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Q: Hi there, I was made redundant 4 months ago and had a novated lease with my previous employer. I have now been offered a 'vehicle hand back option' regarding the car from the Lease Protection insurance company. They will cover up to 25k (less car payments and petrol costs already paid) if I hand back the car to the financier. The current payout figure is 39k on a 2016 Jeep Grand Cherokee. Is there anything I need to consider before I decide?
A: Thank you so much Scott. That's exactly what I'm saying.. and yes, I'll be cautious of notated leases from now on.
answered
Q: Hi there, I was made redundant 4 months ago and had a novated lease with my previous employer. I have now been offered a 'vehicle hand back option' regarding the car from the Lease Protection insurance company. They will cover up to 25k (less car payments and petrol costs already paid) if I hand back the car to the financier. The current payout figure is 39k on a 2016 Jeep Grand Cherokee. Is there anything I need to consider before I decide?
A: Thank you all for your valuable responses. I was thinking of handing it back because a) even if it was sold for $25k there'd be roughly a balance of $14k to be paid on the balance of the payout figure. The insurance company is willing to pay up to $21k (That's 25k less repayments and petrol costs already paid) - then I wouldn't be out of pocket? To keep the car would be more expensive - I'm better off buying a cheaper car. Is my thinking correct?
question
Q: Hi there, I was made redundant 4 months ago and had a novated lease with my previous employer. I have now been offered a 'vehicle hand back option' regarding the car from the Lease Protection insurance company. They will cover up to 25k (less car payments and petrol costs already paid) if I hand back the car to the financier. The current payout figure is 39k on a 2016 Jeep Grand Cherokee. Is there anything I need to consider before I decide?
