They already have ! On the tesla discord, there is talk of EA free accounts being cancelled when using a different car than what was authorized. Seems like the updated EA stations and certain cars exchange data to verify vin which makes you SOL if you planned to keep using it.
Apologies if I am asking this in the wrong spot.
I just received an email from lucid offering $7500 off as cap cost reduction if I lease my lucid. Does anyone know if there is a penalty to lease it and pay it off early to get the $7500 discount? It is thru BofA and the customer service rep said I couldn’t get the terms until I apply which I can’t do until they assign a vin to me.
If Lucid wants to pass you $7500, as long as there isn’t a buyout prevention you are golden.
But then again that lucid lease is pretty bad, I saw 138k/ $2069/m with $16k due on a 48/10? That’s pretty horrible.
yeah, I think they’re gonna need to pass about 75,000 to make it worthwhile to lease one of these things🤯
Why don’t they?
Example one: Polestar 2 leases.
Volvo Financial are going to lose thousands per leased car. Depreciation is about 35% in year one and the RV was 60% I think in a 3 year lease. One of the car rental agencies is dumping them and causing values to tank. I rented one for 10 days at $190/week over the holidays because the car rental agency basically told me nobody wanted it and it rarely rented.
I think it’s a huge financial risk for some of the leasing companies as they will be underwater if the carmaker keeps cranking out cars (i.e Polestar delivered 50K in 2022) but real demand is low.
Ooo who’s renting a Polestar for $190
There was a guy on Reddit who snagged a sub $200/week Polestar 2.
I rented one in Austin for $190/week. A sweetheart deal as I had rented a Standard car at a corporate rate and was given a full-sized Elite.
Hi, I am looking into a VW lease and doing an immediate buyout. I can do the lease anywhere from 12 to 48 months. If I buyout after the first month does it matter how long the lease is? Any benefit to shorter or longer?
Depends on what state you’re in and how lease taxes are handled.
Wisconsin. No idea on how the taxes work but they said the tax was calculated for each payment, not sure if that is what you mean. This is my first time looking into a lease and my head is still hurting.
It looks like Volvo has started passing through the entirety of the credit on leases. I received this email from Crest Volvo (DFW area Volvo dealership) this afternoon:
They did, earlier this week. Unfortunately they also tweaked the January programs and made them worse…
Hello, I am new to leasing. Looking to get one for a new car to take advantage of the credit pass through (I am not eligible for federal tax credit). I got the following quote for an ID.4.
This doesn’t look enticing because the residual value is calculated before reducing the cap costs. So, the depreciation cost is higher. Is this a standard practice? What strategies should I use to get a better deal?
It doesn’t really matter if they give a lower percentage before taking the money off or a higher percentage after taking the money off. The expected residual value is what it is.
You can always lease the vehicle to get the $7500 cap cost reduction and then buy out the lease immediately.
Thanks. Is it true that to buyout the lease, I need to pay the total of all rent charges (irrespective of how soon I buyout)? If that’s the case, there doesn’t seem to be a huge benefit because of 0.00363 MV rate that the dealer is quoting.
You do not. Rent charge is earned monthly. You only pay rent charge for the months that you hold the lease.
Oh wow. That’s what I was hoping for (drawing parallels to home mortgage). But, my dealer said I would be responsible for the entire rent charges. Is this is something that I should confirm with VW credit?
Does the lease contract include buyout amounts at various points in time?
Just ask them for a review copy of the generic contract. It has language that specifies how the buyout is calculated.
I got a similar email from MB saying the same for the EQE and EQS. That would make lease payments on those cars excessive instead of exorbitant.
Is there a reason you still haven’t said the company renting these out?