Feeling left out in the cold? Equilease allows you to salary package you existing vehicle, through a revolutionary sale and leaseback process, where there is no limit on the age of the vehicle and better still, there is no finance application – meaning that all applications are successful.

So for that much loved older car that you want to salary package but could not or for those who may not want a new car just yet, but want the benefits of a novated lease, there is Equilease.

Equilease allows you to pay for the running costs of your existing vehicle by using a combination of pre-tax and post-tax dollars. Because the car is already owned, the vehicle is worth less and hence more of the running costs are pre-tax. Running costs are paid using a fleet card (service, repairs, fuel) There is no age restriction on the vehicle, and your credit history is not required.

With EquiLease, you refinance your vehicle, but retain equity in the lease, hence the name EquiLease. The lease is provided through Lend@bility who will pay you the sale value of your car (net of the residual, incl GST) over the term of the contract, which can be 3 to 5 years.

• You can pay for the costs of running your car pre-tax.
• At the end of the term, you can take your car back and offset the residual you owe against the residual value Lend@bility owe you. It couldn’t be simpler!

A novated lease agreement is a finance lease with one crucial difference. Normally a loan for a car will be between you and the financier. In order to get the tax deductibility for the lease, there are some terms of the lease that you assign (“novate”) to your employer. This effectively makes your personal car a company car and becomes a benefit of employment, a Fringe Benefit.