Early Lease Return

[smilepak]

Hi,

I have a Model S 70D at the moment leased@ 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?

 

[zer0cool]

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.

 

[Vortexx]

Hi,

I have a Model S 70D at the moment leased@ 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?

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.

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.