I am in Southern California and in the process of leasing a Tesla Model Y LR. The deal I am being quoted in the leasing offer of the Tesla app after having my credit approved is as follows:
Car price: $58,380
36/10,000 term
Total fees: $2,498
I am putting $3000 down to cover the fees.
Now here is where it gets weird:
Money factor: .00351 (8.42%) WTF?
Cost over 36 months: $40,261
Monthly payment $831.89
Leasing bank: US Bank DS Northeast (according to who pulled my credit)
The term sheet shows at the very bottom a -$7500 lease incentive. I am quite blown away by how high the MF is for this lease. My partner and I are co-registrants on the application. We make +500k annually and both of our credit scores are between 800-805, both with stable jobs, and a mortgage we can easily afford. Is a MF number of .00351 typically what other Tesla lessees are getting as of late? Is there a way to talk to someone at Tesla to bring this down? We were cross shopping a Volvo XC40 Recharge and they offered us a MF of .00196.
Not too unusual. Look at the rates for non-captive banks and it’s not far off at all. In fact some captives are charging as much.
For many reasons, Tesla’s are almost always a buy, unless you have a compelling reason to lease one. And no, there’s no negotiating or talking to anyone. WYSIWYG
Why would you pay over $40K in 3 years to lease a car with a sales price of only $51K after the $7500 rebate? Is lease and immediate buyout available on a Tesla?
You’re in SoCal, get an ioniq 5 from @Jeff_BeachCitiesAuto $2K DAS $385/mo 2 year FREE EA charging and be done with it, BUY a Tesla after the ioniq 5 lease is over…
You gotta press “show details” to show that it’s the $4500 down payment plus drive offs (which is usually another $4000 or so for TTL and first month). The website is terrible at showing you the true up front costs.
Thanks everyone for their input. We got the deal we were comfortable with after I took out Enhanced Autopilot since realistically we drive mostly in the city and the adaptive cruise control of standard Autopilot is all I really wanted. The spouse really wanted the Y because they liked the infotainment software the best out of all the cars we test drove and I liked it for the Supercharger network.
The Ioniq 5 was a close second, but the Hyundai dealership near me was a chaotic experience, the salesperson was vaping weed after we got out of the test drive, and most of all it’s not conveniently located, especially now that a portion of the 10 fwy is shut down indefinitely. We prefer to have any servicing needs on an EV performed by the factory dealers.
We considered the broker route but access to the Supercharger network was a big deal for us after talking to our neighbor who drives a Polestar and finds some of the third party chargers hit or miss, so they don’t use the car on road trips.
You can rent the Enhanced Autopilot monthly if you really want it. It is an option in the app after purchase. No reason to pay full install price on a leased vehicle.
