Zero Down Leases

[oogabooga]

I accidentally posted in the Model X area so reposting here:

My OA just mentioned to me Tesla is now allowing zero down leases. If you are the leasing type then you'll probably see that as a big deal. Wanted to share that info as i updated my order to a zero down from the previous prerequisite 5000. If anything changes, as i just did it a few mins ago, ill update this post.

 

[jeffro01]

That would be pretty big... Tesla leasing, and yes I know I leased, has always been a bit of a rip-off...

Jeff

 

[chillaban]

Would love to see the terms if someone gets them…. This is very interesting to me too.

 

[oogabooga]

I should have official terms on my updated sheet either today or tomorrow. Unofficially I have a 90d lease(from that recent thread) around 105kmsrp zero down, 12k miles, 910/month. 2k due at signing and that includes first month.
.0021 money factor


Model X 90D 5YJXCBE28HF046684 | Tesla

That x lease is 1030/month zero down 12k/miles.

 

[SoCal Jimmy]

New zero down lease terms is as follows:

Acquisition fee, tax and license must be paid out of pocket, thus resulting in pretty much the just your initial $2500 deposit required for the lease. It does add about $100-150 a month to your lease payment, but for most, shelling out another $3500-4000 down or simply paying an extra $100 a month may be a non issue.
For some, it'll come down to being approved for the zero down lease. I'm told approval requires Tier 1 credit only, no exceptions, otherwise you're back to the standard lease terms.

 

[chillaban]

New zero down lease terms is as follows:

Acquisition fee, tax and license must be paid out of pocket, thus resulting in pretty much the just your initial $2500 deposit required for the lease. It does add about $100-150 a month to your lease payment, but for most, shelling out another $3500-4000 down or simply paying an extra $100 a month may be a non issue.
For some, it'll come down to being approved for the zero down lease. I'm told approval requires Tier 1 credit only, no exceptions, otherwise you're back to the standard lease terms.

Is the tax credit still a residual bump as opposed to a cap cost reduction?
What about the lease end terms — is buying out the lease early (eg for trade in) subject to the ETF?

Those were the two other WTF terms when I was looking into leasing my first Tesla.

 

[SoCal Jimmy]

Is the tax credit still a residual bump as opposed to a cap cost reduction?
What about the lease end terms — is buying out the lease early (eg for trade in) subject to the ETF?

Those were the two other WTF terms when I was looking into leasing my first Tesla.

Tax credit is still added to the residual which makes Tesla's leases the least appealing for those that want to buy it out or trade it at any point during the term. That $7500 negative equity right off the bat sucks big time

 

[redy]

Man, makes me jealous. In in Delaware and I believe Tesla doesn't lease here.

Anyone know why Tesla doesn't offer leases in Delaware? Tried looking for it with no luck.

 

[Zaphod]

.0021 money factor is less than ideal as well. That works out to ~5% APR.

 

[chillaban]

Tax credit is still added to the residual which makes Tesla's leases the least appealing for those that want to buy it out or trade it at any point during the term. That $7500 negative equity right off the bat sucks big time

Right, and it's not just the negative equity. The terms that I got also say that trading in the car early (e.g. paying the payoff value to buy out the car before your lease turns end) constitutes an early lease termination and is subject to the early lease termination fee in addition to the payoff amount. That's crazy — I've never seen a lease with terms that discourage buying out your lease early like this.

Bottom line, if you're considering a Tesla lease, you should be absolutely sure you want to keep the car for the duration of the lease and turn it in afterwards. If you are considering any other strategies (turning in early, trading in for a newer car before the term is over), you should consider financing, especially since Tesla has a pretty fair and hassle-free trade-in system that is arguably more lenient than lease end inspection!

.0021 money factor is less than ideal as well. That works out to ~5% APR.

Eh that's not terrible. Given that the total balance on a lease is less than half of a loan's, that's not bad at all.