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Does Tesla let you pay off your lease in full?

Discussion in 'Model 3: Ordering, Production, Delivery' started by gizmo84, Jan 31, 2017.

  1. gizmo84

    gizmo84 New Member

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    I don't want a car payment. Thinking of leasing the model 3. Does Tesla allow you to pay your lease in full? I just don't want the payments....at all...
     
  2. livingthedream

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    No reason why you couldn't, although it seems odd you'd want to do it that way. Btw, it's actually usbank (at least my lease thru Tesla).
     
  3. swaltner

    swaltner Member

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    They may let you do it. You should be mindful of the potential huge financial hit. Currently, if you drive your leased Tesla off the lot and proceed to get in a crash on the way home, you're out the down payment ($6,540 for a base Model S). If you did the same thing after having paid the down payment and pre-paid EVERY lease payment for the next 3 years, you might be out the full $36,870 ($6,450 down payment + $845 * 36 months). I'd make sure the bank clarified what would happen with the pre-payments in the event of a total loss during the lease payment before agreeing to do that.

    Automatic bill payment would be the way to avoid the hassle of the monthly payment and the potential (for me) a VERY PAINFUL financial loss.
     
  4. gizmo84

    gizmo84 New Member

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    thank you all for the replies. I've never leased a car before so I didn't know about some things.
     
  5. swaltner

    swaltner Member

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    One clarification on my post (#3 from above), was that I was talking about a crash that totals the vehicle, not one where the vehicle gets repair. It was implied, but not stated directly.
     
  6. eisbock

    eisbock Member

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    Why not just put all the cash in an account and set up automatic bill pay? That way, you don't have to even look at it for the next three years and you earn a tiny bit of interest on that cash. You might be able buy a free six pack or two at the end of those three years!
     
    • Like x 1
  7. ANewHope

    ANewHope New Member

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    Even if you have the money don't pay off your lease completely up front:
    1) You never know if your situation changes and you need the financial flexibility.
    2) Being yourself and unique is a good thing, but not when it comes to a lease. If 99% of people pay their lease monthly or biweekly (i don't know the stats but probably not far off the mark) and then your situation changes and you need to find someone to take over your one payment lease, you now shrunk the potential of this happening to your satisfaction greatly.

    Trust me i know. I did the single lease payment on a mercedes C class, thought we were done with child #1, then along came child #2 and then a SUV was more practical (less back breaking putting a baby in the car seat + more space). Even if you are 99.999% sure nothing will change in your life, as eisbock said, leave your money in the bank and treat yourself to something.

     

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