End of lease options
LeasePlan will get in touch with you in the months leading up to the end of your lease term to give you all the information and support you need to make the right choice to suit your driving needs and budget. You can choose from the following:
- Pick a new car for your next lease and keep enjoying all the perks.
- Like your current car? Extend your current lease for a further term.
- Sell the car, pay LeasePlan the residual value, and pocket any profit tax-free.
What happens at the end of your novated lease?
End of lease options
Expand the sections, below, to read about each option
You can start a new novated lease with us for your next car. This is the ideal option if you want to change models, update to the latest auto-tech, or maybe even switch to an electric vehicle. Here’s what you need to consider:
If you plan to sell your existing car:
- We can provide information and advice on the various options available to you – trade-in, private sale, or sell your car with SG Fleet's Trade Advantage – and how the sale will work with our end of lease process.
If you want to keep your existing car:
- Did you know you can have more than one novated lease and enjoy the tax benefits and convenience on all of them? You could get a new lease and extend your current lease – and you don’t even need to be the driver! This can be a great idea if you need a car for a family member.
Start planning as early as you can as new car availability can cause delays. Be sure to ask LeasePlan to help.
You can extend the lease on your current vehicle and continue to save. You can extend your current lease, so long as it meets the used car criteria
- You don’t have to wait until the end of your lease to extend it. If we give you a quote and you’re happy with it, we can proceed with it straight away.
Check your budgets
- You may want to talk to us to understand your current usage and make sure you don't have to pay too much each month or at the end.
Maybe you want to just end your lease and pay it out.
If you wish to forgo the convenience and savings that come with a LeasePlan managed vehicle, there are several steps we'll walk you through.
- Registration, Insurance & Roadside Assistance
Two things to note:
- GST will apply to the Residual Value or the Early Termination Price of your car.
- Any surplus funds from your operating budgets cannot be used towards the payout amount. They must be treated separately for tax purposes.
Other things to consider:
- The status of your lease budgets - a surplus will be paid back to you through your payroll or a deficit will require a repayment.
- We can provide information and advice on selling your car – trade-in, private sale, or sell your car with SG Fleet's Trade Advantage.
- Did you know you can have more than one novated lease and enjoy the tax benefits and convenience on all of them?
Time for a new novated lease?