I'm one of the lucky few who got one of those awesome P90DL Classic Fascia (2k miles) deals a few weeks ago. Car is due for delivery next Wednesday (It came from Texas). I'd like to understand my exposure in the unlikely event the car gets totaled in a accident. Scenario one saves about $600 over the course of the lease vs Scenario 2. (Here are the relevant pieces of the deal:
MSRP: 138,700
Discounted Price 110,600
2yr Lease
CT Sales tax = 7.75%
Scenario 1
DownPayment - $17,700
Total Due @ Sign = 20,272
Cost to Own over 24mo $29010
Lease Payment $361
Scenario 2
DownPayment - $5,000
Total Due @ Sign = 7181
Cost to Own over 24mo $29601
Lease Payment $956
I know that everyone is going to say why on earth would you give up $13,000 to save $600 and I agree for the most part but I'm more interested in the consequences of having done so. The APR on the money factor is 4.32% which inst a horrible return on money you wouldn't be investing otherwise.
Here is my question - The car as it stands today is worth more than the discounted price (see them being sold on other sites for 120k fully loaded). Lets just say the car gets totaled 6 months from now. Its very likely the car is still worth more than is "owed" on the vehicle and the insurance payment would be made without the need for GAP being invoked. Tesla Finance is going to get a check for obviously more than they deserve because of my cap cost reduction payment up front. Do I get any of this back in the scenario where they are paid more than the sum of all payments + residual payments?
Normally GAP insurance is most valuable in the first 12-18 months of a lease where the customer is certainly "Upside" down in vehicle value due to the immediate depreciation incurred from driving "off the lot" as they say. In my case I am driving off the lot 28k into the depreciation and was wondering if this really is a concern for me. Can anyone point me in the right direction on this one?
Thanks!
MSRP: 138,700
Discounted Price 110,600
2yr Lease
CT Sales tax = 7.75%
Scenario 1
DownPayment - $17,700
Total Due @ Sign = 20,272
Cost to Own over 24mo $29010
Lease Payment $361
Scenario 2
DownPayment - $5,000
Total Due @ Sign = 7181
Cost to Own over 24mo $29601
Lease Payment $956
I know that everyone is going to say why on earth would you give up $13,000 to save $600 and I agree for the most part but I'm more interested in the consequences of having done so. The APR on the money factor is 4.32% which inst a horrible return on money you wouldn't be investing otherwise.
Here is my question - The car as it stands today is worth more than the discounted price (see them being sold on other sites for 120k fully loaded). Lets just say the car gets totaled 6 months from now. Its very likely the car is still worth more than is "owed" on the vehicle and the insurance payment would be made without the need for GAP being invoked. Tesla Finance is going to get a check for obviously more than they deserve because of my cap cost reduction payment up front. Do I get any of this back in the scenario where they are paid more than the sum of all payments + residual payments?
Normally GAP insurance is most valuable in the first 12-18 months of a lease where the customer is certainly "Upside" down in vehicle value due to the immediate depreciation incurred from driving "off the lot" as they say. In my case I am driving off the lot 28k into the depreciation and was wondering if this really is a concern for me. Can anyone point me in the right direction on this one?
Thanks!
