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

[Sagester]

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.

 

[Tooleman694]

I dont think you can lock it for more then 30 days. You could try for an inventory now and trade in your trade maybe.

 

[ATPMSD]

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.

 

[NovaTech]

The rates will probably remain great, especially into the summer when manufacturers are off-loading inventory to prep for the next model year (however much there is..) and banks compete for the loans by offering low loan rates.

 

[stan23]

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.

 

[ATPMSD]

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.

Check the lease terms to be sure. As I understand it, this is a relatively recent change.

 

[stan23]

Check the lease terms to be sure. As I understand it, this is a relatively recent change.

I assume the OP still has the car based on his post.

Meaning if he didn't sell his lease to a 3rd party before 10/2021. There is no longer an option for a 3rd party dealer to pay off his lease.. That's what Tesla changed recently.

 

[DanDi58]

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.

 

[limuobai]

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]

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.

 

[thinktwice]

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.

 

[pcmike]

Just get a loan from DCU. With a little bit of extra hoop jumping you can get a loan for as little as 1.24% for 65 months.