Hi everyone,
Maxxia (my Department's provider of novated leases) has informed me that I can't reduce the finance amount on a new vehicle by trading in my current vehicle.
At the moment, the residual on my car is $9000. However, market resale due to the current shortage of vehicles, is around $20000.
I would like to buy out my current vehicle and trade it in with the dealer I want to get my new car from. This will reduce the finance I need by around $11000. Maxxia say I'm not allowed to do this by the ATO.
This is confusing to me because I am able to lease a used car so why can't I just do the deal with the car yard, buy the car outright (with the trade-in credit included) and then set up a lease after the fact? Doesn't it amount to the same process - just far more complicated for me to organise?
Thanks for your help.
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