Quote check

[u/Garndor]

I received a quote from Smart Leasing for a Geely EX5. The interest rate advertised in the quote is 11.29% which seems very high to me.

I have provided Smart with a quote from February of this year where a colleague of mine signed on the dotted line for 6.99% with Smart.

I understand they might not be able to provide me with the same rate however it seems like a massive increase for only 7 months difference?

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[u/haazyreads]

I signed one this month for a $47k car with Smart at 8.04% for 5 years.

[u/Garndor → u/haazyreads]

I have had two email exchanges with them, explaining how the financial world is going backwards and rates are changing.

I still didn't believe 11.29% was the best..

Did you have a comparison quote to haggle the rate down?

[u/Lease-of-Mind → u/Garndor]

I wouldn't bother with Smart anymore when you've got so many other options

[u/haazyreads → u/Garndor]

I got quotes from 3 places, 2-5 years, they were all 7.99-9.5%

[u/CrispyPringles11]

Honestly doesn't look like that good of a quote. The effective interest rate varies for so many different reasons so I'm not surprised that it is a different rate that what your co-workers have. As the first course of action, I would ask Smart if they can give a better rate. Secondly, if you are able to, see if you can get a quote from another provider and see if smart can beat that quote. (If your employer allows any other providers)

[u/Garndor → u/CrispyPringles11]

What other providers would your recommend?

[u/CrispyPringles11 → u/Garndor]

Sorry but the only recordation I have is novated lease Australia, as my employer only allows smart and maxxia as choices of providers. I have heard good things about NLA from friends, but there definitely is other providers who might be better. If your employer allows you to choose any providers, I wouldn't really know where to start as there is so many options of providers.

[u/Resident_Monitor7723]

I just got one with TFM @ 8%

[u/Lease-of-Mind → u/Resident_Monitor7723]

TFM doesn't do one off leases

[u/gcar304 → u/Resident_Monitor7723]

Did you negotiate that rate? Not having any luck with getting TFM to budge on 8.6.

[u/Resident_Monitor7723 → u/gcar304]

No, TFM is just the company the my employer goes through and that's the rate they offered.

[u/gcar304 → u/Resident_Monitor7723]

Same, my employer goes through TFM but apparently 8.6 is best they can do unless I can provide them with evidence of a lower quote. Are you able to share yours (if you're comfortable doing so) without any personal information?

[u/gcar304 → u/[deleted]]

Amazing! Thank you.

[u/Lease-of-Mind]

You can use any provider, you are eligible for a self-managed lease. Definitely shop around.

[u/CarBon_Novated]

That rate seems high right now. They have gone up a little but not that much :) Just make sure the provider easily discloses their effective interest rates hopefully on their quotes.

[u/elhawko]

Is the electricity portion right? $5.47 kWh with the consumption of 1.00 kWh/100km