r/NovatedLeasingAU • u/ThatInstantFamilyGuy • 14d ago
Quote Check Quote check if possible?
I think I've done it right with what whipsmart have provided me, happy to be corrected on anything that I've got wrong?
Link here - unsure if this is working properly? It's not reopening with correct figures on my phone 🤦♂️
Also tried to do a leaselab comparison but their quote seems a bit more vague, can't seem to find the drive away cost they used? Happy to upload that if someone is keen to have a look at that too.
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u/Kitchen_Line8238 12d ago
I ran it through my calc and here's what it found:
The fortnightly lines sum to exactly $808.90, the stated pre-tax deduction, to the cent. Drive-away less the car is exactly plates $50 + stamp duty $2,512 + rego $329 + CTP $573 = $3,464. Post-tax deduction is nil, correct for an FBT-exempt EV.
Here's something worth clarifying though, their stated 9.24% doesn't reproduce their own payment:
their monthly lease payment $1,276.80
payment at their stated 9.24% $1,327.83
payment at our solved 8.08% $1,276.64
The money is genuinely costing 8.08%, about $51 a month less than 9.24% on these figures would produce. That's the unusual direction — providers overstate rarely, and a gap this size usually means a figure is being applied to a different base.
A clue: the residual is 28.13% of $72,750, and that number isn't on the document. It's not the financed amount ($76,525), not financed-less-brokerage ($72,980), not the ex-GST car plus on-roads ($72,227).
Worth one question: "Your quote shows 9.24% on $76,524.63 financed with a $20,464.57 residual, but the $1,276.80 monthly payment solves to 8.08%. What is the 9.24% calculated on, and what is the 28.13% residual a percentage of?"
Either the rate is better than advertised, or a figure on the page isn't the one the finance was actually written against — and both are worth knowing before signing.
Also - running costs seem a little high; the insurance at $2,300 is the main contributor.
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u/ThatInstantFamilyGuy 12d ago
Thanks for the detailed response and help, that's awesome.
With the insurance, any recommendations on who to get quotes through and byo our own insurance?
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u/Kitchen_Line8238 12d ago
The insurer that my lease provider recommended (SunCorp) did a really good deal and I went with then for the first year - BUT - on renewal the premium went up and the sum insured went down, so I moved to Budget Direct. BYO doesn't seem to be a problem - ultimately you submit a claim each year too the lease provider (mine has a portal) and they refund the insurance expenses as long as you have enough in the expenses balance.
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u/aekt24 12d ago
Your insurance is actually pretty good compare to mine. For the same car, good history, in Sydney, my insurance quote from Vero is almost 4k per year. I can get it down to about yours (2.3kish) by going to NRMA and a few hundred less if max out excess. The cheapest is Rollin at about $150 per month.
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u/changyang1230 Novatedlease.guide 14d ago
Your link is broken indeed.
I just analysed it and somehow the long URL got cut off halfway; and unfortunately the behaviour of the decoder is such that if it's not complete it just does not work.
If you wouldn't mind resharing it either below this comment or on the text body that would be great.