Model S

US Bank Lease

edited November -1 in Model S
I requested a call back from US Bank regarding their lease option and also submitted an application a week ago and still never heard back from them. How long do they take to work on my application or call me back?

Comments

  • edited November -1
    I contacted Tesla Finance directly. I could be wrong but I believe Tesla is handling the leases on the administrative end.
  • edited November -1
    Wrinkledoc, can you post their number so I can call them?
  • edited November -1
    Its done in house but thru US Bank in the end. Tesla does all the leg work.
  • edited November -1
    The number is 650-681-6789. They have been super helpful.
  • edited November -1
    Thanks guys. I contacted them and everything was completed awhile back but never received an email to say so.
  • edited November -1
    For leasing do they reduce the value of the vehicle by the $7,500 rabate, as they should?
  • edited November -1
    If you lease you are not buying the car so you DO not get the $7,500 Federal rebate.
  • So the 7500 does not count as a cap reduction? IOW if the car is 100k and the residual is 50% then at the end of 3 years your residual is 50k. Normally your depreciated value is 50k plus interest.

    OTOH with the 7500 rebate, does the financial institution not use the 7500 as a credit towards cap cost reduction? So 100k -7.5k = 92.5k. Residual is 50% of 100k = 50k residual value.

    So your lease should be based on 92.5k cap cost minus 50k residual = 47.5k depreciated value plus interest divided by 36 months.

    That's the way it should work in theory.
  • edited November -1
    The financial institution is not a qualifying buyer for personal tax credit.
  • edited November -1
    Don't forget the 2-2.5% interest rate
  • edited November -1
    It is absolutely not right that they are keeping the $7,500 and not applying it as a Cap Reduction (as they should).

    I completely agree with @dennycrane888 in that they should apply the $7,500 as a Cap Reduction. If the bank files for that rebate and keeps the rebate for the car themselves, without applying it to the value of the car, IMHO that is extremely underhanded and unfair to the person leasing the car. The purpose of the rebate is to reduce the value of the car -- not line the pockets of a bank looking to take advantage of the situation.

    With how the leases are currently structured, they are essentially taking away the rebate from the car and putting it in their pocket and most reasonable people will consider that to be somewhat dodgy.

    So basically the bank is giving out a ~ $50K loan at a nice interest rate for 3 years and they are pocketing an extra $7,500 rebate for each such transaction. That's quite a nice racket the bank has going on there... :)
  • edited January 2020
    Is that $7500 fed rebate still valid for a lease car i just got mine tesla3 in jan 2020
  • edited January 2020
    Yeah, right!!! Where you been for the last two years? No, seriously though. That was funny. And there's a Model 3 section on the forum. This is not it. :)
  • edited November -1
    The federal tax credit (not rebate) was never valid on a leased car.
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