Tesla does not allow lease buyouts on Y/3 as far as I know.
As of now they don’t. But as with all things Tesla, things could literally change overnight. 1/1/2024 may only be ~2 weeks away, but 2 weeks in Tesla time is an eternity/.
I am trying to lease a Kia Sorento PHEV and all the dealerships are acting like I am crazy asking about the $7,500 Credit on the lease. Has anyone been able to get this credit on a Kia PHEV recently? I saw someone did back in January 2023 here.
High demand for that model. Kia isn’t passing the full incentive on for leases… at least not in SoCal.
I think it’s around $4500 right now.
Kia (The bank) is only giving $2k, so you basically told the dealership to give you $5000 for free. That’s why they looked at you like you were crazy.
As I understand the federal requirements the lease on phev gets around the USA assembly requirements so it qualifies for 15% or $7,500.
I am assuming they are taking the $7,500 and just not passing it down otherwise I can make no sense of it. It would be money left on the table which is very unlike a car dealer.
I found a dealership that is advertising it through Ally CCRA program that I am going to contact but they are out of state.
The leasing company gets $7500 when they purchase it. There is no federal requirement for you to get a penny. The lessor can pass on however much they want to. In this case, they are giving a $2k incentive.
Ally may be giving the full $7500 as an incentive, but I’m sure they’re making up for it with a much higher money factor. That’s their MO.
The sense is PHEVs are selling without any need of help, so why give $7500 and cut into the EV sales?
The more I think about it, they for sure have to be taking the $7,500 credit for themselves if they are not passing it down to the customer. What is shady is that they act like they are not and that its some crazy idea they have never heard of. Even though they may not be passing down the credit I feel we should be allowed to know that they are taking $7,500 because of our lease. I feel like a claim could be made with the BBB. I realize they wouldn’t be required to actually pay the $7,500, but they would at least be required to formally respond to the question instead of hiding.
For the the Kia Sorento PHEV I am trying to lease they are already charging about $10k for lease financing and they want to also make an additional $7,500 by taking the credit.
Side note, it is interesting how confused dealers get when you do the math on their deals to show them how bad they are…
Nothing shady about it at all. There’s no hiding of anything. The dealership doesn’t control the $7500, the bank does. The bank doesn’t need to put any kind of incentive on the PHEVs so they reap all the benefits.
If you show me the email you sent to Kia Financial and where they said they don’t get $7500, then I will believe you.
Yes, that’s business, making money is business.
They are confused that they realize they have a ‘smart one’, dealers like ‘dumb ones’
All in all, I know you want the best deal, everyone wants the best deal, but sometimes the bank doesn’t need to give you a ‘best deal’ because that car sells nicely by itself.
You are correct, I should contact Kia Financial Directly. I have only been speaking with the dealerships and they deny knowing anything. I will email Kia and report back.
When you lease, the bank absolutely takes any money they are eligible for including clean fuel tax credits. The dealer never see it, never gets paid on it, and on a purchase neither party sees a penny of it. For the people customers interact with, it isn’t an act.
It’s their tax credit for their purchase. They have no obligation to share any of it if they dont want to.