Totalled S100D '19. When to lease a replacement?

[Green_Light]

Hi,

My wife totalled a leased S100D today (just about 5 months old) and we need to lease a replacement.
We assume that Progressive will pay

Should we shop around now or wait some time for some October deals to come?
And, since it's just a beginning of the lease, perhaps we can get a replacement without a down payment (this is our 2nd Tesla lease)?

Thank you!

 

[Watts_Up]

Why to lease instead of owning it?
- What your annual mileage?
- Do you use your car for work and can deduct the lease from your taxes?

 

[Ostrichsak]

Personally, I would find a nice clean and well-cared for used vehicle that matches my needs that's a couple of years old and let someone else take the depreciation hit. If you're independently wealthy & money is of no concern to you this may not matter.

 

[BPeter]

If you're interested in a brand new car with 0 miles, then it doesn't really matter when.
If you're interested in getting an inventory car with some miles on it with a price adjustment, then this is the month to do it. The price adjustments have huge impacts on lease prices due to the way residual is calculated (based on MSRP).

 

[Green_Light]

If you're interested in a brand new car with 0 miles, then it doesn't really matter when.
If you're interested in getting an inventory car with some miles on it with a price adjustment, then this is the month to do it. The price adjustments have huge impacts on lease prices due to the way residual is calculated (based on MSRP).

There are no deeply adjusted inventory cars now. And sales guys cannot ship cars from other states, unless it's a borderline state.

2 questions:

1. Why do you think that this month is the right month to get the car?
2. What do you think about taking over somebody’s lease? It’s a good option, but we don’t see any offers in IL...

Thank you!

 

[Lhshockey24]

Hi,

My wife totalled a leased S100D today (just about 5 months old) and we need to lease a replacement.
We assume that Progressive will pay

Should we shop around now or wait some time for some October deals to come?
And, since it's just a beginning of the lease, perhaps we can get a replacement without a down payment (this is our 2nd Tesla lease)?

Thank you!

Private messaged you about the lease you're interested in. Progressive will pay you nothing, your lease (if totaled) is covered by gap insurance and the car will be paid off to Tesla Finance or whoever your lease is through I believe... Any money you put down on the lease is GONE, hence why people don't typically recommend putting money down on a lease.
5 Costly Car Leasing Mistakes to Avoid | SmartAsset

2. Putting Too Much Money Down
In order to guarantee customers the lowest payment possible, some car dealers will ask for a sizable down payment up front. Typically, this money goes towards paying off a chunk of the car lease. But ponying up all that cash early on doesn’t always work in your favor.

If the car is stolen or totaled in an accident during the first few months of the lease, the insurance company would reimburse the leasing company but there’s a good chance you’d be left out in the cold. Not only would you be short a vehicle but you’d also be out of the money you put down.

 

[BPeter]

There are no deeply adjusted inventory cars now. And sales guys cannot ship cars from other states, unless it's a borderline state.

2 questions:

1. Why do you think that this month is the right month to get the car?
2. What do you think about taking over somebody’s lease? It’s a good option, but we don’t see any offers in IL...

Thank you!

Now would be the month to get a discounted car, if you're not looking for discounted, it doesn't matter.

Have you spoken with a sales advisor? Not all of the cars are listed online, advisors can often find good deals. There's a Facebook group called Tesla Showroom Deals if you're interested in that route.

 

[Trunk Gap]

I’m not sure I understand this thread - if your car is totaled and you need a new one...buy it now. There’s no major update coming for a while, just minor changes that you can’t predict anyway, and in terms of pricing/deals/etc - can’t predict, you never know what it will be, just lease another and move on.

If you insist upon a deal or something other than just leasing what you want and waiting for it to show up - tesla inventory or buy used or take over someone’s lease (which, if done legit, is a perfectly fine option).

 

[isracing]

Tesla doesn't do this BUT

I Just leased a 19 Highlander first time ever leasing. Cousin works at Audi and gave me the rundown.

I was going to put 6500 down, and pay the whole 3yr lease in one chunk so I didn't have a monthly payment. After talking to my cousin he told me exactly what someone stated above! big down, total/stolen car most likely lose all that cash.

He told me about the money factor which I was getting of like .0043 or something which I know nothing about. When he schooled me on how this works, then directed me to the GM of another Toyota dealership near me, I went to the GM, he removed holdback, removed some other profits (end of june/month/quarter) just to move a unit. I told him I wanted to pay the lease in one payment. He adjusted the MF to .00043 which brought down the total amount due, put 0 down and paid 36 months in one shot, and it ended up being 2000 more than the 24mo lease with 6500 down the idiot at the other dealership was quoting me.

So if you ever lease and CAN pay the whole term in one shot, ask about a one pay lease and see if they discount the MF because of it. came out to being about 1% interest on the term of the lease, free money! 0 down, no payments ever (since I paid it off up front) rather than purchase, put 20k down, and end up trying to sell it in 3 yrs.

