Around three months before the end of your lease, ORIX will send you a reminder note, outlining your options. These may include extending the term of your lease, offer to purchase the vehicle from ORIX, and/or lease a new vehicle.

Residual value is the estimated value a vehicle will retain at the end of the lease period. ORIX sets the residual value based on the lease term, in line with the Australian Tax Office’s (ATO) minimum residual value guidelines. All ORIX Novated Finance Lease quotes list the residual value of the vehicle.

Yes. GST is applied to the residual value.

ORIX will reconcile budget expenditure within 5 business days of your lease expiring. If there is a surplus, a refund will be sent to your employer. If there is a deficit, a tax invoice for the shortfall will be sent to your employer for payment. This is processed to you via payroll.

Any reimbursement claim/s must be submitted to ORIX no later than 5 business days prior to the lease expiry date.

You can find out the type of Novated Lease agreement you have via our ORIX Novated Companion App or ORIX OneView.

There are three types of Novated Leases:

1. Novated Finance Lease – This type of lease is financed by ORIX. At the end of the lease, you pay a residual amount, including GST, to ORIX. Once the residual amount is paid to ORIX, you take complete ownership of the vehicle which you can either continue to drive or sell.
2. Novated Operating Lease – This type of lease is also financed by ORIX. At the end of the lease, you return the vehicle to ORIX who will sell the vehicle at auction or you may make an offer to purchase the vehicle. There is no residual payment required.
3. Vehicle Management Contract – This type of lease is funded by an external financier, not ORIX. At the end of the lease, your contract is terminated with ORIX, however, you will need to speak with your financier for their end of lease instructions.

The vehicle will need to be returned to ORIX via Pickles. For your nearest Pickles location, please visit www.pickles.com.au.

Our team will assess the vehicle’s condition and check it aligns with the contracted condition.

An amount of wear and tear will occur through normal, everyday use. For passenger vehicles used in standard conditions, ORIX uses the AFIA Fair Wear and Tear Guide which sets out the degree of deterioration we consider to be reasonable.

If a vehicle has more damage than is assessed as ‘fair wear and tear’, you will need to pay additional charges at the end of the lease. Ensuring your vehicle is properly cared for during the lease term will help minimise or eliminate additional charges.

ORIX Term of Lease or Annual Insurance expires on your lease expiry date. If you continue to use or are responsible for the vehicle after the expiry date, you must arrange your own comprehensive vehicle insurance.

ORIX Roadside Assistance expires on your lease expiry date. If you continue to use or are responsible for the vehicle after the expiry date, you may wish to arrange your own roadside assistance.

Once your lease expires and you continue to use or are responsible for the vehicle, you are responsible for managing and renewing your vehicle registration.

Any vehicle servicing or replacement of tyres etc must be completed and invoiced no later than 5 business days prior to the lease expiry date.

If delivery of your new vehicle is delayed and your current vehicle is also leased through ORIX, you have the option of extending your current lease for a further term. You will not pay a document fee for an extension as you are now financing the residual value. This also means the lease finance rental cost is reduced. We also use any budget surplus / deficit available from your current lease during the extension lease period.