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Model 75 Lease Quote

Discussion in 'Model S: Ordering, Production, Delivery' started by isjka, Oct 7, 2017.

  1. isjka

    isjka Member

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    Hi,

    I'm very close to ordering a vehicle, but I was looking for some user opinions on the quote as well as a few questions I have.

    As you can see from the quote the car was originally $93,450, discounted to $77,600. The lease works out to $681 with $5,000 down plus taxes. This seems like a very good deal for a Red color, EAP, Premuim, Sunroof, Wheels, Seats, etc. When the salesman ran another Model S 75 car that wasn't discounted, the monthly payment of course was higher.

    Given Tesla's interest rate is quite high on the lease, has anyone had a recent experience with another leasing companies and if yes, what was the rate and how did you negotiate the tax credit?

    Thanks for any advice or tips.
     

    Attached Files:

  2. wbeck

    wbeck Member

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    That is an amazing lease - I would jump all over it!
     
  3. G'sinHawaii

    G'sinHawaii Member

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    great deal, are they still honoring the 3rd qtr promo's?

    don't forget to use a referral code for the additional 1,000 off...
     
  4. isjka

    isjka Member

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    Thanks all for the comments and suggestions on the referral credit. I had the rep factor that in.

    G'sin, not sure about the Q3 promos anymore since, on my revised quote, that wording changed to Website. I asked for a revised quote to ensure taxes, title, etc. were included and also the referral credit.

    However, I'm a little upset given that the new quote is a little higher than the prior quote. I'm told this was due to a change in the residual calculation (increase of 2%). Given this was told to me after I placed the $2,500 down, the salesman told me he would make it right come Monday. Not sure what he meant, but I hope he meant he would get it back down the original quote.

    Does this revised quote make the deal less attractive? The salesman told me deals like these don't come around too often, and from reading posts in this forum, I would tend to somewhat agree. Or was that typical sales talk?

    Thoughts?
     

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  5. DriveMe

    DriveMe Member

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    I don’t know your driving pattern, but I would consider going for more than just 10K miles a year. Tesla is so much fun to drive, that you are likely to put more miles on it than you do normally. ;)
     
    • Like x 1
  6. Lukez

    Lukez Member

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    Not sure of the answer to this but would you save 1k by finding lease financing elsewhere?
    Also is 2k for licensing normal where you live?
    The deal itself is great, it's whether you can find ways to get rid of the extra costs they are throwing in with the processing fees on the licensing and financing!
     
  7. isjka

    isjka Member

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    Good point DriveMe. I usually only drive around 7,000 miles a year or so. But, I can see myself wanting to drive more, especially given the free supercharging.

    Lukez, the 2k is the tax, plates, etc. which should equate to 7.25%. I'm going to reach out to other lease companies starting Monday. I was hoping to get some user experiences here for reference.

    Thanks.
     
  8. G'sinHawaii

    G'sinHawaii Member

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    the end of quarters new generally the best time to grab a New inventory as they are already produced and can push sales number up, this past 3rd quarter, was the biggest push i have seen from Tesla, one of the members here has a website you can look at to see new inventory ev-cpo.com if you want to see what kind of discounts are being given at the time. if your going with a custom order, there wont be any discounts...
     
  9. isjka

    isjka Member

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    Not having too much luck with a different leasing company. I called Earth Auto and spoke to nice man who basically told me the 5% rate on the lease is pretty much standard across the industry. Few other local credit unions don't offer leases on Teslas. Has anyone received a recent lease rate from a 3rd party lower than the 5% Tesla is offering.

    Thanks.
     
  10. Zaphod

    Zaphod Galaxy President (former)

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    I've never heard of any other 3rd parties that would lease Teslas except Earth Auto.
     
  11. isjka

    isjka Member

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    The salesman confirmed he was using Q3 numbers and not Q4 which was the reason for the quote differences. I'm still happy with the price and discount.
     
  12. Navsarin

    Navsarin SP100D

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    What I’m wondering is how Tesla gave you a residual value of 61.3% in 3yrs based on 93.4k down to 57k.

    Most Tesla leases have a residual based on 48-51% after 36 months.

    That in itself makes the lease quite favourable in addition to the discount!
     
  13. isjka

    isjka Member

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    Can you share with me your math? Are you basically saying that this specific deal, based on the Q4 quote, even with the increase of $18/month, was better than the original deal based off the Q3 promo? Appreciate your input.
     
  14. ReturnZero

    ReturnZero Member

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    That's interesting, so far all the leases I've seen both from Tesla and quoted on the site have had residuals of 59-61% for 36 months. Does this change from one quarter to the next? Also seems like a pretty drastic change.
     
  15. Navsarin

    Navsarin SP100D

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    Wow maybe I’m getting a totally different rate then. Or in Canada we have different residuals?
    I’m currently receiving 48% on a 3yr P100D lease.
    A few fellow owners are also in the 50% range for a 36 month. Maybe it’s different here? I don’t see why. Cars depreciate the same in either country.
     
  16. isjka

    isjka Member

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    Update - I received another quote, this time based on the credit application I submitted a few days back. I'm attaching it here. The monthly price went up by $30. I believe this is due to them adding $1,000 to the Non-residualized Options line. This I was told was for the delivery. I was under the assumption the delivery was baked into the MSRP. While I'm not complaining, why don't the salespeople use the same workbook/calculation? This is the 3rd quote I've received - granted the first one should have never been quoted since it was Q3 promo during Q4, but the point is shouldn't this be clear cut? Am I being overcharged when compared to the prior quote? Granted a 94k car for $669/month for 3 years with 7k down and 10k miles/year, is a hellova a deal - right?

    Thanks all.
     

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    • Like x 1
  17. TJtv

    TJtv Member

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    In the US, Tesla first calculates a residual value based on a % of MSRP. It appears that in Q3 they were using 54% for a 10k miles 3-year lease, but now in Q4 they are using 52% for a 10k miles 3-year lease. Then after that Tesla ADDS $7500 to the residual value(that's basically how the lessee takes advantage of the tax credit).
     

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