tag:blogger.com,1999:blog-38792165555082421352024-03-12T19:35:25.139-07:00Novate CarsA 'how to' guide for people who want to novate their car (and other things) but have no idea what to do.
Questions and Answers to help understanding.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-3879216555508242135.post-41474630082038341452008-08-09T22:50:00.000-07:002008-08-13T22:07:57.938-07:00End of Novation Period - What Options? Part 4Say you no longer want the car and simply want to hand it back. There is an option for you. Note: This option is very rarely used as it does not favour the driver in any way.<br /><br /><span style="font-weight: bold; font-style: italic; color: rgb(255, 204, 0);">Option 4 - Hand the Vehicle Back</span><br /><br />If the vehicle is handed back to the financier at the end of the Novated Lease period, the financier then auctions the vehicle for the best price offered (no reserve).<br /><br /><span style="font-weight: bold; font-style: italic;">What Happens after the Auction?</span><br /><br />The money raised from the sale (less costs) is used to pay out the residual amount plus GST of your Novated Lease. If there is a difference between the net funds (from the auction) and the residual amount plus GST, this amount is treated in either of the following ways:<br /><br />a. Any shortfall between the net sale price and the residual amount plus GST is still the responsibility - and liability - of the driver. (you still owe them money!)<br /><br />b. Any surplus between the net sale price and the residual amount plus GST is retained by the financier. (They keep it!!)<br /><br /><span style="font-weight: bold; font-style: italic; color: rgb(255, 255, 0);">Summary</span><br />You do have a variety of options available to you at the end of a Novated Lease. You can keep the car or not. Whatever option you choose, remember that the residual value must be paid.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com1tag:blogger.com,1999:blog-3879216555508242135.post-85232945273777939442008-08-09T22:33:00.000-07:002008-08-12T21:04:34.812-07:00End of Novation Period - What Options? Part 3If you don't want to keep the car you novated - maybe you want to move on to bigger and better things - you have another option at the end of your Novated Lease period.<br /><br /><span style="font-weight: bold; font-style: italic; color: rgb(255, 204, 0);">Option 3 - Upgrade the Vehicle</span><br /><br />Under this option you can trade in your existing vehicle and upgrade to another vehicle. A new Novated Lease is then set up for this replacement vehicle.<br /><br />Two points need to be made here in regards to the trade-in amount of your existing vehicle:<br /><br />a. If the trade-in value is less than the residual value plus GST on your existing novated lease, then the short fall is still due and payable by you (the driver) to the financier.<br /><br />b. If there is a surplus amount between the trade-in value and the residual amount plus GST, then this surplus is paid directly to you (the driver) and cannot be used to reduce the purchase price of the replacement vehicle.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-46408869662044942492008-08-09T22:11:00.000-07:002008-08-12T04:02:22.339-07:00End of Novation Period - What Options? Part 2If you want to keep the car you've got a Novated Lease on but can't afford it at the end of the lease, you might consider option 2.<br /><span style="font-weight: bold; font-style: italic; color: rgb(255, 204, 0);"><br />Option 2 -Refinance the Residual Amount</span><br /><br />If the driver wishes to retain the vehicle but can't afford the residual amount plus GST, he/she can arrange to have this amount refinanced over a further period - again Salary<br />Packaging this new Novated Lease from their salary.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-48927272087631455632008-08-09T21:47:00.000-07:002008-08-09T22:10:18.492-07:00End of Novation Period - What Options? Part 1At the end of the novation period, the agreed residual value plus GST needs to be paid to the financier.<br /><br />There are four options available to you.<br /><br /><span style="font-weight: bold; font-style: italic; color: rgb(255, 204, 0);">Option 1 - Offer to Purchase the Vehicle</span><br /><br />If the driver wishes to keep the vehicle, he/she makes an offer to purchase it from the financier for the agreed residual amount plus GST. This amount has been pre-determined and accepted by both parties in the initial contract. The offer is generally accepted by the financier. Funds are transferred to the financier and clear title of the vehicle is then passed to the driver.