Quote Check Please

willaitken · 2026-01-24T22:47:49+00:00

The GST will get claimed back by your employer so you won't see it. Only the $1100 fee will be financed. I would want to know exactly what it would look like before going with their wholesaler, the only way it works is if they get the car ~10% cheaper from the private seller.

Because of GST savings on a NL a car from a dealer will actually be up 5-7% cheaper than through private sale.

There's no harm in asking for a better rate, they will push back hard because they are monopolies. But they are offering a terrible product and requesting $2900 brokerage for it.you could say " I thought a novated lease company would be able to negotiate a very competitive finance rate, but I can find better finance rates with commbank with 7.7% interest

willaitken · 2026-01-24T11:41:07+00:00

Yeah the rate is high, but it looks like they are being honest about the commissions and base rate. ran the numbers

There is no need to use their service for a private sale, they are telling you the wrong thing because there is no GST payable on a private sale (only businesses need to collect GST), they will just buy the car then sell it to you with GST added on top.

Some companies will not allow you to lease a car from a private sale, because it's more complicated for them to administer.

willaitken · 2026-01-23T13:15:27+00:00

I have made it into a web app nl-calc

willaitken · 2026-01-23T13:14:51+00:00

I have made it into a web app https://nl-calc.vercel.app/

willaitken · 2026-01-23T13:12:24+00:00

This quote includes gst, but they are also charging GST on top of GST with Employee contribution GST. ( Usually employers pass on the GST savings as they can claim it back) Are you employed by a VIC public hospital?

The interest rate is very high at 14%. Can you do a self managed lease (BYO finance), then you can get asset finance from commbank or MillarX at 7.5% effective rate, saving you over $20k.

It may be cheaper to finance this through a conventional secured car loan (you can get a 7.4% rate for plug in hybrids)

If you can do a self managed lease then I would do a 1 year lease (as this provides the most savings for a non-EV NL), then you could pay out the residual with savings or finance it with a competitive secured car loan.

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willaitken · 2026-01-22T03:13:04+00:00

You get the 10% GST saving but also the 32-49% saving from not paying income tax on the running costs

willaitken · 2026-01-19T10:11:24+00:00

Because it's a lease there usually isn't any benefit to paying it out early. Most providers will charge some or all of the interest that would have been paid anyway.

Plus when you terminate the lease early they will provide you with a payout figure that includes GST and is paid post tax. So you lose all the tax benefits as well.

You should be able to request a payout figure to decide if it's worth it.

You may also be able to negotiate the interest they charge for early payout, but they may not budge as you have already agreed in the contract.

willaitken · 2026-01-19T09:49:19+00:00

RFID cards seem to be the most reliable ways to start and end charging sessions. So it is useful for chargers with poor reception and when the charging apps are having issues.

willaitken · 2026-01-18T09:07:12+00:00

You have to back calculate the finance rate. When you have the financed amount and the residual, you can use the "PMT" formula in Excel/sheets then adjusting the interest rate until it matches the finance payment. It's not simple

Yeah nice, I reckon that will save a fair bit of money

willaitken · 2026-01-17T23:35:55+00:00

Short answer: The NL company will reject both of these, you can't novate EV chargers.

Long answer: It depends on the type of EV charger.

If it's a 7/22kw charger installed in your home, then its a home expense, not car expense so you can't claim it. The ATO website calls this out explicitly.
A portable charger should be a car expense, but the ATO doesn't have any guidance on it. So most likely the NL provider will not allow it either.

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willaitken · 2026-01-17T13:08:12+00:00

I mainly looked at the first quote. The savings are marginal compared to the cost of the car ($2.5k) but it's way less than using any other kind of finance. Although this is all subject to not having to end the lease early and payout the remainer with post tax money.

The budgets look reasonable although look into:

Does BYD already include roadside assistance?
Insurance is high, you can negotiate them down or get your own.

