A Novated lease (often referred to as salary sacrifice, car salary packaging and vehicle novation) is a vehicle lease agreement between an employer, employee and a finance company whereby the employee takes on a lease with a finance company and the employer agrees to take on the responsibility of making the lease payment to the finance company.
A Chattel Mortgage is a commercial lease for the purpose of finance for equipment such as a car, boat, truck, bus or other vehicle. However, Relion Finance also offers Chattel Mortgages to finance all other types of assets. Legal ownership of the vehicle or other asset is transferred to the purchaser at the time of purchase and upon final payment the title of the goods are transferred from the financier to you.
Commercial Hire Purchase / Hire Purchase / CHP
A Commercial Hire Purchase / Hire Purchase / CHP is a type commercial lease used to finance motor vehicles. The financier usually purchases the vehicle on behalf of the customer. The customer then makes regular monthly repayments for exchange of use of the vehicle. Upon the fins payment to the financier the title of the goods becomes that of the customer and no further repayments are required.