I wanted to buy a car with a novated lease for a 1 year contract only. After speaking with them I got to know that I'm only approved to go for it for 11 months due to my visa conditions.
I've attached pictures of the quote I've received. At first when I saw it, I understood that I'll be paying $15219+$21272 = $36491 in total. When I asked the sales person he explained that as it's 11 months only, I'll be paying $585 fortnightly for 11 months + $21272 which totals to $35223 all inclusive. This didn't make sense to me, so can you please tell me if it's true?
Also, now I understand that 12% comparasion rate is quite high, but I'd like your advice if this would still be a bad deal for me or not. I'm planning to take my own insurance as the quoted one is too expensive. I found one for almost half the price.
If at the end of the lease I'm paying same price for the car and running cost I would've paid anyway, that's still a win for me as I'll get to drive the car for one year before having to pay the balloon payment.
Thanks in advance.
