Understanding car loan payouts

A payout figure is the total amount required to finalise your contract. You’ll need to request a payout figure if you’d like to payout, refinance with another lender, upgrade with another lender, sell or trade-in your vehicle. There are two ways you can do this:

1. Use our website to obtain a payout figure

The fastest way to get a payout figure is to visit our car loan payout figure page and enter the following details:

• Your contract/account number (13 digits, e.g. 001-0000000-001, from your welcome letter or statement) OR your application ID (10 characters, made up of 3 letters and 7 numbers e.g. ELN0000000, on the bottom of your loan offer/contract documents).
• Your surname
• Your Date of Birth (month and year)

Once you've entered the required information, your payout figure will be calculated and shown on the screen along with its expiry date. You'll also be provided with payment instructions to use if you decide to payout your account, along with some other important information about your payout figure.

If you need to keep your payout figure for your own records, you can click the print icon shown next to the payout figure.

2. Log in to YourLease

You can also find out what your payout figure is by logging into your YourLease account. If you’re a first-time user, you’ll need to register for YourLease first. You can then download a payout letter which will include payment instructions and some other important things you need to know if you want to payout your account. You can read this article, Accessing your car loan online for help on how to register and use YourLease.

Please note, if you have a novated lease, or if a particular broker introduced your contract, you may not have access to YourLease.

Please note the calculation for your payout figure depends on your finance type. If you don’t know what your finance type is, please refer to your welcome email, copy of contract or login at YourLease to find out. 

Consumer loan

If you have a consumer loan, your payout figure will include:

• Principal balance
• Interest which has accrued daily since your last payment
• Early termination fee
  • For Consumer loan contracts which commenced on or before 1 August 2017, this fee will be $750.00 reducing on a pro rata basis for each month of the loan term which has expired.
  • For Consumer loan contracts which commenced after 1 August 2017, this fee will be $750.00 reducing on a pro rata basis for each month of the loan term which has expired, plus a fixed fee of $50.00.
• Consumer Credit Insurance rebate (if applicable).
• Any outstanding fees (if applicable).

Once quoted, your payout figure is valid for five calendar days. If you’re intending to payout your contract after the expiry date, you can obtain an updated figure online via the car loans payout figure page or by logging in to YourLease.
 

Chattel mortgage, finance lease, novated lease or commercial hire purchase

For each of these finance types, your payout figure is calculated as the present value of the remaining amounts owing on your contract. These amounts include:

• any and all amounts in arrears; plus
• the remaining instalments which haven't yet fallen due; plus
• the residual value or balloon payment (if applicable); plus
• any fees and charges payable on termination.

To calculate the present value, an early termination/discount rate (as per your contract documents) is used to discount the remaining amounts owing on the contract.
 

Here is an example:

The total outstanding on this contract is $25,497.12. An early termination/discount rate is applied to calculate the present value/payout figure, which is $24,547.38. If you were to payout at this point in time, there would be a saving of $949.74 instead of taking the contract to term.

Your payout figure includes an expiry date. If you wish to pay out your account, you have up until that date to make a payment. If you're intending to payout your account after the expiry date, you can obtain an updated figure by visiting our car loans payout figure page.

Remember, paying out your account early is optional - so you don't need to do anything more if you decide not to payout, or if you're only checking in to see what the figure is.

Once you’ve obtained your payout figure and you’re ready to finalise your contract, follow the steps below.

1. Check the expiry date on your payout figure to ensure it is still valid. If you use an expired payout figure, other fees and charges may have fallen due and be payable to finalise your contract.
2. Use the payment instructions provided to you by our car loans payout figure page or YourLease to make a payment from your mobile or online banking account. You’ll be provided with EFT and BPAY^® methods to choose from.
3. After two business days, your final payment should have cleared. You can check the status of your account by logging into YourLease.

If you’re paying out a novated lease, please remember to notify your salary packager that you’ve paid out your contract.

Please allow up to two business days for your final payment to clear. Once this has been done, we’ll close your account. You’ll then receive a payout confirmation letter via email within five business days of the account being finalised. If we don’t have a registered email on file, we’ll issue your letter via post.

The Personal Property Securities Register (PPSR) interest will be removed within five business days from the date of account closure.

After the contract has been finalised, all direct debit payments will cease automatically, so you don’t need to cancel these payments with your bank. Please note, if you’ve set up recurring BPAY or EFT payments from your bank account, you’ll need to cancel these with your bank.

There may be certain situations where we won't be able to provide a payout figure via our car loans payout figure page. If this is the case, you'll receive a message on your screen to provide further information to assist you. This can occur because:

• You've entered in incorrect details, or the account can't be located based off the details you've provided. Make sure you always check the details you enter.
• Your account is ineligible for online payout figures. If this is the case, you'll be given instructions on how you can request a payout figure.
• There is periodic system maintenance. If this is the case, you'll be provided with an estimated time at which you can return to the page and generate your payout figure.
• There is an unknown error. This could be due to your internet connection, browser compatibility, or any other technical error. You'll be prompted to retry again. It's recommended to try on another browser, device or reset your internet connection. 

If you still can’t get a payout figure via our car loans payout figure page, you can register and/or log into your YourLease account and download a payout letter. Follow these steps to log in to YourLease.

Please note, if you have a novated lease, or if a particular broker introduced your contract, you may not have access to YourLease.

A payout figure is the total amount required to finalise your contract. You’ll need to request a payout figure if you’d like to payout, refinance with another lender, upgrade, sell or trade-in your vehicle. You can find out what your payout figure is by contacting us. If you’re looking for the balance of your car loan only, you can view this by logging in to Macquarie Online Banking.

A car loan payout figure consists of:

• Balance
• Interest accrued up to the payout figure expiry date (5 business days after the payout figure is requested)
• Account keeping fee (if applicable) up to and including the payout figure expiry date
• $50 discharge fee
• Break costs (may apply to fixed rate loans that are terminated early). See below for more.

Break costs may be payable if you repay all of a fixed rate loan early. This includes if certain events, including those listed below, occur during the course of your fixed rate loan:

• Repay your account balance in full (e.g. due to the sale of your car or refinancing to another lender)
• The amount owing otherwise becomes due and payable in full (e.g. in the case of default).

Fixed rate break costs can be substantial and change from day to day. If you’d like an estimate of your break cost, please contact us.

Your payout figure includes an expiry date. If you wish to pay out your account, you have up until that date to make a payment.

If you're intending to payout your account after the expiry date, you can obtain an updated figure by contacting us.

Remember, paying out your account early is optional - so you don't need to do anything more if you decide not to payout, or if you're only checking in to see what the figure is.

Once you’ve obtained your payout figure from us by contacting us and you’re ready to finalise your contract, follow the steps below.

1. Check your payout figure is still valid once you decide to payout. The payout letter will have the expiry date. If you use an expired payout figure, other fees and charges may have fallen due and be payable to finalise your account.
2. Use the payment instructions provided to you on the payout letter to make a payment from your mobile or online banking account. You’ll be provided with EFT payment details.
3. After two business days, your final payment should have cleared. You can check the status of your account by logging into Macquarie Online Banking.

Please allow up to two business days for your final payment to clear. Once this has been done, we’ll close your account. You’ll then receive a closing statement within two business days of the account being finalised. The Personal Property Securities Register (PPSR)  interest will be removed within five business days from the date of account closure.

After the account has been finalised, all direct debit payments will cease automatically, so you don’t need to cancel these payments with your bank. Please note, if you’ve set up recurring EFT payments from your bank account, you’ll need to cancel these with your bank.

^® Registered to BPAY Pty Ltd ABN 69 079 137 518