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Bonlaw
Member
Yesterday at Tesla showroom when I bought my new S. Said they just got an email that morning. Think they are using Alliant. This was for purchase, not lease.
.
That seems like a liker rate. Was that from Tesla or some credit union?
Many of us like to lease to write it off.
Bonlaw
Member
rcsting
Member
My DS said that she would try to clarify the increase in the lease and get back to me. I'm not going to move forward with my lease application until I hear back.
This has become a sticking point as we had already planned on the lower monthly rate.
This has become a sticking point as we had already planned on the lower monthly rate.
SDRick
Active Member
While not particularly attractive, I was leaning toward lease. Now, with the finance rate at 1.49% perhaps that may be a better way to go. Has anyone done a comparison between the Tesla lease versus a loan for business use?
I was also planning to lease but now I'm reviewing my options. Can anyone tell me what the latest position is regrading the 'guaranteed buyback'? Does this mean that, after 3 years (or later) I can simply have Tesla buy my car back at a pre-agreed rate? This would essentially make purchase look and feel like leasing on the commercial aspects?
SDRick
Active Member
If memory serves me correctly, you get 50% of the base price and 43% of any added options back under the guarantee.
SageBrush
REJECT Fascism
I've never seen a loan that did not save interest by paying it off sooner ::shrug::
I'd like to read comments on this because I plan to lease, but to pay more money upfront to avoid interest if the rate is high. So somewhat different financing vehicle but similar objective.
SageBrush
REJECT Fascism
This link says that one type of auto loan does not 'allow' pre-payment but I don't think it is inaccurate in the sense that the arrangement has deferred collection of accrued interest, so of course that is payable.
And another source that reads as pretty informed.
Lastly, Tesla has a lease calculator that as an example shows that if I increase my down payment by $3600 (36*100), my 36 months of payments drops by $107 per month. That works out to a savings of ~ 84/3600 = 2.33% on the additional fronted money. I didn't figure out the presumed money factor for comparison
And another source that reads as pretty informed.
Lastly, Tesla has a lease calculator that as an example shows that if I increase my down payment by $3600 (36*100), my 36 months of payments drops by $107 per month. That works out to a savings of ~ 84/3600 = 2.33% on the additional fronted money. I didn't figure out the presumed money factor for comparison
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At the time I looked, this was the case. Base was considered the lowest configurable model. Not the lowest configuration in a series (70/85/90).
SageBrush
REJECT Fascism
SDRick
Active Member
Perhaps my math is off but it looks like it now may be less expensive to borrow the money after three years and rely on the relatively paltry guarantee number if you want out. Here is what I came up with.
Capitalized cost $135,000
Three years of lease payments including $5000 down = approximately $74,000
Three years of loan payments with $1,180 down (after $10k tax credit)= $71,800
Guaranteed buyback in rough numbers would be 50% of base is $35,000 and 43% of the balance is $27,950 = guaranteed buyback of $62,950 which would be pretty close to the outstanding loan balance. Plus, I would hope the car would be worth more than that three years.
Any finance majors, tax experts or math whizzes out there that can chime in?
Capitalized cost $135,000
Three years of lease payments including $5000 down = approximately $74,000
Three years of loan payments with $1,180 down (after $10k tax credit)= $71,800
Guaranteed buyback in rough numbers would be 50% of base is $35,000 and 43% of the balance is $27,950 = guaranteed buyback of $62,950 which would be pretty close to the outstanding loan balance. Plus, I would hope the car would be worth more than that three years.
Any finance majors, tax experts or math whizzes out there that can chime in?
jeffro01
Active Member
Why would you expect them to do anything? You get the terms available at the time of lease signing regardless of whether they are better or worse than the terms provided when you decided to order the car. I'm paying about $100 more a month for mine than I would have if I had waited a month or so for the lease promo that was being run. Should I call Tesla and demand they rewrite my lease agreement? No, of course not.
If your that payment sensitive then perhaps this isn't the car for you at this time. You could have gotten an inventory car and leased it based on what was in place during that time but you chose to do a custom build and that gamble cost you. It happens.
Either way, none of this is Tesla's fault in the least bit and being angry with Tesla over something they can't control is pointless.
Jeff
SageBrush
REJECT Fascism
I pretty much agree with you, although I'd like to see Tesla do something akin to a mortgage loan lock for the customer. Then, if Tesla changes lenders Tesla would know to include in the new contract that a portfolio of loans already agreed to by Tesla be offered at the then in force rates.
I feel this way because the non-refundable order deposit is substantial.
I agree and I understand the gamble of it, its more about principal, like SageBrush said there should have been some type of lock since I couldn't control when the delivery was after I chose the soonest delivery option, which was June because of the refresh. I think there should have been something for orders placed before 5/1 with an immediate delivery. And with the $2500 non refundable they have you in a lock, so either lose $2500 or pay the $80 difference over the 36 months which ends up being close to it. Im a numbers guy so clearly its just going to bother me regardless.
SageBrush
REJECT Fascism
I have always rationalized the Tesla way of doing things as:
Pay today for a well defined product you will get sometime in the future.
If the product improves while I am waiting -- tough. I bought the old model.
But financing terms strike me as being part of what I bought.
Pay today for a well defined product you will get sometime in the future.
If the product improves while I am waiting -- tough. I bought the old model.
But financing terms strike me as being part of what I bought.
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