixed percentage of the total loan that must be paid at the end of the loan agreement. The Easi novated lease calculator will provide you with an estimation of your savings per year and cost per fortnight. If the monthly payment is $200, you will have to come up with $4,800 to get out. Both refer to paying a lump sum at the end of a car loan, but they serve different purposes. SKODA Car Loan Calculator Explore. This portion of the loan becomes the balloon payment. A novated lease residual value, also known as a balloon payment or lump-sum payment, is the amount required at the end of a novated lease term for you to own the vehicle. Smartleasing (our sister company) can help you purchase your next car with an easy and affordable novated lease. To calculate how much will be deducted before tax you need to do two separate calculations; Total vehicle annual running cost minus the FBT employee contribution = $5,800. They can trade in the vehicle and get a newer model under a new Novated Lease. When you’re talking like a human being, it means your employer deducts your novated lease payments from your pre-tax salary, reducing your total taxable income. The period of the lease can vary between one to five years. 5. a. A year later, I began looking into getting my first property and found out how badly a novated lease affects your borrowing capacity, especially as a single borrower. 93. Salary Packaging Australia can assist you to dispose of your vehicle at the end of the Novated Lease period. Novated lease arrangements allow you to pay a significant portion of your vehicle finance and running costs using pre-tax dollars. A FleetPartners Novated Lease is a stress-free, cost-effective way to get, and run, a new or used car. ›. 00 in taxes, Ben will be paying approximately $15,631. As the constant payments go up, the balloon payment falls linearly to zero. These calculations and illustrations do not represent or replace professional finance and tax advice. Under both forms of partial novation arrangements, the finance company is making a taxable lease to your employee. Let’s say you buy a new car and borrow £40,000 over five years and elect to have a £10,000 (25%) balloon payment on your loan. Click here to estimate how much you can save today! Essentially, a novated lease means that your employer is a party to your purchasing agreement, and allows you to pay for your vehicle as part of your salary package (handily saving them some money as well), by paying your car payments for you out of your pre-tax earnings. Generally, the longer the lease, the smaller the residual payment at the end of the lease. 00 (incl. In other words, these are not ‘company cars’ and they do not have to be for business use. whenever we buy a new car, we become accustomed to it and it’s not exciting after a few weeks (hedonic adaption). Now you can compare all FBT exempt EV's, then calculate the cost of any EV to your current take home pay in seconds, EV Novated Leasing. After your final monthly payment, you pay a lump sum of £5,000 to the lender and the vehicle is all yours.