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Canada lease questions

MParadox

Member
Aug 17, 2020
8
5
Montreal
Hi all, first post here and I've got a few questions I couldn't answer without asking directly.
Hopefully some will be able to help.


I just sold my car and looking to go towards a M3 RWD Lease, while waiting for the Cybertruck's release and all that.
I'm trying to figure out what kind of moneys (cash) I'll need at delivery to drive off with the car, as well as the actual monthly payments will look like.

When looking at the online calculator, there's a few incoherences that confuses me more than help me and I can't figure out how much I'll end up paying given the (ideal) conditions I'm looking for.

Ultimately, I want to (if possible) lease a M3 RWD with the least amount of money upfront.
It'd be white interior, 16,000km/years, 48months and if possible with 0$ cashdown beside the 2500$ order fee.
So once I place an order:
  • How much should I be prepared to pay upfront?
  • What kind of monthly payments I'm looking at?
  • What happens to the 2500$ order fee (I guess it gets applied and "disappears" in the process?)
  • Considering I'm in Quebec, will I get 5000$ Fed Incentive + 8000$ Prov Incentive? (if yes, is the cheque amount actually 5k and 8k or are there some other taxes and fees that will reduce this amount?)

Thanks a lot in advance to anyone who can shed some lights on this (and everyone else or reading I guess :p)

MP
 

Goodtohave

Member
Mar 16, 2019
381
216
Canada
When I bought my M3 last year they dis not lease, when did they start offering leases?

I did a lease through a private leasing company a friend owns. You are welcome to take over mine, 0 down...
 

TrevTremaine

Active Member
Mar 27, 2016
1,021
579
Toronto, Ontario, Canada
M3s have been leased for a while, the MY has just started leasing. The thing to consider is that you cannot purchase it at the end of the lease, if that's the direction you're intending (M3 and MY only) (this is primarily mentioned for others who will read this thread). The lease arrangements are such that it doesn't really make much sense to hold onto it anyway.

The other aspect is when are you looking to purchase a CyberTruck? When it's released, or some time thereafter? I don't think you can time it at all, so is that part of the consideration? Would you do better to outright purchase a M3 instead?

Look at Quebec's rules for the incentive. Is there a timeframe that you need to hold onto the car for or be held accountable for payback? Is it only for outright purchases? The $2500 gets applied as part of the downpayment.

The exact numbers are unclear until you build out the car of your choice - options, etc. are factors unknown in this thread. For instance, I'd be on the fence for AutoPilot if you're intending on returning the car.
 
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hasanzu

Member
Aug 7, 2020
22
10
Montreal, Qc
I'm pretty much in the exact same situation as you, except for the Cybertruck part. Hopefully some of the following info is useful:

Placed an order for a M3 SR+ last week and looked into getting a lease. Got approved (with a co-signer).

When applying for the lease, it asks you how much you want to put down (not including the $2500 deposit). It said the minimum was 5k down but I put 8k as down payment. The reason being is because the 5k federal incentive is automatically applied but the 8k you have to apply for and get a cheque after, so I'd get that 8k back. Keep in mind both these incentives "include the taxes" and in order to get the full 13K you need to make sure its a 48 month lease. So for me, I put the initial 2.5k for the order + the 8k at signing. Based off what I saw it seemed like 5K was the min. at signing but I could be wrong.

To clarify, the 2.5k reservation fee goes towards the payment of the car. For the monthly payments it'll depend on what lease rate you get. The numbers you're getting on the Tesla website are for an ideal case and the best possible rate.
 

MParadox

Member
Aug 17, 2020
8
5
Montreal
The other aspect is when are you looking to purchase a CyberTruck? When it's released, or some time thereafter? I don't think you can time it at all, so is that part of the consideration? Would you do better to outright purchase a M3 instead?

That is a good question; I placed a reservation on the truck some times ago. Depending on what my options are at the moment it's released (and when "my turn" comes), I'd be looking at purchasing the truck, if I can "get rid" of the lease under acceptable conditions. I'm really wondering if I should be better off financing and reselling when the truck comes out, but I have no clues what the resale value will look like and how much will be left on that loan... I just paid 4.6k$ from my pockets to get out of a Ford loan and would like to avoid doing this again (although I cannot say I regret this, I wasn't a great fan of the Escape 1.5L)

Look at Quebec's rules for the incentive. Is there a timeframe that you need to hold onto the car for or be held accountable for payback? Is it only for outright purchases?

The incentive is said to be 5k$ Fed and 8k$ Prov. for a 48months lease, which is what I'm looking at. However, I have no clues of what happens if I transfer the lease or try to give it back to Tesla in exchange of another before the end of the lease... Anyone knows?

The exact numbers are unclear until you build out the car of your choice - options, etc. are factors unknown in this thread.

