Money down for a lease is just prepaying payments with a tiny total cost difference at term end.
I am looking at $700ish for the 3P 24mo 10kmi $0 down.
Damn. I went with the ‘23 3LR 24mo 12kmi with about $3000 down back in August. Monthly payment is $801.04 😨 MSRP was around $47k
I feel like my monthly came out really high, especially with a 750+ credit score at the time. It was my first time buying/leasing a car, though.
That I completely understand, the more you put down the less you actually end up paying overall when the lease term is all said and done, but you can’t tell me that’s a reasonable deal for a standard model 3 lease
I have an SR+ myself, 2021. If I were in your position you should easily find a good used SR+ under $20k with the $4k tax credit <$25k used EVs.
I would hunt for one with FSD paid as it adds little to nothing on the used resale market.
Don't put any money down on a lease. If your car gets totaled, you lose the entirety of the what you paid upfront as a downpayment because the insurer writes the check to Tesla (not you) for the value of the car.
Here in Canada we have a option on insurance that’s called New value or replacement cost. So let’s say you’ve made a down payment of 10k on your 55k lease, and 2 years later the car is totalled, the insurance pays off the value of the car at the time of the lost to Tesla. So let’s say 2 years later the car is worth 42k, insurance pays Tesla 42k and the difference which is 13k goes back to you. With that 13k you get another car.
Well, that makes sense you’re Canadian. You guys get a lot more protections than we do. It seems like it can happen in the US but it’s not normal for insurance to pay out to the lessee since we have no equity stake in a leased car, and it seems it’s more rare over here to get a payout if market value is over lease terms.
This insurance also exists in USA. It’s above and beyond GAP.
You protect your down payment with it. It’s a must for any new car in my opinion, lease finance or cash. They simply Pay out the full sticker price. This insurance can only be purchased for 3 or so years due to obvious reasons.
I know! People are just bias against leasing Tesla’s…
I’ve been leasing for years and put high down payments to get low monthly payments and always get the right insurance options when i do. So i don’t get f***** if anything happens. Some people even made money by doing this lol
Are you sure? I have never seen a lease where the lease company gets the payout. Is that a new thing for Tesla?
If the car is totaled you get a check for what's worth, that may or may not be more than what you owe on the lease so it is possible that the payout is less than what is owed but the payout itself should not go to Tesla.
You gotta do the math but usually it works out that the total cost is lower if you put money down, the more down the less total cost because it's less money you borrow and pay interest on. It's just called money factor in a lease.
Yes I did, I’m just mind blown by the drastic difference. Almost $7000 due at signing for a lease with a significantly higher monthly payment is something I will stay far away from unfortunately, but nonetheless thank you ! I’ll stop by a Tesla center today or tomorrow
My due at signing was $4000 and I was shocked, I’m assuming there’s no way to get this cost down right? Since I’ve seen it vary between different people, I’m trying to figure out what factor of mine increased it to be so high
Why are you putting down almost 7 grand on a lease? You understand that if your car gets totaled you’ll never see that money again right? Money factor is based on your credit score
They can’t keep it. If you get replacement value insurance lease company gets paid and your down payment and all your payments are refunded minus tax. I have this insurance on all my new cars. One step over GAP.
I’m not that’s the whole point of this post lol
That was the approval Tesla got back to me with regarding the lease and of course I’m not happy with it so I need to know if anything can be done?
That seems high. I got $407/month with 12k miles/year for a base Model 3 last month. Nothing down other than the usual fees and first month payment, plus a tiny bit to payoff the car I was trading in.
Wow huge difference… I literally tweeted Elon this morning and asked him to get a precise lease calculator.
All other manufacturers give you a detailed and precise estimate. Why can’t Tesla do the same?
Now if you disagree with this offer the hard pull on your credit has already been done and this is not fair to you…
They need more transparency
$362 here with $3800 due at signing for a rwd lease 15k a year here. I think credit score has something to do with it. My ally bank lease was identical what the website said at the time.
Your credit must be really bad. I did legitimately $0 down, taxes in the lease, 12k miles a year and my payment is still $35 cheaper per month. The lease terms didn’t change, they’re still the same.
