Lease Takeover on a Model S 75D

[mabrett]

I have a 2016 Model S 75D available for lease takeover. Total payment is $1015.79 and the residual value is $54,777. Currently has 17,000 miles on it which leaves miles over 20,000 left on the lease which ends 2/8/2020. Non smoking- well kept. Pictures and specs attached.

 

[Turrbo]

Prob a dumb question but would I be able to pay the residual and keep the car?

 

[cellphonechris]

Prob a dumb question but would I be able to pay the residual and keep the car?

After you've completed the lease.

 

[deaddog]

I suspect that you can prepay all remaining lease payments + residual + applicable taxes + any lease disposition fees and buy the car outright at any time during the lease. A financially questionable choice but doable.

 

[Rdr4evr69]

There should be a payoff, or value, to purchase the car now available from the financial institution also. What bank is the lease through?

 

[deaddog]

Yep but I suspect that payoff value = remaining lease payments + residual + fees. And then, depending on which state you live in, you have to add taxes. Rarely a good deal unless lessee put down a huge down payment.

 

[Rdr4evr69]

That is not usually how a lease buyout works. It would be less than the total of payments plus residual. As monthly taxes would be less and interest is added on monthly for a lease.

 

[deaddog]

I understood that Tesla Finance and USBank gave NO break on the lease payments (including no discount on future interest payments) . I agree that non-prepaid future taxes are likely excluded. My point on taxes is that, at least in my state, IL, you pay sales tax on the buyout price. So, future lease payments + residual = buyout price + sales tax on buyiut price . .

But if you think Tesla deducts future interest or depreciation payments from total early buyout, let us know why you think that.

 

[Rdr4evr69]

I am in the business, Toyota dealer. I also do us bank leasing for customers. If the lease is indeed with US Bank, owner calls and asks for a payoff and a number will be given. Here is the tricky part, that I am not 100% about... I think only the leasee can buy out their own lease... would then have to pay tax n such on that amount, then can sell it.
This lease could also be with Alliant CU, they are tight with Tesla too.