Hey LH Friends –
I successfully completed this transfer, so figured I’d update with an overview of the process. I had a hard time finding details and getting answers from Tesla, so hopefully some will find this useful.
In general, Tesla was impossible to reach for questions / clarifications. They are not taking phone calls, deactivated the ability to leave voicemail, and never responded to emails. It was extremely frustrating. That said, here’s the high-level process with dates:
- 9/7 - Transferee inquired about the vehicle, we agreed on a final incentive (increased to $8500) and he reached out to Tesla to get credit approved.
- 9/8 - Transferee was out of state, so ordered an inspection from Wegolook.
- 9/10 - In-person inspection from Wegolook took place – they photographed every angle of the car, tested drive train, and inspected every inch of the car. They provided the transferee a detailed report of the vehicle condition.
- 9/11 - Wegolook sent the inspection, which came back all clear and the transferee agreed to move forward. I initiated the transfer via the Tesla app and we drew up a rough contract between us to detail the transfer incentive (including when I would pay the transfer incentive) and who will cover what fees (e.g. shipping, registration, transfer fees). At this point, the transferee received an automatic notification to setup autopay so the transfer fee and future month’s payments would be auto-deducted.
- 9/17 - First contact from Tesla, informing us they need to get a paper title, which they’ve already ordered. We set a target transfer date of 10/28 (Tesla provided options). Now with the target transfer date, the transferee reached out to a shipping company (Montway) to place a shipping order. Tesla advised that the vehicle had to be loaded on the truck on the transfer date – that is when Tesla considers the transfer complete and it can no longer be canceled.
- 9/25 - Tesla notified us that they received the title and confirmed we still wanted to move forward. We both did immediately.
- 10/23 - Tesla sent us the Transfer Contract to sign. This is the first time an update was pushed to the app by Tesla, now showing that the transferee has accepted the transfer.
- 10/28 - Vehicle was picked up by the shipper. As soon as the vehicle was loaded on the trailer, I emailed Tesla. The transferee received notification from the shipper that the vehicle was loaded on the truck and also confirmed to Tesla that the vehicle transfer had been completed. Shortly after, the Transfer Fee was deducted from the transferee’s bank account. At this point, the contract was binding and I was released from liability.
- 10/29 - Tesla sent us a fully executed version of the contract and the transfer was deemed completed.
Hope this helps some of you looking into the transfer option. Also happy to answer any questions! Appreciate the community here as I was embarking on this journey.
Beginning the early lease termination process and plan to return the vehicle by the end of Sept 23, 2024 unless I find a suitor to assume the lease. If you are interested, please don’t hesitate to reach out. Increased the cash incentive accordingly.
Hello! I recently moved into Manhattan from the suburbs of NJ and no longer have a need the car, so looking to see if I can have any success with a lease transfer. The car is stored in a garage and cleaned regularly. I’m am also a non-smoker. I love the car so much but infrequent use coupled with garage fees and insurance are lessening the value, so I am ready to go car free. Happy to answer any and all questions, and welcome any feedback on the post, as well, as this is my first time doing such thing.
Year, Make, Model, and Trim: 2023 Tesla Model X
Location: Northern NJ / NY
MSRP: $88,130
Monthly payment (pre-tax): $1462.71
Effective monthly payment (if incentive is provided): $1,171.04
Current mileage: 11,500
Maturity mileage: 36,010
Effective miles per month: ~12,000
Maturity date: 9/23/2026
MSD due (if any): NA
Cash due (if any): NA
Incentive for new lessee (if any): Offering $7,000 and will cover transfer fee ($500), as well.
Financial institution: Tesla Financial
Transfer fee: $150 (+tax) credit application fee and $500 (+tax) transfer fee
Out-of-state transfer allowed (yes/no): yes to certain states; see https://www.tesla.com/sites/default/files/downloads/Tesla_Lease_Trust_Transfer_Information_Packet_2020.10.pdf
Vehicle condition (accidents, tire wear, etc.), options, and other details:
Excellent condition and well maintained. Equipped with Enhanced Auto Pilot, the infamous Yoke steering wheel, 20” Cyberstream wheels, tow package, and 5 seat interior layout. Including the charging kit and all season 3D mats, as well.
Comparably priced configuration would be $2,077/mo for a 24-mo lease with the same mileage allotment on top of fees due at signing (acquisition, first month, etc).
Photos:
Sticker will be over $300k