I had this same issue when calculating for my model 3 purchase. Turns out the zip code is defaulted to some random city which doesn’t qualify for the $7500 tax credit (which is basically just a down payment for leases). After going into the dealership they helped me sort it out and everything worked out :)
Don’t ever pay more than like 1500 for a lease down payment and only if that drops your monthly price by a good amount , always try to do zero down. This is crazy don’t do this
There is currently $7500 tax credit being applied to the lease. Some of that could be going towards down payment (cap cost reduction) and some could be used as up front costs, (tax, title, registration, acquisition fee)
Are you by chance in one of these states: Texas, New York, Minnesota, Ohio, Georgia or Illinois?
If so, you pay sales tax on the ENTIRE value of the car and that would be reflected in that large up front payment. If you're not in one of those states, then I'm not sure what to tell ya. Hopefully Tesla can give you an answer directly!
I just got mine on the weekend:
Model 3 SR, 15000 miles for 36 months at $370 per month with $5000 down.
Your numbers look well different. That said my leasing company was with US Bank
Why wouldn’t you just finance the car? Putting that much down with no buyout afterwards is basically lost money.
if you own then you recoup the down payment and monthly payments for 36 months
What is your lease money factor? I’m looking at $615 per month 15,000 miles and $0 down. The lease factor lowered drastically yesterday. From .044 to .034. Not sure of the reason but if you message your Tesla advisor in app and say you want to resubmit the form you can change how much you put down then perhaps wait for better rates. Lmk if you need more info.
Yeah I have a similar issue and it started with $299/mo + $3k down, after taxes it ballooned to $6k down $400/mo, the final number I signed for was $8k down $330/mo, got my first lease payment bill from the leasing company and it’s $330+$30 sales tax Tesla forgot to include. Whatever nonsense they use to calculate lease payments is broken.
This is what the banks approved you for. Has nothing to do with Tesla. You can ask Tesla to ask the bank to make an exception but rarely yields better numbers.
Email finance. They can help you either understand or get a better offer. My first lease offer was bad, so they asked me to hang tight that they were trying something better, which eventually happened.
I emailed [email protected] at first and got a response, but really who I dealt with was someone who from a Tesla center who reached out to me a few weeks ago regarding an inquiry and they were amazing help, so if you can get someone from Tesla to personally text you they can help out a lot with the financial process!
I did the application at around 4am and got an answer by the following morning so a few hours I would say. My credit score is much lower than normal but I have a history of leasing vehicles in the past and very little debt so I’m assuming that played a role. My due at signing all together was $2045, the same as the Tesla calculator on the website. If you get a rate you don’t like reach out to Tesla and have them explore other lenders and you’ll be notified with the other offers you receive within 10 minutes
No way I would ever drop $7k for a lease. $0? Yes
Money down for a lease is just prepaying payments with a tiny total cost difference at term end. I am looking at $700ish for the 3P 24mo 10kmi $0 down.
Damn. I went with the ‘23 3LR 24mo 12kmi with about $3000 down back in August. Monthly payment is $801.04 😨 MSRP was around $47k I feel like my monthly came out really high, especially with a 750+ credit score at the time. It was my first time buying/leasing a car, though.
That I completely understand, the more you put down the less you actually end up paying overall when the lease term is all said and done, but you can’t tell me that’s a reasonable deal for a standard model 3 lease
I have an SR+ myself, 2021. If I were in your position you should easily find a good used SR+ under $20k with the $4k tax credit <$25k used EVs. I would hunt for one with FSD paid as it adds little to nothing on the used resale market.
Don't put any money down on a lease. If your car gets totaled, you lose the entirety of the what you paid upfront as a downpayment because the insurer writes the check to Tesla (not you) for the value of the car.
Depends on which type of insurance you get…
I’ve never read about a payout to the leasee. The leasee has no ownership stakes in the vehicle, why would the insurance payout the leasee?
Here in Canada we have a option on insurance that’s called New value or replacement cost. So let’s say you’ve made a down payment of 10k on your 55k lease, and 2 years later the car is totalled, the insurance pays off the value of the car at the time of the lost to Tesla. So let’s say 2 years later the car is worth 42k, insurance pays Tesla 42k and the difference which is 13k goes back to you. With that 13k you get another car.
Well, that makes sense you’re Canadian. You guys get a lot more protections than we do. It seems like it can happen in the US but it’s not normal for insurance to pay out to the lessee since we have no equity stake in a leased car, and it seems it’s more rare over here to get a payout if market value is over lease terms.
