Tesla Model 3 early termination of lease issue

[xshi7]

Currently applying for a home loan, and my loan officer said I have to terminate my tesla lease to get the loan approval. I have a question here, since it's very time senstive( I have 20 days left for my escrow), can anyone here let me know: Can I get the Tesla lease termination letter right away after I paid in the app for the early termination fee? If not, how long it will takes to get that final termination letter?

I tried to call tesla and they are all automatic reply system, can't find one to talk from tesla. If you have any experience about tesla lease early termination, please let me know you time-line. I appreciate it a lot!

 

[johnnycnote]

How many months you have left on your lease?

 

[xshi7]

How many months you have left on your lease?

6 month. Payment is $560 per month, and termination fee is $9780

 

[kpanda17]

6 month. Payment is $560 per month, and termination fee is $9780

if you have to move fast and get the lease off your financials, find someone to take over the lease
the swapalease.com site is amazing for moving leases fast when priced right
see below, one priced right and one priced wrong

How does your payment compare with what you can get from Tesla right now?
does not seem you paid a lot of money up front

good luck

 

[CyberShy]

6 month. Payment is $560 per month, and termination fee is $9780

So, you have $3360 in lease payments remaining, but if you terminate early, it will cost you $9780 or $6420 more?

I don't know anything about leasing, but can you pay the $3360 now and just drive the car for 6 months? You'd owe nothing more.

As for loan approval, only an idiot would tell you to pay $6480 more to be approved for more debt.

I would forgo the house purchase and take care of the lease in the meantime and then get back into the house purchase, but that's me. i can't tell you what to do. If you have deadlines, well, then you better get crackin'!

Best of luck to you.

 

[johnnycnote]

how many banks did you reach out to?

 

[johnnycnote]

if you have to move fast and get the lease off your financials, find someone to take over the lease
the swapalease.com site is amazing for moving leases fast when priced right
see below, one priced right and one priced wrong
View attachment 1025690

How does your payment compare with what you can get from Tesla right now?
does not seem you paid a lot of money up front

good luck

On lease transfers, many leasing companies require that the original leaser remain on the contract and be ultimately responsible for the lease. Not sure if that's the case here..

 

[johnnycnote]

So, you have $3360 in lease payments remaining, but if you terminate early, it will cost you $9780 or $6420 more?

I don't know anything about leasing, but can you pay the $3360 now and just drive the car for 6 months? You'd owe nothing more.

As for loan approval, only an idiot would tell you to pay $6480 more to be approved for more debt.

I would forgo the house purchase and take care of the lease in the meantime and then get back into the house purchase, but that's me. i can't tell you what to do. If you have deadlines, well, then you better get crackin'!

Best of luck to you.

Yeah agree, that's what I was getting at. Find another bank

 

[afadeev]

Currently applying for a home loan, and my loan officer said I have to terminate my tesla lease to get the loan approval.

That sounds fishy as hell.
Either your credit history and income are totally fishy, and the $560/month lease payment pushes you over the "line", or your loan officer doesn't know what he is doing and/or wants to ditch you.
Either way, the answer is to get a quotes from 2-3 other banks and CUs, which is what you should have done from the beginning.
Right?

 

[CyberShy]

Here’s another suggestion. Do nothing. Don’t let them threaten you with “not approving” your home loan. Let them either grant it or not.

But they might ask you what you intend to do after the lease is up and what your financial situation will be afterwards. $560 a month is half of what my mortgage payment has been been for 20 years (I’m not trying to rub it in. I’m just saying it’s a big chunk of change).

If you want to share, I’d like to know who’s you resolved this and if you were happy with the results.