P100D Model S Crazy Lease Deal

[fataldeadlock]

OMG! That is a fantastic deal. I would sign it immediately. Too good to be true. I pay more on my 8y finance for a 75D

What the what. Financing a new car for 8 years? That must add at least $10k in interest, not to even mention depreciation. That is mind boggling.

 

[Matutino]

Who’s your OA? I need a deal like this one for a friend of mine.

 

[BigNick]

Screaming deal, if real. I wonder how much 30K miles per year would run.

100-mile daily RT commute = no lease for you!

 

[redy]

I had thought of leasing but went with financing. In hindsight I'm glad I went with financing.

6 months in already at 12k miles. Leasing would never have worked for me.

 

[vraev]

What the what. Financing a new car for 8 years? That must add at least $10k in interest, not to even mention depreciation. That is mind boggling.

I drive waaaay to much for any lease. Close to 30/35K per year. On top of that, I decided that I can be happy with a Tesla as my car for the next 8 y. Yea...interest is pretty *sugar* here in canada..so yup...around 10k lost in interest alone. The goal is to keep this car for 10y....unless I find a good trade in opportunity with Tesla for a newer model in 5 or 6y.

 

[Henry82]

...I was initially planning on financing it because the interest rate was at 1%...

How did you get 1% interest rate?

 

[brkaus]

What the what. Financing a new car for 8 years? That must add at least $10k in interest, not to even mention depreciation. That is mind boggling.

I did 7 years. Rate was the same for 5,6, 7, 8 and much lower than mortgage, even including the tax benefit.

I’m putting the extra into the mortgage, then I’ll pay this off early. But have the safety net just in case.

 

[f3honda4me]

I personally would never put a down payment (cap cost reduction) on a lease......

This. Never put money down on a lease.

 

[TSLATed]

How did you get 1% interest rate?

I got 0.75% for 36 months on my Model S (0.89% APR) from Fairwinds Credit Union. They still offer this rate now - Stop paying too much in interest.

 

[sdorn]

This. Never put money down on a lease.

Tesla requires a fairly hefty down payment with a lease. I think they made me put $5k down plus tax, tag and title. Was almost $20k due at signing.

 

[f3honda4me]

Biggest reason not to put money down on a lease is if you are in an accident and the car is totaled early on, that money is gone.

 

[f3honda4me]

Tesla requires a fairly hefty down payment with a lease. I think they made me put $5k down plus tax, tag and title. Was almost $20k due at signing.

They generally can’t require a down payment on a lease. Unless you cannot get approved by the bank without it.

 

[MIT_S60]

Biggest reason not to put money down on a lease is if you are in an accident and the car is totaled early on, that money is gone.

Same can be said of financing with GAP insurance.

 

[n2mb_racing]

Great deal! I did something similar at the end of Q3 in 2016 on a p90d. Got a similarly really good lease deal. Retrospect, it turns out that buying it probably would have been just as good or better since not much has changed on the car since then. It's held its value pretty well. But I can't really imagine that will continue to always be true. Go for it!

I'll be looking for a similar deal around August or September of this year....

 

[f3honda4me]

Same can be said of financing with GAP insurance.

Not necessarily. Depends on how much you put down vs the car value at the time of the accident. With a lease it’s gone no matter what.

 

[sdorn]

They generally can’t require a down payment on a lease. Unless you cannot get approved by the bank without it.

I was referring to the Tesla lease program. That wouldn’t apply to a third party lease which would have its own terms. You can see the requirements for the Tesla lease program on their website. When I got mine they required a $5k capital cost reduction plus tax, tag and title for all leases under their program.

 

[f3honda4me]

I was referring to the Tesla lease program. That wouldn’t apply to a third party lease which would have its own terms. You can see the requirements for the Tesla lease program on their website. When I got mine they required a $5k capital cost reduction plus tax, tag and title for all leases under their program.

I didn’t think Tesla did any financials - they outsource to a bank.

 

[bcamacho]

Holly Toledo, that is a great deal - jump on it!

 

[Naekuh]

You sure its a P100D?

it makes absolutely no sense.
Dont get me wrong, just the math in numbers makes no sense.
You sure its not a lemon buyback?

Lets just go over the numbers.

830 x 36 = 29880
29880 + 5000 = 34880 total out of pocket.

Dont get wrong again, but i paid double that amount in just the down for my P100D, and my payments are still higher then yours per month, and i have a 60 month loan.

Even if its a lease, and your paying for half the car, again do the math.
You said they gave you a 45k discount... on 1.6k miles? that again doesn't add right, unless its a lemon buy back or a salvage.

Something smells really off with that deal.

Id verify its not a salvage or a lemon buy back.
There has to be something seriously wrong with the car if the dealer is trying to get rid of it that cheap.
Even older CPO's cost more then 34880.

 

[jaguar36]

Id verify its not a salvage or a lemon buy back.

It's not, Tesla does this from time to time. The P100Ds don't cost them much more to make than a 100D, so they can afford to drop the price a bunch and still make some money on them.