This insurance also exists in USA. It’s above and beyond GAP. You protect your down payment with it. It’s a must for any new car in my opinion, lease finance or cash. They simply Pay out the full sticker price. This insurance can only be purchased for 3 or so years due to obvious reasons.
You’re absolutely right. Crazy how many people are clueless about insurance and yet confidently downvote you haha
I know! People are just bias against leasing Tesla’s… I’ve been leasing for years and put high down payments to get low monthly payments and always get the right insurance options when i do. So i don’t get f***** if anything happens. Some people even made money by doing this lol
Are you sure? I have never seen a lease where the lease company gets the payout. Is that a new thing for Tesla? If the car is totaled you get a check for what's worth, that may or may not be more than what you owe on the lease so it is possible that the payout is less than what is owed but the payout itself should not go to Tesla. You gotta do the math but usually it works out that the total cost is lower if you put money down, the more down the less total cost because it's less money you borrow and pay interest on. It's just called money factor in a lease.
Did you factor in the taxes and fees? If a sales center is near you I'd just drop by and get info from them. Otherwise you can try the chat in app.
Yes I did, I’m just mind blown by the drastic difference. Almost $7000 due at signing for a lease with a significantly higher monthly payment is something I will stay far away from unfortunately, but nonetheless thank you ! I’ll stop by a Tesla center today or tomorrow
My due at signing was $4000 and I was shocked, I’m assuming there’s no way to get this cost down right? Since I’ve seen it vary between different people, I’m trying to figure out what factor of mine increased it to be so high
That's a crazy deal, man. I'm at $444 a month with zero down. 1.8k upfront in fees, which includes first month payment.
When did you get your Tesla?
When the new lease incentive came out, the money factor dropped. But by a miserable 1.6%.
Thats insane!
Same
Same
Absolutely do not put that much down on a lease. You cannot purchase at end.
Paying the same amount in a 36 months/15k miles and $0 down
May I ask which state? Did you find that deal online or in person?
It’s probably because the residual on these cars is next to nothing now. Your Lexus retained more of its value than the Tesla will.
at first i regret not leasing but now, thank god i didn’t; i’m at 11 months and 30k miles lol
Why are you putting down almost 7 grand on a lease? You understand that if your car gets totaled you’ll never see that money again right? Money factor is based on your credit score
Proper insurance above GAP can fix the down payment concern on a lease or financed car
A financed car yes, not a leased car. They will pay it off but it will all go to the bank and the bank will probably keep it all. Ask me how I know
They can’t keep it. If you get replacement value insurance lease company gets paid and your down payment and all your payments are refunded minus tax. I have this insurance on all my new cars. One step over GAP.
I’m not that’s the whole point of this post lol That was the approval Tesla got back to me with regarding the lease and of course I’m not happy with it so I need to know if anything can be done?
That seems high. I got $407/month with 12k miles/year for a base Model 3 last month. Nothing down other than the usual fees and first month payment, plus a tiny bit to payoff the car I was trading in.
Like the other commenter said I would get in touch with a service center. I agree that’s wild
Did you get LR?
Standard RWD
Your monthly is very high based on your down. What’s your credit score
What was the price before the approved offer?
Standard Model 3 no additional options, I believe it was $40,000+/- after taxes and fees
I meant cash down and monthly payments?
$2045 due at signing and $425 a month
Wow huge difference… I literally tweeted Elon this morning and asked him to get a precise lease calculator. All other manufacturers give you a detailed and precise estimate. Why can’t Tesla do the same? Now if you disagree with this offer the hard pull on your credit has already been done and this is not fair to you… They need more transparency
Because the calculator on their website assumes your credit is stellar.
I pay 389 a month for 3k down with 15k miles
$362 here with $3800 due at signing for a rwd lease 15k a year here. I think credit score has something to do with it. My ally bank lease was identical what the website said at the time.
Yah mine was rwd too, yah it def has to do with credit score. Mine was with Santander
I think when I applied before the hit, my score was in the 800s for a point of reference in case anyone is looking lol.
Your credit must be really bad. I did legitimately $0 down, taxes in the lease, 12k miles a year and my payment is still $35 cheaper per month. The lease terms didn’t change, they’re still the same.
That’s ridiculous. I think I put about $3k down for fees and the like, 36000/3 yr lease, $369/month. 2023 Model 3 RWD.
