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en_passant
Member
The net capital cost is $39,990. The true residual value of a three year old model 3 is still an unknown, you would have to ask Tesla what they assume it is. The money factor obviously isn't personalized to your credit score so the only way to figure that is if you know the annual depreciation of the car. So far the depreciation on the 3 seems to be very low compared to other cars in the same price group.
Tesla is not offering a traditional lease like most manufacturers offer. There is no option to buy the car at the end of the term so there is no residual value. While Tesla calls this a lease, I call it a rental. You are renting the car for $399 per month with a $4,500 down payment. Even the concept of interest or money factor does not apply here since you have no option to buy anything.
You can try comparing Tesla’s leasing number to other car manufacturers leasing $40K cars to see how the monthly fees compare. But while other companies often play with the numbers by lowering or raising the residual to either increase profit or increase demand, Tesla does not have that lever to pull. All they can do is lower or raise the monthly rental fee. At the moment demand is strong so we are not seeing any particularly great deals.
You can try comparing Tesla’s leasing number to other car manufacturers leasing $40K cars to see how the monthly fees compare. But while other companies often play with the numbers by lowering or raising the residual to either increase profit or increase demand, Tesla does not have that lever to pull. All they can do is lower or raise the monthly rental fee. At the moment demand is strong so we are not seeing any particularly great deals.
All online offers of credit are ALWAYS dependent on credit rating.... they usually make an assumption of good enough credit to qualify for top offers (which is why they advertise them).
baronlf
Member
These are the numbers from my lease:
Car price: $42,290 (SR+, blue/black/aero)
Term: 36 months - 10,000 miles
Money factor: 0.002367
$0 down payment, total at inception $1,568 (includes first month)
Monthly lease payment $590.39 (includes FL sales tax)
Disposition fee: $395
Not visible in application form, but found in page source a residual value of $28,455.
I hope this helps
Car price: $42,290 (SR+, blue/black/aero)
Term: 36 months - 10,000 miles
Money factor: 0.002367
$0 down payment, total at inception $1,568 (includes first month)
Monthly lease payment $590.39 (includes FL sales tax)
Disposition fee: $395
Not visible in application form, but found in page source a residual value of $28,455.
I hope this helps
baronlf, that is very helpful. I come up with the same monthly payment based on your numbers. However, when I put the numbers in for a base m3 standard range plus with a capital cost of $39990, I cannot come up with the online quoted lease of $399/month with $4500 down. I think OCR1 is correct. You are just signing up to rent the car since you can't buy it at lease end. I guess I will have to gamble the $100 non-refundable deposit to find out if I can get the low monthly payment.
baronlf
Member
Steverino, the $399 lease is based on a car price of $40,700 (includes delivery of $1.200) with $4,500 down payment. Total due at signing is $6,289.
Tesla Leasing
Tesla Leasing
I'm sure there is a residual value as that amount would have to be disclosed in event of a total loss. Just because there's no buyout option doesn't mean the lease isn't calculated the same as any other brand.
So roughly a 67% residual, which isn't bad. But at an interest rate of around 5.7% which seems pretty high.
baronlf
Member
Agreed. The residual value is not visible, but can be found inside the page source.
baronlf
Member
There is a stated residual factor of 63% in the page source, but I calculate,a 67% residual as you do. Yes, the 5.7% interest sucks, but is compensated by the high residual. Not much different result to other brands that offer a 2.7% interest rate but with a 58% residual.
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