What is a novated lease?

A novated lease is an ATO-approved vehicle finance option that allows your employee to finance their car out of their pre-tax salary, which helps you save big. Novated leasing is an attractive alternative to providing company cars as it empowers your employees with mobility while taking all the residual risk off your shoulders.

Your employee picks the car they want and come pay day you deduct the monthly repayments and running from their pre-tax salary, resulting in lower payroll tax!

We’ll take the hassle out of providing your employees with cars.

Benefits of novated leases for employers

  • Easier to manage than providing company cars
  • Provides a more attractive remuneration package to potential and existing employees
  • No residual risk
  • Lower Payroll Tax and WorkCover premiums
  • No surplus vehicles if an employee changes jobs
  • We arrange everything so you can focus on the important business matters

How our process works

We’re constantly seeking better ways to meet the individual needs of our customers. Over 80% of our clients are not obligated through their employers to use Fingo’s services, but still choose to do so.

1. Your employee chooses a car

They have the freedom to choose any new or second hand car they like. (We recommend a vehicle under $70,000 so that you can maximise your tax savings).

2. We negotiate an ever lower car purchase price

We are able to negotiate a 10-25% discount from the dealer thanks to our fleet buying power and exclusive industry relationships.

3. We provide a transparent novated lease quote

Everything is listed so you know exactly where your savings are.

4. We take care of all the boring paperwork

You’ve got a business to run, so let us take care of all the finer details.

5. Your employee drives away in their new car

We look over the documents together, they sign and then drive away.

Take advantage of our refined systems and services

  • Fingo’s systems are tailored for efficient and informed working relationships.
  • Regular management meetings and reporting, both electronic and paper based.
  • Effective communication and information flow with the HR or Payroll Department.
  • Regular presentations to staff about our services.
  • Provision of an employer login to provide access to all employee details at any time.
  • Inclusion of Fingo’s information, including tools and worksheets, on company intranet.
  • Provision of an online tracking system for employees.

Our approach

Customer satisfaction is paramount. Fingo operates on the values of transparency, minimised risk and providing a variety of options to best suit our customers individual wishes and requirements, including:

  • We are generally able to obtain the best new car price for customers. If a cheaper written quote is attained directly and Fingo is unable to match it, we will provide a free vehicle protection pack to the value of $695 after we order the vehicle on your behalf.
  • Optimum Vehicle Replacement (OVR) – we will advise customers of the ideal time to replace their vehicle with no additional out of pocket expense.
  • Residual value comparison – we will provide an estimate of the future value of each vehicle to assist in the selection of an appropriate car and residual lease payment.
  • We are able to offer non-novated leasing and car loans, if this best suits customer circumstances.
  • Fingo will provide much greater consumer protection because we operate under National Consumer Credit Protection (NCCP) , being a provider of consumer as well as commercial finance. (Australian Credit Licence Number 422 347).
  • Fingo is also a A licensed motor car trader (LMCT) which enables us to offer additional options to consumers including: higher trade-in values and provision of quality used cars, if desired.

Exemplary customer focused service

We take into account taxation benefits, cost effectiveness and vehicle desires in order to provide the right finance package for the best value. Our focus is to ensure each employee is confident and capable of making an informed decision that best suits his or her personal circumstances and requirements.

Fingo has built its business by providing exemplary customer focused service. Flexible lease options are central to our offerings and include our ability and willingness to:

  • Provide a range of varied finance products depending on the customer’s financial circumstances and offer competitive interest rates – both are made possible through our access to a vast financier lender panel.
  • Arrange finance for cars up to 10 years old and provide flexible terms from 1-5 years.
  • Advise employees on the ideal time to replace their vehicle with no out of pocket expense (Optimum Vehicle Replacement).
  • Provide a residual value comparison – we estimate the future value of each vehicle to assist in the selection of an appropriate car and residual lease payment figure.

Employer reports

Fingo provides timely information, by email, hardcopy or direct viewing access, concerning all aspects of the automotive novated lease program. Our employer report contains the fleet information for the planning and preparation of annual FBT returns (by the 21st of April each year) including:

  • The name and employee number of each employee
  • The registration number of each novated vehicle leased by the employee during the FBT year
  • The delivery date or lease commencement date for each vehicle
  • The planned lease expiry date
  • The termination date of any lease, where the lease was terminated or prior to the planned lease expiry date
  • The FBT base value of each vehicle; and the opening and closing odometer readings, for the FBT year.
  • Individual driver reports, which can be exported to an Excel spreadsheet to provide a monthly, or an annual, summary statement showing each employee’s budgeted versus actual expenditure for the period and any required adjustments or variances.
  • Additional reports are available upon request at no additional cost.

Termination reports

Upon termination of the employee’s participation or employment, Fingo will provide a timely set of reports to both the employee and employer detailing the total of all costs and charges levied during the lease term, the total of all periodic instalments paid by the employer and any surplus owed to, or deficit payable by the employee.

Proposed KPI's and performance targets

Following is a substantial list of possible Key Performance Indicators and Minimum Performance Targets in relation to each.

Fingo is confident, based on our current performance, that we can achieve all of these targets.

Upon award of contract, Fingo’s Contract Manager will meet with you to clarify mutual expectations and KPIs, agree a reporting format and regularity, and agree systems and processes for working together effectively.

KEY PERFORMANCE INDICATOR
MINIMUM PERFORMANCE TARGET
Request for Information package by employees (includes quote)
Access to online facility information – including novated lease quotation package (website)
Request for Financial Advice
Request for meeting with sales representative
Request for Account Balance or projected FBT liability
Request for Termination Calculation
General Service Complaint
Request for variation in salary deduction
Notification of employee and employer in the event of actual expenditure exceeding budgeted
Request for meeting with Client Services Manager
Approval for vehicle service or repair
Lease Termination variation processing
FBT and Account reporting
Fuel Card Issue
Change of Lessee Details
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over 20,000 happy customers and counting

Fingo Finance