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-26828771498929549992008-07-27T20:30:00.000-07:002008-12-09T11:14:45.422-08:00Mercedes SLR McLaren Roadster<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_QRvLNELGE4M/SI0-jsJ-dQI/AAAAAAAAAPQ/_egaxa9X2Wk/s1600-h/maclaren1b.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://4.bp.blogspot.com/_QRvLNELGE4M/SI0-jsJ-dQI/AAAAAAAAAPQ/_egaxa9X2Wk/s400/maclaren1b.jpg" alt="" id="BLOGGER_PHOTO_ID_5227903525316359426" border="0" /></a>The very stylish Mercedes SLR McLaren Roadster hit the 'Car Catwalk' recently and was an instant 'head turner'. With its sleek lines and semi gull-wing doors, it had car enthusiasts salivating with a desire to take it for a burn on the German autobahn. This is the fastest automatic car in the world and one which Mercedes can be truly proud of.<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_QRvLNELGE4M/SI0-jXBo49I/AAAAAAAAAPI/7OahWAqZboU/s1600-h/maclaren1a.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://1.bp.blogspot.com/_QRvLNELGE4M/SI0-jXBo49I/AAAAAAAAAPI/7OahWAqZboU/s400/maclaren1a.jpg" alt="" id="BLOGGER_PHOTO_ID_5227903519644246994" border="0" /></a>My brother - the car connoisseur - actually had a part in its creation. I asked him some in depth questions about his work with McLaren....<br /><br /><span style="font-weight: bold;">Me:</span> "So Pete... what was your role in the development of the SLR Roadster?"<br /><br /><span style="font-weight: bold;">Pete:</span> "Design, development and supply of the body sealing system. That means the rubber bits around the doors and the roof. This was a bit more complicated than usual due the hinge position of the doors on the upper A-Pillar; and the fact that the door design is mainly carried over from the coupe and was never originally designed to be a convertible. Because the planned production volumes are low - maybe 800 cars depending on customer demand - the parts are produced more or less by hand in Metzeler's prototype workshop."<br /><br /><span style="font-weight: bold;">Me:</span> "Did you have any say in the design of the car?"<br /><br /><span style="font-weight: bold;">Pete:</span> "As a system partner we try to influence the body design to allow the best sealing performance, that means a lot of simultaneous engineering, and required a lot of visits to McLaren's Engineering centre in Woking (just outside London) to coordinate with the Engineering people there. This is also where the Formula 1 team is based and where the F1 cars are built and engineered. You can take a look at <a href="http://www.mclarenautomotive.com/">www.mclarenautomotive.com</a> and follow the link to Mclaren Technonogy Centre which in itself is an amazing place."<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_QRvLNELGE4M/SI0-jYfjrEI/AAAAAAAAAPA/_PMvm4M3RQg/s1600-h/macinterior1.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://4.bp.blogspot.com/_QRvLNELGE4M/SI0-jYfjrEI/AAAAAAAAAPA/_PMvm4M3RQg/s400/macinterior1.jpg" alt="" id="BLOGGER_PHOTO_ID_5227903520038169666" border="0" /></a><span style="font-weight: bold;">Me:</span> "How long were you working on the car?"<br /><br /><span style="font-weight: bold;">Pete:</span> "I started on the project in Feb/March 2006 and the first production cars were built at the beginning of June 2008. We supplied prototype parts at various stages for development cars, and I was at the Daimler test facility in Laredo Texas twice to support testing and development."<br /><br /><span style="font-weight: bold;">Me:</span> "So do you reckon I could afford one??"<br /><br /><span style="font-weight: bold;">Pete:</span> "In Europe the base price is around 495,000€ - there is a long list of extras and customers can personalise their cars as well.. I don't think there are any plans to sell them in Australia officially and I really don't think you could afford one."<br /><br /><span style="font-weight: bold;">Me:</span> "Fine then.. Guess I'll have to stick to my Rav 4. Thanks little brother.."<br /><br /><div style="text-align: right;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_QRvLNELGE4M/SI1JnhY5aOI/AAAAAAAAAPg/ViZ-OukfMgY/s1600-h/maclaren1c.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="http://3.bp.blogspot.com/_QRvLNELGE4M/SI1JnhY5aOI/AAAAAAAAAPg/ViZ-OukfMgY/s400/maclaren1c.jpg" alt="" id="BLOGGER_PHOTO_ID_5227915685773535458" border="0" /></a><span style="font-size:78%;">Pete in Germany with his 'baby'... </span> <br /></div><span style="font-weight: bold; font-style: italic;">Specifications:</span><br />ENGINE 5439cc, eight cylinders<br />POWER 617bhp @ 6500rpm<br />TORQUE 575lb ft @ 3250rpm<br />TRANSMISSION Five-speed auto<br />FUEL 14.5mpg (combined) CO2 348g/km<br />ACCELERATION 0-62mph: 3.8sec<br />TOP SPEED 207mphFeatherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com1tag:blogger.com,1999:blog-3879216555508242135.post-14885876110988562072008-07-26T19:52:00.000-07:002008-07-26T21:40:06.718-07:00"Vehicle Salary Packaging - How Can it Save You Money?" - Summary<strong><em><span style="color:#ffff00;">Putting it All Together</span></em></strong><br />We've talked about the three ways of saving money when you salary package a vehicle via a Novated Lease. You can save money on:<br />- the purchase price;<br />- on GST; and<br />- on the salary packaging.