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Change lease terms due to less mileage?

Discussion in 'Model X: Ordering, Production, Delivery' started by Ps99186, Jul 9, 2017.

  1. Ps99186

    Ps99186 New Member

    Joined:
    Jul 14, 2016
    Messages:
    3
    Location:
    San Diego
    anybody who is leasing their MX have success dropping their payments due to lower mileage driven. I am about to hit one year mark but have only driven 10k miles due to shorter commute after I signed lease. My 3y lease payments were based on 36k miles. Wondering if there is any way to reduce future monthly payment by talking to Tesla Leasing group. Any guidance?
     
  2. JoeZ

    JoeZ Member

    Joined:
    Mar 9, 2017
    Messages:
    83
    Location:
    Irvine
    They don't let you increase your monthly payment because you want to drive more. so I guess they will not let you decrease the monthly payment either. If you really want to get rid of that lease you should try lease swap.
     
    • Like x 1
  3. Ps99186

    Ps99186 New Member

    Joined:
    Jul 14, 2016
    Messages:
    3
    Location:
    San Diego
    What is a lease swap?
     
  4. patrick40363

    patrick40363 Member

    Joined:
    Mar 25, 2014
    Messages:
    442
    Location:
    Cali
    No.
     
  5. Sidra

    Sidra Member

    Joined:
    Jul 18, 2017
    Messages:
    5
    Location:
    San Gabriel
    Sorry Tesla, or any other company for that matter, will not allow you to drop your payment if you drive less. That's like leasing an apartment room and asking for a discount because you decided to sleep over your girlfriends place more.

    As for lease swap, unlike the apt rental scenario above, most, if not all banks, allow you to transfer the lease to another person. There are some restrictions that vary from bank to bank, such as the new person has to live in the same state you do, but basically you and the new lessee fill out an application or credit app, to see if they will qualify. If they are approved, you can transfer the car over to them.

    Yes, I'm sure you have lots of questions forming now...

    1. What about my deposit.
    What about it.... it's gone.

    2. Can I ask the new buyer to pay me back
    Yup.... you can even pay him to take your car too (holy moley). It's all negotiable. Bank will not care what you guys negotiate. They only care about someone finishing the contract.

    3. Can the payment be lowered
    Again.. nope. It's the same payment and terms. New lessee just takes over what you already agreed to. So if you got a killer deal on a lease because of whatever reason (i.e. I know the right people, put a big ass deposit down, I am elon musk, etc), then that is what the new lessee will pay. Unfortunately tesla does not bargain so most likely potential lessee can get the same deal as you, but they could potentially save on the initial deposit and any remaining time on annual DMV registration.

    3. What happens if he doesn't pay
    Depends on the bank, you may still be on the hook or they may release you

    4. Damages or over mileage
    Off the hook for both.

    5. Wait.. I'm under
    Benefit would go to new lessee.

    5. Wow this is a great idea, maybe I should think about this as a start up....
    too late
    www.swapalease.com



    Hope that helps
     
    • Like x 1
  6. animorph

    animorph Member

    Joined:
    Apr 1, 2016
    Messages:
    483
    Location:
    Scottsdale, AZ
    Doesn't seem like you are that far off the mileage to seriously worry about it, 30k out of a potential 36k miles at the end of the lease. You could take a few long trips to catch up.

    If you feel like the value of the car is higher than the cost of buying it at the end of your three years, then you should probably buy it at the end and keep it or sell it yourself. That's the main option that's in most leases.
     

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