Residual value changed in 2 months?

[Parris]

Hey all,

Question for the community.

My car is ready for delivery this coming Saturday and the finance dept just sent me over their numbers. It turns out the numbers went up compared to the last quote by my OA 2 months ago when I placed my order for that car.

The difference is $55 / month or a total of $2,000 in 36 months.

Can they just change residuals like this? It's not about $55, it's more about the principal.

Has anyone had similar experience like this before?

 

[comanchepilot]

Do you have it in writing?

They likely changed interest rates -

Check the difference between a purchase and lease- its insanely close in terms of payment - and down.

If I were financing a Tesla I would simply buy it - using the tax credit to make 6 payments - and then in 30 months - sell it.

You get a 72 month loan at essentially zero, in 36 months you will have paid off $45000 of a $90000 car with the down payment - you will owe $45k and likely have a $55-60k residual asset. Sell it - pocket the $10k - and end up leasing the car for 36 months for $32500 - or $902 monthly instead of the $1000+ they charge.

 

[Parris]

Yea so I have the residual in writing from when it was ordered but since delivery is this week they don't take into account what the residual was 2 months ago. The residual is basically $2k less than 2 months ago. What a bummer.

I would buy it if they had 0.99% apr but they don't. I think it's now like 1.5%? Or a little more? I'm waiting to get the loan option I may just do that in the end.
A bit disappointed how the residual changed this much in 2 months.

 

[boaterva]

Alliant is still 1.5%.... closer to the end of the year, they might do the 0.99 again (to clear out inventory); other lenders could be lower, but we're barely past the halfway mark of the quarter.
Tesla Car Loans from Alliant

 

[Zaphod]

Residuals can and do change month to month. No different than any other manufacturer. Just so you know as well, the effective APR on your lease will be ~5% so you may want to do more digging in purchase/lease comparisons. Tesla leases are horrible in most situations.

 

[Parris]

thanks all!

 

[comanchepilot]

Yea so I have the residual in writing from when it was ordered but since delivery is this week they don't take into account what the residual was 2 months ago. The residual is basically $2k less than 2 months ago. What a bummer.

I would buy it if they had 0.99% apr but they don't. I think it's now like 1.5%? Or a little more? I'm waiting to get the loan option I may just do that in the end.
A bit disappointed how the residual changed this much in 2 months.

the difference in payment betw 0.99 and 1.5% is $38 a month - so a lease factor increase to 1.75% would account for all of your change - and be very likely.