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Novated Lease Remarketing - Frequently Asked Questions (FAQs)
Who will buy my vehicle?
Am I committed to use Pickles Novated Remarketing if I submit an assessment form?
Is there any cost for submitting and assessment form?
Does it matter who my vehicle may be financed with?
Does Pickles Auctions actually buy my Novated lease vehicle?
I think my vehicle may sell for less than the cost to payout my finance company, can I still use this service?
My vehicle will be out of registration on sale, does that matter?
My insurance will lapse when the Residual Value is paid out, does this matter?
My residual value is due in the next day or so, am I too late to use this process?
I have paid out my residual already, can I still use Novated Lease Remarketing?
Can I use Pickles Novated Remarketing if I am facing redundancy?
How will my vehicle be sold?
How does Pickles attract buyers to my vehicle?
Will my vehicle have a reserve?
I'm considering breaking my lease early, can I still use this service?
I'm going overseas but need to terminate my lease, can I still use Novated Remarketing?
I'm based in a remote location, does that matter?
Do I need to take my vehicle to a Pickles branch for inspection or valuation?
What happens once I've emailed my assessment form to novated@pickles.com.au?
The vast majority of Novated Lease vehicles are sold to Private buyers simply because of the quality and condition of Novated Lease Vehicles. However our auctions are well attended by Motor Vehicle dealers too, thus creating a highly competitive auction market.
Am I committed to use Pickles Novated Remarketing if I submit an assessment form?
No. A separate form will be forwarded to you should you, choose to take advantage of Pickles Novated Remarketing service.
Is there any cost for submitting and assessment form?
No. Pickles sight unseen assessment of your vehicle is free of charge.
Does it matter who my vehicle may be financed with?
No. Providing you can supply Pickles with an invoice or payout advice from your financier which includes their bank details and the GST inclusive purchase price, Pickles can make direct payment to them for the value of your Residual Value on your behalf.
Does Pickles Auctions actually buy my Novated lease vehicle?
No. Pickles will payout your residual value on your behalf and sell your vehicle under consignment. This allows Pickles to make an independent assessment of the worth of your vehicle.
I think my vehicle may sell for less than the cost to payout my finance company, can I still use this service?
Yes, Pickles will calculate a potential shortfall amount which is referred to as a ‘Gap Amount’ which is based on our low estimate. This amount is payable on delivery of the vehicle but upon Pickles determining a final sale amount, any unused Gap amounts will be refunded directly to you. Given more than 80% of Novated vehicles sell for greater than the midpoint of our estimates, you can expect to receive back a large portion of your original Gap payment. On many occasions, clients have received the entire Gap amount back as the vehicle has performed much better than Pickles may have first anticipated. Additionally, should Pickles not achieve our low estimate, you will not have to contribute any additional funds as that becomes Pickles responsibility.
My vehicle will be out of registration on sale, does that matter?
No. The large majority of Novated Lease Vehicles are sold without any registration. Some lessee’s choose to renew their registration, particularly if they have funds left over in their Novated budget. This is helpful when selling to private buyers and can assist with attracting a higher sale price but is not essential. Some state road authorities permit a short term registration of 3 or 6 months as opposed to 12 months, your fleet manager should be able to advise you if this is possible.
My insurance will lapse when the Residual Value is paid out, does this matter?
No. Pickles insure your Novated Lease vehicle once we take possession under our corporate insurance policy.
My residual value is due in the next day or so, am I too late to use this process?
No. Please alert us to the tight timeframes in which you are working in and we can accommodate you. (Note: we have on occasions received a quote, discussed the outcome, taken delivery and paid out the residual value all on the same day)
I have paid out my residual already, can I still use Novated Lease Remarketing?
Yes. Please note in your email or assessment form and we will discuss inturn.
Can I use Pickles Novated Remarketing if I am facing redundancy?
Pickles will exclusively offer your vehicle for sale at a Fixed Price at or above the high estimate we will provide you via your assessment form. If your vehicle isn’t first purchased at a Fixed Price, your vehicle will then be offered in our weekly Auctions and still available to be purchased at a Fixed Price each weekend and potentially mid week.
How does Pickles attract buyers to my vehicle?
All Fixed Priced vehicles are displayed on two of Australia’s largest online motor vehicle listing sites to attract private buyers, along with www.pickles.com.au. Pickles Auctions also uses many other forms of adverting such as TV, Radio, Newspaper, Online etc in order to attract buyers to our auctions and fixed price facilities.
Will my vehicle have a reserve?
I'm considering breaking my lease early, can I still use this service?
Yes. Your leasing company should be able to provide you with an early termination value or early payout value. Pickles can still step in and make this payment for you, even if a potential loss on sale is expected.
I'm going overseas but need to terminate my lease, can I still use Novated Remarketing?
We often have lessee’s deliver their vehicle to Pickles a day or two prior to their departure from Australia. Typically, you will have access to email overseas so that we can still communicate effectively and we can even send proceeds overseas if your bank accounts have been terminated in Australia for a small fee.
I'm based in a remote location, does that matter?
No. Pickles can arrange transport for your vehicle from wherever you are located to our facility via our Australia wide transport network. These costs can simply be deducted from the vehicle proceeds upon sale. (Many mining employees utilise this service)
Do I need to take my vehicle to a Pickles branch for inspection or valuation?
No. Pickles Novated Remarketing service embraces the honesty of the Novated lease drivers. Given the vehicle is sold under consignment, ultimately any non-disclosure of damage or major fault will be sighted on delivery of the vehicle and will affect the sale price achievable.
What happens once I've emailed my assessment form to novated@pickles.com.au?
When your form is received, Pickles forward your application to the branch nearest your location to obtain a low and high estimate from our expert motor vehicle valuers. This allows Pickles to value your vehicle where the vehicle will be sold, rather than using a ‘nationwide’ valuation or an online motor vehicle advisory site value, which may not be updated regularly, take into consideration your location or current market trends. Once the low and high estimates are received back from the branch, Pickles will call you to discuss the outcome and the associated remarketing fees with the sale of your vehicle. This should all occur within a 48 hour period (excluding weekends and public holidays).