I'm looking at this:

  • Model 3 Standard Plus Rear-Wheel Drive$52,990
  • Pearl White Paint Included
  • 18’’ Aero Wheels Included
  • Black and White Partial Premium Interior $1,300
  • AutopilotIncluded
  • Purchase Price $54,290
Includes $1,280 destination and documentation fee, $100 air conditioning fee and $10 OMVIC fee.
Taxes calculated based on purchase price

Based off what I saw it seemed like 5K was the min. at signing but I could be wrong.

Yeah that;'s a question I couldn't clarify just yet. It seems the Fed 5k incentive gets applied right away. But does that mean I need to add an extra 5k$ from my pockets? ANd is that on TOP of the 2500k$ for ordering? Which would mean the total cash applied on sales price would be 12,500$. That'd be huge for a lease...
 

hasanzu

Member
Aug 7, 2020
22
10
Montreal, Qc
Yeah that;'s a question I couldn't clarify just yet. It seems the Fed 5k incentive gets applied right away. But does that mean I need to add an extra 5k$ from my pockets? ANd is that on TOP of the 2500k$ for ordering? Which would mean the total cash applied on sales price would be 12,500$. That'd be huge for a lease...
The 5K federal is applied automatically and does not count towards the down payment. So it'd be 2.5k reservation fee and whatever else you put down at signing. I may have misread the 5K down minimum at signing but I'd suggest just contacting Tesla to confirm.
 

MParadox

Member
Aug 17, 2020
8
5
Montreal
Yeah, I've been trying to contact them "all day"
Couldn't talk to someone from Montreal's store yet
Reached out in Live Chat, they're based in US so they took my coords saying someone would call within 1 hour... it's been more than 2 hours now I think
 

hasanzu

Member
Aug 7, 2020
22
10
Montreal, Qc
Yeah, I've been trying to contact them "all day"
Couldn't talk to someone from Montreal's store yet
Reached out in Live Chat, they're based in US so they took my coords saying someone would call within 1 hour... it's been more than 2 hours now I think
Yeah I had to call a few times throughout the day today to get a hold of someone.
 

Goodtohave

Member
Mar 16, 2019
381
216
Canada
I am curious what the monthly payment will be....

Not being to control the buyout is a no go for me.

My private lease is amortized at 60 months 21k buyout But I can get out any time as a friend owns the company. After 4 yrs I can sell to another province without a rebate penalty and I am sure I can make some money.
 

MParadox

Member
Aug 17, 2020
8
5
Montreal
Don’t bother with Montreal, try Quebec City instead.

Thanks for the suggestion, I did just that. It was quick and had an answer to all my questions.

So long story short, it’s not worth leasing, IMHO, at least for me.

I knew about the impossibility of buying the car back, but apparently it’s impossible to have Tesla buy back the lease to resell a new Tesla later, or to transfer the lease to someone else before the 48months period.

Essentially, when you lease you’re literally stuck with the car for 4 years with no options at all, and nothing to show at the end.

As for payments:
For a SR+ at 16,000km/yr, in white and white interior, no other options and no cash down beside the 2.5k order fee, I was looking at around 700$/months for 4 years.

The lease rate is at 4.4% according to the guy I spoke to.

As for Finance, for the same car, still no cash down beside the 2.5k and Federal 5k:
96months: 644$/month
84months: 725$/month

Adding FSD, 96months: 776$/month

The AWD LR+ clocks in at 850$/month
Without FSD
And you don’t get the 8k incentive from Qc

So I went with the SR+ described above with FSD, hoping I’ll be able to recoup most of the value when I decide to sell.

At least I’ll own the car and be able to do aftermarket anything if I decide to (I have lots of reading to do about this now I feel )

So that about sums it up. Thanks everyone for the help and suggestions!
 
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MParadox

Member
Aug 17, 2020
8
5
Montreal
Update:

mai after talking to the rep, I switched my order from lease to loan, and added FSD.

my credit application was still pending, and I’ve just checked and I got an answer:

They conditionally approved the lease (condition being that I send them proof I cleared my other car loan).

But they calculated the lease payment with FSD: 877$/months
Car price: 64,780$
Total paid after 48 months: 47,470.81$

Rate set at 4.4%

Looks like I cannot change it back to loan, so I guess I’ll have to cancel and redo a new order :/
 

Vawlkus

Active Member
Feb 28, 2017
1,559
803
Halifax
Looks like I cannot change it back to loan, so I guess I’ll have to cancel and redo a new order :/
It has to be done at Tesla’s end, and they’re a little slow due to lack of people. Bug your SA and it should get switched.

For the record: the Montreal store has had its staff cut in half and its responsibilities doubled, so there are holes in their chain of communication (Bob normally handled callbacks, but he’s not there anymore and no one has enough time to take up the slack, kinda things).
Quebec City was established recently, so it’s line of communications are intact so they’re better about contact and follow ups.
 
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