Business Operating Lease
Your vehicle is leased to you for a fixed period and a specified number of kilometres. At the end of the lease period, you simply return the vehicle and Finance Mitsubishi can help you into a new one (some charges including damage and excess usage may apply). Ownership of the vehicle is retained by Finance Mitsubishi right through to disposal.
How does an operating lease work?
You have all the benefits of a new vehicle but your monthly payments are generally lower because you do not own it.
How long do I lease for?
You can lease a passenger vehicle for a term of 12 months to 45 months. A light commercial vehicle or truck may be leased for up to 60 months.
A typical lease period is 36 months.
How do I pay?
Lease payments are paid one month in advance and monthly thereafter.
Does the vehicle need to be insured?
You’ll need to insure the vehicle comprehensively throughout the term of the lease. Finance Mitsubishi can arrange Mitsubishi Motor Vehicle Insurance for you.
How often does the vehicle need to be serviced?
The vehicle must be serviced in accordance with manufacturer's requirements. The cost of servicing, maintenance, registration and replacement tyres can be included in the monthly payment and spread over the term of the lease. Alternatively, you can meet the cost of the vehicle servicing and maintenance as and when required.
Is the lease tax deductible?
Rentals may be fully tax deductible as an operating expense. A GST component is included in each payment. We strongly recommend you obtain independent tax and legal advice before entering into this or any other finance agreement.
Can I purchase the vehicle at the end of the lease term?
There is no provision for you to purchase the leased vehicle from Finance Mitsubishi. However, you should talk to your Mitsubishi Motors dealer about further options.
Benefits of Business Operating Lease
- You get to use the vehicle without ownership
- Improved cashflow with fixed monthly rentals
- Off balance sheet finance
- Low initial outlay
- Rentals are treated as an expense*
- Disposal risk lies with Finance Mitsubishi, not you†
* You should seek independent taxation and financial advice
† Return conditions only
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