What’s a self-managed novated lease?
A self-managed lease means just that, you take full control of the setup and day-to-day management of your novated lease, from sourcing your own vehicle and conducting any negotiations with dealers to arranging your own finance and paying for your insurance.
You can also draw up your own budget for the running costs for your vehicle, which Maxxia will then request from your payroll. You then claim for items such registration, insurance etc. directly from your Maxxia account quickly and easily using the Maxxia app when funds are available in your account.
Did you know there are two types of novated lease? - a fully-maintained novated lease may be more your style, click here for more information.
Fully maintained vs self-managed lease
Compare the difference between fully maintained and self-managed lease here.
How to setup a self-managed novated lease
STEP 1: Source your own novated leasing financier (the financier must sign the SA Government Deed of Novation)
STEP 2: Find your car and negotiate the price
STEP 3: Once finance is approved, co-ordinate with the financier the payment of the vehicle
STEP 4: Co-ordinate the delivery or pick up of the vehicle
STEP 5: Complete the self-managed application
STEP 6: Arrange for signing of the SA Government Deed of Novation
STEP 7: Submit to Maxxia the following documentation
Novated leasing: The fees and charges
When it comes to salary packaging a new, used or existing car under a fully-maintained lease, Maxxia charges an administration fee that is agreed upon in advance with your employer. Click here to find out more about a fully-maintained lease.
For self-managed novated leases, in addition to Maxxia’s administration fee, your financier or third party introducer may apply their own set of fees and charges for providing services to you.
It is important to note that for a fully-maintained novated lease Maxxia undertakes more of the work required to set up and maintain a lease but you may pay a higher interest rate for this service.
For a self-managed novated lease you will be required to do more of the work required to set up and maintain a lease but may be able to establish the lease at a lower interest rate than what you will be charged for the fully-maintained lease option. Different fees, responsibilities and charges apply to both options.
Please take the time to consider all of these components prior to making your decision on which lease option you want to choose