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What happens if I am made redundant?

Your novated lease becomes a regular finance lease. There are no tax benefits, no salary deductions, no fuel cards or maintenance program.

You now have the option of selling the car and paying out the lease, or making the finance payments directly to the financier until you get another job. Once you do, we can set up a new novation agreement with your next employer, and all your tax benefits return.

If you happen to have taken out redundancy insurance, then your lease will be covered for up to six months of payments (and reasonable running costs) while you’re seeking employment. For this to take effect you do have to take it out at the beginning of the lease.

Posted by The Autopia Team

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