Amount due at Lease signing and Monthly charges.

[gaurav91pandey]

I could not find this topic in the forum and hence started a new thread. (There was one, but the google spreadsheet in that was locked.)

Good new! My lease got approved for the Tesla Model S 70D almost fully specced out.

I just want to know what the TBDs will amount to. I don't want any surprises at lease signing. Can anyone please give me an idea of what amount will be due at lease signing and what will be my monthly payment.

 

[gaurav91pandey]

I could not find this topic in the forum and hence started a new thread. (There was one, but the google spreadsheet in that was locked.)

Good new! My lease got approved for the Tesla Model S 70D almost fully specced out.
View attachment 113356
I just want to know what the TBDs will amount to. I don't want any surprises at lease signing. Can anyone please give me an idea of what amount will be due at lease signing and what will be my monthly payment.

I got the reply from the finance guy:

Posting here just for anyone in the same boat to see:

 

[Kbra]

Congrats on the new 70D!

 

[doofenshmirtz]

I got the reply from the finance guy:

Posting here just for anyone in the same boat to see:

Appreciate you posting the details and congratulations on the new car!

 

[freeewilly]

Well equipped model s, you select/upgrade all the options except rear facing seats.

 

[Max*]

Well equipped model s, you select/upgrade all the options except rear facing seats.

It's not fully loaded, so wouldn't that make it well equipped?

ETA: I just checked, that's not right, if he had selected every option it would be $97,500+$1,200

 

[MsElectric]

It seems from the paperwork that you put down $18,000 as a Cap Cost reduction and there is an additional charge of $1,575 for the sales tax on that payment.

In generally it is not a good idea to put a lot down when leasing a car. However unlikely the scenario realize that if your car is totaled the insurance company may settle directly with the bank that owns your lease car and you could be out of what you put down. If the car is totaled two months into ownership, the insurance company will pay off the car but I don't think you'd get that $19,575 back.

 

[gaurav91pandey]

It seems from the paperwork that you put down $18,000 as a Cap Cost reduction and there is an additional charge of $1,575 for the sales tax on that payment.

In generally it is not a good idea to put a lot down when leasing a car. However unlikely the scenario realize that if your car is totaled the insurance company may settle directly with the bank that owns your lease car and you could be out of what you put down. If the car is totaled two months into ownership, the insurance company will pay off the car but I don't think you'd get that $19,575 back.

I know, however, I have only 6 months credit history with 730 score (Not a US citizen) hence had to pay a lot of down payment just to get the lease approved. Also, monthly payments would be less, so at least one advantage there.

 

[rog]

Also, note the sentence at the end: payment amounts only valid if car is delivered prior to 4/1/16. If you only ordered recently, there is a good chance that delivery will be past 4/1, and your lease payment will go up. They currently run a promotion, but only until the mentioned 4/1 delivery date...

 

[patrick40363]

It is too much down for a lease. If you total the car on day 1 you are out the down money. That down payment equates to $500 mo. The best lease is a zero down/zero drive off.

 

[xG35]

Agree.. Never put that down payment on the lease.. money is better in your pocket.. even parking it to a GIC is better.

 

[Max*]

It is too much down for a lease. If you total the car on day 1 you are out the down money. That down payment equates to $500 mo. The best lease is a zero down/zero drive off.

Completely incorrect. If you total it on day 1, you're only out the depreciation, not the full amount.

That being said, it's a risk/reward situation. You risk losing the depreciation. You gain savings.

 

[AndreSF]

While I agree that cap reduction in a lease deal might not be the best investment, I wish Tesla leasing program was more mature and allowed MSD (multiple security deposits).

 

[gaurav91pandey]

Also, note the sentence at the end: payment amounts only valid if car is delivered prior to 4/1/16. If you only ordered recently, there is a good chance that delivery will be past 4/1, and your lease payment will go up. They currently run a promotion, but only until the mentioned 4/1 delivery date...

I spoke with them, they said they will be able to honour the offer past 4/1. And the delivery is late March. So hopefully will not go into that situation.

 

[Wknapp0924]

Why not try to get approved for a loan? I went through Logix Credit union and got 2.2% and payed $350.00 for Gap insurance. In three years you won't have a Tesla or 20k. Unless you buy the lease out, but then you will be out about 7k. I changed my mind after originally wanting to lease and bought the car. First two weeks 1000 miles on the car. I don't want a mileage leash.
Just advice. Awesome configured car btw!

 

[gaurav91pandey]

Why not try to get approved for a loan? I went through Logix Credit union and got 2.2% and payed $350.00 for Gap insurance. In three years you won't have a Tesla or 20k. Unless you buy the lease out, but then you will be out about 7k. I changed my mind after originally wanting to lease and bought the car. First two weeks 1000 miles on the car. I don't want a mileage leash.
Just advice. Awesome configured car btw!

I know for a fact that I will be switching the car in 3 years.