AMPd
Well-Known Member
Yes, 3 years/10k miles
Although my model did not have ludicrous mode. Every option but that and rear facing seats.
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US Bank end of Lease
- Thread starter smilepak
- Start date
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- lease lease loan Model S trade-in
Although my model did not have ludicrous mode. Every option but that and rear facing seats.
whitex
Well-Known Member
Fyi, if you are buying a new car, you can have the new car dealer do all the work on the profit (if you have any that is) - avoid having to buy and sell it yourself while in some states offering you a tax advantage (when you pay off the car, you have to pay sales tax on residual, a dealer does not). You just have to be good with your numbers to make sure the dealer doesn't pocket a chunk or all of your profit in the transaction. The best way is to make a deal as if you were trading in a paid off car, then just ask them to pay it off instead and add the payoff amount to the new car deal (keep in mind your tax credit may change as you don't get it on the residual amount). In the end, the answer is "do the math" - it pays off in life to have paid attention to your math classes in your youth
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n2mb_racing
Active Member
Ah, ok. I have a 2 yr lease, 10k miles per year. I wanted a 3 yr lease because the payments were so good, but the 3yr lease for some reason made the payments much much higher. My car is similar, all options, except rear facing seats, but with ludicrous.
n2mb_racing
Active Member
Yeah, it was a strange time at the end of Q3 2016 where they really wanted people to take 2 yr leases. They were much better than the 3yr leases. And the deals on inventory cars were really good.
bandido
Member
I also have a 2 year lease, crazy Q3 2016 deal as well. I am hoping they will let me extend my lease for 5-6mths. I know there has been talk of them allowing this to happen, but I am waiting to see what they actually do for a real customer...
Ok. So I had a chance to call and the deal is
If I decide by Aug 7th, I can buyout my lease into a US Bank Loan at the residual value of $61.5k for 72 months & 982 per month. If can do shorter loan if I want at higher monthly. The rate is 3.3. %
If I wait until the end of the lease to buy it, I'll be paying the residual value of 51.2k. Considering between now and then I have 12 months left of the lease payment at 989 per month.
I can trade in, would have to take it to Tesla to estimate how much they would pay for the vehicle and they will contact US Bank directly to pay off the balance if the value is higher than my balance.
I have a 2015 70D with Prem Package, Metallic Blue, leather seat upgrade, and Pano SunRoof. I activated AP1 after the lease was signed, so the value was not included in the lease. Bought in July 2015. Currently at 37k miles on the car.
Anyone call the bank to ask about their options? I didn't ask and forgot I'd can I buyout without loan through them.
If I decide by Aug 7th, I can buyout my lease into a US Bank Loan at the residual value of $61.5k for 72 months & 982 per month. If can do shorter loan if I want at higher monthly. The rate is 3.3. %
If I wait until the end of the lease to buy it, I'll be paying the residual value of 51.2k. Considering between now and then I have 12 months left of the lease payment at 989 per month.
I can trade in, would have to take it to Tesla to estimate how much they would pay for the vehicle and they will contact US Bank directly to pay off the balance if the value is higher than my balance.
I have a 2015 70D with Prem Package, Metallic Blue, leather seat upgrade, and Pano SunRoof. I activated AP1 after the lease was signed, so the value was not included in the lease. Bought in July 2015. Currently at 37k miles on the car.
Anyone call the bank to ask about their options? I didn't ask and forgot I'd can I buyout without loan through them.
whitex
Well-Known Member
You can always buy out without a loan from them, any time. Just call and ask for payoff amount. Usually valid for 5-14 days during which they expect a check, either from you or the bank you get a loan with. Then they send the title to whoever paid it off (you of course sign a release too).
n2mb_racing
Active Member
Try lightstream for a loan quote. I have them for my roadster and they were super easy and have a very low rate.
n2mb_racing
Active Member
Heads up, looks like Tesla added a 6 month lease extension:
Lease-End Options
I emailed to see if I can get that. Sounds good to me. I have a great lease deal that I'd like to keep.
Lease-End Options
I emailed to see if I can get that. Sounds good to me. I have a great lease deal that I'd like to keep.
Smilepak,
What was the original residual on your Lease Agreement? was it 51K? if this is the case they are not giving you any incentive which is contrary to other poster on another forum who claimed that you could get up to 25% off from the listed residual.
If your MS is in good shape, please tell me your reasons on why you would not keep it, you cannot buy another similar AP1 CPO for 51K. Even with the cost of extended warranty it seems like a good deal; also, there is no compelling reason to upgrade to a new MS unless you specifically want a larger battery and AP2.
n2mb_racing
Active Member
Can you link to the thread with the reduced residual? My buyback for my P90D will be $94k next year, which seems way too high. That's likely not even a good price right now. If they took 25% off, that might be worth it.
I don't recall the specific thread on Tesla forum, but typically the residuals can be negotiated, if I find it, I will definitely forward it.
I tried searching for the old thread and found this instead
https://forum.leasehackr.com/t/us-bank-negotiated-buy-out/7349
if you got a 2 year lease, that should explain the high residual.
n2mb_racing
Active Member
Same here, $91k residual on a P90D. They're nuts if they think I'll take that. I'd get a brand new 75D instead or a model 3 for less.
I would like to extend the lease for 6 months though
n2mb_racing
Active Member
I would like to extend the lease for 6 months though
I emailed [email protected] , but didn't receive a response.
n2mb_racing
Active Member
n2mb_racing
Active Member
Question for anyone that has finished their lease: Do they charge for curb rash on the wheels or does that count as normal wear and tear? My wife has curbed the 21s several times already....
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