M3 & MY Leasing Option now available in Canada

[Jgdixon]

I went to Tesla sale center in Yorkdale today. the sale rep straight up told me Tesla lease is only for two type of buyers:
1. short term contract worker who only live in Canada for 3-4 for worker
2. can not qualify for financing due to bad credit. Financing interest rate is lower leasing rate. He recommend financing route.

He think Tesla leasing is not worth it because you cannot buy back the car after leasing plus high plenty for over mileage limit and damage.

I have been in the leasing industry for years. Your credit needs to be just as good for leasing as for financing.
I agree that the no buy back option is just dumb. People may want a family member to buy it, they may want to buy it out to avoid over kms charges. Another advantage of leasing is the shorter term. Most people financing a Tesla will be going over 84 or 96 months. And then people’s lives change, marriage, kids, job, New technology comes along. And they can’t get out of the loan because they owe more than it’s worth.
One last advantage is the down payment or trade in goes farther because of the shorter term.

 

[hasanzu]

I just placed an order for a lease on the M3 SR+ this Thursday and submitted the lease application. Just waiting to hear back from them for the lease terms based on my application.

 

[Bobo2408]

I just placed an order for a lease on the M3 SR+ this Thursday and submitted the lease application. Just waiting to hear back from them for the lease terms based on my application.

Keep us posted with the lease terms

 

[hasanzu]

Keep us posted with the lease terms

I was denied leasing but they need to get back to me on why exactly and what terms they can make for me to get approved. I'm fairly young but have a 820+ credit score. Will update back tomorrow most likely.

 

[hasanzu]

I was denied leasing but they need to get back to me on why exactly and what terms they can make for me to get approved. I'm fairly young but have a 820+ credit score. Will update back tomorrow most likely.

Due to my age and therefore lack of large loans of similar magnitude/credit history I was not able to sign the lease myself and had to get a co-signer. Options given were to either get a co-signer, finance the car myself instead of lease or do a cash buyout.

 

[sokhangoo]

Due to my age and therefore lack of large loans of similar magnitude/credit history I was not able to sign the lease myself and had to get a co-signer. Options given were to either get a co-signer, finance the car myself instead of lease or do a cash buyout.

It doesn't make sense to me. Financing means you are obligated to pay the full price of the car in the term you choose, but leasing means you are only obligated to pay almost half of the car value in 3-4 years and then either a buyout if they allow it or you return the car to Tesla. So the money you borrow in financing is way greater than leasing, so that's why it doesn't make sense to me as why you got denied in leasing but they gave you the option to finance the car on your own?

 

[zwz002]

It doesn't make sense to me. Financing means you are obligated to pay the full price of the car in the term you choose, but leasing means you are only obligated to pay almost half of the car value in 3-4 years and then either a buyout if they allow it or you return the car to Tesla. So the money you borrow in financing is way greater than leasing, so that's why it doesn't make sense to me as why you got denied in leasing but they gave you the option to finance the car on your own?

Probably at a much higher interest rate to compensate for the higher risk.

 

[coolmanfever]

Tesla leasing does not allow you to buy back after lease term.ends

 

[hasanzu]

Due to my age and therefore lack of large loans of similar magnitude/credit history I was not able to sign the lease myself and had to get a co-signer. Options given were to either get a co-signer, finance the car myself instead of lease or do a cash buyout.

I was able to secure lease terms with a co-signer. Indeed you can not buy back after lease ends. The text that says you can on the site was copy pasted and a rep at Tesla confirmed they know it's an issue.

 

[Bobo2408]

I was able to secure lease terms with a co-signer. Indeed you can not buy back after lease ends. The text that says you can on the site was copy pasted and a rep at Tesla confirmed they know it's an issue.

What lease rate did you get?

 

[hasanzu]

What lease rate did you get?

Got a lease rate of 4.4%.