Macquarie Australia
Macquarie Austrailia - Vehicle Lease Rip-off

About a year ago I moved to Australia and stupidly took out a Novated Lease on a second hand vehicle as wasn't sure when/if I could get traditional vehicle financing in Australia being here on a 457 Visa from Australia. In the interim my circumstances have changed and have to back to SA and need to cancel the lease...

Bought the vehicle for $ 31 000 and have paid about $12 000 over the 1st year. Have been advised that the settlement in now about $ 38 000 and if I'm lucky could probably sell it for $ 28 000. That is a shortfall of around $ 10 000 (R 95 000) which is ABSOLUTELY not negotiable and has to be paid as a lump sum. Oh... they do offer a service of fetching you vehicle and auctioning it, but then you are responsible for the shortfall and any collection and auction fees...

Love the way these institution operate in a world where nothing changes and there is no leeway (i.e. GFC). Be warned dont get duped into this type of arrangement when/if you ever move over to Australia...

Company: Macquarie Australia
Country: Australia
City: Perth

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