I have 14 months left on a 37 month lease and looking to get out of it to get a Tesla. My neighbor and friend said he would like to take over the lease and it would let him test it before deciding to purchase and also save on down payment for a short lease. so I found an inventory tesla and placed order (maybe I should have waited but Tesla said they will remove the $1000 Model Y discount end of Feb and I am a very impatient guy) in parallel to getting the forms from VW financials. As my friend moved to US about 1.5 years ago, he doesn’t have lot of credit history and said he only has 690 score due to the credit age. Now I am worried about the odds of lease transfer getting approved which VW said they will not decide until mid next week but Tesla is pushing to make me take the delivery by this weekend. What do you think the odds are about this might go and if I should let the current Tesla go and try my luck again after decision or go ahead as lease transfer is only essentially add another person to lease and his credit score shouldn’t be and issue considering it is just due to the age?
Did you you talk to someone at VW credit about this? Did you specifically ask them what minimum credit score and requirements were needed for someone to qualify?
FWIW, if VW credit is anything like Audi Financial Services, you might still be on the hook if your neighbor/friend takes over the lease and defaults on payments. I would strongly recommend calling them to confirm all this info.
If I were in your shoes, I would get this transfer sorted out first.
Either sort it out the lease or cancel Tesla, keep the lease until it ends before getting yourself into a Tesla. Tesla price will unlikely to be going up in 14 months. There’s a reason why the sales person pushing you to close.
I remember asking it before but to be sure called in again and it was same standard answer that there is no minimum score or requirements posted and the decision will be taken by a different team based on multiple factors and only has to wait the 7 business days needed for decision.
They told about the still being on the hook for payments which I am least concerned as he is a good friend of mine and way less risk than putting it on lease trader or somewhere.
I will try ask Tesla to push it for one more week till we get a decision and see what they will say
I totally understand. However, you don’t want your credit score to be affected if your friend is unable to make payments (for whatever reason).
What model Tesla are you getting, btw.
Have you check with your insurance how much tesla will cost you? It’s not cheap.
Remaining liable means you can’t transfer it to anyone realistically. Looking at it as “my neighbor of 2 years is safer than a random from LT” is not the right way of looking at it.
You’re on the hook for way more than payments. The car gets totaled and it turns out the insurance was canceled after an autopay got declined? now the entire value of the vehicle is on you. I’m sure he’s a nice guy and didn’t mean for it to happen but guess what, shit happens
Yup, checked it and surprisingly its only $60 more than what I pay when replaced with current vehicle. Thats why moved forward.
Got it. So, for VW lease holders, transfers is not at all a recommended option and even though I am getting good price on Carvana almost equal to payoff, VW won’t let me do third party buyouts and at the end I am just stuck with this until end of lease? If so, VW leases will be the worst ones to get into.
With all the replies and suggestions I am getting here, looks like it doesn’t matter what model I am getting as I may not be getting it 
anyways, ordered a 24 Model Y LR with $2500 discount
Tesla also clearly denied pushing the pickup a week after so that I can at at least know the transfer application decision
VW allows third party buyouts I think but charges market value. If that’s the case you might be able to get out for $0 positive or small negative equity.
Oh, are you sure? Carvana and other guys who called inquiring about my vehicle said they don’t deal with VW lease buyouts at all.
I got a deal from a broker here on LH but he quoted almost negative 5k to do the buyout
Edit: I see what you are saying after reading another similar post. Market value will be way higher than the normal buy out and I see that may be way more than my payoff quote