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Question on leasing price shot up on down payment

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Hi everyone, I have a question on leasing. When I ordered my M3P a few weeks ago it said due at signing 5874 with a 679 monthly. Okay cool no problem. Then last week I get an app notification showing that my new terms are $14,556.62 down payment and a 600.01 dollar payment per month. So how did my down-payment go from a 5874 down payment and sky rocketed almost another 10 grand and my downpayment lower? I'm wondering if anyone else had that happen or if this is something that will get adjusted when I get closer to delivery which is to be expected between May 25th-July 6th
 
Solution
If one was the website before you ordered, and the other one was after you placed your order, it would be based on your specific credit and debt to income ratio.
Hi and thank you for the response. It did say 5874 and 679 monthly initially and 2nd one it went to 14k. Either way I'm okay paying the 14k it's not an issue my only problem is with a lease if there is an accident there is a good chance I wouldn’t get the money back I paid in the down payment for the lease hence why I would want to minimize the downpayment and pay higher monthly. I'm leasing because I have a business so it's a full write off for me.
If one was the website before you ordered, and the other one was after you placed your order, it would be based on your specific credit and debt to income ratio.
Hi and thank you for the response. It did say 5874 and 679 monthly initially and 2nd one it went to 14k. Either way I'm okay paying the 14k it's not an issue my only problem is with a lease if there is an accident there is a good chance I wouldn’t get the money back I paid in the down payment for the lease hence why I would want to minimize the downpayment and pay higher monthly. I'm leasing because I have a business so it's a full write off for me.
 
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Solution
Hi and thank you for the response. It did say 5874 and 679 monthly initially and 2nd one it went to 14k. Either way I'm okay paying the 14k it's not an issue my only problem is with a lease if there is an accident there is a good chance I wouldn’t get the money back I paid in the down payment for the lease hence why I would want to minimize the downpayment and pay higher monthly. I'm leasing because I have a business so it's a full write off for me.
I thought the downpayment is not refundable. I never leased any cars so I have no knowledge of that except I heard from a friend who does lease his cars often.
 
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Hi everyone,
I ordered a M3P on March 15th and it looks to have a delivery window May 25th- July 6th. I haven't been issued a vin yet.I need to place the lease in my business name (I'll be the guarantor) and I tried calling 8448375285 but it's a bunch a round about robots I can't get ahold of anyone. I need to modify it but I'm thinking maybe the option doesn't become available until I'm issued a vin? I haven't been assigned a rep so I'm not sure. Any help is greatly appreciated and thanks in advance!
 
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I thought the downpayment is not refundable. I never leased any cars so I have no knowledge of that except I heard from a friend who does lease his cars often.

People confuse some terms when you are talking about cars and payments etc.

Without going into a ton of detail...

"Down payment" (loan) = Amount you provide when purchasing a car to reduce the amount borrowed
"Cap Cost reduction (lease) = Amount you provide when leasing a car to pre pay part of your lease obligation

"Drive offs" = amount of money you need to provide when you purchase / lease a vehicle. This amount includes down payment / cap cost reduction, as well as taxes, first months payments and any other items that are being pre paid up front, like security deposits, etc.

You could have "drive offs" of $6,000 and not actually be putting any "money down" or "cap cost reduction".

Back to what you said, though. the $250 ORDER FEE (which is not a down payment nor is it a deposit, in Tesla's case), is not refundable. What this OP is talking about, is cap cost reduction on a lease. When leasing, its normally not a good idea to put a lot of money into cap cost reduction, which is what this OP said.
 
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People confuse some terms when you are talking about cars and payments etc.

Without going into a ton of detail...

"Down payment" (loan) = Amount you provide when purchasing a car to reduce the amount borrowed
"Cap Cost reduction (lease) = Amount you provide when leasing a car to pre pay part of your lease obligation

"Drive offs" = amount of money you need to provide when you purchase / lease a vehicle. This amount includes down payment / cap cost reduction, as well as taxes, first months payments and any other items that are being pre paid up front, like security deposits, etc.

You could have "drive offs" of $6,000 and not actually be putting any "money down" or "cap cost reduction".

Back to what you said, though. the $250 ORDER FEE (which is not a down payment nor is it a deposit, in Tesla's case), is not refundable. What this OP is talking about, is cap cost reduction on a lease. When leasing, its normally not a good idea to put a lot of money into cap cost reduction, which is what this OP said.
Thank you for the terms clarification. I was able to chat with Tesla and they will be calling me tomorrow so I can speak to an advisor because I will be placing the vehicle in my business name and I'll be the guarantor. My business has 7 years positive sales and increased revenue of 10% each year despite covid. The business dun and Bradstreet score is 92 of 100. My credit score is 790 and income to debt ratio is 8%. This why I'm wondering the lease terms are way off. In any event I'll get it sorted with Tesla and when I do I will post back for others looking for similar info. Again, thanks for your comment
 
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Thank you for the terms clarification. I was able to chat with Tesla and they will be calling me tomorrow so I can speak to an advisor because I will be placing the vehicle in my business name and I'll be the guarantor. My business has 7 years positive sales and increased revenue of 10% each year despite covid. The business dun and Bradstreet score is 92 of 100. My credit score is 790 and income to debt ratio is 8%. This why I'm wondering the lease terms are way off. In any event I'll get it sorted with Tesla and when I do I will post back for others looking for similar info. Again, thanks for your comment

No problem. I figured you knew the terms actually. I was responding to the other poster who mentioned they were not familiar with leasing.
 
