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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
I'm pretty sure I have seen someone do that but it was a couple years ago. There are a couple issues:
- Tesla no longer has a CPO program. They sell used Teslas.
- Tesla has hired a third-party to handle most of their used-Tesla sales, so not all of them will be available through Tesla.
n2mb_racing
Active Member
I turned mine in, then waited for it to show up on the website. I watched the price drop for a few weeks, but didn't end up buying it. I thought the model 3 performance was still a better deal.
Oh crap! I had no idea there is no more CPO program. So there is no REAL benefit except for possibly getting a lower price than the original residual, correct?
I am so disappointed at Tesla at the moment. The cars are great imo, but the way the company functions is just terrible. No more CPOs, no more alcantara on the dashboard, no more sunroof etc.
How long did it take to show up on the website? Was it in the same region as you had sold it in? I really don't want another Tesla, I just want mine haha. I might just buy out the lease I guess.
They do come with an extended warranty, but they aren't CPOs like they used to be where they were refurbished. They just sell them as they are. Any cosmetic fixes are on you. If you are lucky enough to be able to get your own car you might come out OK, but there is a risk that someone else will snap it up before you get it. (Especially if it is nice and priced right.)
n2mb_racing
Active Member
Yes, same region. About 2 weeks to show up. Look for yours at:
85 kWh Model S 5YJSA1CN6DFP27508 | Tesla
just sub in your VIN number.
Buying it back from Tesla used is a better deal than buying out your lease. Instead of the remaining 2 years of warranty, you'll get another 4 years. And the price will likely be lower. You can check ev-cpo and other sites to get an idea of what price your car will list for, based on the exact options you have.
Also, the prices drop by about $1k per day, so mine was an interesting waiting game... I waited maybe 2 weeks to consider buying it, but then someone else snatched it. It started around $85k, then finally sold at $71k. But, I wasn't prepared to buy it until it got to about $67k. I got my Model 3 performance for $69k, plus 7.5k tax credit.
Ormond
Endless Peacock
My lease was up Nov. 4th and I keep extending my lease. I still cannot decide on whether to buy my Tesla. The Model 3 is a little small for my taste.
I like changing vehicles. The only ICE vehicles that I am considering is an E-class or a Subaru Ascent. I waiver daily. I’m a car guy and I miss the variety.
I like changing vehicles. The only ICE vehicles that I am considering is an E-class or a Subaru Ascent. I waiver daily. I’m a car guy and I miss the variety.
SUN-day Driver
Member
Can you extend more than once? I wanted to extend for a year but they said 6 months max, but if I can do it a second time that would be great. I'm trying to buy time until there is something else I like as much as Model S available, like the Lucid Air.
While I love the 2 model S I've had (ordered the first one back in 2011 and got it in 2013), I'm done with Tesla as a company. Between getting rid of the 85 kWh battery, not making parts available to body shops so people are stuck without their cars for months and months waiting for bumpers or windshields after accidents, to the horrible UI downgrades they forced on users, I just don't want to deal with Tesla anymore. For now I got 6 more months with the car I love (and haven't accepted updates in years so don't have AP nags, etc.) and just hope nobody crashes into me.
Ormond
Endless Peacock
OilSucks
Member
Great thread here and really appreciate all the end of lease experiences people have been sharing!
A question to anyone who has turned in their Model S (or X) when leasing directly through Tesla... have you been able to negotiate the residual value of your car at all? I have a residual value of $51,600... which is insane for a base 2017 S75D (with Bio Hazard at least but NO air suspension or premium sound) when I can get a pretty decent Model 3 or even a higher end used Model S with less miles than my current car will end up being.
I'm just hoping Tesla will understand that it would be in their best interest to work with the current owner, if they are interested in buying the car after a lease, and negotiate on the price. The Model 3 has absolutely cannibalized the Model S and if they refuse to see that I;d be a bit disappointed in their forward thinking capabilities.
A question to anyone who has turned in their Model S (or X) when leasing directly through Tesla... have you been able to negotiate the residual value of your car at all? I have a residual value of $51,600... which is insane for a base 2017 S75D (with Bio Hazard at least but NO air suspension or premium sound) when I can get a pretty decent Model 3 or even a higher end used Model S with less miles than my current car will end up being.
I'm just hoping Tesla will understand that it would be in their best interest to work with the current owner, if they are interested in buying the car after a lease, and negotiate on the price. The Model 3 has absolutely cannibalized the Model S and if they refuse to see that I;d be a bit disappointed in their forward thinking capabilities.
n2mb_racing
Active Member
If your lease is through US bank, then Tesla has no control over it. US Bank was not willing to negotiate at all. Just turn it in and buy it back
OilSucks
Member
Gotcha, that's why I was referencing the fact that I lease directly through Tesla.
n2mb_racing
Active Member
Wow, you might actually the first in history that's been offered a discounted price from the residual value. Until now, Tesla and/or US Bank were just stupid with lease ends, not even willing to listen to reasonable offers. I had offered them $55,000 on my car. Wouldn't even consider it. If they sold it to me, they had to do nothing. Instead, they took the car back, did whatever certification they do, had to give away a 4 year warranty and the car was listed on their site a couple months later for $52,000.
Probably with the massive price drops for new ones this year, they realized there's no chance in hell anyone would buy out their lease at the residual value. Probably on cars they don't really want, they're now finally reasonable. Good for the consumer. Nice to see.
AMPd
Well-Known Member
There’s been a few others who reported US Bank negotiating the residual
There was a thread a few months back where US Bank dropped the price by around 11k
Hi folks - lease ending (US bank) in May on a 75D. I've got an order in on a Y but obviously won't get that in time - happy to make do with the gap but would happily extend my S lease for 6 months if that was an option. Before I call US Bank back (again) wondering if there are any folks who've done so recently and heard any news. Buyout/residual prices are silly. Still considering an X for the size but hard to justify the 1.5 - 2 x cost.
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