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Chattel Mortgage

What is a Chattel mortgage?

A Chattel Mortgage is a commercial finance product offered to Summit Fleet customers to take ownership of the vehicle or asset (Chattel) at the time of the purchase through the advancement of funds.

Under a Chattel Mortgage, Summit Fleet will execute a ‘mortgage’ to the customer over the vehicle until the loan is paid, including any balloon payment. Depending on the vehicle type, a balloon payment may be set at the end of the contract.

A benefit of a Chattel Mortgage is that if the vehicle is used for business purposes, businesses can potentially claim tax deductions. As GST is inclusive of the purchase price of the vehicle, once the contract is active and if the business is registered for GST they may claim an Input Tax Credit for the GST in the purchase price on their next Business Activity Statement (BAS).*

With a Chattel Mortgage, the business will have the opportunity of owning the vehicle outright. Summit Fleet is also able to offer fully maintained and management inclusive variations to a Chattel Mortgage finance package (subject to suitability).

Any more questions? Contact us at [email protected]

*Summit Fleet Leasing and Management recommends that you obtain independent advice from your accountant or financial advisor to understand the tax benefits of a Chattel Mortgage for your business before making any decisions based on this information.

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