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What is Split Novated Lease

Home >> What is Split Novated Lease





Under s full or a split full Novated agreement, the lease involves the revocation of the original agreement. In this scenario the car is supplied directly by the finance company to the employer. The employer then takes possession of the vehicle even in case the employee is required to guarantee the residual value of the vehicle. An instance of a split Novated lease is, the employer makes timely monthly payments where as the employee pays for the residual value of the car when the contract has been terminated or is over.