Your novated lease is nearly up, now what?
At Fleet Network, we make your next step easy. Whether you want to upgrade, buy out your current vehicle, or walk away, we’ll guide you through your options clearly — and help you make a confident, cost-effective choice
No jargon. No generic advice. Just transparent, helpful guidance tailored to you. If you’re unsure of your next steps, here we help you navigate them.
Your End-of-Lease Options
When your novated lease term is coming to an end, you have several practical, flexible options to consider. Every situation is different, and at Fleet Network, we help you find the best-fit solution based on your current needs and future plans now follow this:
Upgrade Your Vehicle
Drive a newer model, keep your tax savings, and enjoy the perks of starting fresh. We handle the switch for you — from paperwork to delivery. It’s an easy transition into your next lease with minimal fuss and full transparency. Plus, a newer vehicle often comes with improved safety features, tech, and reliability.
Buy It Out
Love your car? You’re not alone. Many people choose to keep their leased vehicle by paying the residual value — a pre-agreed lump sum set at the beginning of the lease. Once paid, the car is yours outright. No more repayments. No inspections. Just simple, straightforward ownership.
Return It
No longer need the car? Depending on your lease arrangement, you may be able to return the vehicle at the end of your agreement. This option suits those looking to reduce expenses or take a break before their next car decision. We’ll help confirm your eligibility and manage the return process with clarity.
What Is the Residual Value?
The residual value, also known as the balloon payment, is the remaining amount owed at the end of your novated lease. It represents the estimated market value of your car after depreciation, based on ATO guidelines.
At lease-end, you can:
- Pay the residual and own the car outright
- Refinance the amount into a new novated lease
- Sell or trade the vehicle and use the proceeds to cover the residual
Understanding your residual options early can help you plan better. At Fleet Network, we’ll break down what you owe, what it means, and how it fits into your broader financial goals.
Can I Refinance or Extend My Lease?
Yes, and it’s more common and easier than you might think. If you’re not ready to make a final decision, or if you’d prefer to continue enjoying your vehicle a little longer, refinancing or extending your lease can provide breathing room.
Why people choose to extend:
- You need more time to prepare for the residual payment
- You want to avoid a new car commitment right now
- You still enjoy your current vehicle and it’s in great condition
We’ll help you restructure your agreement, so you stay in control.
What If I Do Nothing?
Doing nothing isn’t the best strategy. If your novated lease ends and you don’t make a plan, your salary packaging will stop, and you’ll still owe the residual amount. This can cause unnecessary financial stress.
That’s why we proactively contact our customers before their lease ends. We’ll help you plan your next step, understand your options, and avoid surprises. Whether it’s a payout, refinance, or re-lease, we’re by your side.
Frequently Asked Questions
What happens at the end of the novated lease?
You’ll have several options: upgrade to a new lease, pay the residual and own the vehicle, refinance the remaining amount, or (in some cases) return the car.
What is the residual value?
It’s the pre-agreed value of the car at the end of the lease. It’s calculated at the start of your lease using ATO guidelines and reflects how much the vehicle is expected to be worth.
Can I terminate my novated lease early?
Yes, though it depends on the structure of your agreement. Early termination may involve fees or a payout of remaining costs. We can walk you through your options and advise on the most cost-effective outcome.
What if I don’t make a choice before my lease ends?
If no action is taken, you may lose your tax savings and still owe the residual. Fleet Network will always contact you before your lease ends to help plan the next step.
Can I roll my current lease into a new one?
Absolutely. Many of our customers choose to trade in their existing vehicle, cover the residual, and roll into a fresh lease — all in one seamless process.
Let’s Make Your Next Move Easy
Whether you’re upgrading, buying, or stepping away — Fleet Network is here to help you close out your novated lease the right way. We’ve helped thousands of Australians navigate the end of lease process with clarity and confidence.
Let’s talk about what suits you best. Your time, your lifestyle, your next move — made simple.
