Products

Ending Leases

Q. What can I choose to do with my vehicle when the lease matures?

A. Rhodium will contact you with advice approximately three months before the lease end date, that your lease is nearing expiry. When the lease reaches maturity, the vehicle is novated to you (via the deed of novation) and you become wholly responsible for the vehicle.

At this point you have a number of choices – you can:

  • Offer to pay the Residual Value owing on the vehicle.

    • If Rhodium accepts your offer and agrees to sell the vehicle to you you can take ownership by paying the offered Residual Value. 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.

    For Rhodium's acceptable payment arrangements please contact us and we can advise.

  • Make arrangements for Rhodium to sell the vehicle either privately or to a dealer at our discretion and have the new buyer pay out the Residual Value to Rhodium.

    • 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.

  • Ask Rhodium to have the vehicle auctioned.

    If you take this choice Rhodium will ask that you return your vehicle to the auction house in your state prior to end of lease and prior to registration expiry. 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 Residual Value owing, you have to pay Rhodium the difference. If the vehicle sells for a price over the Residual Value, you will be credited the difference to your lease account.

    For any questions you may have on our end of lease procedures please contact us on endoflease@rhodium.com.au

    Q. What happens after the lease has ended?

    A. After your lease has ended Rhodium will always perform a lease finalisation which ensures that over the entire life of the lease it has balanced and Rhodium does not owe you any funds, likewise there are no outstanding debts from you. The finalisation of your lease will examine each aspect of the lease and reconcile the following:

  • Lease Invoices due versus Lease Payments made.
  • Running Account Expenditure versus Running Account Budgets (as contributed through our invoicing)
  • Terminaiton Amount due versus Termination Amount Paid (in the event of profit or loss on sale at point of termination

    • Once the lease finalisation has been calculated any of the following situations can apply.

  • An invoice to you for any shortfalls during the lease.
  • A refund to your Salary Packager for pre tax refunds to you.
  • A refund directly to you for post tax refunds.

    • At the time of paying the Residual Value or Early Termination figure Rhodium may include any lease payment arrears and running account deficits before the lease can be terminated and ownership taken of the vehicle. You will be advised of this at the time of termination.

    For any questions you may have on our end of lease procedures please contact us on endoflease@rhodium.com.au

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