Already disappointed with Tesla

[jyhan1001]

Hello guys,

This is my first time ordering a Tesla. I ordered a fully loaded model 3 performance a couple of days ago, and somehow they managed to have one possibly delivered over this weekend. I figured it had to do with the ongoing coronavirus, and someone must have cancelled the delivery. I felt lucky to get a new model 3 so quickly.

When I applied for leasing, I was approved but was told that down payment would be around 13k instead of around 2-3k which I requested initially. To me, putting down 13k on a leased vehicle that's worth 66k is ridiculous. So I called the advisor and asked if he could relay the message to their leasing department to lower the down payment. All I heard from the guy was to check with him tomorrow morning. I heard that Tesla sales advisors are not so friendly, but for me to hear that in person when I was trying to buy my first Tesla was very upsetting.

I have a good credit score, and I am not sure why they would want me to put down so much when I am not financing for this vehicle. Is this common with Tesla? I am a BMW fanboy originally, and I have an offer from my auto broker for M5 competition with around 5k down payment with less than 1k a month. I was really getting into Tesla, but even before I buy the car I am already a bit disappointed with the way they handle their customers. My delivery date is going to be either on this Friday or Saturday, and I am trying to get as much help as possible. Please let me know what you think. Maybe I should suck it up and pay the price to join the Tesla community. Thank you.

 

[SDM44]

$13k down on a lease, when you do not have option to buy the car at lease end, is just throwing your money away.

You're better off waiting and putting down as little money as possible for the drive-off on a lease.

 

[jjrandorin]

Hello guys,

This is my first time ordering a Tesla. I ordered a fully loaded model 3 performance a couple of days ago, and somehow they managed to have one possibly delivered over this weekend. I figured it had to do with the ongoing coronavirus, and someone must have cancelled the delivery. I felt lucky to get a new model 3 so quickly.

When I applied for leasing, I was approved but was told that down payment would be around 13k instead of around 2-3k which I requested initially. To me, putting down 13k on a leased vehicle that's worth 66k is ridiculous. So I called the advisor and asked if he could relay the message to their leasing department to lower the down payment. All I heard from the guy was to check with him tomorrow morning. I heard that Tesla sales advisors are not so friendly, but for me to hear that in person when I was trying to buy my first Tesla was very upsetting.

I have a good credit score, and I am not sure why they would want me to put down so much when I am not financing for this vehicle. Is this common with Tesla? I am a BMW fanboy originally, and I have an offer from my auto broker for M5 competition with around 5k down payment with less than 1k a month. I was really getting into Tesla, but even before I buy the car I am already a bit disappointed with the way they handle their customers. My delivery date is going to be either on this Friday or Saturday, and I am trying to get as much help as possible. Please let me know what you think. Maybe I should suck it up and pay the price to join the Tesla community. Thank you.

I would LOVE to see the numbers on an "m5 competition with 5k down and less than 1k a month" from BMW. Of course, if you are looking at an M5 competiton, the model 3 is not in the same class of car. Your typical M5 competition is around 115 to 120k, and I would love to see the math on how that is less than 1k a month. I am very familiar with how BMW leases work, so would love to see how that pencils out if you can share.

Back to the tesla, They wouldnt be asking for "13k down" without reason. Its up to you to find out what the reason is. Your credit score may be fine, but they may not like your debt to income ratio for example.

No, you should not "pay the price and suck it up". If you are considering putting that much money "down" (cap cost reduction on a lease) you might want to consider just buying the car.

If the only option I had was to put 13k down on a tesla lease (which is just pre paying rent, so to speak), I wouldnt get it. Heck with that M5 competition price, if that is actually true, has to be the deal of the century, so you should go with that, if you want a big, luxurious, very fast in a straight line, gas guzzling car.

 

[mattseba]

Hello guys,

This is my first time ordering a Tesla. I ordered a fully loaded model 3 performance a couple of days ago, and somehow they managed to have one possibly delivered over this weekend. I figured it had to do with the ongoing coronavirus, and someone must have cancelled the delivery. I felt lucky to get a new model 3 so quickly.

When I applied for leasing, I was approved but was told that down payment would be around 13k instead of around 2-3k which I requested initially. To me, putting down 13k on a leased vehicle that's worth 66k is ridiculous. So I called the advisor and asked if he could relay the message to their leasing department to lower the down payment. All I heard from the guy was to check with him tomorrow morning. I heard that Tesla sales advisors are not so friendly, but for me to hear that in person when I was trying to buy my first Tesla was very upsetting.

I have a good credit score, and I am not sure why they would want me to put down so much when I am not financing for this vehicle. Is this common with Tesla? I am a BMW fanboy originally, and I have an offer from my auto broker for M5 competition with around 5k down payment with less than 1k a month. I was really getting into Tesla, but even before I buy the car I am already a bit disappointed with the way they handle their customers. My delivery date is going to be either on this Friday or Saturday, and I am trying to get as much help as possible. Please let me know what you think. Maybe I should suck it up and pay the price to join the Tesla community. Thank you.

don't throw away your money on a lease like that. Buy it, put 5k down and your payment is around 1k. Build equity in the car, M3 performance has a pretty decent residual. You'll end up with a lower cost/year including depreciation with the M3 vs the BMW.