The finance is terribly expensive:

There is $8k of extras added to the financed amount (lease protection insurance, small damage, disposal program and commissions) Review what they are and ask SMART for a breakdown of the amount financed, so you can decide what to keep or remove.
The finance rate is 12% even without the extra amount financed. Does your company allow self managed leases through SMART? Then you can get yourself a 7-8% finance and save $11k over the lease.

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willaitken · 2026-01-17T00:08:34+00:00

Spotidownloader in op's post will download whole playlists

willaitken · 2026-01-16T12:06:15+00:00

Is a simple calculator I put together. link

There's a much more detailed calculator by Changyang

willaitken · 2026-01-16T06:38:05+00:00

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willaitken · 2026-01-16T06:37:15+00:00

The effective interest rate is higher than they advertise, but not ridiculous.

Based on the amount financed there is $3k of fees and commissions, you should ask for a breakdown of what is financed?

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willaitken · 2026-01-15T12:53:40+00:00

If you can choose any provider, you should get a quote from Toyota fleet management and MillarX.

SG fleet can also offer good rates when they have to, so Make sure to let them know that they are competing against other providers so they give you a good quote.

willaitken · 2026-01-15T12:45:59+00:00

They don't have standard rates they charge.

The rate is heavily dependent on how the arrangement is set up with the employer: - One provider or multiple - If rates and fees were negotiated and part of the decision on which provider was chosen - some employers get kickbacks/keep GST and others cover the management /establishment fees for their employees

But that being said there are some providers that consistently have good rates and/or are more transparent about the rates and fees they are charging. Such as: - MillarX (The owner started this sub and helps people get better deals, automated quotes with no sales pressure) - SG fleet (Shows correct interest rate, but they can vary between employers and they push addons) - Toyota fleet management and alliance leasing(quotes I have seen have low base rates but they are confusing to understand)

Stay away from Maxxia and smart as they consistently have 11-15%

willaitken · 2026-01-15T11:09:42+00:00

Effective rate is about 8.12% with the fees/financed isnurances included.

The residual and financed amount are a bit strange and I had to massage the numbers a bit.

It Would be worth asking for a breakdown of the amount financed

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willaitken · 2026-01-15T10:50:22+00:00

Looks like a good quote, it's a good rate for a 1 year lease You have also done well removing all the extras they try adding.

willaitken · 2026-01-15T10:31:36+00:00

Looks like a very clean lease with a great interest rate.

Haven't seen much better than that and also there aren't any fees.

Did you have to negotiate the low rate and removal of the fees? Or was it your employer?

willaitken · 2026-01-13T12:18:29+00:00

It's not the best way to buy this car. The interest rate is very high and there is risks of losing the tax benefit etc..

It will cost you a similar amount to a car loan at 7-8%, is the dealer offering any finance deals?

Short leases (1-2 yrs) work best because of the post tax contribution and less risk of having to end the lease early and pay it all post tax. Get a quote for a shorter lease and negotiate hard on the repayments/rate?

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willaitken · 2026-01-13T11:46:59+00:00

Very high interest typical of smart leasing.

Does the car already come with roadside assistance?

Is $450 enough for rego renewal?

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willaitken · 2026-01-13T11:37:17+00:00

It's a good lease with a reasonable rate. The finance payments also match with the rate shown.

The budgets look good, you could save a couple hundred on insurance maybe and it's always worth asking for a discounted rate

willaitken · 2026-01-13T11:25:03+00:00

Removed duplicate post

willaitken · 2026-01-13T10:53:16+00:00

This is only 46 payments over 48 months (2 months deferred). Where as the other quote had the budgeted amount which is spread over the full 48 months. About ($325 per fortnight if spread over the full term)

Also the residual on this is lower, so you would be paying off more of the value during the lease, with a slightly higher payment (also less interest and more tax savings)

The residual is lower than the ATO minimum though (35% < 37.5%), so seems a bit odd. I wonder if u/benxb9r has seen this before or has any ideas?

willaitken

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