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Early Lease Return

Discussion in 'Model S' started by smilepak, Apr 17, 2017.

  1. smilepak

    smilepak Active Member

    May 11, 2015
    Eastvale, CA

    I have a Model S 70D at the moment [email protected] 15k miles per year for 3 years due next year July. Anyone have tried an early lease return and converted that into a new purchase (not buying the leased vehicle, but a new Model S).

    I wonder what kind of benefit / lee way they provide if you decide to upgrade to purchase?
  2. zer0cool

    zer0cool Member

    Apr 26, 2015
    charlotte, nc
    On pretty much all cars, turning in lease early without having a pull-ahead to the dealer is a really expensive thing to do for you... you end up paying SO MUCH MORE than if you had simply purchased the car originally. Unless the manufacturer is running pull-ahead deals. BMW and Porsche run those all the time, basically forgiving the last 3-6 payments. If Tesla doesn't have such a program (I have never heard), you will owe the total of your residual payoff + sum of all remaining lease payments. So if you trade the car in for a new car, you ll have to pay the balance between that amount and the trade-in value.

    In your case, given recent price changes, I think your car's residual payoff is probably around if not more than the trade-in value... basically you ll need to pay all your lease payments right now, for no car, to get out of that car... if you were to trade into a dealer.

    Of course you can transfer the lease. It's easy and financially MUCH MUCH better. Just need to offer a few k of incentives, and you should be able to get rid of the car easy.
    • Like x 2
  3. Vortexx

    Vortexx Member

    Dec 31, 2016
    Orange County
    zer0cool is right - if you really want out of the lease, the best option is to use a service such as "swapalease". In order to incentivize potential lessees, you will have to offer a cash incentive. The exact amount will be determined by the market and how many miles per month you have left on your lease.

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