Loaner cars are not available during the transition period.
#1 — Consider Transferring a Car Lease
If you are in need of a car sooner than the estimated delivery timeframe, local inventory may be an alternative option. How can I return my Tesla? Transportation may be provided to retrieve your Tesla by a per-mile fee. Contact your local Tesla Service Center for more information. Lease-End Options.
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Upgrade to a New Tesla Purchase Your Tesla Return Your Tesla Extend Your Lease Frequently Asked Questions Upgrade to a New Tesla Tesla products get better over time with over-the-air software updates and our newest cars come with all our latest options—including faster acceleration, longer range, dual motor all-wheel drive and enhanced interior styling. Purchase Your Tesla You may be eligible to purchase your leased Tesla.
Getting Started If your vehicle is eligible, follow these steps to begin the purchase process: Contact us for a current customer buyout quote. Once received, Tesla will ask you to confirm your intent to move forward as well as your registration address. Tesla will prepare a purchase packet with a good through date matching that of the buyout quote.
How can we help you?
All parties listed on the lease agreement must sign the purchase packet. A vehicle inspection may be required based on local requirements. Send payment to Tesla for the full quote amount. Funds must be received by the good through quote date listed on the purchase packet. Payment instructions are included in the purchase packet. Once funds are received, Tesla will review your documents, process payment and finalize the purchase. Ownership transfer documents will be mailed to you upon completion. Contact us for additional information. Return Your Tesla Tesla will contact you days prior to your maturity date to complete your final inspection and schedule your drop-off appointment.
Complete Self-Inspection : Complete your self-inspection form , which will ask you to submit photos of your vehicle to determine potential excess wear charges.
- Exchanging, Upgrading and Trading in Your Leased Vehicle - ?
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Please bring the following to your drop-off appointment: Both key fobs Mobile charging bundle After your return, you will be billed for any remaining charges to meet your lease obligations. Extend Your Lease If your account is in good standing, you can apply for a lease extension for up to 6 months beyond your original lease-end date. Eligibility To apply for an extension, you must be: Within 3 months of the lease maturity date Current on all lease payments Getting Started To apply for a lease extension, follow these steps: Sign in to your Tesla Account.
Sign and date the form, then email a completed copy to Tesla for review. If all eligibility requirements have been met, you will receive a fully executed extension from Tesla. Please note, your lease extension is not final until you receive these documents from Tesla.
Frequently Asked Questions Can I return my vehicle early? Back to Top. Or, you could figure out what your car is worth on the open market. This is the fastest and easiest way to step out of a lease agreement. And, because the pandemic has created a shortage of used cars, your car might be worth more than you expect. Pickups and SUVs are in high demand now, in part because of low gas prices, and might fetch a higher price from a dealer.
The value and desirability of sedans and other vehicle types will depend on the popularity and availability of those brands.
Can I trade in my lease?
Also read: What you should know about buying a used rental car. So take your Honda HMC, However, if your residual value was low and your payments high, you might still be on the hook for a lot of money. You may have to tap your savings. Or you might want to explore other options. Most lease contracts allow you to transfer the remainder of the lease period to another person, says Scot Hall, executive vice president of Swapalease, a lease-trading site.
Swapalease and its competitor, LeaseTrader, help you find someone who needs a car and can assume the remaining payments. As part of the deal, experts from these sites make sure the paperwork is completed accurately. But before you take this route, be sure to check your lease contract to see if it allows transfer to another party.
In addition, you may have to put up some cash of your own to make your offer more attractive to shoppers looking to take over a lease. Not all leases on offer have incentives, but many do, in amounts from a month or two of payments to several thousand dollars for high-end models with whopper payments. Another way to transfer your lease is to simply ask a family member or a trusted friend to take over the monthly payments. Make sure auto insurance still covers the vehicle, and have a clear understanding of who will pay for any excess wear and tear at the end of the lease.
Most lease contracts allow you to buy your car at any time during the leasing period for a predetermined amount — that early buyout price. You can either purchase the car with ready cash or take out a loan to cover the expense. Selling your car to a private party will bring a higher price than the trade-in or purchase figure from a dealer. However, it will require time and some money for advertising to find a buyer. Maybe you would like to keep your leased car if only your monthly payment were lower.
How to Break Your Car Lease Without a Penalty
In this case, you can use a lease buyout loan as well. The downside is that you would be extending your financial commitment to lower your payments. Your leasing company may offer lease buyout financing, but if not, many auto refinancing lenders do as well. Some will loan you more than the car is worth, if your buyout price is higher.
Philip Reed is a writer at NerdWallet. Email: articles nerdwallet.