Hi, I just got the Model X by leasing, but it was before the new refresh of the new Model X was announced. I want to try to get out of the lease so I can get the new refreshed version. I tried CarMax, but they don't take Tesla lease. I've heard about Swapalease but don't want to pay the $600 just yet. Are there any other options to explore? Please let me know. Thanks!
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How to get out of Tesla Lease?
- Thread starter junodragon
- Start date
Hi @junodragon, getting out of any vehicle lease is nearly impossible. Your first steps are:
- Ask your leasing bank if your lease is transferable.
- Ask your leasing bank what is the loan payoff (every lease has one).
With that information, your options are:
- Let somebody else take over the lease if it's transferable. Keep in mind that the transferee must be credit approved like you were. There are a few services other than Swapalease. Google "swap my car lease."
- Sell the car to a private party and pay the leasing bank the difference between what you sold the car for and what you own.
- Sell the car to a dealer. You can go to any dealer, including Tesla, and try to sell them your car. But, you're gonna get an offer substancially less than your payoff (if your lease is that new, I would venture to say $7-10k less). You'd have to come up with the difference.
- Surrender the car back to the leasing bank and let them reposes it. Not a good idea, you'll ruin your credit.
- Payoff the remainder of your lease (every payment) and return the car to the leasing bank. An expensive proposition just to have a refreshed MX.
Hope this helps.
- Ask your leasing bank if your lease is transferable.
- Ask your leasing bank what is the loan payoff (every lease has one).
With that information, your options are:
- Let somebody else take over the lease if it's transferable. Keep in mind that the transferee must be credit approved like you were. There are a few services other than Swapalease. Google "swap my car lease."
- Sell the car to a private party and pay the leasing bank the difference between what you sold the car for and what you own.
- Sell the car to a dealer. You can go to any dealer, including Tesla, and try to sell them your car. But, you're gonna get an offer substancially less than your payoff (if your lease is that new, I would venture to say $7-10k less). You'd have to come up with the difference.
- Surrender the car back to the leasing bank and let them reposes it. Not a good idea, you'll ruin your credit.
- Payoff the remainder of your lease (every payment) and return the car to the leasing bank. An expensive proposition just to have a refreshed MX.
Hope this helps.
PS. As it turns out, I just saw a "similar thread" where someone is actually looking to assume a Model X lease! Check it out: Looking to assume Tesla lease. Model X or Model Y
CapeOne
Active Member
Contact Tesla to find out what the lease buyout number is; also factor in any potential sales tax. Then shop the car around to CarMax, Carvana, Vroom, etc. If the difference between the lease buyout number and the best offer number is acceptable, you can sell directly to that dealer. If not, your next options would be to try to sell it privately or find someone to take over the lease.
KentuckyX
Member
Or...just chalk it up to bad timing, enjoy your new Model X through its lease period, and then get the "refreshed" X next time; after all the bugs and kinks have been ironed out.
