What is the process and options when your lease is coming to an end?
The Easi end of lease team will reach out to you with regular reminders as your lease end dates approaches to assist you with your options.
Here is a summary of your options :
1. Upgrade to a new car
2. Re-finance your current car and pay down the residual further.
3. Payout the residual value and own the car outright.
Upgrade to a new car.
1.The easi team will assist you with a new novated lease quote for the vehicle of your choice.
2. The easi team will also introduce you to our wholesale partner carGOGO who will provide options to buy out your current lease vehicle.
3. Your current lease expenses account will be reconciled and any surplus returned to you via payroll.
Re-finance your current car.
1. The easi team will assist you with a re-lease quote for your existing vehicle.
2. You can opt to extend for 12-36 typically depending on the age of your vehicle.
3. Should you have a surplus of funds in your lease account, these are rolled over into the lease extension for you to use.
Payout the residual value and own the car outright.
1. The easi team will be able to provide you with the residual value payout letter once your lease has entered the final 21 days.
2. Follow the instructions on the payout letter to finalise the residual value (balloon) owing on the finance.
3. Your novated lease expense account will be reconciled and typically takes 60 days to be fully closed.
4. This ends your tax benefits and is typically the choice of retirees or someone who no longer is looking to save money on tax.
5. Fleet services will terminate on the last day of the lease so you must ensure you arrange comprehensive insurance and roadside assistance.