First-time poster here.
I would appreciate everyone's opinion before going nuclear at Remserv.
I had previously leased a car with Remserv, novated leasing. The car was $40000, 3 years ago.
I have recently finished my government job and the people who I work for now doesn't do remserv or salary packaging.
So I took over the loan from Remserv.
It was a St George's car loan at 8% p.a (I know right…..). But to my surprise I found out my opening loan balance was $58000!
I called St George and they said it was Remserv Novated Lease that asked for that amount.
Remserv Novate Lease then tried to explain to me that the additional money was interest!?
I have been making regular fortnightly re-payments for the past 2 years. So unless Remserv just did simple interest calculation for 40000 at 8 p.a over 5 years and not taken into account of any repayments at all, I don't know how they got to that figure.
Am I going crazy or is this how Novated Lease works or makes money? If so, that is a crazy amount of money for a government worker benefit.