End of Lease

Looking to end your Novated Lease early?

If you’re looking to end your Novated Lease early, there are some important things you need to know and things you need to do.

What you need to know.

Termination of your Novated Lease before the lease end date means that:

Unless you decide to finalise the Finance Lease between yourself and the financier by paying out the remaining balance, all future payments will need to be made by you directly to the financier.
FleetPartners will no longer manage your vehicle running costs including future registration renewals, CTP, comprehensive insurance, servicing and maintenance, replacement tyres, fuel or charging expenses including fuel cards or charging tokens, and roadside assistance.

Leaving your current employer

If you’re leaving your current employer, the management of your vehicle running costs by FleetPartners will end:

5 business days before your last day of employment (Cease Date).

Your Cease Date will be used as the date for the reconciliation of your vehicle running costs.

Staying with your current employer

If you’re not leaving your current employer, the management of your vehicle running costs by FleetPartners will end:

if your lease is reverting to a Finance Lease, the date this occurs;
if you’re paying out your lease and purchasing the vehicle, the date you pay out the lease; or
if you’re taking unpaid leave, the date the unpaid leave commences.

Your lease end date will be used as the date for the reconciliation of your vehicle running costs.

What you need to do.

Regardless of whether you’re leaving or staying with your current employer, if we manage any of the vehicle running costs listed below, from the date your lease ends, you’ll need to make your own arrangements.

Registration

Once your lease ends, it’s your responsibility to manage your vehicle’s registration from the next renewal as FleetPartners will no longer be an agent or contact point for your registration. As such, please make sure you:

know the expiry date of your current registration
contact your state Transport Authority to ensure they have your correct address associated with the vehicle, so they can send future renewal notices to you directly.

Comprehensive insurance

If your insurance is arranged through FleetPartners with Allianz, your comprehensive cover will end with your lease.

You’ll need to arrange your own comprehensive insurance, otherwise your vehicle will be uninsured.

Roadside assistance

If you have roadside assistance arranged by FleetPartners, your cover will cease on the same day that your lease ends.

We recommend you arrange your own cover, so that if you breakdown, you can call your new provider for help.

CTP insurance

You’ll need to organise your own CTP insurance when your registration is next due for renewal.

Servicing and maintenance

You’ll need to arrange servicing and maintenance of your vehicle from the date your lease ends.

Fuel cards or charging tokens

Any fuel cards or charging tokens provided to you by FleetPartners will be cancelled on the same day your lease ends. Once cancelled, all transactions will be declined – you’ll need to pay for these yourself.

Your account reconciliation

When your lease ends, we’ll reconcile your account and calculate any difference between your budgeted vehicle running costs and your actual spend (costs incurred).

Your lease reconciliation can only occur once all costs such as fuel and servicing charges have been received, along with any lease payments from your employer. So, depending on when your lease ends, it may take up to a couple of weeks to finalise your reconciliation. We’ll be sure to email you the details of your account reconciliation as soon as they are available.

What happens if there’s a difference?

If there is a difference between your budgeted vehicle running costs and your actual spend, we’ll:

advise your employer of any deficit and have them debit this from your salary
or
return any surplus funds to your employer’s payroll team. They’ll then return these funds to you, less any applicable tax.

If you’ve left your employer, we’ll:

arrange to collect any deficit from you directly
or
return any surplus funds to your former employer, who’ll contact you to return the surplus to you less any applicable tax.

Please note that we’re not permitted to return any surplus funds to you directly – surplus funds must have any applicable tax applied by your employer (or former employer) before returned to you.

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