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Novated Lease

Novated Lease

Tue, 2008-04-22 16:46 — Broker

Novated Lease

A novated lease is and arrangement entered into by three parties, the employer the employee and the leasing company or financier. This enables the employee to lease a car of their choice within a negotiated salary packaging arrangement. Under the terms of a novated lease the employee leases the vehicle from the leasing company or financier, the employee then novates the vehicle to the employer.

This process results in certain obligations under the lease being transferred (novated) to the employer for the term of the novation. Read more

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