I did the math on leasing a Tesla, and spoke to SEVERAL Tesla sales advisers that said it's a total rip off. If you plan to keep it for a longer time, don't lease it.

 

[isracing]

Now would be the month to get a discounted car, if you're not looking for discounted, it doesn't matter.

Have you spoken with a sales advisor? Not all of the cars are listed online, advisers can often find good deals. There's a Facebook group called Tesla Showroom Deals if you're interested in that route.

Good luck trying to find a marked down inventory car with a compelling enough discount to justify. Most reduced inventory cars are only a grand or 2 less than a new raven. Most of them are not Raven models, and have miles on them, I had someone looking for me every day for months, and a Midnight Silver/Blk int/19" pre-raven car hit for ~69k purchase and I was in the process of ordering it on the phone with him, and when he hit submit on the order it bonked out, tried again and the car was gone from inventory, they disappeared THAT fast if a deal comes in. Unless you're finding a non-raven for 70 or a raven for 75 inventory car dont waste your time, just get a brand new one and be done with it, this is what I did ultimately and I pick up MiracleWhip tomorrow

 

[Lhshockey24]

Tesla doesn't do this BUT

I Just leased a 19 Highlander first time ever leasing. Cousin works at Audi and gave me the rundown.

I was going to put 6500 down, and pay the whole 3yr lease in one chunk so I didn't have a monthly payment. After talking to my cousin he told me exactly what someone stated above! big down, total/stolen car most likely lose all that cash.

He told me about the money factor which I was getting of like .0043 or something which I know nothing about. When he schooled me on how this works, then directed me to the GM of another Toyota dealership near me, I went to the GM, he removed holdback, removed some other profits (end of june/month/quarter) just to move a unit. I told him I wanted to pay the lease in one payment. He adjusted the MF to .00043 which brought down the total amount due, put 0 down and paid 36 months in one shot, and it ended up being 2000 more than the 24mo lease with 6500 down the idiot at the other dealership was quoting me.

So if you ever lease and CAN pay the whole term in one shot, ask about a one pay lease and see if they discount the MF because of it. came out to being about 1% interest on the term of the lease, free money! 0 down, no payments ever (since I paid it off up front) rather than purchase, put 20k down, and end up trying to sell it in 3 yrs.

I did the math on leasing a Tesla, and spoke to SEVERAL Tesla sales advisers that said it's a total rip off. If you plan to keep it for a longer time, don't lease it.

That’s great and all, but if your car is totaled or stolen during that time period you will never see that money again you just paid up-front. So yes, 1% money factor is good on the surface. However, you PAID INTEREST TO PAY SOMEONE ELSE UP-FRONT!

 

[isracing]

That’s great and all, but if your car is totaled or stolen during that time period you will never see that money again you just paid up-front. So yes, 1% money factor is good on the surface. However, you PAID INTEREST TO PAY SOMEONE ELSE UP-FRONT!

Ok, so what you are telling me is that the ADVANCED PAYMENTS I made are gone if something happens to my car? How so, I made payments towards the monthly cost of my vehicle, and if the vehicle goes away, they owe me my payments back since I can't make payments on a vehicle that no longer exists.

I think you may be wrong, unless you know something I don't.

 

[Lhshockey24]

Ok, so what you are telling me is that the ADVANCED PAYMENTS I made are gone if something happens to my car? How so, I made payments towards the monthly cost of my vehicle, and if the vehicle goes away, they owe me my payments back since I can't make payments on a vehicle that no longer exists.

I think you may be wrong, unless you know something I don't.

What I know, that you don’t, is that you made advanced payments on a car that the dealer has cashed and you’ll never see again. You DO NOT get those back if something happens to your car. Read your lease contract. You paid your payments up-front, in exchange they charged you APR (imagine if I paid my rent up-front for an apartment and the apt complex still charged me 1%...) and if my apt burns down I don’t get my rent back...

Again, read your lease contract, find where it says you get your payments back in the event of a total loss, and then understand why you should NEVER trust a traditional car dealer ever again... they’re not in business to help you. They’re in business to rip off consumers. No doubt, that dealer laughed his ass off all the way to the bank to cash that check you wrote!

 

[BPeter]

Good luck trying to find a marked down inventory car with a compelling enough discount to justify. Most reduced inventory cars are only a grand or 2 less than a new raven. Most of them are not Raven models, and have miles on them, I had someone looking for me every day for months, and a Midnight Silver/Blk int/19" pre-raven car hit for ~69k purchase and I was in the process of ordering it on the phone with him, and when he hit submit on the order it bonked out, tried again and the car was gone from inventory, they disappeared THAT fast if a deal comes in. Unless you're finding a non-raven for 70 or a raven for 75 inventory car dont waste your time, just get a brand new one and be done with it, this is what I did ultimately and I pick up MiracleWhip tomorrow

Guess no good deals this quarter? Hopefully that means their financial results this time will be better!

