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2020 Long Range Model Y - Lease Takeover 24 months remaining - NJ
- Thread starter Jjr077266
- Start date
You might do better just to give it to Carvana or Vroom. You can call and get a payoff, but as a rough estimate just look at the residual value on the lease and add 24x$600 (14,400); anything Carvana or Vroom gives you on top of that is yours to keep. Since you made a $5k down payment, logic is that they will be at least around that much higher than the payoff. You might even profit.
It's crazy times right now with used car prices. My boss at work just did this with a Prius (to buy a Model 3) and walked away $2k ahead.
It's crazy times right now with used car prices. My boss at work just did this with a Prius (to buy a Model 3) and walked away $2k ahead.
You can't buy the Y at the end of a lease, only a third party car dealership can. Not sure how it works with the Y because of this, can the leasee request a payoff quote?
Good point. Carvana and Vroom are third party dealerships so all is well, but apparently Tesla is a huge jerk when it comes to buyouts-https://www.tesla.com/support/leasing/end-lease-early#buyout-options They require the third-party dealer to remit all funds to Tesla, so the lessee can't profit.
This would be fine for most people but OP put $5k down so he's SOL- Tesla's rules ensure that you can't recover your down payment on the transfer.
The residual in regular leases protects lessees from downside risk but gives lessees the upside potential (due to purchase option at lease end); Tesla only protects lessees from downside but keeps the upside for themselves. Surprising their lease rates aren't better in that case.
Apologies for going off-topic; thought I was helping but turns out regular lease rules don't apply!
Yes, Tesla is a pain to deal with when trying to buy out a lease. I just finished purchasing my 2019 Model S lease. You have to get the quote online, which is easy. Then you are told to wait until they give you the buyout packet. It took a week and 3 phone calls to get that. Then your financial institution finally knows how much the loan is for. It then took Tesla another week to cash the check and show proof that I don’t owe my next lease payment. You need to accomplish the entire process between lease payments. If not, the buyout quote changes and you have to start from the beginning since the buyout price would change since you made another payment. I wasn’t planning on buying my lease, especially 7 months early. But with the car market the way it is, my Model S has ~$25k positive equity based on the contractual residual and current market value. It would be dumb not to buy it out.
I will take over the lease. I am in NJ. My cell is (917)991-4455 and my email is [email protected] please let me know?
Hello, I wanted to reach out to see how your lease transfer go. I have a leased model Y that I’m looking into transferring my lease. Please share with me your experience. Thank you.
