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Lease Early Trade In

mikeclimbs

New Member
Jul 16, 2019
4
2
New City NY
Figured I'd post this since there isn't much out there with actual numbers. I have a 2019 Model AWD with FSD I'm considering turning in early. I picked it up in June 2019 and mileage is way low thanks to covid. My lease is 3/36k but my actual mileage is under 14k. Here are the turn-in #s Tesla gave me. I traded in an old car at the time of purchase so I put 6k down. I also generated a sell-to-dealer quote and the numbers were the same with an additional $3,400 in sales tax.

  • Gross Cap Cost
    $61,341.73
  • Principal Portion of Payments Made
    - $10,464.00
  • Cap Cost Reduction
    - $9,079.66
  • Adjusted Lease Balance
    $41,798.07
  • Vehicle Value
    - $45,300.00
  • Residual Early Termination Cost
    $3,074.51
  • Base Lease Payoff
    $0.00
  • Property Tax
    $0.00
  • Account Balance
    - $0.66
  • Disposition Fee
    $395.00
  • Tax on Disposition Fee
    $33.08
  • Total Due​

    $0.66​

 

Kairide

Member
Jul 13, 2021
152
155
CA
Don't trade it in early with the used car market the way it is. You've got $3500 in positive equity in the car, Tesla is taking the equity in the form of an Early Termination penalty. Just get a 3rd party payoff quote in the app and sell it to Carvana, CarMax or Vroom. Pocket the positive equity instead of giving it to Tesla.
 

sdorn

Director of Awesome
Supporting Member
Oct 9, 2016
1,035
993
Georgia
Just wanted to follow up here and see if anyone has actually done a lease turn in to Tesla or sold to Carvana, CarMax or Vroom and how that played out? I'm buying a new Model S and trying to figure out the best way to deal with my existing super low mileage Model 3 lease. It has less than 4k miles on it 18 months into the lease (thanks COVID). There isn't a buyout option though since it is a Tesla lease.
 

Kairide

Member
Jul 13, 2021
152
155
CA
Just wanted to follow up here and see if anyone has actually done a lease turn in to Tesla or sold to Carvana, CarMax or Vroom and how that played out? I'm buying a new Model S and trying to figure out the best way to deal with my existing super low mileage Model 3 lease. It has less than 4k miles on it 18 months into the lease (thanks COVID). There isn't a buyout option though since it is a Tesla lease.
I just completed a lease purchase of my Model S, ~8 months early. Since you can't buy the Model 3 lease out, you can go to your Tesla account and get a quote for early lease termination. Since the market is so good for used cars right now, the difference between where your current car is valued relative to the contracted residual is probably pretty favorable. For example, I got an early lease termination quote from Tesla and it was pretty much the same as 1 lease payment. You rarely see that low of a difference/penalty 8 months early on a lease.
 

sdorn

Director of Awesome
Supporting Member
Oct 9, 2016
1,035
993
Georgia
Just as an additional data point, I got a lease termination quote from Tesla. They listed the market value of the Model 3 at $45k and a lease payoff of just over $50k with me owing the difference. I went to Carvana and requested a quote to buy the Model 3 and they offered me $54k, so I think that as soon as I take delivery of my Model S I will just go ahead and sell my Model 3 to Carvana, Vroom, CarMax, etc. (whichever offers the most). Seems like I might even walk away with a few dollars going that route vs paying Tesla over $5k to terminate the lease.
 

MaskedRacerX

Member
Dec 13, 2020
207
231
Vilano Beach, FL
@sdorn

We semi-recently sold two cars to Carvana, first a DD/RT at the end of lease back in April, we purchased it (solely for the purpose of selling it, there was some issue with them buying it directly < 30 days of the lease expiration), made $10K vs. turning it in - GT convertible in June (offer was my purchase price 2 years prior, so kind of drive-for-free).

In both cases the process was super simple, completely facilitated online, a few documents to upload, some ID info, both times right on schedule the pickup persons showed in the Carvana flat-bed transport, did a 60 second walk around (our cars were mint, so didn't expect any issues), and transferred the funds before leaving via an EFT to our bank.

So at least for us, just selling cars, it was outstanding.
 

Tylerd213

New Member
Aug 23, 2021
1
0
Michigan
Has anyone actually had luck with the lease buyout option for Carvana. They offered me a great quote, but everyone I have spoken to there has said they won’t buy out the lease from Tesla.
 

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