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Salary package your existing car with a Maxxia Lifestyle Lease.
So you love the car you currently drive, but you keep hearing people talk about this benefit called novated leasing. They mention things like the potential tax savings, convenience and better budgeting they got with their new car. The problem is that you’re happy with your current car!
So what if you could enjoy the perks of novated leasing on your existing car? With a Lifestyle Lease® you can!
A Lifestyle Lease lets you salary package your existing car, unlocking any equity you have in it — possibly freeing up a cash lump sum for you to put towards a renovation or holiday — and giving you all the benefits of a novated lease. Conditions apply.
“Salary package my own car? How does that work?”
STEP 1: We work with you to determine an agreed value for your vehicle.
STEP 2: Pay off any finance and receive cash from any equity you have in the car.
STEP 3: Lease the car back.
STEP 4: Enjoy the convenience and potential tax savings.
STEP 5: Buy it back, sell it, re-lease or upgrade.
We’ll work with you to determine an agreed value for your vehicle and then assist you in establishing a fully-maintained novated lease. The vehicle is then leased back to you through your employer.
All your car repayments and regular running expenses are pre-budgeted for using a combination of your pre- and post-tax salary each pay.
This could potentially lower your taxable income, increase your disposable income, and best of all, you won’t have to worry about those big bills arriving when you least need or expect them!
And, you could enjoy the benefits of a Lifestyle Lease in addition to any existing salary packaging items being claimed.
What is a lifestyle lease?
Lifestyle Lease (formerly known as Sale & Leaseback) is Maxxia’s version of a novated lease on your current car. A Lifestyle Lease lets you salary package your existing vehicle, unlocking any equity you have in it and giving you all the benefits of a novated lease.
I own my car. Why would I want to start paying interest again, when I’ve already paid it once?
Interest is only one consideration within a Lifestyle Lease. You now have the option of unlocking any equity you presently have in your asset, while potentially accessing pre-tax and GST savings on your car’s running costs. You’ll also get the convenience of having everything bundled into one regular payment.
Why would I make the switch if the interest rate is higher than my loan?
Unlike with a standard car loan, a Lifestyle Lease includes the ability to repay several years of car finance and other expenses with pre-tax dollars. There’s also potential GST savings on most of your running costs. For more information on how much you could save, check out our calculator.
Why would I want a balloon payment on a lease from a car I already own?
While this is a factor to take into account, there are many other matters to consider, including the set-and-forget convenience of having up to five years of running costs pre-budgeted for, and the potential savings that come through paying for your car with your pre-tax salary.
And at the end of the lease, we will be in touch to discuss your options, which include the option of upgrading to a new car or refinancing any residual payment in the process.
What’s the catch – surely you’re not doing this for nothing?
You can rest assured our fees are completely transparent. In exchange for managing your salary packaging account, we charge an administration fee that is agreed upon with your employer.
Why is my Lifestyle Lease estimate higher than my finance estimate?
Finance estimates only cover the costs associated with repaying your car. All your other vehicle expenses – fuel, registration, insurance, maintenance and the like – are to be paid in addition to a loan, and at different times throughout the year, which can make budgeting difficult.
In a Lifestyle Lease estimate, all your repayments and running costs are included, making for easy budgeting and reducing bill stress.
How do you value my car?
The Market Value of your Motor Vehicle is determined by consulting Market Value Guides and factoring in a number of variables such as the make and model of the car, age of car, kilometres travelled, service history, condition of car and accessories fitted. This is agreed upon by you and your chosen financier.
What if I own my car outright?
We’ll help you obtain an accurate and competitive price for your car before coordinating the sale. This will unlock any equity you have in the vehicle and the cash you receive will be yours to use as you see fit.
Ever wondered how much it costs to run a car every year?
The simple answer is, “quite a lot”. Petrol, tyres, servicing, rego, insurance… the list goes on. Check out our calculator for an indicative snapshot of your annual spend!
MAKE Lifestyle Lease WORK FOR YOU
What happens next?
I get it. Let's make it happen.
If you’re ready to start enjoying the potential tax savings that come from salary packaging your current car, contact us today.
Important Information: This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Conditions and fees apply. The availability of benefits is subject to your employer’s approval. Maxxia may receive commissions in connection with its services.