Tesla lowers Model S lease price, adds 3-month 'happiness guarantee'Mon, 27 Oct 2014 18:29:00 EST
Tesla Motors is offering an enticing deal for potential buyers who might not be entirely sure whether they actually want to own a Model S for the long term. A deal through US Bank not only lowers the cost to lease the EV but also turns leasing the brand's electric sedan into a long-term rental.
Curious buyers who lease a Model S are now able to return it in the first three months with no penalties and with the remaining payments waived, something Tesla is calling the "happiness guarantee." CEO Elon Musk announced the deal on the company's blog, and he said the payments were also as much as 25 percent lower because US Bank "has a much lower cost of capital than us." Currently, a Tesla lease starts at around $800 and can be up to $1,300, with down payments around $6,500. Tesla leasing is available in 38 US states (full list below).
Of course, there is a catch for the offer. If people turn in their Model S within three months, they can't immediately lease another one. Musk doesn't say how long the wait is.
The new leasing deal isn't a solution for those owners who want their Model S to always have the latest and greatest features. However, for folks who are on the fence about one of these electric, luxury sedans, the offer might prove too enticing to pass up. Of course, Tesla has a history of announcing lease details only to change them later, so we're not sure how long this deal will last or if it'll get better in a month.
Significantly Improved Leasing for a Tesla with US Bank
By Elon Musk, CEO
Tesla is pleased to announce that US Bank, which has a much lower cost of capital than us, is now offering very compelling leasing for Tesla buyers in the United States. This will lower monthly lease payments by as much as 25% on a new Model S. Detailed info here. (http://www.teslamotors.com/models/design)
Leasing now also comes with the Tesla happiness guarantee. If you don't like our car for any reason in the first three months, you can just return it and your remaining lease obligation is waived. The only catch is that you can't then immediately lease another Model S. Upgrading early is no problem if you want to do that, but there is a pass-through fee to cover the new vs used value difference.
As always, leasing a car with Tesla involves no signatures or paperwork, unless required by your state DMV. You just read the super simple terms & conditions on the center screen, tap once and it is done.
Also, there is no need to come to a Tesla store to order our car. It takes less than 5 minutes to order a Model S at the TeslaMotors.com website, just like any normal buying experience on the Internet. You enter your info, specify when you want the car to arrive and it will be delivered to your local Tesla service center for pickup. If one of our service centers isn't conveniently close, we will deliver it directly to your home or business location anywhere in the United States.
The amount due at signing includes the first month's payment (as shown above), downpayment of $5,000 and acquisition fee of $700. Tax, title, license, registration and other fees are additional fees that are due at signing. The monthly lease payment is calculated based on the cash price of the vehicle as configured, monthly lease payments for 36 months, a $5,000 down payment and either 12,000 or 15,000 miles allowed per year (as selected above). Payments do not include applicable taxes. A $300 disposition fee is due at lease end. No security deposit is required. Tesla leasing is available in AL, AK, AR, AZ, CA, CO, CT, DC, FL, HI, ID, IL, IN, KS, MA, MD, ME, MN, MO, MT, NC, ND, NM, NV, NY, OH, OR, PA, SC, SD, TN, TX, UT, VA, VT, WA, WV and WY. Subject to credit approval; not everyone will qualify.
By Chris Bruce
See also: Toyota sells off Tesla shares, too, The Price Is Right plays One Away with Tesla Model S, Daimler divests remaining interest in Tesla.