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What is a residual?

With a novated lease it’s as if you are ‘renting’ your vehicle (on a long term basis) from a finance company, and your rental payments reduce the amount owing on the car. However, the ATO only allows you to pay down a certain percentage of the price of the car. The amount remaining, when you’ve paid down as much as you’re legally allowed to – is the residual.

Posted by The Autopia Team

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