Model S lease agreement

[Jen123]

Is gap insurance included in all Tesla leases? If yes, where can you find this in the lease agreement? I want to check my agreement when I get it. I am in the process of leasing a Model S and have no lease agreement to look at and no one answers the phone when you call Tesla insurance. My sales rep said gap coverage is NOT included but I can't believe Tesla would be dumb enough to not add it to California leases.

Anyone with a 2023 Model S lease know the answer to this question?

 

[ATPMSD]

Is gap insurance included in all Tesla leases? If yes, where can you find this in the lease agreement? I want to check my agreement when I get it. I am in the process of leasing a Model S and have no lease agreement to look at and no one answers the phone when you call Tesla insurance. My sales rep said gap coverage is NOT included but I can't believe Tesla would be dumb enough to not add it to California leases.

Anyone with a 2023 Model S lease know the answer to this question?

Older Tesla leases did include Gap Protection, so I assume the current ones do. But…

Don’t lease from Tesla, the money factor is not competitive! Get a quote from Banks or Credit Unions on the purchase. You will likely find the monthly cost to be buy the car is about the same as to lease. And they will answer the phone if you ever have a question, unlike Tesla.

And why are your calling their insurance company anyway? Send an email to [email protected]

 

[EVRider-FL]

The email I've used in the past was [email protected], but that was a while ago.

 

[SoCal Buzz]

Is gap insurance included in all Tesla leases? If yes, where can you find this in the lease agreement? I want to check my agreement when I get it. I am in the process of leasing a Model S and have no lease agreement to look at and no one answers the phone when you call Tesla insurance. My sales rep said gap coverage is NOT included but I can't believe Tesla would be dumb enough to not add it to California leases.

Anyone with a 2023 Model S lease know the answer to this question?

Gap was included per text below for my ‘21 Refresh in Calif. Pretty standard these days.

29. Gap Protection. If your vehicle is a total loss and we get a settlement under your insurance policy that complies with this lease, you will not owe an early end liability under item 28. Instead, if such settlement is less than the adjusted lease balance (see item 28), you will owe the difference (up to your insurance deductible) plus any amounts due under item 30. We will credit you for any excess of the insurance settlement over the adjusted lease balance.

 

[AMPd]

Gap was included per text below for my ‘21 Refresh in Calif. Pretty standard these days.

29. Gap Protection. If your vehicle is a total loss and we get a settlement under your insurance policy that complies with this lease, you will not owe an early end liability under item 28. Instead, if such settlement is less than the adjusted lease balance (see item 28), you will owe the difference (up to your insurance deductible) plus any amounts due under item 30. We will credit you for any excess of the insurance settlement over the adjusted lease balance.

I’m no English language expert but that kinda reads like there is no gap insurance and you’re on the hook for the difference.

 

[SoCal Buzz]

I’m no English language expert but that kinda reads like there is no gap insurance and you’re on the hook for the difference.

This is normal Gap coverage; I checked with Allstate. The operative clause is “up to your insurance deductible,” and item 30 refers to any open lease payments. So the bottom line is you don’t owe remaining capital value in case of total loss.

 

[cloudflare69]

Gap is included. Here's my contract from last month

 

[cloudflare69]

Don’t lease from Tesla, the money factor is not competitive! Get a quote from Banks or Credit Unions on the purchase. You will likely find the monthly cost to be buy the car is about the same as to lease. And they will answer the phone if you ever have a question, unlike Tesla

In my case, I went with leasing to combat the heavy depreciation. Tesla keeps messing with the price. Even in the last few weeks, used prices on Plaids have dropped hard