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Would like to lock in current low interest rated, but lease runs out in June

So I currently have a model 3 LR, which is a lease that runs out in June. I would like to order a model YP for my next vehicle, given the great rates right now I would like to purchase the vehicle.

Anyone have any suggestions on how I can time this? I believe interest rates are set to go up in March and the current delivery estimates for a model Y, in my area are around 2 months.

Anyone know if I can lock in a loan before my care is actually delivered?

Many thanks.
 

ATPMSD

Active Member
Mar 12, 2021
1,183
1,052
Atlanta, GA
Looks like you can get a new M3 LR with a March delivery, so you should be able to lock in for the new one. So what to do about your current model? Get the lease payoff amount and then check what you can sell the car for, you may be able to turn a profit! Just be sure to include any taxes you must pay to register the car.
 
Looks like you can get a new M3 LR with a March delivery, so you should be able to lock in for the new one. So what to do about your current model? Get the lease payoff amount and then check what you can sell the car for, you may be able to turn a profit! Just be sure to include any taxes you must pay to register the car.

Tesla does not allow buy out of any lease during or after the lease period.

Meaning, you can't sell the car to a 3rd party (any dealer) nor can you buy it out yourself.

It's crazy, but true for 3 and Ys.
 
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DanDi58

Active Member
Jun 22, 2020
2,017
1,621
Dayton NJ
So I currently have a model 3 LR, which is a lease that runs out in June. I would like to order a model YP for my next vehicle, given the great rates right now I would like to purchase the vehicle.

Anyone have any suggestions on how I can time this? I believe interest rates are set to go up in March and the current delivery estimates for a model Y, in my area are around 2 months.

Anyone know if I can lock in a loan before my care is actually delivered?

Many thanks.
You'd be best off asking this question to a bank or Credit Union. And counting on Tesla availability dates is always tricky, especially with the MY.
 
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I was under the impression that loan interest rate will be locked at the time of ordering but looks like I'm wrong. My ordering paper doesn't mention payment method (cash, lease or loan) so I guess they will use the rate when I get the car. The rate in January when I ordered was 2.49%, and now it's 2.74% in NJ.
 

DanDi58

Active Member
Jun 22, 2020
2,017
1,621
Dayton NJ
I was under the impression that loan interest rate will be locked at the time of ordering but looks like I'm wrong. My ordering paper doesn't mention payment method (cash, lease or loan) so I guess they will use the rate when I get the car. The rate in January when I ordered was 2.49%, and now it's 2.74% in NJ.
Well, it's up to the bank for the particular transaction. Tesla itself doesn't finance the car.
 
I was under the impression that loan interest rate will be locked at the time of ordering but looks like I'm wrong. My ordering paper doesn't mention payment method (cash, lease or loan) so I guess they will use the rate when I get the car. The rate in January when I ordered was 2.49%, and now it's 2.74% in NJ.
You're correct. If you didn't submit a credit application through Tesla when it was still 2.49% you're out of luck since it now increased. Tesla facilitates the credit application process and likely has more favorable terms and approval odds with the banks they do business with than if you were to go to the same bank direct, but hey you can give it a shot it wouldn't hurt.
 

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