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Tesla Launches Leasing Program
Tesla Motors Inc. has teamed up with U.S. Bancorp and Wells Fargo & Co. to create a financing arm that will offer lease-like financing for its Model S electric sedan, which starts at $67,400.
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Tesla Motors Inc. has teamed up with U.S. Bancorp and Wells Fargo & Co. to create a financing arm that will offer lease-like financing for its Model S electric sedan, which starts at $67,400.
The unit will allow consumers to put the value of state and federal electric vehicle tax credits toward a 10% down payment. The buyer would then pay $1,100-$1,400 per month, depending on the car's price.
Tesla is touting an "effective" monthly payment of $540 for the midrange model. But analysts are dubious about the company's formula, which adjusts for business taxes cuts and state subsidies not available to many buyers, lower energy costs and time savings (at $100 per hour) from commuting and skipping refueling stops.
After three years, the customer can sell the car back to Tesla at a price tied to the residual value of the Mercedes-Benz S-Class sedan, according to the company. CEO Elon Musk says that guarantee is intended to reassure buyers who are uneasy about EV resale prices.
The owner also has the option to buy the car outright after five years.
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