TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker or making a Paypal contribution here: paypal.me/SupportTMC

Realistic down payment -70D or 90D

Discussion in 'Model S: Ordering, Production, Delivery' started by BrandonR22, Apr 8, 2016.

Tags:
  1. BrandonR22

    BrandonR22 Member

    Joined:
    Apr 3, 2016
    Messages:
    119
    Location:
    Plano, Texas
    I have been following Tesla for quiet some time now and am ready to pull the trigger on a 70D or 90D (haven't decided yet..)

    I feel that I have a decent job (no commitments) with a 760-790 credit score. I went to test drive the 90D today as well as we put it into '70D' Status. I absolutely love the car and currently hold a down payment of 1000 in the M3.

    What are we talking realistic down payment for someone who lives in TX for a 70D (basic white) AutoPilot, Pano Roof, Black Gen next roof leather and the standard headliner with RWD. Between the leasing options(12000), the 2500 order payment (-1000) plus the taxes, I THINK thats 5000 for taxes right there. Correct me if i'm wrong. Any guidance / advice would be great.
     
    • Like x 1
  2. ABCCBA

    ABCCBA Member

    Joined:
    Dec 20, 2015
    Messages:
    390
    Location:
    Somewhere
    @BrandonR22 - If you are planning on leasing, I would offer another option - Lease Assumption. There are two websites for 'trading leases' and 'swapping leases' that you could google. Both are legit and make the process very simple. Also, most Telsa Leases are through US Bank, and the US Bank personnel are extremely professional and very skilled.

    Why a lease assumption? You can find low mileage vehicles in great condition and only pay for the remaining months. You don't have to fork out all the cap reduction and other upfront costs. Also, some folks are motivated to get out of the lease and will actually pay for another one or two months of the lease, just to get out of the lease.

    But, as to your question, the upfront costs depend of the state. Texas requires upfront payment of the full sales taxes. So, between the cap reduction, fees, and taxes, you are looking at a good $10k - $12K at lease signing.
     
  3. BrandonR22

    BrandonR22 Member

    Joined:
    Apr 3, 2016
    Messages:
    119
    Location:
    Plano, Texas
    @MikeJr74, Thank you so much for your super quick reply. I really do appreiacte it. I was wanting to finance ( I currently have a BMW that is half way up on the lease), I would probably be getting rid of it through swapalease. The reason I had lease on my mind is that the speaclist today at Tesla just kept throwing 'lease' 'lease' 'lease' in my face and now all I can think about is leasing lol. She did state that the 7500 is built into the lease payment on a lease. What are we talking about for a finance of the same specs? If you don't mind.. Thank you for everything.
     
  4. ABCCBA

    ABCCBA Member

    Joined:
    Dec 20, 2015
    Messages:
    390
    Location:
    Somewhere
    Goto teslamotors.com and spec out your vehicle. There will be a Lease and Cash Tab that show you the exact amount for each option.

    Financing the purchase will be much more expensive per month versus a lease. Don't quote me, but I believe residual on a Tesla is 52 - 54% for a three year lease. Also, six years is a long time for a vehicle that upgrades its technology faster than an iPhone. lol
     
  5. ABCCBA

    ABCCBA Member

    Joined:
    Dec 20, 2015
    Messages:
    390
    Location:
    Somewhere
    Here is a Inventory MS 70D with similar options that is ready for delivery. The link shows you the lease payment and the cash amount.

    Model S 70D 129834 | Tesla Motors
     
  6. brkaus

    brkaus Member

    Joined:
    Jul 8, 2014
    Messages:
    950
    You would also have to add tax - 6.25% or similar.
     

Share This Page