Has anyone else seen the model S lease increase as of yesterday!? I have my confirmed order, placed 4/5, and now I'm subject to a lease thats almost $100 more per month, absolutely insane, its now cheaper to own the car by financing it! Should I cancel or hold out in hopes Tesla changes the program or adds another incentive?
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US Bank raised the interest rate .38% basically and that shot the lease payment up is what Tesla is telling me, but I have an order and was quoted different numbers so now I am in the process of speaking with the higher ups in Tesla fighting this change for previous orders, its just not fare at this point to orders placed before 4/30.
rcsting
Member
Gizmotoy
Active Member
Does Tesla lock in interest rates when you order? This is always a problem when you're financing. You have a pretty good idea what interest rate you'll get, but you don't really know until you're within 30 days of delivery and you get final approval for your locked-in rate. If the car is late and the rate expires, for example, the rate expires and can go back up.
Clearly it sucks, but I doubt there's much Tesla can do. They don't do their own financing/leases.
SUN-day Driver
Member
Not when you order and not even within 30 days of expected delivery. The lease terms are subject to change any time before delivery. That's what my fine print said, anyway.
SageBrush
REJECT Fascism
Jeffmeister
Member
That could be a deal killer for me. Their lease interest rate is high anyway compared to the purchase interest rate you can get elsewhere. I leased or thought I leased a older inventory car that fit my budget. If the lease payment goes up that would not be good. My delivery date is 5/13.
The latest update from Tesla is that they are talking with US Bank about orders placed before the interest rate hike since new owners were quoted something different from the new lease quotes. And yes Tesla's response was they negated new financing rates with Alliant Bank to justify that purchasing is now cheaper then leasing the car which is great if you want to buy it. Still doesn't help those like me who wanted to lease it, just doesn't seem right to raise it like that without notifying future owners. Could be a deal breaker at this point unless they offer some type of credit to offset it.
SageBrush
REJECT Fascism
72 months. I paid half and financed the other half...about $60K. Anything over 2% and I would have just paid cash without any financing....but hey free money. I did way better than 1.24% with the money I financed.
rcsting
Member
Please update us when you hear back from Tesla. The new lease rate will raise my 36 month term by almost $ 2900.
Cr@p like this is why Tesla NEEDS it's own Financial arm like all the other major manufacturer's have. It's where they make a TON of money too. Why does the guy who started Paypal need to use another bank to finance his cars?
The lease was already TERRIBLE compared to other luxury manufacturers.
The lease was already TERRIBLE compared to other luxury manufacturers.
Bonlaw
Member
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