Current Leases
Q. Can I alter the lease costs while the lease is active?
A. You can make one change to your running cost budgets (under what we call a Lease Variation) during the life of the lease at no extra cost. These alterations may include adding other maintenance requirements previously unbudgeted or increasing your fuel budget as a result of rising fuel prices etc. If any further changes after the initial one are required this will incur a $250 administrative fee which will be invoiced directly to you and payable immediately.
Terms and Conditions to a lease variation are available on request from Rhodium and can be downloaded through the forms section. You should request such changes by sending an email to novated@rhodium.com.au.
Q. Can I add options to my vehicle?
A. You should request any vehicle options to be put on the vehicle at the time of quotation and have these decided by the time Rhodium actually orders the vehicle. This will enable the costs of these options to be included within the lease as it is initially setup.
If you wish to add any options after delivery and while the lease is active you must:
Q. What happens if I leave my job?
A. If you leave your job, the deed of novation is activated which reverts all responsibilities and obligations of the lease back to you. All remaining payments and other lease obligations including unpaid lease payments then become your responsibility and you may be able to transfer your lease across to a new employer if a suitable arrangement can be put into place. If the lease cannot be transferred to new employment Rhodium may require you to terminate the lease.
You should contact Rhodium immediately if you intend to or do move employment to avoid your account falling into arrears. We will then advise you of your options and how to proceed.
Q. What happens if I need to terminate my lease early?
A. If you terminate your lease prior to the lease end date, you have several choices for the lease which are outlined here:
If you intend to purchase and take ownership of the vehicle Rhodium will issue you a vehicle payout figure which is the minimum you are required to pay to Rhodium. If you do purchase the vehicle you will have to meet all costs of purchasing and taking ownership of the vehicle such as ongoing Registration & CTP, transfer of registered operator costs, ongoing comprehensive insurance, purchase stamp duty etc.
Opting to sell at auction Rhodium will ask that you return your vehicle to the auction house in your state or territory immediately. At this time we will then discuss with the auction house and yourself about reserves to set on the vehicle for eventual auction. If you opt to sell your vehicle at auction you will need to pay any associated auction fees and commissions involved from the auction house and Rhodium also charges a $275 fee including GST for this service. If the vehicle sells for a price that is under the vehicle payout figure owing, you have to pay Rhodium the difference. If the vehicle sells for a price over the payout figure, you will be credited the difference to your lease account.
This should be discussed with us during the sale process as we are considered as the owner of the vehicle for the purposes of the lease.
In all early terminations Rhodium will calculate a vehicle payout figure which is mainly based on the initial term of the lease and how long your lease has left to run. The vehicle figure is calculated based upon the date that you did (or will) make your last periodic lease payment to Rhodium and is valid for one payment period at a time. If you have a fortnightly lease this will be valid for 14 days, if you have a monthly lease this will run until the end of the month it has been issued for.
The vehicle payout figure will include at minimum;Rhodium may at it's discretion include in the vehicle payout figure any unpaid lease payments or running account variances.
A vehicle payout figure can be provided to you on written request to endoflease@rhodium.com.au at any point in the lease. This can be projected forwards but will form an indicative figure and an exact figure should be sourced at the time of terminating the lease.
Q. What lease reporting does Rhodium offer?
A. Rhodium will send you a monthly activity report that details expenditure on the lease against your budgeted contributions for the month and cumulatively for the life of the lease. This is a valuable tool to check if you are over or under consuming on the lease.
Note this is not a representation of your actual payments made to Rhodium; this is a reflection of your account for the budgeted components versus actual expenditure. For information on your actual lease payments made your Salary Packager would be the best source of information to provide this.
