Unlike a normal car loan, a novated lease allows you to pay less tax on your salary, save GST on servicing, maintenance, and the purchase price of your car, and also offers the added convenience of payments being deducted directly from your salary. But I feel a lot more comfortable to talk to them again on Monday. So unless Remserv just did simple interest calculation for 40000 at 8 p.a over 5 years and not taken into account of any repayments at all, I don't know how they got to that figure. I don't know what $58000 is or where it comes from. However it looks like you are about to cover your old lease with pre tax benefit using an after tax loan. Get a printout from Remserv, then come back here. If you finish the agreement 3 years early, they should refund you $300 by 36 less some fee for the refund say 10% so $9720 which you can use to pay out the balance of the loan plus residual - $30676 plus $12726. This Agreement between you and Remuneration Services (Qld) Pty Ltd ABN 46 093 173 089 (RemServ, we, us or our) contains the terms and conditions that apply to your use of the Services. L, Latest review: I agree with the statements made by others. © 2021 ProductReview.com.au Pty. I still have my job but my partner has been stood down. However we are encouraging customers to try and self-serve via the RemServ app and RemServ Online in the first instance, or visit our FAQ pages to see if their question already has an answer online.. Did you actually save any money, compared to taking money from a mortgage offset account? So Remserv opened an loan account on my behalf with St George for a 40000 car but with 58000 loan. Actually, your interest rate is closer to 10%. years 1-4 fbt is charged on $40k but year 5 is on $28k. Repeated waiting around on Monday. Your payout figure should be pretty close to the 30k balance showing at the end. Subsequently car stuck in Albany for 2weeks. It looks like you have ~21 months left on the lease. they had ran the car through an, I haven't had any trouble with these guys, fuel cards work everywhere, call centre staff are responsive and have been able to resolve my queries, simple but functional customer, Used them some years ago, absolutely horrible experience. I have been using this app for approximately 2 years for my novated lease. Is this how banks usually do residual value? Am I being charged extra fees? Each method is built for different purposes and different people. Now that you want out, it would depend on their documentation as to how monies are refunded to you. e.g. But to my surprise I found out my opening loan balance was $58000! Although novated leases can sound like a great idea on paper, there a number of potential traps you need to watch out for: 1. If you're a salaried employee on $120,000 a year gross, and you take out a novated lease for a $60,000 car, the tax saved is $5510. No idea. RemServ and the Queensland Government recommend that before into a salary packaging arrangement and/or a participating agreement with your employer, you should consider your objectives, financial situation and needs, and, take the appropriate legal, financial or other professional advice based upon your own particular circumstances. I have recently finished my government job and the people who I work for now doesn't do remserv or salary packaging. I would appreciate everyone's opinion before going nuclear at Remserv. Getting pin or cards sorted - no response for ages Would definitely use again, no question I've referred many people to their, Thank you Alexandra B for being very helpful, answering my questions and explaining the process in detail. I would appreciate everyone's opinion before going nuclear at Remserv. Review Summary. Basically it's all nice on top, and horrendous on the bottom. Absolutely. The residual value is a requirement from the govt to be between 30-40% for the first time through - they can reduce this if you re-lease the car for a further few years. You're suppose to pay $59454 inc gst over 5 years (including a residual of $12726). instalments of $805.66 per month with a $12,726.01 residual? Covers what is a Novated Lease, the benefits, the tax savings and real life novated lease examples A fully novated lease is becoming a popular source of financing for many Australians seeking to own a car. It felt a lot like they are trying to pull one over me when they said the $18K was interest. Hence the "lease" part. RemServ customers are happily surprised by the affordability of a novated lease and the range of … Is that what a standard car lease/loan is like? RemServ is a trusted novated leasing provider to the Queensland Government. One day I noticed the numbers in my account doesn't add up so I asked them about it then he claimed he can't see anything wrong from his. 58 x installments (Inc GST) + 5th year residual (ext gst) + unknown FBT shortfall amount = st George opening balance? RemServ (Novated Leasing / Salary Packaging Service): 1 out of 5 stars from 7 genuine reviews on Australia's largest opinion site ieatwords.com.au. Watch our 5 minute vid on Novated Leasing. @salmon123: https://files.ozbargain.com.au/upload/370632/83881/aaa.png, The actual number they said to me at that time was "a very competitive rate"……. This is the payment required by the ATO at the end of a novated lease and its nothing to worry about, as unlike a real balloon this one won’t pop and surprise you! So how much it costs you is dependant on the early termination conditions from RemServ - technically they have taken money from you for future services/fuel/fbt etc that won’t be due as the agreement will be terminated. As a full-service provider, RemServ offers every benefit permissible under FBT legislation including novated leases, work related expenses, additional superannuation contributions, Remote Area benefits, as well as Meal Entertainment and Venue Hire benefits and Salary Packaging Cards for eligible Health and Charity employees. 15%. One day I noticed the numbers in my account doesn't add up so I asked them about it then he claimed he can't see anything wrong from his. Sent an email saying they were (nearly) doubling my payment/docking my pay without, Latest review: Hours waiting for tow only to be advised can’t be towed on Sunday as nowhere to go. Remserv has been temporarily banned from giving quotes for novated car leases to Queensland government employees while the fees it charges are investigated. Yes, but for the 2 years you were salary sacrificing the car, some of the money came from pre-tax dollars. When it comes to novated leases, many people tend to focus on what car they want and how much their repayments will be, rather than the actual price of the car itself. While this can save you money in the long run, it's a bit hard to get your head around at first, because what you're basically being asked to do is to pay for something you won't every actually own. They add whatever they think your car is worth by the end of the loan and then add it to the amount you borrowed + interest? This will help ease any unnecessary call congestion.
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