Novated Lease Estimate: Terms and Conditions of Acceptance
By signing a Novated Lease Estimate with Vehicle Solutions Australia, I (“the Client”) acknowledge that I have read, understood, and agree to be bound by the following terms and conditions.
- Client Acknowledgements and Suitability
Independent Financial Advice
- I acknowledge that Vehicle Solutions Australia Pty Ltd is not a financial advisor.
- I have been advised to seek independent financial advice regarding the implications of entering into a novated lease agreement before proceeding.
Estimate as Guide Only
- I acknowledge that the Vehicle Salary Package Estimate provided is a guide only and an estimate of the tax savings I may achieve.
- The figures are based on information I have provided and should only be used as an estimate.
- The estimate does not take into consideration my personal financial situation or individual needs , nor any existing payroll deductions or salary sacrifice arrangements.
Assessment of Appropriateness
- I confirm that it is my responsibility to assess the appropriateness of the estimate based on my specific circumstances.
- I confirm that I have fully considered the suitability of the vehicle and the associated costs in relation to my personal and financial circumstances.
- I declare that I have made an informed decision based on the available information and advice provided.
Taxation and FBT Acknowledgement
- I declare that I have fully considered the tax treatment of this estimate and the impact this will have on my financial circumstances.
- I acknowledge that if this estimate is for an eligible Electric and Low Emission Vehicles exempt from FBT, a Reportable Fringe Benefit Tax amount will still apply. I understand this may have implications on payments such as HECS/HELP, child support, or other payments.
- I understand I should speak to my payroll department or seek independent financial advice if this impacts me.
- If I accept this estimate and my Novated Lease starts or ends mid-way through the FBT year (1 April to 31 March), I understand my kilometres and contribution will be pro-rated for the period the vehicle was held.
- Estimate and Financial Terms
Estimate Validity
- This estimate is valid for a period of 14 days from the date of issuance.
- Figures in this quote are based on manufacturer and financier pricing at the time of this estimate creation and may change at any time.
Right to Adjust Estimate and Lease Rental
- If this estimate is not accepted within the 14-day validity period, Vehicle Solutions Australia reserves the right to revise it based on changes in vehicle prices, interest rates, or other applicable factors.
- Vehicle Solutions Australia also reserves the right to adjust the lease rental at the time of vehicle delivery due to:
- Any increase in the manufacturer’s price.
- Changes in applicable interest rates.
- Modifications to government charges or taxes.
- The vehicle model quoted being superseded by a new model.
- Any adjustments will be communicated to me in advance. If any such changes occur before lease settlement, I will be required to sign a new Vehicle Solutions Australia quote.
Payroll Deductions
- I understand that the figures presented in the estimate do not represent actual payroll deductions.
- Actual deductions will vary based on the final lease terms and the number of remaining pay periods in the FBT year.
Rebates and Incentives
- I understand that Vehicle Solutions Australia may receive finance commission payments and or volume rebates and incentives as part of providing its services.
- These may vary and are linked to targets and performance hurdles set by suppliers based on Vehicle Solutions Australia’s overall performance.
- Running Costs and Lease Management
Running Cost Allocation
- I understand the running cost allocation is an estimate only, based on the vehicle type, anticipated usage, and expected annual kilometres.
- The estimate may include scheduled servicing, tyres, registration, lease payments, fuel/change, and an estimate for comprehensive insurance.
- If my actual costs exceed the allocated budget, Vehicle Solutions Australia will adjust the annual allocation to ensure the account remains in the positive.
- Any adjustments will be communicated to me in writing for approval before any changes are made.
- I understand I will be required to fund any shortfall based on the Employee contribution method.
Surplus Funds at Lease End
- Any surplus funds remaining at the end of the lease term may be:
- Paid to me as taxable salary via my employer. I understand this payout will be subject to applicable taxation.
- Rolled over into a new salary package benefit through Vehicle Solutions Australia.
- I acknowledge that pre-tax funds held by Vehicle Solutions Australia cannot be directly used to meet the residual value or an early payout amount.
Client Responsibilities (Insurance, Registration, Maintenance)
- I acknowledge that I am solely responsible for maintaining adequate insurance coverage for the vehicle throughout the lease term.
- I will ensure the vehicle is registered at all times during the lease period.
- I will bear all costs associated with the vehicle’s maintenance, repairs, tyres, and any other vehicle-related expenses if these items are excluded from my lease or if there are insufficient budgets available.
- Vehicle Delivery and Acceptance
Commitment to Vehicle
In committing to this estimate, Vehicle Solutions Australia will communicate with you, the dealership/manufacturer, to source the relevant vehicle tax invoice and insurance coverage certificates to prepare the required contracts to settle the lease and execute delivery of your vehicle.
- By signing this Novated Lease Estimate, I agree to accept delivery of the specified vehicle.
- I have carefully reviewed the information provided. If any details are incorrect, I agree that Vehicle Solutions Australia accepts no liability for the cost of modification to the order.
Delivery Responsibility
- I acknowledge that Vehicle Solutions Australia is not responsible for the delivery of the vehicle.
- Delivery will be arranged by the manufacturer or dealer.
- I am responsible for coordinating with the relevant party to ensure timely delivery and will bear any additional costs or delays associated with the delivery process.
- Should I fail to accept delivery as agreed, I acknowledge that I will be responsible for directly managing any arrangements with the manufacturer or dealership.
- I also understand that I will remain responsible for all obligations related to the vehicle finance.
- Legal, Disclaimers, and Associated Documents
Dispute Resolution
- In the event of a dispute arising from this agreement, both parties agree to first attempt to resolve the issue amicably through negotiation.
- If a resolution cannot be achieved, either party may request mediation or arbitration before pursuing any legal action.
Limitation of Liability
- Vehicle Solutions Australia shall not be liable for any inaccuracies in the initial vehicle estimate or any subsequent changes to costs that arise due to factors beyond its control. This includes, but is not limited to, market fluctuations, changes in government policy, or unexpected manufacturer or financier price increases.
- I agree that Vehicle Solutions Australia will not be liable for any costs, taxes, or penalties I incur as a result of any future changes to the FBT rules as they apply to car fringe benefits, other than as provided in these terms and to the extent permitted by law.
Associated Documents and Policies
- Prior to signing, I will be provided with a copy of all paperwork, including an estimate, lease terms and conditions, and copies of insurance policies, Product Disclosure Statements (PDS), and the company’s Financial Services Guide (FSG).
- I agree to Vehicle Solutions Australia’s Lease Terms and Conditions available at: https://www.Vehicle Solutions Australia.com.au/Terms-and-conditions.
- I have also been advised to refer to the privacy policy, which outlines the information collected, how it is used, and stored. https://vehiclesolutions.com.au/privacy-statement/