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Just Bought a 2016 P90D L!! Need help re: lease

Discussion in 'Model S: Ordering, Production, Delivery' started by ChuckV, Jul 24, 2016.

  1. ChuckV

    ChuckV New Member

    Joined:
    Jul 24, 2016
    Messages:
    3
    Location:
    Kansas
    Was leaning towards ordering a Model X but leases were (imho) pretty high for a X90D w/ options I wanted, 1700 w/ 8k down. The local tesla store had a former showroom pre-facelift Model S P90D Ludicrous that looked pretty sweet they showed me. Took it for a test drive and am hooked. Said I'd take it and put $2500 down. Anyway gonna lease it, but on day 3 waiting for them to get me Lease documents to review. I have no idea what Money Factor, Residual are. I did get a pretty good discount as it had 1600 miles and a Feb 2016 build, and they can still lease. However, if terms are horrible may just buy it.

    Need help cuz I dont know who they use to run credit check. I keep my credit frozen and you need to unfreeze the correct agency. Anyone know who they use or where to find lease terms/details?

    I miss the new center console of the Model S refresh and might suck up the $1200 and have that installed. Otherwise it's perfect! Would be exactly what I'd order on a Model S. I am supposed to pick it up next week and the wait is already killing me. I was ready to drive off in it right then, but guess that's not how Tesla works (this is my first).

    Some pics - test fitting in my garage & watched then Summon it out for me.

    [​IMG]

    sorry for goofy muzak.


    [​IMG]
     
    • Like x 3
  2. CapeOne

    CapeOne Member

    Joined:
    Jun 14, 2016
    Messages:
    137
    Location:
    New England
    The lease documents will hopefully answer all of your questions. However, the 'standard' 36 months/15,000 annual miles Tesla lease terms for custom order cars right now are 0.0018 money factor (4.32%) and 50% residual to which the $7,500 federal tax credit is applied. The acquisition fee is $695 and the disposition fee (if you don't buy at lease end) is $395.

    If you have any plans or desire to keep the car longer than the lease term, I would NOT suggest leasing. The $7,500 tax credit being added to the residual (making the buyout that much higher) basically takes that option off the table from a financial standpoint. On the flip side, leasing does provide some protection against any significant/unexpected drop in Model S resales over the next three years or so. If the bottom falls out in the MS market, you can just turn the car in, pay the $395, and walk away.
     
  3. Moneesh

    Moneesh Member

    Joined:
    Jun 3, 2016
    Messages:
    50
    Location:
    Yorba Linda, CA
    I picked up my refresh MS 90D two weeks ago. They have a special lease incentive (not publicized) for people with credit above 800 right now, so I'd make sure you ask about any "special incentives" before you sign. They basically increase the residual percentage to decrease the monthly lease payment - came out to about $3,750 decrease in total payments over my 36 month term. When you apply, they either give you a lease through Tesla or through a partner bank. I was given these terms through US Bank. Just remember that when you lease, the $7,500 credit goes directly to the bank partner or Tesla, however writes the lease and takes ownership (not you). If Cali, you are still eligible for the $2,500 CAVR, but you have to apply and wait until it gets funded again. Enjoy - the P 90D looks beautiful. I love the red color with the 21 inch graphite, matched with red calipers!
     
    • Like x 1
  4. e-FTW

    e-FTW New electron smell

    Joined:
    Aug 23, 2015
    Messages:
    619
    Location:
    San Francisco, CA
    Whoa, nice garage there. The red Ludy would definitely complement that German ride very well!
    So if it is an inventory car (seems like it), make sure you use a referral code for 1 grand off. Ping me for mine.
     
  5. ChuckV

    ChuckV New Member

    Joined:
    Jul 24, 2016
    Messages:
    3
    Location:
    Kansas
    Thanks to all who replied. Because of you guys explaining the $7500 would have to be paid back to lessor to keep the car at end of lease, I ended up buying it. I was gonna use the lease as a way to get to see if the Model S was a reliable car and if it was just buy at end of lease. However, I believe in it, feel I am gonna love it and not wanna give it up in 3 years.

    Took Delivery 4 days ago! Love it!

    FWIW - Tesla had me unlock Transunion creditfreeze

    And the non-traditional lack of dealer experience was awesome. No body tried to see me on some bullsh!t paint protectant etc.
     

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