Quote Terms and Conditions
1. General information
You acknowledge and agree that:
When you request a quote or calculations, estimates or recommendations PFM has relied on the information provided by you (vehicle particulars, salary, estimated lease kilometres, lease term etc) as well as information supplied by third parties such as vehicle pricing from dealerships, lease costs from financiers and running costs estimates supplied by various 3rd parties. We undertake to take reasonable care to ensure that quote is accurate, based on the information available to us at the time.
To the extent permitted by law, PFM:
a. does not offer any warranty as to the accuracy or reliability of the information contained within our quote; and
b. disclaims any liability for direct or indirect loss or damage suffered by you or any related party that relates to information included or omitted from the quote.
2. General Advice Warning (GAW)
All information supplied by PFM within the quote, or by phone, email or our website is of a general nature only and serves as a guide only to estimate the tax savings you may achieve from a novated lease based on the information we have been provided. Before making any decisions involving a novated lease arrangement or any associated financial products or services we strongly recommend you obtain independent advice about the suitability and benefit of any products or services to your personal situation.
Please refer to the detailed GAW in our terms and conditions
3. Your actual costs will always vary from the estimates contained in your quote
You acknowledge and agree that:
The salary comparison details provided in the Quote have been estimated based on salary figures provided by you to PFM
The estimated running costs, pre and post tax deductions, estimated tax savings and estimated GST savings are all estimates only, based on the type of car, your estimated annual kilometres, the lease term and the salary you provided. You will be responsible for actual costs incurred on your vehicle during the term of the lease.
We provide reporting to help track your actual costs versus budgeted costs through the lease term and this information can be useful for identifying is you are spending a lot more, or a lot less than budgeted.
The reason for variations between actual costs and our initial estimates are numerous, for example;
a) if your kilometres vary from budget this will directly impact the actual cost of fuel, servicing, tyres and repairs which are all linked to your usage.
b) vehicle running costs fluctuate in price regularly throughout the term of your lease. For example the price of fuel per litre fluctuates due to market conditions, comprehensive insurance premiums regularly change due to general price changes or changes in your risk profile, the price of tyres fluctuates and your choice of tyre brand and model will impact the actual cost.
c) When your vehicle is out of warranty you are liable for the cost of general repairs and these can not be accurately predicted in advance, they can only be dealt with at the time they arise and are quoted by the repairer
d) driving style can affect the cost of consumables such as fuel and tyres and in some cases can lead to higher than normal wear and tear on the vehicle
If you do not have sufficient credit in your Novated Lease fund, PFM are under no obligation to pay any finance or running costs until such time as funds are available to cover these costs.
4. Reconciling actual expenses versus budget
If your Novated Lease fund is overdrawn due to your actual expenses being higher than budgeted;
a) we may need to increase your budgets and request that your employer increase the deductions coming form your pay to bring the budgets and actual spending into better allignment
b) any shortfall at lease end (when the lease comes to a natural end, or if you leave your employer, or if you cancel the novation for any reason, or if PFM cancel the novation for any reason) will be billed to your employer and they will deduct these funds from your salary pre tax and send those funds to PFM to bring your Novated Lease Fund back to a $0. Such deductions are usually all or mainly pre tax meaning they attract a GST saving and tax saving.
If your Novated Lease fund is in credit due to your actual expenses being lower than budgeted;
a) any surplus at lease end (when the lease comes to a natural end, or if you leave your employer, or if you cancel the novation for any reason, or if PFM cancel the novation for any reason) will be sent back to your employer and they will pass these funds back to you to bring your Novated Lease Fund back to a $0. Such payments deductions are usually all or mainly pre tax meaning they attract GST payable and will be subject to income tax.
5. Commissions and Fees
PFM receive our core income from commissions / brokerage and fees from 3rd parties, when we provide you with products and services.
Please refer to the detailed information about our fees and charges our terms and conditions