Advice on Properion Needed

[Scotty]

Good Evening All,

I seek your advice on the novated leasing company Properion. Having read the forums, it appears that many of you guys have taken this option to finance your pride and joy.

I too would like to take this option, however being the conservative type, would like the opinion of those here who have done it for your recommendation.

Firstly, may I ask, when it comes down to it, how much is it costing you per month to maintain your car? Speaking to a sales rep, he mentioned for a $25K vehicle, I was looking at a weekly cost of just under $150 given a 3 year term. Does this sound right? Now I know this covers insurance, fuel etc etc...... however that's still $7800 a year. After 3 years, that just over $23K. Now I know that this is before tax dollars. Given that I'm in 42% tax bracket, does that equate to a 42% of $23K I have to pay??

Another thing to consider, I will still owe 47% of the car after 3 years. Thats $11750. So the way I see it, for a $25K car, I'm paying 11750 + 23000 = $34500. How's my calculations? phuc, this is turing out to be a bloody maths exam!

Anyway, how the the FBT thing work? It states to only get some serious saving of, you need to drive in excess of 25000km. That's a lot of driving.

Long story short, I need to know what experience you guys have had. How much is costing you a week and to tell if it's worth it. Thanks heaps to all who have endured this post and thanks to all who reply.

Scotty

[U WERE MINE]

scotty.. i have looked very hard into this and yes its the way to go if u ask me... the thing is fbt is like 10% tax.. where as u pay 42% tax.. basically thye combine all ure costs fuel+insuruance+serivcing+tyres etc into one cost..

i had this checked out by gm and finance mananger.. and seems like a very good deal.. especially with the insurance saving!.. couple things to ask about is the modding of ure car wiuth the insurance ?

[Scotty]

Thanks URMINE,

It's reassuring to see a VP promoting/ endorsing this option. So, for a FBT rate of 11%, you would need to drive 25000km a year right? That seems mighty high, around 500km a week!

Would the additional cost for fuel offset the amount saved in FBT savings.

Another thing which I wasn't sure on, can you please clarify on what you mean about the 10% FBT rate and my 42% tax bracket. Again thanks heaps for your advice

Scotty

[ex-static]

I purchased my car through prosperion, basically because of the saving on insurance.

I had 5k saved to pay for my insurance on the skyline, as I wasnt going to use prosperion.. but it was stupid for me not to.

I went for the 3year 25,000ks option (I live around 40ks from work, so it works out well) I have been quoted 15l per 100k's for Premium unleaded petrol, which is awesome, as my car only drinks around 11l/100ks so at the end of the three years I will hopefully get some of my fuel budget back.

As with the high k's, thats not really that much of an issue because you are budgeting for regular servicing, so you can afford to service it when the time is due.

I recommend it, sure, your pay packet seems alot smaller at the end of teh week, but if you add up how much you would have spent with a personal loan, you'll realise you really are saving money.

A bonus is.. the 5k I had saved for insurance is still sitting in the bank, so that's going on mods soon enough, just let the insurance comany know about it.

[Zman]

How many mods can you have?

[Scotty]

G'day Ex-static,

I was hoping you would reply. I've actually met you before from the calaisturbo forums, and have seen you crusing around with your new R33. Damn that looks mighty impressive.

I guess, I fall in a similar boat to yourself, 25000km does seem a lot, and doubt I could really do that much. Do you think it's still worth if I did around the 15-25K mark. Higher FBT rate of 20% though.....

I understand that with higher km, you're also getting regular service done. But the fact is, you're still forking out more for petrol, maintenance, etc....etc, even if it with pre-tax dollars. Does the saving you make with a lower FBT rate outweigh the costs of a higher rate with less km, petrol etc??

I guess my question at the end of the day is how much is it costing you per week. I realise you may not want to disclose that kind of info, so I understand. I just want to know if I can justify the outlay. You can always PM me if you want. I still have my VL Calais right now, and I'm sure you agree that this still isn't a bad little car. Just that the lure of a 33 has finally got to me, and this seems like the only plausible option. Thanks again for your replies.

[ex-static]

Scotty,

The take home pay will seem marginally less than what you currently take home per week.. (around $230 less) but my car cost around 27k on the road with a 3year warranty and 24hr roadside assist, so your situation may be different.

