Rem Serve !!

ieatsports_cars · 02-07-2010, 06:11 PM

hi all iam looking at getting a 50 anniversary falcon through REM SERVe as part of salary packaging ! i was wondering has any body had to deal with these guys ! as i am a queensland heath employee

04redxr8 · 02-07-2010, 06:28 PM

Quote:

Originally Posted by ieatsports_cars

hi all iam looking at getting a 50 anniversary falcon through REM SERVe as part of salary packaging ! i was wondering has any body had to deal with these guys ! as i am a queensland heath employee

In order to buy a car that way, you would first need to be recieving your salary.

Sorry bad joke, nothing to add but my sympathies and thanks for the job you do.

ieatsports_cars · 02-07-2010, 07:04 PM

that is ok ! i liked to be thanked for doing my job :-) yes recieving my salery would be a excellent start ROFL

Mr Hardware · 02-07-2010, 07:06 PM

Yeah, Qld Govt employee here too.
Remserv are fairly okay as far as government agencies go. Do some searches on this site about novated leases/salary packaging/salary sacrifice and you'll find some good info.

ieatsports_cars · 02-07-2010, 07:11 PM

yep ! remserve gave me a price 380 per fourtnight including $40 fuelcard per week, rego, insurance, maintence, tyres etc all included and at the end of the 5 year lease i will have to pay 10 000 to keep the falcon

Mr Hardware · 02-07-2010, 07:15 PM

sure.
just remember, if you can pay em out the $10k and then go sell the falc for like ~$17k
but incorporated in their fortnightly charge is a 14.75% interest rate
but its all before tax
so those two points pretty much cancel each other out

04redxr8 · 02-07-2010, 07:17 PM

Quote:

Originally Posted by ieatsports_cars

yep ! remserve gave me a price 380 per fourtnight including $40 fuelcard per week, rego, insurance, maintence, tyres etc all included and at the end of the 5 year lease i will have to pay 10 000 to keep the falcon

I would actually talk with an accountant first. The ATO keep moving the tax brackets, so best to know exactly where you stand and what financial benefits you can expect. Just a warning, most accountants hate cars. (I still haven't found the balls to call mine and tell her I just bought a new ute

)

Good luck with it.

SEZ213 · 02-07-2010, 10:48 PM

correct me if my maths is out...

but $380p/fortnight x 26 weeks is 9880 per year x 5 years = 49400 + 10000 residual = $59400...

Seems you might be better off just getting independent finance, and owning the car outright after 5 years.

Granted you have to pay rego and the like, just seems like an awfully expensive way to go about owning a car...

I don't like lease companies personally...but each to their own - make sure you check the fine print regarding excess kilometres, excess for any insurance claims you make and the like, otherwise...good luck!

Smoke Pursuit · 02-07-2010, 11:09 PM

Yeh but you get fuel, maintenance rego and insurance. Rego and insurance is nearly 2 kay a year for my XR6, that 10k alone for the 5 years.

Scott · 02-07-2010, 11:31 PM

Quote:

Originally Posted by bfiipursuit

Yeh but you get fuel, maintenance rego and insurance. Rego and insurance is nearly 2 kay a year for my XR6, that 10k alone for the 5 years.

And it's pre-tax money.

SEZ213 · 02-07-2010, 11:40 PM

Quote:

Originally Posted by bfiipursuit

Yeh but you get fuel, maintenance rego and insurance. Rego and insurance is nearly 2 kay a year for my XR6, that 10k alone for the 5 years.

That's a hefty insurance bill when your rego is 900 bucks...perhaps you should look at another insurer (or have you been bad? :P)

Dave3911 · 02-07-2010, 11:43 PM

Quote:

Originally Posted by Sezzy

correct me if my maths is out...

but $380p/fortnight x 26 weeks is 9880 per year x 5 years = 49400 + 10000 residual = $59400...

Seems you might be better off just getting independent finance, and owning the car outright after 5 years.

Granted you have to pay rego and the like, just seems like an awfully expensive way to go about owning a car...

I don't like lease companies personally...but each to their own - make sure you check the fine print regarding excess kilometres, excess for any insurance claims you make and the like, otherwise...good luck!

I just finished a 5 yr novated lease with basically identical costings to what was quoted by the OP....
Doing 25 - 30 thousand km/s a year my Fuel bill alone was around 19k
3k for rego over 5 years
6k for insurance
7k for maintenance/tyres.......

Yes, your figures are out, by about 35k......

SEZ213 · 02-07-2010, 11:59 PM

Quote:

Originally Posted by Dave3911

I just finished a 5 yr novated lease with basically identical costings to what was quoted by the OP....
Doing 25 - 30 thousand km/s a year my Fuel bill alone was around 19k
3k for rego over 5 years
6k for insurance
7k for maintenance/tyres.......

