Myfleet Finance Lease
A Myfleet Finance Lease is designed mostly for the small to medium business as a way to ultimately purchase and own a car based on a fixed term payment
arrangement followed by a lump sum payment at lease end. It is very similar to the traditional CHP (Commercial hire purchase) arrangement but
has some benefits with GST and general company tax claims.
What is Finance Lease?
Myfleet can provide a finance lease to anyone seeking to lease or buy a new passenger vehicle, light commercial or general plant and equipment.
It requires a simple application process, customer chooses the vehicle or item of equipment required then Myfleet arranges the purchase and payment on their behalf.
A lease period is typically between 36 and 60 months with equal monthly payments and a lump sum payout (residual payout) at lease end. This type of product saves on cash flow throughout the usable life of the leased items.
The market value of the leased items at lease end is typically more than the residual payout so the leased items can be sold and the lease payout amount recovered.
GST on the new vehicle or equipment is claimed back by Myfleet and not factored into the lease costs, GST on the lease payments are claimed back by the lessee. Lease payments are completely tax deductible (although passenger vehicles must be under the depreciation limit).
The finance lease can also be easily combined with a budget for all the operating costs of fuel, maintenance, tyre, registration and insurance costs effectively making it a fully maintained finance lease.
