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Help! Is Tesla trying to screw me??

Discussion in 'Model S: Ordering, Production, Delivery' started by shakgfm, Jun 22, 2016.

  1. shakgfm

    shakgfm Member

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    Hi guys,

    I am new here. I have ordered a Model S and it's ready for delivery tomorrow. However, when I ordered the math looked like as follows:
    MSRP: $88950, and I applied for a lease at $12,000 miles per year. The website showed the following:





    Order Payment: $2,500

    Due at Signing $4,305

    Monthly Payment $1,110

    Now a day before delivery, I get an email saying I need to pay $8500 (instead of the 4300). Do you know what is going on? Am I missing something? Was state taxes not included in their calculation? Are they adding something else?

    Any help is appreciated. I am a bit shocked by the $4000 additional they are asking. FYI, I traded in a car with about $10000 in equity in it.
     
  2. EMdoc12

    EMdoc12 Member

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    Those numbers were just a rough estimate as you can see here: Tesla Leasing

    Which Model S fits my monthly budget?

    Price indicated does not include taxes and registration fees unless stated otherwise. You will be responsible for these additional taxes and fees. The payment calculations are provided for informational purposes only and may reflect assumptions that may not apply to you or lease terms for which you may not qualify. Model S qualifies for a federal tax credit up to $7,500 which is already included in the payment calculations.
     
    • Like x 1
  3. GasKilla

    GasKilla No Gas Know Peace

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    Call your Delivery Specialist
     
  4. KZKZ

    KZKZ Member

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    A $4200 difference sounds too much to be just registration and sales tax on the down payment
     
  5. shakgfm

    shakgfm Member

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    Thanks. I know that is an estimate but I have leased any cars (all BMWs I must admit) and the difference between actual and estimate is usually $20, not $4000. (except taxes).

    I guess it would be more helpful if somebody can tell me how much you guys paid if you bought a tesla with about $90K MSRP.

    My delivery specialist is not too bright or trustworthy unfortunately. This whole thing is turning me off. Never had this kind of experience with BMW before.
     
    • Informative x 1
  6. stopcrazypp

    stopcrazypp Well-Known Member

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    #6 stopcrazypp, Jun 22, 2016
    Last edited: Jun 22, 2016
    Shouldn't they give you a sheet that breaks down how they got that number? Your DS should be able to get that info for you. Asking here would not help at all since people don't know the details of your order and how much registration/taxes you can expect in your state.

    I played around with the lease calculator and I get a much higher due at signing that you did:

    Your ZIP: 55155
    Vehicle: $88,950
    Delivery: $1,200
    Total: $90,150
    Annual Miles: 12,000 miles/year 36 Month Lease
    Down Payment + Trade In: $10,000 (Up to 25%)

    Order Payment $2,500

    Due at Signing $9,176
    - Down Payment + Trade In $10,000
    - Order Payment -$2,500
    - First Month's Payment $981
    - Acquisition Fee $695

    Monthly Payment $981

    Note: looking at the details, the due at signing includes your trade-in value. So that number is higher based one how much your trade in was worth, even though you may not necessarily have to pay that much in cash.
     
    • Helpful x 1
  7. KZKZ

    KZKZ Member

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    When you place the order they don't email the terms of the deal in more detail?
     
  8. EMdoc12

    EMdoc12 Member

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    They will. Someone from financial services will give you a sheet with a full breakdown.
     
  9. shakgfm

    shakgfm Member

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    ^I am picking the car up tomorrow and they want payment today. When will they email me the info sheet?
     
  10. KZKZ

    KZKZ Member

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    That's odd, it seems like you'd get that info as soon as you order, so you have time to back out if your don't like the terms.
     
  11. EMdoc12

    EMdoc12 Member

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    Not necessarily. I didn't even apply through tesla leasing till my car entered production. The leasing agreement is only good for 30 days I guess so applying too soon might have meant they would run my credit twice. I didn't get the breakdown till after applying when a Financial Specialist got involved.

    Thats how it all went down here anyways.
     
  12. EMdoc12

    EMdoc12 Member

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    Oh. Yea I would have thought they would have done that by now unless you never applied for the lease and they assume you are paying cash now.
     
  13. NikeWings

    NikeWings Member

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    Your MyTesla page should have a detailed break down embedded in the section where you click to pay (if you choose to do so before arrival). There should have also been a detailed break down sent to you in the approval email. If you dont have either of these, just call the finance guy and ask for it. There is a misunderstanding somewhere......they are not trying to screw you.
     
  14. shakgfm

    shakgfm Member

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    Thanks. Yes I see the "detailed" breakdown which has no relevant detail. It basically says this is the cost of the car with all fees and taxes (no idea what is included in that breakdown other than the MSRP) and then says $82,500 more or less financed, so the difference is XYZ. This is not a breakdown. I am a professor and pretty darn good one at that. I make a living out of numbers and whoever prepared that page should be ashamed of himself.
     
  15. NikeWings

    NikeWings Member

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    I am neither a darn good professor, or a professor at all......just a bloke, but I did find both the approval and pre-closing disclosures to be thorough and understandable.

    There is something odd here and a simple call/email to your finance guy (the one who sent the approval email with all the purchase details including selecting your mileage option) or your DS who was copied on the exact same email......and ask for a copy. Tesla Finance is very responsive although its after hours now..........so I guess you'll find out the details when you arrive tomorrow. Enjoy your new ride!
     
  16. CapeOne

    CapeOne Member

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    That $1,110 monthly payment is not based on $10,000 down/trade. It's based on $6,805 down/trade ($4,305 + $2,500) PLUS first month's payment and $695 acquisition fee.
     
  17. NikeWings

    NikeWings Member

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    One more thought......check your spam, perhaps there is an approval email in there from a "Tesla Finance" guy. It does come from an individual person, so perhaps he got spammed as a first timer to your address? It really does have all the details you seek.
     
  18. chillaban

    chillaban Member

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    I loaned instead of leasing, but I too had my jaw drop when the finance guy told me it was $18,000 or so of a drive-off payment rather than the $4500 originally shown on the website. Of course, $8000 of that was sales tax specific to the loan situation, but still, the website is slightly misleading when it estimates your payments.

    You can ask your finance guy for a detailed breakdown of the taxes/fees, but overall, I'm not surprised by your situation.
     
    • Informative x 1
  19. KZKZ

    KZKZ Member

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    This is one area about Tesla's business model that I'm not comfortable with. In a regular dealership model you can get up and walk away at any point in the process if you don't like something. If the quality of the car you ordered doesn't meet your expectations you can just leave it and there's no money lost. If the financial numbers change during the process, you can just get up and move on. Nothing lost except your time.
     
  20. CapeOne

    CapeOne Member

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    The loan payment on the website should have been spot on, before taxes/fees, based on down payment shown (5% by default). What some might consider misleading is the top number they show which includes estimated gas savings. On a 78 month loan, that can represent close to $9K (by default) over the 6 1/2 years but obviously is not really a lower loan payment.
     

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