 

[Kilotango74]

What is that a used M5 with a salvage title? Those numbers don’t math. 13k on a lease is just stupid. Might as well burn that cash. Save some money and change that “good credit score” into an excellent one because thats the only reason they would want that much money down, thats how loans work.

 

[OCR1]

I don’t think we have enough data to make any meaning from this post. Can the OP post the entire breakdown of figures for the down payment, monthly payment, as well as any other taxes and fees in those figures. That will make it easier to figure out how they came up with those numbers.

Tesla is not known for having great lease deals because they have no problems selling their cars. BMW sales are down sharply so it’s possible that they have some very attractive lease deals right now to move cars.

 

[Akikiki]

Hello guys,

This is my first time ordering a Tesla. I ordered a fully loaded model 3 performance a couple of days ago, and somehow they managed to have one possibly delivered over this weekend. I figured it had to do with the ongoing coronavirus, and someone must have cancelled the delivery. I felt lucky to get a new model 3 so quickly.

When I applied for leasing, I was approved but was told that down payment would be around 13k instead of around 2-3k which I requested initially. To me, putting down 13k on a leased vehicle that's worth 66k is ridiculous. So I called the advisor and asked if he could relay the message to their leasing department to lower the down payment. All I heard from the guy was to check with him tomorrow morning. I heard that Tesla sales advisors are not so friendly, but for me to hear that in person when I was trying to buy my first Tesla was very upsetting.

I have a good credit score, and I am not sure why they would want me to put down so much when I am not financing for this vehicle. Is this common with Tesla? I am a BMW fanboy originally, and I have an offer from my auto broker for M5 competition with around 5k down payment with less than 1k a month. I was really getting into Tesla, but even before I buy the car I am already a bit disappointed with the way they handle their customers. My delivery date is going to be either on this Friday or Saturday, and I am trying to get as much help as possible. Please let me know what you think. Maybe I should suck it up and pay the price to join the Tesla community. Thank you.

Is this common? No. You better dig deeper. Ahh, BMW fanboy, huh? They are likely not holding that against you though.

This being the last two week of the quarter, they are too busy for chit-chat. This is not your daddy's car salesman. This is a new method.

 

[Ritz]

This quacks like a troll.....

 

[jyhan1001]

Hey guys,

Sorry for the confusion. Looks like it was because I already have another ongoing lease for my wife under my name. I am a healthcare professional with minimal knowledge regarding finance or buying a car for that matter... I know those M5 deals sound too good to be true, but if you find a good broker it is not unattainable. Even the guy at BMW dealership said to just take the deal since they cannot even think of matching it. It's just that after I got hooked with the idea of getting an EV it's hard to get another ICE car at the moment. And I drive 40 miles per day so I would like a good use of autopilot and FSD soon.

I'll post again if I sign the deal. I even got all the aftermarket stuff for my Model 3, but we will see how the numbers play out. Thank you for your advice!

 

[Akikiki]

So, was not Tesla's fault?

 

[jyhan1001]

Not exactly. But when your delivery date is in 3 days, and you can't reach your advisor, it's hard not to ask someone who knows the process of buying a Tesla. If communication wasn't an issue my first post on this forum would be quite different.

 

[mafpolo]

With forecasted resale on a Tesla being high, unless one has a business reason t lease, it appears to be better to make payments toa lender, and then sell the car at 36 months old...or keep driving if you like. Options are good.

 

[jyhan1001]

I see. I am an independent contractor so I could get tax benefits through leasing. I was able to reschedule the delivery for this Sunday, and hopefully it all works out!

 

[AdamVIP]

13k is a solid down payment on a purchase not lease. A Model 3 isnt worth getting shafted on. Of course you dont say what the monthly is so maybe overall it isnt that bad but 13k down seems out of the norm enough where it seems they are giving you a bad deal.

 

[jyhan1001]

13k is a solid down payment on a purchase not lease. A Model 3 isnt worth getting shafted on. Of course you dont say what the monthly is so maybe overall it isnt that bad but 13k down seems out of the norm enough where it seems they are giving you a bad deal.

Yeah they didn't even bother calling me back to tell me whether it is possible to renegotiate, and another person from Tesla called briefly to confirm the appointment to pick up. I ended up cancelling the order. I'm left with 400$ worth of accessories I need to return...not a pleasant experience. Maybe it's for the best with the current economy. I preordered Cybertruck when it was announced so maybe I'll just wait until then for my first Tesla. Stay safe.

 

[jsight]

Apparently this isn't the only great M5 lease deal floating around: 2019 BMW M5 - Signed!

Wow!