To make a long story short, I’d like to get out of my Tesla lease with Santander. It was an extra car for us when we were driving a lot more and we just don’t need it anymore. I have one year left and the balance of the lease payments is just over $7k. They gave me a buyout quote for ~$38k.
Are my only options to pay the remaining lease payments and turn it in whenever or buy it out for $38k and sell it on my own? The only other option I was considering, if it is even an option, would be to sell it to Carmax and pay the remaining balance. We don’t want to replace it with another car.
Santander doesn’t allow transfers, so your best option may be to sell it to a third party dealer, that way you don’t get dinged for sales tax.
Check out the usual suspects Carvana, carmax, and below. Once you get a number and your payoff, you can decide. My guess is you have some negative equity, but only way to find out is to start getting more numbers.
What is the year/model? Carvana and Car Max are paying a premium for Tesla’s now (assuming there is an increased demand with higher gas prices). Was just offered 36.6k for a 24 MYLR with 14k miles. If you have something similar, you could almost come out clean with letting them buy out the lease.-- also in AZ
