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Model X Lease - Force Down Payment by Tesla

Discussion in 'Model X' started by macgeng, Aug 27, 2019.

  1. macgeng

    macgeng Member

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    How much did Tesla force you to put down for your Model X lease? I just ordered mine and submitted the application. My credit is very good, in the mid to high 700's and it's going to be a business lease.
     
  2. Uncle Paul

    Uncle Paul Well-Known Member

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    Every lease application takes into consideration many factors.

    Mid to high 700's is not very good, just plain good.

    If you own your own profitable business, strongly consider the benefits or Section 179 tax code. Makes buying better than leasing.
    Leasing allows you to write off just the payments. Buying Allows you to write off the entire purchase price the first year. Can significantly reduce your net cost. This is in addition to any Federal/State/Utility refunds or credits you might get.
     
    • Like x 1
  3. macgeng

    macgeng Member

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    Dammit! Equifax lied to me! They said my credit is very good and not plain good. Thanks for the tip.
     
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  4. Buddy

    Buddy Member

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    Always believe a stranger on the internet over equifax...
     
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  5. Bridor

    Bridor Member

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    If you take the Section 179 tax benefit, you are not eligible for the Federal tax credit. I used this last year to purchase a 2019 Jaguar I-Pace and I was not able to get the Federal tax credit - it is like double dipping.

    Brent
     
  6. M3BlueGeorgia

    M3BlueGeorgia Active Member

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    Mid to high 700s is "very good" 800s is "excellent"
    Low 700s is "good"

    People lease for a reason. I wouldn't, but its quite normal.

    The downpayment and the lease payment are tightly coupled, since the leasing company intends to get a certain amount of revenue over the three(?) years of the lease. Lower monthly payment === higher deposit.
     
  7. rjdoc74

    rjdoc74 Member

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    Are you sure? Jaguar i-pace is not over 6000 lbs adjusted gross weight so it’s not eligible for section 179 deduction.

    Can you provide a link that states otherwise?
     
  8. macgeng

    macgeng Member

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    Ok. Just ordered mine. Maxed out Performance version. They asked for $375 down on top of the $2,500 deposit. Not bad.
     
  9. mattack4000

    mattack4000 Active Member

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    anything over 740 is basically tier 1, you don't get extra credit for having 800

    Section 179 allows you to depreciate the car in year 1, but that just means you don't get to deduct anything in the other years.
     
  10. jboy210

    jboy210 Supporting Member

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    Also requires 100% use for business. I only use my car 70-50% for business, so I just write off 70-50% of the expenses (lease, insurance, maintenance, repairs, etc.) based on yearly usage.
     
  11. mattack4000

    mattack4000 Active Member

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    It gets pretty complicated because if you are an employee, you have to report your personal use as taxable income.
     
  12. bewilderman

    bewilderman Member

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    #12 bewilderman, Aug 30, 2019
    Last edited: Aug 30, 2019
    Congrats on your purchase!

    Downpayment and drive off are not the same. This could depend on your locality. Tesla is requiring me to pay only the upfront costs like fees, taxes, title, registration, and first month lease payment. This total 'drive off' comes to around $3,210 in my area, and I am required to pay $710 after the $2,500 order deposit payment. This is $0 'downpayment' (or cap reduction) towards the lease. When dealers advertise '$X downpayment', the asterisk says 'taxes, title and fees extra'
     
  13. macgeng

    macgeng Member

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    Ahhh.. so I guess I'm driving off with 375 after 2,500 after the 2.5k deposit. Now it's a waiting game.
     

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