When I got my car in Q1 they wouldn't let me lease it because the lease turned out to be so crazy good (about $500/mo for a P100D with $2500 down).

 

[isracing]

What I know, that you don’t, is that you made advanced payments on a car that the dealer has cashed and you’ll never see again. You DO NOT get those back if something happens to your car. Read your lease contract. You paid your payments up-front, in exchange they charged you APR (imagine if I paid my rent up-front for an apartment and the apt complex still charged me 1%...) and if my apt burns down I don’t get my rent back...

Again, read your lease contract, find where it says you get your payments back in the event of a total loss, and then understand why you should NEVER trust a traditional car dealer ever again... they’re not in business to help you. They’re in business to rip off consumers. No doubt, that dealer laughed his ass off all the way to the bank to cash that check you wrote!

Well I guess its my bad for not reading the fine print if that is the case.

Have had good luck with cars my whole life, hope the wife stays safe and in 3yrs I'm giving this back for them to sell on their used car lot.

 

[Watts_Up]

Tesla doesn't do this BUT

I Just leased a 19 Highlander first time ever leasing. Cousin works at Audi and gave me the rundown.

I was going to put 6500 down, and pay the whole 3yr lease in one chunk so I didn't have a monthly payment. After talking to my cousin he told me exactly what someone stated above! big down, total/stolen car most likely lose all that cash.

He told me about the money factor which I was getting of like .0043 or something which I know nothing about. When he schooled me on how this works, then directed me to the GM of another Toyota dealership near me, I went to the GM, he removed holdback, removed some other profits (end of june/month/quarter) just to move a unit. I told him I wanted to pay the lease in one payment. He adjusted the MF to .00043 which brought down the total amount due, put 0 down and paid 36 months in one shot, and it ended up being 2000 more than the 24mo lease with 6500 down the idiot at the other dealership was quoting me.

So if you ever lease and CAN pay the whole term in one shot, ask about a one pay lease and see if they discount the MF because of it. came out to being about 1% interest on the term of the lease, free money! 0 down, no payments ever (since I paid it off up front) rather than purchase, put 20k down, and end up trying to sell it in 3 yrs.

I did the math on leasing a Tesla, and spoke to SEVERAL Tesla sales advisers that said it's a total rip off. If you plan to keep it for a longer time, don't lease it.

Since the sales taxes in California are 9.5%. could you menion how the sales taxes were calculated:

- In the case of a lease, did you paid slaes tax for the total declared price of the vhecule or only on the total value of the lease?

 

[isracing]

Only paid whatever portion of the taxes were part of the 36mo lease wrapped up in to the total payment

 

[Green_Light]

Private messaged you about the lease you're interested in. Progressive will pay you nothing, your lease (if totaled) is covered by gap insurance and the car will be paid off to Tesla Finance or whoever your lease is through I believe... Any money you put down on the lease is GONE, hence why people don't typically recommend putting money down on a lease.
5 Costly Car Leasing Mistakes to Avoid | SmartAsset

2. Putting Too Much Money Down
In order to guarantee customers the lowest payment possible, some car dealers will ask for a sizable down payment up front. Typically, this money goes towards paying off a chunk of the car lease. But ponying up all that cash early on doesn’t always work in your favor.

If the car is stolen or totaled in an accident during the first few months of the lease, the insurance company would reimburse the leasing company but there’s a good chance you’d be left out in the cold. Not only would you be short a vehicle but you’d also be out of the money you put down.

What happens in an unlikely scenario if insurance decides to pay Tesla Finance MORE than what we owe? Can we use that money as a downpayment for a new Raven or get it back?

 

[Lhshockey24]

What happens in an unlikely scenario if insurance decides to pay Tesla Finance MORE than what we owe? Can we use that money as a downpayment for a new Raven or get it back?

That’s not an option in the insurance world unfortunately. The way a “total loss” works is if the damage is over, usually 50-60% of the total cost, the insurance company will “write it off” and just pay whatever is due back to Tesla. This is your “pay-off” at the time of the accident. Which on a lease, is typically abnormally high. It’s not like you bought an $80K car and put $40K down.

By the way, you need to comply with your lease - AKA continue making payments until this pay-off happens. The first step of taking over a lease from someone else is passing a Tesla finance credit check, even if you have a lease already. If you’re missing payments you will not qualify.

 

[Green_Light]

That’s not an option in the insurance world unfortunately. The way a “total loss” works is if the damage is over, usually 50-60% of the total cost, the insurance company will “write it off” and just pay whatever is due back to Tesla. This is your “pay-off” at the time of the accident. Which on a lease, is typically abnormally high. It’s not like you bought an $80K car and put $40K down.

By the way, you need to comply with your lease - AKA continue making payments until this pay-off happens. The first step of taking over a lease from someone else is passing a Tesla finance credit check, even if you have a lease already. If you’re missing payments you will not qualify.

Tesla is giving us a new P100X this weekend. We will see if we like X and I will let you know.