<br />Now lets put it all together with a realistic example.<br />Say Mr. A. Person wants to buy a Ford Focus TDCI (Hatch) with a recommended retail price (On Road and with accessories) of $31,800.00.<br />The Novation company, with their access to fleet discounts etc. is able to purchase the car for $28,100.00.<br /><span style="color:#ff0000;"><strong>Saving 1: $3,700.00</strong></span><br />The Tax Invoice price for the vehicle of $28,100.00 includes GST of $2450.00. This GST is claimed by the finance company as an Input Tax Credit. (So is not included in finance contract.)<br /><span style="color:#ff0000;"><strong>Saving 2: $2450.00</strong></span><br />By Salary Packaging the vehicle under the Employee Contribution Method your net take home savings are approximately $4135.00 per year.<br /><span style="color:#ff0000;"><strong>Saving 3: $4135.00 x three years = $12,405.00</strong></span><br /><span style="color:#ff0000;"><strong>Total Savings: $18,555.00</strong></span><br />When you analyze a Novated Lease agreement the savings are quite considerable. Why would you go out and buy a car yourself - paying the total price and putting a great deal of your savings into the purchase - if you are able to novate one? The more I learn about this, the more I'm convinced its the way to go.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-18762797931007494882008-07-17T19:32:00.000-07:002008-12-09T11:14:45.747-08:00"Vehicle Salary Packaging - How Can it Save You Money?" - Part 3<span style="FONT-WEIGHT: bold; COLOR: rgb(255,255,0); FONT-STYLE: italic">Saving Tax</span><br />The third way to save money when you salary package a vehicle via a Novated Lease is through the effect it has on:<br />- reducing the income tax you pay: and<br />- the subsequent increase in your take home salary.<br /><br />By Packaging the operational costs as well, the savings can be quite considerable.<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_QRvLNELGE4M/SIAB_iszokI/AAAAAAAAANw/DdE3u-Y_0WQ/s1600-h/quotetable.jpg"><img id="BLOGGER_PHOTO_ID_5224177758907900482" style="DISPLAY: block; MARGIN: 0px auto 10px; CURSOR: pointer; TEXT-ALIGN: center" alt="" src="http://4.bp.blogspot.com/_QRvLNELGE4M/SIAB_iszokI/AAAAAAAAANw/DdE3u-Y_0WQ/s400/quotetable.jpg" border="0" /></a>In the above example (Quote dated 17/07/08) savings could be as much as $4,775.34 each year - totalling approximately $19,000.00 over four years!<br /><br />*Table provided by <a href="http://www.supalease.com.au/"><span style="TEXT-DECORATION: underline">Supanova</span></a> shows an example of possible annual savings for this particular scenario.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-79523004202278440892008-07-14T01:28:00.000-07:002008-07-26T21:05:58.275-07:00"Vehicle Salary Packaging - How Can it Save You Money?" Part 2<strong><em><span style="COLOR: rgb(255,255,102)">Saving on the GST</span></em></strong><br />The second way to save money when you salary package a vehicle via a Novated Lease (when you purchase from a car dealership) is through the GST savings. When leasing a vehicle, the financier claims the GST as an input tax credit, which means the employee is not required to finance this part of the total invoice.<br />Basically this happens because the finance company owns the vehicle and the employee is renting / leasing the vehicle from the financier.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-72047089078388970212008-07-10T01:05:00.000-07:002008-07-26T21:07:08.266-07:00"Vehicle Salary Packaging - How can it save you money?" Part 1<strong><em><span style="color:#ffff66;">Saving on the Purchase Price</span></em></strong><br />There are three main ways to save money when you salary package a vehicle via a Novated Lease. The first way of saving money is on the purchase price of the vehicle. Some employees will be able to access additional fleet discounts normally only available to corporations with large fleets of vehicles. This discount is available to you because the account manager at the novation company can often buy at fleet prices as a result of the large amount of business he puts the way of car dealerships. The discount will depend on the quality of the novation company you choose and the type of car.