Thanks to you guys I went into the novated lease process knowing I would have to fight for a decent rate with SG Fleet. Unfortunately the only option through my work. Initial quotes came in with 11+ percent. When it came down to finally securing the car I wanted etc I got it down to low 9s two weeks back. Due to various stuff ups and back and forths between SG Fleet and the dealer it took until yesterday to get remittance and delivery of the car. I thought no sweat at least I finally got the car, sure the rate will change some because of the RBA announcement but little I can do about that.
Well this morning I get the final schedule for the lease. Somehow the interest is close to 11.5%! This was a real kick in the guts. Getting this car was a stretch for someone who usually goes second hand, but we were keen to get into the EV space (even before all the Iran stuff started) and so the new car cheaper end of town with good warranties was appealing enough.
I have spoken to and emailed my delivery consultant and the reply has come back that’s the rate of the day, ie tough luck this what you signed up for.
I am lost for words, nearly a 2.5% increase in two weeks. That has taken a significant chunk of savings from doing this lease. Have others had this experience? Any luck fighting this kind of fleecing?
Update:
Ok SG Fleet’s systems and processes are just a mess. Incorrect rate listed on the final schedule was the issue.
Seems crazy that my delivery consultant could escalate it and just come back with the rate listed is what it is. It took another email and my lease consultant chasing it to get a new final schedule with the correct rate. Ended up at 9.235% which is much more in line with what was on the signed indicative schedule.
I gotta say this whole process has been a pain, glad to have the car and hopefully smoother sailing from here.