about Novated Leases - Staff - University of Wollongong

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ABOUT ORIX NOVATED LEASINGHOW DOES A NOVATED VEHICLE PLAN DIFFER FROM A COMPANY VEHICLEIf you are already eligible for a company motor vehicle issues that will possibly changefor you are as follows:• The actual FBT cost may be charged back to your package at the end of the FBTyear (31 March). This may be a benefit or cost to you depending on yourcircumstances.• You can select a kilometre plan that matches your utilisation rather than use astandard company plan.• You can take the novated vehicle with you when you leave the company. This maybe a benefit or a burden depending on your circumstances at the time.• You have the ability to select your vehicle of choice (within company guidelines).• As you are responsible for the vehicle lease if you leave your Employer, you will berequired to complete a credit application, have appropriate credit assessmentcompleted (CRAA) and sign novated lease documentation.• If FBT tax rates change, or other legislation is enacted (ie. GST) which imposesadditional costs, these may be your expenseEARLY TERMINATION OF CONTRACTIf you wish to terminate the contract and keep the vehicle you will be required to paythe Liquidated Amount which is the present value of the remaining lease rentals andthe residual value.In addition you may be responsible for expenditure incurred by ORIX but not yetrecovered from you (i.e. Annual registration).Liquidated Amount=Present Value of Future Rentals+Residual Value+Running costs Incurred but not paidPage 6ORIX Australia Corporation Limited A.C.N. 002 992 681ORIX Driver DirectTEL: 1300 36 3993 FAX: 1300 36 3990
ABOUT ORIX NOVATED LEASINGIf you return the vehicle to ORIX then you are liable for any shortfall between theLiquidated amount and the vehicle sale price achieved by ORIX.Shortfall=Liquidated Amount-Vehicle Sale Price achieved by ORIXPRODUCTS AND SERVICESMAINTENANCE & TYRESCosts for maintenance and tyres will be budgeted or fixed using information fromORIX’s extensive database and reference to over 20,000 vehicles.ORIX has a comprehensive range of maintenance facilities, which are provided by anational repairer and supplier network of over 3,000 outlets. ORIX’s large vehicle fleetand history allows ORIX to:# negotiate lower repair costs;# enforce and extend warranty claims; and# accurately forecast service and maintenance costsThe benefits to employees under the ORIX maintenance plan include:# broad repair and servicing network;# efficient monitoring of vehicle servicing:# use of “manufacturers specified” parts only;# costs fixed at competitive rates; and# professional and experienced repair authorisation team to prevent over servicingwhilst maintaining vehicles to a high standard.Your tyre and maintenance budgets reflect what would be normally expected of avehicle nominated by the length of time of the lease and the kilometre’s travelled.Page 7ORIX Australia Corporation Limited A.C.N. 002 992 681ORIX Driver DirectTEL: 1300 36 3993 FAX: 1300 36 3990
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