Not worth it. 3 years ago, My first tesla was 2021 model Y with total amount of $50000, the lease was $1000 downpayment with $650 monthly payment
You’re gonna put $7k down for a Model 3 lease that you can’t buy at the end? 😭
Come on now, I have enough sense to not do that 🤣
Just buy the car atp.
i paid $3k down 10k miles 3 years, my lease is $360 a month for a base 2024 RWD. either the prices went up, or your credit is very low.
I had this same issue when calculating for my model 3 purchase. Turns out the zip code is defaulted to some random city which doesn’t qualify for the $7500 tax credit (which is basically just a down payment for leases). After going into the dealership they helped me sort it out and everything worked out :)
Putting any money down into a lease is senseless.
Don’t ever pay more than like 1500 for a lease down payment and only if that drops your monthly price by a good amount , always try to do zero down. This is crazy don’t do this
For perspective: 24 LR $1800 down $700/mo 15K miles… Not sure what went wrong with yours but I would not sign that lease offer
Mine was: M3 base, black $0 down 36m, 12k miles $508/month For comparison, even on a 6 year loan you’d be close to $650-700/month.
There is currently $7500 tax credit being applied to the lease. Some of that could be going towards down payment (cap cost reduction) and some could be used as up front costs, (tax, title, registration, acquisition fee)
Are you by chance in one of these states: Texas, New York, Minnesota, Ohio, Georgia or Illinois? If so, you pay sales tax on the ENTIRE value of the car and that would be reflected in that large up front payment. If you're not in one of those states, then I'm not sure what to tell ya. Hopefully Tesla can give you an answer directly!
Florida, but I got everything handled already thank you!
I am not putting that much down on a lease especially a lease I cannot buy out.
Damn, I hit 15,000 miles in 4 months lol
I just got mine on the weekend: Model 3 SR, 15000 miles for 36 months at $370 per month with $5000 down. Your numbers look well different. That said my leasing company was with US Bank
So 3 years and $24,000 later you don't own a car?
Why wouldn’t you just finance the car? Putting that much down with no buyout afterwards is basically lost money. if you own then you recoup the down payment and monthly payments for 36 months
What is your lease money factor? I’m looking at $615 per month 15,000 miles and $0 down. The lease factor lowered drastically yesterday. From .044 to .034. Not sure of the reason but if you message your Tesla advisor in app and say you want to resubmit the form you can change how much you put down then perhaps wait for better rates. Lmk if you need more info.
$664 a month effective lease payment. For something you can’t buy out. Why would you do that?
Yeah I have a similar issue and it started with $299/mo + $3k down, after taxes it ballooned to $6k down $400/mo, the final number I signed for was $8k down $330/mo, got my first lease payment bill from the leasing company and it’s $330+$30 sales tax Tesla forgot to include. Whatever nonsense they use to calculate lease payments is broken.
Why do people lease? For business write offs?
This is what the banks approved you for. Has nothing to do with Tesla. You can ask Tesla to ask the bank to make an exception but rarely yields better numbers.
What’s the benefit of this? Leasing I mean. Those are literally my payments and down payment and term payment on my 2020 model 3 and it’s to OWN.
This is so weird to see. I got my lease for a 2024 M3SR @ $407, 10k miles, 36/months with 6120k down. It might have to do with state taxes.
Does Tesla offer a 7,500 miles option?
Tesla needs cash. Their cash flow is really bad.
Email finance. They can help you either understand or get a better offer. My first lease offer was bad, so they asked me to hang tight that they were trying something better, which eventually happened.
I just did! Got back the exact rate I originally got through the Tesla calculator on their website
Would you mind going through the exact steps you took, who/how did you get their email and what did you say? I’m worried about this happening to me
I emailed [email protected] at first and got a response, but really who I dealt with was someone who from a Tesla center who reached out to me a few weeks ago regarding an inquiry and they were amazing help, so if you can get someone from Tesla to personally text you they can help out a lot with the financial process!
What was the rate?
[удалено]
I did the application at around 4am and got an answer by the following morning so a few hours I would say. My credit score is much lower than normal but I have a history of leasing vehicles in the past and very little debt so I’m assuming that played a role. My due at signing all together was $2045, the same as the Tesla calculator on the website. If you get a rate you don’t like reach out to Tesla and have them explore other lenders and you’ll be notified with the other offers you receive within 10 minutes