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-81514738848166519372008-07-06T22:18:00.000-07:002008-12-09T11:14:46.229-08:00Some Eye Candy for the Car Lover...The distinctive Bugatti (Bugatti Veyron FBG par Hermes I believe) at the International Geneva Motor Show (Salon International de l'Auto) earlier this year.<br /><br /><p align="center"><img id="BLOGGER_PHOTO_ID_5220138204875332994" style="DISPLAY: block; MARGIN: 0px auto 10px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="http://4.bp.blogspot.com/_QRvLNELGE4M/SHGoCjQKHYI/AAAAAAAAALI/GgrTmQxGBAA/s400/20080314_Salon+Genf_037.JPG" border="0" /><a href="http://1.bp.blogspot.com/_QRvLNELGE4M/SHGoChvL-8I/AAAAAAAAALA/l_-sefiiZrw/s1600-h/20080314_Salon+Genf_036.JPG"><img id="BLOGGER_PHOTO_ID_5220138204468607938" style="DISPLAY: block; MARGIN: 0px auto 10px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="http://1.bp.blogspot.com/_QRvLNELGE4M/SHGoChvL-8I/AAAAAAAAALA/l_-sefiiZrw/s400/20080314_Salon+Genf_036.JPG" border="0" /></a> <span style="font-size:78%;">photos: P. Olney</span></p><p>Car makers love displaying their wares at this show because it is considered to be the most level playing field. Switzerland does not have its own auto industry, and so it is felt that in Geneva there is less chance of bias towards any particular <span style="color:#cccccc;">manufacturer.<br /><br /></span><span style="color:#ffff00;"><em><strong>The History..</strong></em></span><br /><br /><span style="color:#cccccc;">This extract from Wikipedia sums up the Bugatti company in a nutshell..<br /><br />..."Bugatti was founded in Molsheim, France as a manufacturer of high performance automobiles by </span><a title="Ettore Bugatti" href="http://en.wikipedia.org/wiki/Ettore_Bugatti"><span style="color:#3366ff;">Ettore Bugatti</span></a><span style="color:#cccccc;">, an Italian man described as an eccentric genius.<br />The original company is legendary for producing some of the most exclusive cars in the world as well as some of the fastest. The original Bugatti brand failed with the coming of World War II, like many high-end marques of the time. The death of Ettore's son Jean was also a contributory factor. The company struggled financially into the 1960s eventually being purchased for its airplane parts business. Today the name is owned by </span><a title="Volkswagen Group" href="http://en.wikipedia.org/wiki/Volkswagen_Group"><span style="color:#3366ff;">Volkswagen AG</span></a><span style="color:#cccccc;"> who have revived it as a builder of very limited production </span><a title="Sports car" href="http://en.wikipedia.org/wiki/Sports_car"><span style="color:#3366ff;">sports cars</span></a><span style="color:#cccccc;">."...<br /><br /></span>I asked my brother about the Bugatti and he said ..."its very fast (400 kmh)... its very expensive (if you have to ask how much then you can't afford it)"... Check out the <a href="http://www.bugatti.com/">Bugatti web site </a>- that's a fantastic experience in itself!</p>Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-722487520468479622008-07-06T21:50:00.000-07:002008-12-09T11:14:46.611-08:00What Does the Word 'Novation' Mean?Well I'm glad you asked... According to the Macquarie Dictionary, the word 'novation' is a law term and means:<br /><br /><div>...'the substitution of a new obligation for an old one, usually by the substitution of a new debtor or of a new creditor.'...</div><br /><div>In terms of a novated lease this means that the employer - through the process of salary packaging - packages the employee's financial obligation to lease his car as part of his salary in pre tax dollars. Thus the original Financial Lease Agreement becomes a Novated Agreement.<br /></div><br /><div><img id="BLOGGER_PHOTO_ID_5220135972078758850" style="DISPLAY: block; MARGIN: 0px auto 10px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="http://4.bp.blogspot.com/_QRvLNELGE4M/SHGmAlb-K8I/AAAAAAAAAK4/M_GCq2CVHEQ/s400/employeremployeeflowchart.jpg" border="0" /></div>Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com2tag:blogger.com,1999:blog-3879216555508242135.post-3962921045306243992008-07-06T20:44:00.000-07:002008-07-26T21:11:52.112-07:00What Types of Cars Can You Novate?A broad range of cars can be <span class="blsp-spelling-error" id="SPELLING_ERROR_0">novated</span>.<br /><br />You can <span class="blsp-spelling-error" id="SPELLING_ERROR_1">novate</span> a new car - either sourced by you or by the <span class="blsp-spelling-error" id="SPELLING_ERROR_2">novation</span> company.