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US Bank Lease

US Bank Lease

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?

wrinkledoc | November 12, 2014

I contacted Tesla Finance directly. I could be wrong but I believe Tesla is handling the leases on the administrative end.

tarekrs | November 12, 2014

Wrinkledoc, can you post their number so I can call them?

kwen197 | November 12, 2014
jbmjbm22 | November 12, 2014

Its done in house but thru US Bank in the end. Tesla does all the leg work.

wrinkledoc | November 12, 2014

The number is 650-681-6789. They have been super helpful.

tarekrs | November 14, 2014

Thanks guys. I contacted them and everything was completed awhile back but never received an email to say so.

LEvans | November 14, 2014

For leasing do they reduce the value of the vehicle by the $7,500 rabate, as they should?

RPMTESLA.COM | November 14, 2014

If you lease you are not buying the car so you DO not get the $7,500 Federal rebate.

dennycrane888 | November 14, 2014

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.

Brian H | November 15, 2014

The financial institution is not a qualifying buyer for personal tax credit.

nchu | November 16, 2014

Don't forget the 2-2.5% interest rate

LEvans | November 16, 2014

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... :)

akifzeeshan | January 14, 2020

Is that $7500 fed rebate still valid for a lease car i just got mine tesla3 in jan 2020

akikiki | January 14, 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. :)

EVRider | January 14, 2020

The federal tax credit (not rebate) was never valid on a leased car.