I just got my lease approved, a day before delivery. I'm somewhat surprised by several items in the lease terms and was hoping someone here who has leased high-end cars before could help me understand the justifications.
Still excited about getting the MS tomorrow, but am aghast that the final payment amount ($7,159) is almost double what the website told me when I paid my downpayment. Hoping there aren't more nasty surprises in store.
- There is a $5000 cap cost reduction. My understanding is that this is a downpayment against the cost of the car that reduces the lease payment (because the gap between the cap cost and the residual is now lower). I absolutely do not want to make this kind of downpayment on the car, but I think it's mandatory?! They also charge sales tax on this.
- The $7500 Federal Tax Credit does not appear on my lease document. I was told by two different Tesla folks that it would be retained by the lessor, but that it would decrease my lease payment. I don't see any indication that this has been done: it's not deducted from the cap cost, nor listed as a payment by me. It appears the bank is just keeping the $7500.
- The lease principal (ie, the cap cost minus the residual) is about $29,500 for me (excluding tax). The rent charge (ie, cost of the lease) is $8,160. This works out to an interest rate on the lease of 16.5%. My bank deposit earns 0.2%. My home loan is 4.25%. My friend's car loan is 2.9%. Tesla leases at 16.5%?
- The website wants a final payment before delivery and only takes wire transfer or check. I used a credit card for my downpayment, but apparently cannot do likewise for the final payment. Does anyone know why?
Still excited about getting the MS tomorrow, but am aghast that the final payment amount ($7,159) is almost double what the website told me when I paid my downpayment. Hoping there aren't more nasty surprises in store.