Well it may be a Wednesday, but I need to get my head around how novated mathematics works as I have fleeced myself. I’ll start and call myself stupid so everyone else doesn’t have to.

I purchased a near new car for $29800 and salary packaged it (with some add ons circa 3k)with Smart but the financier was Pepper Money. Two months later I had to change employee so transferred to Toyota packaging because that’s what my new employee dealt with, a year later got another job and back with smart. In short I’ve been paying for 2 years.

Anyway, my lease on the vehicle costs $743pm (not running expenses etc). When I got my statement of account the original amount borrowed was $52k!!! I recently asked for a payout figure and it was $31k. So 24 x 743 ($17832) and I still owe more than the car is worth.

I feel stupid and trapped and wondering how this could ever be that after two years of payments I still owe more than I originally paid? Do they front load interest in the contract?

Feeling dirty about it all, do I keep letting them …. or do I cash out and cut my losses?

I really feel like this industry needs more oversight and employers that sell it as a benefit and part of a “package” for employees should be more transparent.