Lease end experience?

[Rmf1981]

Curious if anyone has had recent turn-in experience with a Tesla lease?

Saw a recent article saying auto dealers are refusing lease turn ins right now due to the virus. And the used market is in the tank. I have a lease turn in relatively soon and starting to think about options.

-Anyone turn in a lease recently? Any issues?
-anyone try a lease extension? I'm seeing people talk about extending their lease at 50% payment right now because it absolves the company from taking the car, and the resale market is poor....
-anyone have success negotiating the buy out price? Again given the depressed wholesale market might they be willing to negotiate?

Interested if anyone has any experiences. Thanks!

 

[sholover]

I’ve heard nothing about Tesla lease end.

I’ve heard my share about other manufacturers offering crazy buy-out deals if you finance through them (they will ask for less than half the residual). These were mainly on EV forums, so I’m not sure if it is manufacturer-specific, or just for EV cars.

In general, the car market is very soft and car manufacturers know it will be extremely difficult to sell the off-lease cars. Close to 25 million Americans were out of work in a month’s time—it’s surreal. I’m not sure how it will affect Tesla.

 

[Mike Miller]

I have a lease termination coming up in June and am also very interested in what experiences people are having. I reached out about a lease extension at reduced rates and got a flat "no".

Looking forward to hearing others experinces?

 

[Vaillant]

I’ve heard nothing about Tesla lease end.

I’ve heard my share about other manufacturers offering crazy buy-out deals if you finance through them (they will ask for less than half the residual). These were mainly on EV forums, so I’m not sure if it is manufacturer-specific, or just for EV cars.

In general, the car market is very soft and car manufacturers know it will be extremely difficult to sell the off-lease cars. Close to 25 million Americans were out of work in a month’s time—it’s surreal. I’m not sure how it will affect Tesla.

A few years ago I called to discuss how to turn in my Volt, which had a cheap lease with a super high residual buy out price of $31k. I told them that there’s no way I’d be paying $31k, so I was going to turn it in. The lady on the phone responded with, “Well, what would you like to pay?” I didn’t expect that! I said I’d call back.

I did some research, and then offered just a touch over wholesale: $14.5k. Much to my surprise, they immediately agreed! I drove the car for a couple of more years before eventually selling it to a friend of a friend for $12.5k. Financially, that car worked out spectacularly for me. US Bank was the one handling the lease.

Anyway, this doesn’t help the OP at all, and my Model 3 is purchased, not leased, but I figured I’d share my experience with GM.

 

[Rmf1981]

Thanks Valillant. I've had BMW allow me to extend a lease for a few months without an issue.

I've heard Tesla will extend for 6 mos. My lease is at a great price and I love the car, so maybe would consider that. The buyout is ridiculous though. Not going to keep it unless they'll negotiate that (which it seems like they likely won't).

 

[Mike K]

I turned in my P85D in March of 2019. They gave me a 10 day grace period. I made an appointment, they quickly inspected it, billed me for additional mileage and that was it.