But if you do the maths (and I can imagine how many figures are running through your head at the minute.. I know mine was!) then you'll work out that if you were to do the same on a personal loan .. would cost you ALOT more. in my case I think it was over $100 per week more!

As with regular servicing, in a sense.. its already paid for.. not 1c comes out of my bank account towards my car anymore, its all already paid for. So when I go to get petrol, its paid for, when I go to get new tyres.. paid.. same with servicing.. it all gets invoiced and paid for out of your budget, nothing comes out of your bank account.. thats a nice touch

The only thing I'll be spending my money on is mods.

[ex-static]

Oh.. by the way.. where abouts are you from? whats your name on the calais forums?

[JiMb0]

Zman, the insurance offered is AFAIK a market value comprehensive insurance policy provided by Allianz. As the fleet policy based on a large sum of vehicles (25,000?), you will find that your insurance premium will not be affected by your age, no claim bonus, driving history/accident history or modifications.

There are five premium catagories based on the value of the vehicle. There is also another catagory for turbo and HSV vehicles.

I belive the premium for a turbo vehicle is $1,195 with a basic excess of $800.00. In adition to this there are age excesses and penalty excesses when claiming an "at fault" accident.

There are no excess when an "at fault" third party is identified.

Hope this makes it a little easier to understand ....

... as Ex has stated. Prosperion does not just offer insurance, but more so a complete vehicle finance package. From what most people say, they end up better off not only with the cash in hand benefits, but also the benefits of having everything taken care of for them.

[U WERE MINE]

yeah scotty i had a fair few guys check this option out and yes its seems very worth while.. basically the more u earn the better off u will be ..

i was going to go for a new s15... however i had problems with my company already dealing wiht esanda fleet.. and as prosperion is a broker for them they were not allowed to deal with me .. a very rare case i was apparently

but i would recommend these guys to anyone lookign into it.. especially to those earning the big $$$ and doing a lot of km's.. as its a decent tax and insurance saving:D

hope things work out for u

[Scotty]

Hi All,

Your help has been invaluable. Thanks heaps for all your replies. I will definately take up this option as soon as I can get past one last barrier. The oldies! Aaargh, coming from a tradition (aka tight as@#) asian family, looks like this may need to be put on hold. i can here all the smirks already, but still have it pretty easy living at home. It's supposedly all about respect....which I have none of, and very little patience to deal with them.

Ah, enough of my whining, I'll probably move out by the end of next month, when my first outlay will be none other than a R33. I'll write again, hopefully when I have better news to report. Thanks again.

ps. Ex-static, my nic was NA Calais, yes I only own a naturally aspirated car, but given my lack of points, that was all I could afford with insurance etc.....

[GTR-80Y]

Jeff at prosperion real name is Chode! Call him Chode to get a discount! :lol:

[JiMb0]

Hehehehe ... no comment.

[bucket]

Hey Guys!

This is actually the first information ive ever seen/heard of about this. I have a few questions that id love for someoen to answer

1. By the sounds of one post it seems that you have to put it though a company ?? Or can you personally get this deal of them. As i saw someone couldnt get it cause he was with a fleet ??? Sorry ive jsut never heard of **** liek this b4

2. I am 18 with a rating 6, would they still accept me ??? (Got heaps of $$$$$ though) Or would i have to put it under my pars name.

3. Are you able to pay it off before the contract finishes, eg. you get a 5g bonus, can you wack that on the total ???

4. When you get this deal are you then able to modifiy it ? Or does it have to be modified before you sign up ?

5. Is there any special place that you have to get your liner though ? or can you import it yourself, i thought you would have to purchase one though a car yard.

Thanks guys, id really appreicate if someone can inlighten me .

Cheers

Nathan.

[ex-static]

Bucket.

Check out http://www.prosperion.com.au for more info.

[bucket]

thanks extactic...

Ive got you on my icq, i sent you a msg

[ex-static]

I havent got the message? maybe a different ex-static ~

[bucket]

No its you

mine is 98911122

ive had you on my list back from BPA newsgroups i think..

I just got off the phone with that company, sounds pretty ****ing sweet

Btw.. i like your stall ,

[ex-static]

Everyone loves the stall

[bucket]

hehehe yeh .

what exhaust you got running ? got a nice note to it.

wwaaaaaah wahhhhh pssccch psccch

hehehe

where abouts you located mate ? Saw your stats .. what Company you work for ???