Yes, your figures are out, by about 35k......

I guess I'm just not getting something...ripped off... :|

7k for tyres and maintenance seems very steep...

So does 6k for insurance...where you bad race car drivers in former lives or something?

Smoke Pursuit · 03-07-2010, 12:01 AM

Quote:

Originally Posted by Sezzy

That's a hefty insurance bill when your rego is 900 bucks...perhaps you should look at another insurer (or have you been bad? :P)

Nope.. But cars generally arent cheap to insure when your 24..

Ive never had a speeding fine in my life, dont plan on getting one either.

kinggee · 03-07-2010, 03:24 AM

Check up about minimum kilometres needed to travel each year. I've heard that if you don't do enough kilometres you can be 'fined' or charged if you're under, say 20000km for the year.

csv8 · 03-07-2010, 10:38 AM

Did you check out there web site ? I use Remserv for parking and electricity. Metro Ford gave me a better deal than remserv on my GHIA.

Warrenk · 03-07-2010, 11:48 AM

For a novated lease all the payments are pre tax. The vehicle is bought at fleet price and I think gst free. All maintence, fuel, tyres and service costs are gst free. When I bought my vehicle I found the best price I could get then the gave to the fleet company. In the end the vehicle was bought from my quote.
Depending on the klm's you will do will depend on fringe benefit tax, and this payment is post tax. For 25,000klm's and above it is 11% of the purchase price of the vehicle for the first 3 or 4 years then reduces after that. If you don't do the required klm's you will drop to the next level for FBT. The 15000 klm's is a about 40% and 40000klm's is 3% I think.
If you add up all the costs and take away the savings on tax the end result is the cost of the vehicle is like having an interest free loan for the vehicle and a saving on the running costs.
Thats how I justifed buying to new vehicle a few years ago using a novated lease.
The fleet company I used tried to add extra warranties, insurances, detailing etc in the contract. Check the contract and remove the non wanted extras, you could save up to $10 a week

Warren

Mercury 8 · 03-07-2010, 12:09 PM

Quote:

Originally Posted by Warrenk

For a novated lease all the payments are pre tax. The vehicle is bought at fleet price and I think gst free. All maintence, fuel, tyres and service costs are gst free. When I bought my vehicle I found the best price I could get then the gave to the fleet company. In the end the vehicle was bought from my quote.
Depending on the klm's you will do will depend on fringe benefit tax, and this payment is post tax. For 25,000klm's and above it is 11% of the purchase price of the vehicle for the first 3 or 4 years then reduces after that. If you don't do the required klm's you will drop to the next level for FBT. The 15000 klm's is a about 40% and 40000klm's is 3% I think.
If you add up all the costs and take away the savings on tax the end result is the cost of the vehicle is like having an interest free loan for the vehicle and a saving on the running costs.
Thats how I justifed buying to new vehicle a few years ago using a novated lease.
The fleet company I used tried to add extra warranties, insurances, detailing etc in the contract. Check the contract and remove the non wanted extras, you could save up to $10 a week

Warren

Yeah be careful with the extras.Through Remserve they kept adding extended warranty into the quote earlier this year.Vehicle was only on a two year deal so why would I want extended warranty? Also you can broker your own deal with the dealer which I did and then hand it on to Remserve. I got a better deal than the fleet discount that Ford were offering Remserve. Also used my own insurance company which was half what Remserve was offering and passed that over to Remserve.All up it took three days from contact until car was sitting in driveway with only one trip to the dealer,the rest was done over the phone and via e-mail.Very hassle free and efficient.Obviously the car was in stock.The balloon payment at the end is probably about 3 to 4 grand less than what it should fetch as a trade which is a plus and if not it doesn't really matter. Best part is it is all pre tax dollars.

Scott · 03-07-2010, 12:49 PM

Quote:

Originally Posted by Dave3911

I just finished a 5 yr novated lease with basically identical costings to what was quoted by the OP....
Doing 25 - 30 thousand km/s a year my Fuel bill alone was around 19k
3k for rego over 5 years
6k for insurance
7k for maintenance/tyres.......

Yes, your figures are out, by about 35k......

Did you forget something?

geckoGT · 03-07-2010, 01:15 PM

I have used remserv for the last 4 year and have not had a problem.

What financial advisor are you using to set it up? My advice is do not use Hillross as they charge a lot in fortnightly fees on the promise that they will monitor the remserv account and you do not have to pay anything. The truth is they do absolutely nothing except charge you $28 a fortnight from your remserv account. I used Statewide this time and their one off fee is a much better idea.