Is there a penalty if I sell or pay my novated lease out early?
Finance penalties are likely to apply if you sell or pay your car out early. These usually extend to a percentage of the interest charges remaining on the lease, but you will need to check your particular finance contract for exit fees and charges that apply to your lease. Your Novated Lease provider may also charge a fee to exit the arrangement early; check their agreement for their particular rates. You may be able to reduce the cost of terminating your lease early by taking out lease protection insurance and/or income protection insurance. Contact your novated lease provider for details.
