$7500 tax credit loophole confirmed to work for Cybertruck lease?

[MXSD]

Any soul on CTOC that has successfully COMPLETED a Cybertruck lease buyout yet? Finance Dept keeps saying I can't and that will get hit with the remaining payments when I go to finalize transaction.

Sponsored

 

[Jedi2155]

Any soul on CTOC that has successfully COMPLETED a Cybertruck lease buyout yet? Finance Dept keeps saying I can't and that will get hit with the remaining payments when I go to finalize transaction.

What issues are you experiencing right now?

 

[Jedi2155]

Damn Tesla has convinced me to spend an extra 15-20k by offering FUSC with the Foundation series. I tried to do the lease transfer but it failed at the highest levels of course so won't be able to claim the $7500 credit but in lieu of it I get Free Supercharging for Life.

The VIN is in the 33k range which implies september build. Was at the lot today and saw the newer December builds (VIN 50-55k) much better aligned cantrails and frunks.


Cost of the base model NFS CT AWD leased was $83k all in with taxes and credit vs. 106k for FS without taxes. Effectively $23k delta but I was planning on buying a lot of the extras on the FS series anyways so booo oh well.

 

[MXSD]

What issues are you experiencing right now?

Just 3 different delivery centers saying that early lease buyout is not possible without paying remaining payments vs. internet saying early lease buyout is possible. ?

 

[Jedi2155]

Just 3 different delivery centers saying that early lease buyout is not possible without paying remaining payments vs. internet saying early lease buyout is possible. ?

Don't ask the delivery centers directly, Tesla is discouraging lease buy outs based on the head honchos because that would hurt their relationships with their bank partners. What matters is the fine print on the contract and and whether or not it is actually possible.

You will have to pay the remaining principal/buyout, but I don't think the actual rent / interest charges outside of the first month will apply.

 

[sirozha]

You'll likely get your price but I'm betting you will lose 3 months free supercharging + FSD


I ordered my leased CT last night to cancel my original day 1 reseveration CT I ordered on 12/15/23 (required a district manager to approve the deposit transfer) and I'm scheduled for delivery Wednesday 12/31.

I plan to buy it out immediately with cash. I will lease or finance if it makes sense (for example still financing my solar + PW2 @ 2.99% for 10 years because it beats inflation). I put some of that extra money into $TSLA which is allowing me to buy the CT now.

12/31 is Tuesday.

 

[BobRad65]

The only thing I am unclear on is if you are double taxed on the situation. They put the sales tax/use tax into the adjusted cap cost and wonder if you then get taxed again on the buyout.

Most certainly. When the title changes from Chase or whoever the Lessor is, to You, that is a taxable event. North Carolina, where I reside, will charge tax based on an established value, and not necessarily on the actual purchase price. So when the title changes, the tax man cometh.

 

[iimagine]

It's now Jan 28... Has anyone successful done an early lease buy out? Generally what I have gathered is this... to sign the lease with $0 down ($7500 incentive) and pay all the taxes and fees, etc, I would have to pay about $7,500 to take delivery of the truck. Then if I want to buy out the truck right away, the immediate total buyout is about $72k. So grand total I would pay would be around $79,500.

Here is my million $ question.. is there any penalties or fees for ending the lease early? Or will I be able to basically pay for a Cybertruck all in for $79,500?

 

[netcatz99]

It's now Jan 28... Has anyone successful done an early lease buy out? Generally what I have gathered is this... to sign the lease with $0 down ($7500 incentive) and pay all the taxes and fees, etc, I would have to pay about $7,500 to take delivery of the truck. Then if I want to buy out the truck right away, the immediate total buyout is about $72k. So grand total I would pay would be around $79,500.

Here is my million $ question.. is there any penalties or fees for ending the lease early? Or will I be able to basically pay for a Cybertruck all in for $79,500?

On FB, Francis P was able to early buy out their lease. Just make sure the lease company is either Chase or Tesla Trust vs Ally, Santander etc (not confirmed to work). There's the acquisition fee of $695 and applicable sales tax (dependent on state etc).

From the FB post, the owner indicated the actual savings of an early lease buyout was about $6500 vs $7500. Be sure to use a referral link to get $1k off as well.

 

[iimagine]

On FB, Francis P was able to early buy out their lease. Just make sure the lease company is either Chase or Tesla Trust vs Ally, Santander etc (not confirmed to work). There's the acquisition fee of $695 and applicable sales tax (dependent on state etc).

From the FB post, the owner indicated the actual savings of an early lease buyout was about $6500 vs $7500. Be sure to use a referral link to get $1k off as well.

Thank you. I found the FB tread with Francis Pham with FB search. Thank you for assisting.

 

[TownBiz]

Thank you. I found the FB tread with Francis Pham with FB search. Thank you for assisting.

This is a pretty sweet hack, but I have to admit I’m skeptical when something seems a bit too good to be true lol.

 

[Trekboy]

This is a pretty sweet hack, but I have to admit I’m skeptical when something seems a bit too good to be true lol.

It would be so much easier if Tesla just jumped through all the hoops to make the Individual Tax Credit happen.

Sponsored