$671  /month

Tesla Model S Lease Assumption

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Description

Sadly, I must let go of my brand new Tesla Model S. I started the lease on Feb 21, 2019 after selling my 2016 Model S 90D in February. We are moving, and we need to say goodbye to one of our two Teslas (my wife owns a Model 3).

The car is virtually new — still has new car smell and only 3,500 miles.

Lease Terms:
~21 months left (it is a 24-month lease)
15,000 annual mile limit (it has 26,500 miles left on the lease)

I made the maximum down payment I could to get the lowest monthly lease payment ($20,700). Instead of doing a straight amortization (equal division of the down payment across the remaining months), I adjusted the amortization such that the division of the down payment has higher amounts in the early months and lower amounts in the ending months. See the first tab in the Lease Assumption Worksheet file in this Dropbox link -> https://www.dropbox.com/sh/x5aebe4ep07uqz4/AADWsq8YKMm3MU3H5lEM7C7Oa?dl=0

The cost to transfer/assume a lease form Tesla Financing is as follows:
$150.00 Credit app (payable to Tesla Financing)
$500.00 Assumption Fee (payable to Tesla Financing)
$14,286 Total Adjusted Amortized Down Payment (payable to me)

To put this lease assumption into perspective, I created a second tab in the spreadsheet that shows the cost of a brand new lease for the same car from Tesla:

as of May 23, 2019 on tesla.com:
Model S Standard Range (2019)
Deep Blue Metallic
19″ Sonic Carbon Slipstream Wheels
All Black Premium Interior
Autopilot
Term: 24 months
Annual Miles: 15,000
Purchase Price $78,000.00

—If Down Payment:………….Then Lease Payment/mo:……….Notes:
—–$7,500.00………………………$1,182.00………………………………..Minimum down payment
—–$19,080.00…………………….$671.00…………………………………..Down payment required to match lease payment
—–$20,700.00…………………….$600.00…………………………………..Down payment matching what I paid

So, to compare this new lease with the one that I am looking for someone to assume, you would have to pay $19,080 as a down payment to get the same exact lease payment (roughly $5,000 less) for a perfect-condition, 2+ month old Model S with paid Texas vehicle registration through February 2020, and 3,500 miles.

You would be assuming the current lease as-is. To see all of the terms of the lease, see the Original_Lease_Agreement file in the Dropbox folder. To understand the lease assumption process, see the Tesla Lease Assumption Application Packet file from Tesla in the Dropbox folder. Oh, and the warranty covers everything for the entire term of the lease.

One last point, from the Original_Lease_Agreement, you will see on line 8D that the Residual Value is $52,582. This means that at the end of the lease period, you can purchase the vehicle for this amount. Options are good.

Let me know if you’re interested in seeing her or if you have any questions. It will sad for me to watch you drive her away.

VIN:5YJSA1E26JF296781
– Premium audio system specifically tuned for a Tesla’s ultra-quiet cabin
– Cold weather features including heated seats for every passenger, heated steering wheel, wiper blade defrosters and washer nozzle heaters
– HEPA air filtration system prevents viruses, bacteria and offensive odors from entering the cabin
– Satellite-view maps with live traffic visualization and navigation
– In-car internet streaming music & media
– Internet browser
– Location-aware automatic garage door opener
– LED fog lamps
– Tinted glass roof with ultraviolet and infrared protection
– Auto-dimming, power folding, heated side mirrors
– Music and media over Bluetooth®
– Custom driver profiles
– Autopilot: Enables your car to steer, accelerate and brake automatically for other vehicles and pedestrians within its lane
– Standard Range (285 miles).

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