There are several options that may be available to you at the end of your contract.
Payout your residual/balloon
You can payout your balloon or residual value at the end of your contract.
- If you have a car loan, please visit YourLease for a payout figure and instructions on how to payout.
- If you have a novated lease, please contact your salary packager.
Refinance and keep your current vehicle
If your balloon/residual value is greater than $5,000, and your asset is a motor vehicle, you may be able to refinance the vehicle for a further term subject to our approval criteria. Terms, conditions, fees and charges may also apply.
Who to contact:
- If your loan has a balloon amount, please contact your broker or visit Macquarie Car Loans to get started.
- If your lease has a residual value, please contact your salary packager to get started. If your lease is not salary packaged and you’d like to refinance into a car loan, please visit Macquarie Car Loans.
Upgrade your vehicle
If you’re looking for a new motor vehicle, you may apply for a new finance agreement subject to our approval criteria.
Our Macquarie Vehicle Select team can help negotiate for a new purchase on your behalf, book test drives and facilitate the trade-in of your existing vehicle. To enquire, please visit Macquarie Car Loans.
Who to contact:
- If you wish to upgrade into a car loan, please contact your broker or visit Macquarie Car Loans to get started.
- If you wish to upgrade into a novated lease, please contact your salary packager to get started.
Trade in your vehicle
If you’re thinking of trading in your vehicle at a dealer, you’ll need to payout your contract. Please read the below to help you facilitate your trade-in.
- If you have a car loan, you can download a payout letter online at YourLease. If you have a novated lease, please contact your salary packager. The payout letter will provide the amount required to payout your contract and instructions on how to do so.
- Provide this letter to the dealer where you’ll be trading your vehicle in
- The dealer will provide you with an agreed trade in price for your vehicle. Normally, the dealer will pay the agreed trade in price towards your payout figure. Sometimes the agreed trade in price may be less than the payout figure required to finalise your contract. If this is the case, you’ll need to make a payment for the difference so your contract can be finalised.
- Once the payout figure has been received and cleared, you’ll receive a Payout Confirmation Letter within five business days. The PPSR listing will be removed during this period.
- If you’re purchasing a new vehicle from the dealer and you’d like to enquire about a new finance quote, please contact your broker or visit Macquarie Car Loans.
Sell your vehicle privately
If you’re thinking of selling your vehicle, you’ll need to payout your contract. Please read the below to help you facilitate the sale and closure of your contract.
- If you have a car loan, you can download a payout letter online at YourLease. If you have a novated lease, please contact your salary packager. The payout letter will provide the amount required to payout your contract and instructions on how to do so.
- Once you’ve found a buyer for your vehicle and agreed on a sale price you’ll need to payout your contract. Either you or the buyer can make the transaction using the payment methods outlined in the payout letter. If you sell the vehicle for less than the payout figure, you’ll need to make a payment for the difference between the sale price and the payout figure.
- Once the payout figure has been received and cleared, you’ll receive a Payout Confirmation Letter within five business days. The PPSR listing will be removed during this time period.
- If you’re purchasing a new vehicle after the sale of your current vehicle, and you’d like to enquire about a new finance quote, please contact your broker or visit Macquarie Car Loans.