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Hi everyone, I have a question on leasing. When I ordered my M3P a few weeks ago it said due at signing 5874 with a 679 monthly. Okay cool no problem. Then last week I get an app notification showing that my new terms are $14,556.62 down payment and a 600.01 dollar payment per month. So how did my down-payment go from a 5874 down payment and sky rocketed almost another 10 grand and my downpayment lower? I'm wondering if anyone else had that happen or if this is something that will get adjusted when I get closer to delivery which is to be expected between May 25th-July 6th

If noted, prior to proper order, online calculator does not take into account taxes and other fees. This gets added to the down payment once order finalized.

I got my m3p in September last year. $56,990+red = $58,990+ 250+1200 destination. = $60,440 +tax, title and registration and doc fee =$64,xxx.

Moral of the story. Before all other fees, I was going to put down 9k for a ~ 50k loan amount. But when factoring all other fees, it had to be close to 14k so the 9k of those went to lower price of car. The rest covered the drive offs.
 
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If noted, prior to proper order, online calculator does not take into account taxes and other fees. This gets added to the down payment once order finalized.

I got my m3p in September last year. $56,990+red = $58,990+ 250+1200 destination. = $60,440 +tax, title and registration and doc fee =$64,xxx.

Moral of the story. Before all other fees, I was going to put down 9k for a ~ 50k loan amount. But when factoring all other fees, it had to be close to 14k so the 9k of those went to lower price of car. The rest covered the drive offs.
Thanks for the information. Did you buy the car or lease it? There is no way I'm putting 14k down without an option to buy. 1 accident and the car is totaled and 14k will become a magical mystery number. The max I ever put down on a lease was 2500 and the monthly payment was dictated by the total amount. For businesses we will lease and then buy out because we can maximize the deductions. What Tesla is doing is luring people in with a 4500 down payment, you tell them how much you want to put down even as low as 1086 (I put 4500) and the monthly payment adjusts. I then get email welcome to Tesla and I log into my account and tells me to accept the new terms which change to 14k down and 600 per month. I'm sorry what? My credit is great, Duns and Bradstreet for my business is 92, business makes over 300k in sales per year and I'm personally over a100k. So what I decided to do is use a subscription service and rent/lease from Finn Auto. 1 year 799 a month for a model 3 awd long range. Took me 5 min and the car is being delivered next week. I can write the 799 per month off as an expense and it includes the insurance. I will take a look again in a year or perhaps 2 years. Prices will eventually drop and if tesla offers a lease with option to buy I will go that route.
 
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Thanks for the information. Did you buy the car or lease it? There is no way I'm putting 14k down without an option to buy. 1 accident and the car is totaled and 14k will become a magical mystery number. The max I ever put down on a lease was 2500 and the monthly payment was dictated by the total amount. For businesses we will lease and then buy out because we can maximize the deductions. What Tesla is doing is luring people in with a 4500 down payment, you tell them how much you want to put down even as low as 1086 (I put 4500) and the monthly payment adjusts. I then get email welcome to Tesla and I log into my account and tells me to accept the new terms which change to 14k down and 600 per month. I'm sorry what? My credit is great, Duns and Bradstreet for my business is 92, business makes over 300k in sales per year and I'm personally over a100k. So what I decided to do is use a subscription service and rent/lease from Finn Auto. 1 year 799 a month for a model 3 awd long range. Took me 5 min and the car is being delivered next week. I can write the 799 per month off as an expense and it includes the insurance. I will take a look again in a year or perhaps 2 years. Prices will eventually drop and if tesla offers a lease with option to buy I will go that route.
Purchase. I would not consider leasing since the lease can NOT be bought out at the end of the lease term. Any equity remaining in the vehicle above the residual goes back to tesla even tough yoy already payed for it. It's brilliant by tesla, terrible for consumers. No lease on these cars especially with their low depreciation.
 
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Purchase. I would not consider leasing since the lease can NOT be bought out at the end of the lease term. Any equity remaining in the vehicle above the residual goes back to tesla even tough yoy already payed for it. It's brilliant by tesla, terrible for consumers. No lease on these cars especially with their low depreciation.
I agree. I'll purchase in 3-5 years or if they ever offer lease with option to buy. The market will be saturated with EVs in the coming years so there will be healthy competition that may benefit consumers
 
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