What do current leaseholders do at lease end?

[j310]

I have more than 2.5 years left on my lease for Model 3 Performance, but the delivery process was, as everyone knows, not the greatest with constantly changing dates. How does one manage that dynamic if they are on a lease with a current Tesla, and they just want to lease a new Tesla before having to return their car? I'm wondering if Tesla gives you some way of upgrading to a new car and somehow ensures you don't have a gap between your old and new car.

 

[M-83]

Still waiting for my lease to start so I don't know,, but most manufacturers offer extensions, especially if you have another car of theirs on order.

 

[jjrandorin]

I dont think anyone will know how tesla specifically handles this for MODEL 3 and Ys which can not currently be purchased at lease end. Leasing was not offered when the car was launched in late 2017, nor any time in 2018 when I purchased mine.

I think leasing didnt become available for model 3s till some time in 2019... a quick internet search looks like April or so of 2019. There might be some people who got 24 month leases who might be able to answer the question, but the "standard" lease term in the US tends to be 36 months, as much as something like this can be standardized.

You likely are looking at april of next year before a lot of people see how tesla will handle this for model 3s. I suspect (but dont know) that if you have another tesla on order, you will be able to extend the lease as mentioned, as that is pretty common.

Will need to wait till someone gets to that point and is also a member here, and also decides to post about it, before we know.

 

[Lloyd]

At the end of the lease you normally have three options:

1. Turn the car back in
2. Ask for a monthly extension and cost
3. Purchase the car for the residual

 

[MrSlippery]

At the end of the lease you normally have three options:

1. Turn the car back in
2. Ask for a monthly extension and cost
3. Purchase the car for the residual

Usually yes, in the case of Tesla you do not have the option for #3. They do not provide you with a residual value and you do not have the option to purchase the car at the end.
That all might change when leased cars actually start to get turned in but currently that is the verbiage in the contact. Same with #2 but I suspect that may also change when the time comes.

 

[Scrannel]

Currently you can get a 6 month extension, but no buyout. They've changed the no buyout for some markets, not yet the US. You can, however, sell the car to a dealer -- which might be my pick in the end to maybe try a loop deal.

 

[j310]

Ah I didn’t realize no one has really had this issue yet. Let’s hope they put some process in place for folks who want to just lease a new Tesla but not be left with a gap between cars.

 

[jjrandorin]

I'm driving a leased 100D S Premium Interior with FSD leased through Tesla leasing 3 years ago. I do have a buy ought option for 64K. A lady from Tesla called me back in July to order my next car ASAP as the expected delivery would now be Feb-Mar 2022 (again she said this in July). I did order the car with her online and she indicated that they will extend my lease on a month to month basis until the new SLR is delivered. EDD blank at this point. Lease end Nov. 2021

This is the model 3 subforum, which does not have a lease buyout option in the US, so this is one thing that where the discussion for model s is not relevant to model 3. I suggest you re post your info in the model S subform.

 

[RichardL]

I replaced my leased MX with an M3 in September 2019. There was uncertainty about delivery dates even then. When I asked Tesla they simply said hang on to the X until delivery day, no problem. On the day of delivery we drove to the center, parked the X, told them and handed over the key fobs and then picked up the 3. They simply sent an adjusted final bill for the X. Very straightforward