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Early Lease Return

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

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  1. smilepak

    smilepak Active Member

    Joined:
    May 11, 2015
    Messages:
    1,229
    Location:
    Eastvale, CA
    Hi,

    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

    Joined:
    Apr 26, 2015
    Messages:
    384
    Location:
    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

    Joined:
    Dec 31, 2016
    Messages:
    29
    Location:
    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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