<br /><br />You can <span class="blsp-spelling-error" id="SPELLING_ERROR_3">novate</span> a used car. The used car can be purchased:<br />- through a <span class="blsp-spelling-error" id="SPELLING_ERROR_4">LMCT</span> (Licenced Motor Car Trader) dealership;<br />- from a private seller; or<br />- from yourself! (your own car) *conditions apply<br /><br />Yes, you can ask the <span class="blsp-spelling-error" id="SPELLING_ERROR_5">novation</span> company to organise the purchase of your own car by the financial institution, and then arrange to have the vehicle leased back to you through a novated lease. This was a particularly popular method of <span class="blsp-spelling-error" id="SPELLING_ERROR_7">novation</span> when interest rates went up and people wanted to move the lump sum they had invested in their car on to their home mortgage.<br /><br />*The amount paid for your car will be determined by an evaluation obtained by the finance company and the <span class="blsp-spelling-error" id="SPELLING_ERROR_8">novation</span> company.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com1tag:blogger.com,1999:blog-3879216555508242135.post-15826329740927917652008-07-05T00:39:00.000-07:002008-07-26T21:12:58.658-07:00Can You Novate a Car if You're Self Employed?The simple answer is 'yes'. My husband - who knows about these things - tells me that if you have a ABN number and you draw a set wage from your business you can novate a car. Your company is the 'employer' and you are the 'employee'. You get all the pre-tax benefits that any other person would get. If you don't draw a set wage from your business (i.e. draw random amounts of cash), but still pay PAYE tax, you can also novate a car, but it will require a little more paper work from your end.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-8581518069948510152008-07-04T20:25:00.000-07:002008-07-26T21:15:12.798-07:00Who Can Novate a Car?Wondering if you can novate a car? Well if you work on a full-time basis for a company who allows their employees to salary package vehicles, then you can. Many companies nominate a particular novation company for their employees to go through, although some leave that decision to the employee. The type of car you can novate will depend on your salary scale and your other committments. You're probably not going to get approval for a $120,000.00 car if your annual salary is less than $50,000.00! The novation company will work with the employee, the employer and the financier to broker the deal.Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0tag:blogger.com,1999:blog-3879216555508242135.post-76044534245080940752008-07-03T20:11:00.000-07:002008-12-09T11:14:47.421-08:00Imagine Novating This!!!<a href="http://2.bp.blogspot.com/_QRvLNELGE4M/SG2XDgKQRBI/AAAAAAAAAJM/Pb8RzFHHrE0/s1600-h/coolcar1.jpg"><img id="BLOGGER_PHOTO_ID_5218993629620618258" style="DISPLAY: block; MARGIN: 0px auto 10px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="http://2.bp.blogspot.com/_QRvLNELGE4M/SG2XDgKQRBI/AAAAAAAAAJM/Pb8RzFHHrE0/s400/coolcar1.jpg" border="0" /></a><br /><a href="http://4.bp.blogspot.com/_QRvLNELGE4M/SG2XDn0K3NI/AAAAAAAAAJU/JQzs53v0LbU/s1600-h/coolcar2.jpg"><img id="BLOGGER_PHOTO_ID_5218993631675473106" style="DISPLAY: block; MARGIN: 0px auto 10px; CURSOR: hand; TEXT-ALIGN: center" alt="" src="http://4.bp.blogspot.com/_QRvLNELGE4M/SG2XDn0K3NI/AAAAAAAAAJU/JQzs53v0LbU/s400/coolcar2.jpg" border="0" /></a><br /><div>My brother lives in Germany and works for a company called Metzeler. They make rubber moldings for all sorts of exotic cars and needless to say he is a 'car connoisseur'. (he likes cars!!!)</div><br /><div>He took these photos at a recent car show in Geneva. I - not knowing much about cars - have no idea what it is, but I like it! Imagine novating this! I guess it would take <strong>some time</strong> to pay off...</div>Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com1tag:blogger.com,1999:blog-3879216555508242135.post-4980248186773181342008-07-03T18:55:00.000-07:002008-07-26T21:22:10.819-07:00What is 'Novation'?Well I for one had no idea about what novation was and how it worked until someone asked me what my husband did. I told them he was in the novation business.. but then they asked me to explain... I 'um'ed and 'ar'ed for a bit, then said it had something to do with selling cars. Wrong!!!! When I told him about the conversation he was particularly unimpressed and he sat me down and explained in detail why he wasn't a car salesman.<br /><br />Apparently car novation is to do with financing cars - but in a way which is very beneficial to the purchaser. You can actually go out and find the car you want yourself. Make the deal, do the sale etc., and then get in touch with a novation company and they can 'salary package' it for you. You can make payments for the car, insurance and even petrol costs in pre tax dollars! Cool... who would have thought! So much to learn, so little time...Featherhttp://www.blogger.com/profile/08322432154277636066noreply@blogger.com0