Rhodium Asset Solutions

Lease Calculations

Q. How are residual values determined?

A. Residual percentages are set in accordance with the Australian Taxation Office determination on the effective life of a motor vehicle and depreciation guidelines. The residual dollar value is calculated as a percentage of the vehicle financed amount and will not change during the term of the lease.

Applicable residual percentages per lease terms and vehicle class are outlined below.

Lease Terms and Residual Value Percentages - Passenger Vehicles

12 Months	65.63%
24 Months	56.25%
36 Months	46.88%
48 Months	37.50%
60 Months	28.13%

Lease Terms and Residual Value Percentages - Commercial Vehicles

12 Months	65.00%
24 Months	55.00%
36 Months	45.00%
48 Months	35.00%
60 Months	25.00%

Q. What is the financed amount?

A. The financed amount of your vehicle is calculated as the sum of the following components all exclusive of GST. Vehicle purchase price, vehicle option costs, dealer delivery charges, purchase stamp duty, luxury car tax, initial registration and initial CTP. For the purpose of obtaining the residual value for a lease the appropriate percentage is applied to the financed amount, then grossed up to include GST.

Q. How does fuel work for my lease?

A. Rhodium can provide you with one or more fuel cards with the leased vehicle if you’ve requested this in your application for novated lease. You may have cards from the following providers; Star Card (Caltex and Ampol), Mobil , Shell and BP. Depending on your lease type some administration fees may apply which are nominated to you on your quote.

The fuel budget within your lease is calculated per installment taking into account your nominated lease kilometres, the fuel price at time of quotation, the fuel consumption of your vehicle and any applicable admininstration fees.

If we register your vehicle in the ACT you should receive your fuel card(s) when you collect your vehicle on the day of delivery. If you are outside the ACT, your fuel card(s) are issued when the interstate dealership informs Rhodium of your new vehicle registration details, which may take 7–14 working days between notification and actually sending the card/s to you. You can keep your fuel receipts for costs that you incur during this period and send them to Rhodium for reimbursement and application to your Running Account. A request for reimbursement form is downloadable from our website under the “Downloadable Forms” page.

As a lease reporting tool the service station operator will ask you to input your odometer reading and we ask that you please note this as you fill up and provide the most accurate reading possible.

Important Note: If you misplace your fuel card you should report it immediately to Rhodium or the fuel company for our cancellation. You will be held liable for any charges incurred until you notify us or the card provider.

Q. How does Servicing and Maintenance work for my Lease?

For servicing Rhodium will budget to cover the cost of each scheduled service between the delivery odometer reading and the maximum expected kilometres you expect to travel. Any services after the maximum kilometres you anticipated are not budgeted for and Rhodium will not authorise the cost of this. The only servicing we will authorise and pay for are the services that are mentioned in your vehicle handbook and relate to your particular vehicle make and model. Miscellaneous items that may be required during a service e.g. wheel alignments, windscreen wiper blades etc... will not be paid for by Rhodium unless budgeted under the additional maintenance component. You will be required to pay for any costs like this yourself.

Interim services are also not automatically included and you should clarify this or make a special request to do this at quotation stage.

For additional maintenance you should set a suitable budget relevant to the kilometres you expect to travel. Common items can include; replacement sets of tyres, and front and rear brake pad replacement. It is very important to note that Rhodium will only authorise and pay for the items you have included in the budget so it is important to consider this when initially commencing the lease. E.g. for a 50,000 kilometre lease it is practical to include at least one set of tyres and front and rear brake pads. A set budget can also be chosen which you would nominate as “Miscellaneous Maintenance” either annually or over the life of the lease for extraneous costs that you can draw on if required.

Q. How does Comprehensive Insurance work for my lease?

A. You can either take out Rhodium’s vehicle insurance policy with Lumley General Insurance or take out your own insurance (but conditions apply). If you opt for Lumley’s insurance the following will apply:

Any drivers are only covered for insurance if they have your approval to drive the vehicle and are appropriately licensed to drive the type of vehicle you have leased.

the standard excess is $400 if you need to make a claim, but an age and experience excess may apply – you will have the applicable excess nominated to you on your lease quotation.

the excess will be charged for each claim that is submitted against the policy.

any applicable excess will be invoiced to Rhodium who will apply this to your running account. If after the claim process is complete and it is determined that you were not at fault, and Lumley can successfully recover the costs from the third party’s insurer this amount will be refunded to Rhodium and credited to your account.

Please refer to the brochure in the glove box of your new vehicle or the Lumley website (www.lumley.com.au) for the claims procedure and forms to use to make a claim.

Q. What does the Management Fee cover?

A. The Rhodium management fee included in the lease covers the administration and management of the following aspects of the vehicle lease; contractual documentation, fuel transaction management, vehicle servicing and maintenance administration, issuing of monthly activity reports, registration and CTP renewals and provision of comprehensive insurance.

Q. Is Roadside Assistance available?

A. Rhodium can include within your lease membership to our roadside assistance program through NRMA. Our membership program is for a nominal fee per periodic installment however, if a callout is required, you will be charged a callout fee which will be invoiced to Rhodium and charged to your running account. Some motor vehicles manufacturers offer roadside assistance programs as part of the purchase price so you should investigate this via manufacturer’s websites or a local dealer.

Q. How do I avoid Over-Consuming or Under-Consuming the budgets within my Lease?

A. Rhodium will make our calculations based on your estimated nominated kilometres at the start of the lease to calculate your expected costs on lease running costs and this is where it is important to estimate the kilometres as best as you can to enable us to make the best calculations for your lease. It is possible to make a change while the lease is active and this is explained more in the current leases section.

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