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Anyone ever terminate their lease early -- and then buy the car?

Discussion in 'Model S: Ordering, Production, Delivery' started by David29, Jul 8, 2017.

  1. David29

    David29 Supporting Member

    Joined:
    Aug 1, 2015
    Messages:
    1,304
    Location:
    DEDHAM, MA
    My Model S is leased. I did that for risk management and to provide more options. But I realize leasing for individuals (vs. businesses) is inherently an expensive way to "rent" a car.
    My lease has a bit more than a year to go but I am already thinking about what to do when it is up. One option is to buy the car and I know there is a lease provision to purchase the car at the end at a set price. And I know one can cancel the lease early, but with a financial penalty.
    But can you cancel the lease early and then also buy the car? I suppose the buy-out price would be higher, and there would be a cancellation fee, but I wonder if the total is that much worse than paying the lease to the end and then buying.
    Has anyone done this combination? I am curious if it is a viable option.

    And by the way, when the lease ends the normal way, who will I be dealing with? Tesla or the Bank? I assume the bank because they are the owners of the car, as I understand it. But I have read about people being approached by Tesla regarding their options and trying to promote another sale or lease.

    I am new to leasing so I appreciate any insights from more experienced people.
     
  2. Science fan

    Science fan Member

    Joined:
    Mar 18, 2016
    Messages:
    149
    Location:
    Boynton Beach, FL
    David, you have probably already thought of this and it is probably not of much help, but I would try contacting Tesla, then the leasing company with those questions. Tesla first, because they may have some ideas that will keep you in the Tesla family that the bank would not care about.
     
    • Like x 1
  3. BrettS

    BrettS Member

    Joined:
    Mar 28, 2017
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    634
    Location:
    Orlando, FL
    I didn’t do this with a Tesla, but I did with a Toyota Highlander Hybrid. It was financed through southeast Toyota finance and I contacted them and they gave me a buyout number to close out the lease and own the car. The number worked for me, so I got an auto loan through my credit union and they payed off SETF and then I owned the car.
     
    • Helpful x 1
  4. Plug it in

    Plug it in Member

    Joined:
    Sep 23, 2016
    Messages:
    37
    Location:
    Minerva, Ohio
    Mine was thru Tesla Leasing, I called them and they sent me a paper with the buyout amount.
     

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