main thing is the novated lease is a contract with the leasing company and its not linked to the company. with our work, we have a choice between salary sacrifice (where the car is leased by the company and payments come from our pay. If we leave the company we don't have to keep paying) and novated lease. Novated lease is directly with a lease company and its a bit more involved. A friend of mine had a novated lease and he left the company, left the country and still had to make the payments. We ended up buying the car from him so he didn't go bankrupt.

with novated lease you have to estimate the amount of fuel you'll need, the insurance, the rego etc and that's what you'll be contracted to. At the end of the novated lease period you are responsible for the vehicle, to purchase it or to renegotiate the lease.