The novated lease is no longer salary packaged and it becomes a finance lease. There are no tax benefits, salary deductions, no fuel cards etc.
You now have two options. Firstly, you can sell the car and payout the lease. Secondly, you can make payments directly to the finance company until you secure another job. Once you start your new job, we can set up a new novated agreement with your new employer and all the benefits associated with your novated lease will resume with the new employer.
If you took out Loan Protection Insurance at the time of commencing the novated lease, then your lease will have some cover for the costs of the novated lease during your period of unemployment. The extent of cover will depend upon your insurance policy. If you are interested in Loan Protection Insurance please discuss this option with your consultant prior to undertaking your novated lease.