Tesla has finally introduced a proper lease program that cuts monthly and down payments on its Model S to somewhat more reasonable levels.
By "proper," we mean Tesla is using an outside bank (in this case, U.S. Bank) instead of setting aside some of its own cash, as it continues to do with its considerably pricier financing program it had been advertising as a lease since April 2013. That program—which is really a 72-month purchase loan with 3-percent interest—requires a 10-percent down payment in exchange for a guaranteed resale price, which is to say Tesla agrees to buy back the car after three years at a fixed rate.
CEO Elon Musk says that since U.S. Bank has a "much lower cost of capital than us," monthly payments on a Model S are now up to 25 percent cheaper. We're not sure what trim Musk is referring to, but a base 60-kWh Model S is 16.6-percent cheaper at $777 per month for 36 months and 12,000 miles per year, compared to the $932 Tesla was offering under its loan program. Down payments are, well, down: All trims require $5700 up front, which equates to 8 percent down for a base 60-kWh trim, 7 percent for a base 85-kWh trim, and 6 percent for the P85. Leasing is now available in 37 states plus Washington, D.C., compared to the 14 states currently under its loan program. Sign us up!
Actually, Musk says customers won't need to sign any paperwork unless required by a state DMV. As with all Tesla purchases, it's done online and the car can be whisked to the buyer's doorstep when ready. And if the person don't like the car, Tesla will let lessees return it within 90 days and exit the lease without penalty—similar to what GM did with a 60-day return policy in 2009 and again in 2012. Those people will be restricted, however, from leasing another Model S right away. The buyback deal also doesn't apply. But it's especially good timing now that all new Teslas now have more power and offer optional all-wheel drive that brings a second motor and even more output.
Since Tesla doesn't keep dealer inventory and all of the cars are built to order, lessees are required to put down a $2500 deposit just as a buyer would. After two weeks, the car gets approved for production and the money is nonrefundable. A Tesla salesman told us the deposit applies to the down payment, so if you complete your acquisition of a Model S, you'll pay $2500 when you order and the remaining $3200 upon delivery. Residual values are set at the same terms for its buyback program: 50 percent of the 60-kWh model's base price plus 43 percent for all options and trims above that.
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Tesla wants to build a viable certified pre-owned program, and we know a lot of used-car shoppers who'd want a fast, zero-emissions car at a big discount and with a factory warranty. As it is with all luxury automakers, leases are what drive these lucrative secondhand deals.
from Car and Driver Blog http://ift.tt/nSHy27
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