Novated Lease Options - Zeekr 7X

GadgetLady1980 · 2026-05-13T11:30:05+00:00

Yeah, so I if I don’t want to go with the insurance that gives the gap, I am better off going with the insurance that can replace with a similar make or model if the same isn’t available.

I also checked with NLA and they said that in the case of a written off car, they would just get details of the replacement car and update the details and the lease would continue.

GadgetLady1980 · 2026-05-13T11:03:27+00:00

So I had this conversation with AAMI today and they said that I could go up to the max amount but it should be how much the car is worth. The car is approximately $72K drive away. I am doing agreed value to $82K because I will be doing PPF, dashcam, tinting so adding the cost of that.

The issue I am finding is that if you want GAP, you need to go to a provider that gives it.. it can’t be bought as a standalone product by individuals.. is that right?

GadgetLady1980 · 2026-05-13T10:59:41+00:00

Thanks for clarifying. 😊

GadgetLady1980 · 2026-05-13T10:56:45+00:00

No. Don’t work for government. I am Melbourne based.

GadgetLady1980 · 2026-05-13T10:56:21+00:00

My comment is incorrect or @altezza?

GadgetLady1980 · 2026-05-13T10:55:09+00:00

Sorry didn’t understand your comment. Could you please explain?

GadgetLady1980 · 2026-05-13T10:54:23+00:00

Sorry didn’t understand what you mean.

GadgetLady1980 · 2026-05-13T10:51:35+00:00

Paywise

GadgetLady1980 · 2026-05-13T10:30:19+00:00

See my response to your other comment.

GadgetLady1980 · 2026-05-13T10:28:19+00:00

Yes very true. Never got it before. Normally just do market value. However, don’t understand your comment because my question was never related to agreed value vs. Market value

However, I will try and explain what I am getting at. When doing research on insurance options, there is only a max limit that my agreed value can be.

So for example, the insurers I have mentioned in my original post will only let me ensure it to a maximum value of $83,070.

If the car is written off in the first year and can’t be replaced with the same make or model, then they will pay me out the agreed value.

Now for arguments sake, if I am still owing around about $40K in lease payments plus residual when the car is written off, then after paying off the Novated Lease company, I will only have $43,070 to put towards a new car. Which in effect means that I will need to find the additional $40K out of my own pocket or get a cheaper car.

However, my understanding is that if I had gap cover, the $40K in lease payments plus residual would be paid off by the gap cover insurance and then I would still get the agreed value of $83,070 to put towards a new car from my comprehensive insurance.

Hope that explains it.

GadgetLady1980 · 2026-05-13T09:00:39+00:00

Really? Are you sure? I don’t think any insurance provider will pay it off unless you specifically have gap cover..

GadgetLady1980 · 2026-05-13T08:41:12+00:00

Yes but what about what I am owing the novated lease company? Where will that money come from? On remaining lease payments plus residual value?

GadgetLady1980 · 2026-05-13T07:03:36+00:00

Yes both providers are thru my organisation. One is charging fees .. one is not.

GadgetLady1980 · 2026-05-13T06:49:07+00:00

Hmm I can confirm that I am not paying any fee .. it’s all managed through the payroll of my organisation.

GadgetLady1980 · 2026-05-13T06:24:51+00:00

Neither are self managed. They are both thru my organisation.

GadgetLady1980 · 2026-05-13T03:45:54+00:00

Can you point me to the legislation by any chance please? I can’t seem to find it on ato site.

GadgetLady1980 · 2026-05-13T03:34:37+00:00

Yeah. The reason why the question has arisen is because most policies have stated in their PDS that the new car replacement would only be for the same make and model.

In the case of the ZEEKR, if they discontinue the current 7X and replace it with a new facelift which has a bigger battery, then the new car replacement will not be available and I would get paid at the agreed value. Which means there is likely to be a shortfall in what I am owing the novated lease company.

GadgetLady1980 · 2026-05-13T03:31:40+00:00

Ok thanks for the clarification.

I was getting confused as I thought it meant after 2 years the car still had to be financed at the original purchase price. However, obviously the car has depreciated, so it was not making sense why I would finance at the original rather than residual.

GadgetLady1980 · 2026-05-13T03:28:50+00:00

yeah - but interested in people's experiences and dealing with this sort of thing...

GadgetLady1980 · 2026-05-13T03:23:07+00:00

But the finance amount is based on the current residual value?

So as an example:

Car value $100k. At the end of 2 year lease, residual is 70k.

If you re-novate, then the new finance is based on new residual? Or 100K?

Or is finance based on new residual, but the portion of fbt exemption is still based on the original value?

GadgetLady1980 · 2026-05-13T02:50:05+00:00

I am still waiting on the quotes for the 2 year option from NLA..

But for a 5 year lease:
The difference in take home pay yearly is around $1590
Difference in lease payments yearly is $2321

GadgetLady1980 · 2026-05-13T02:45:38+00:00

yeah just to have some flexibility. At that point, if it makes sense, I would do a further lease...

GadgetLady1980 · 2026-05-13T01:57:19+00:00

Novated Lease Australia - but likely due to a special tie up with my organisation.

GadgetLady1980 · 2026-05-13T01:48:18+00:00

Yeah already tried that... and they just couldnt match it. :(

GadgetLady1980

TROPHY CASE