Your Tesla Lease Questions
Answered

All Questions
Leasing Basics
Payments & Costs
Credit & Approval
End of Lease
Model-Specific

Did You Know?

Tesla leases include GAP coverage automatically - unlike most manufacturers that charge extra for this protection. This could save you thousands if your car is totaled.

Leasing Basics

How does Tesla leasing differ from traditional auto leasing?

Tesla leasing has several unique aspects:

  • No dealership negotiation: Prices are set by Tesla (but we know how to find hidden discounts)
  • GAP coverage included: Saves you ~$500 compared to other brands
  • Online process: 90% of leasing is done digitally
  • Flexible end-of-lease options: Upgrade, return, or buy your Tesla
Can I buy my leased Tesla at the end of the term?

Yes, but with important caveats:

  • Purchase price is set at lease signing (often higher than market value)
  • You'll pay a $395 purchase fee
  • Some lease promotions prohibit early buyouts
  • Pro Tip: Compare Tesla's buyout price to current used values - it's rarely the best deal

Payments & Costs

What's included in my monthly lease payment?

Your payment covers:

  • Depreciation (the car's value decline during your lease)
  • Rent charge (like interest, called "money factor")
  • Taxes (varies by state)
  • Not included: Insurance, maintenance, or charging costs

Unlike some brands, Tesla includes:

  • GAP protection
  • Excess wear coverage (up to $1,000)
How can I lower my monthly payment without a down payment?

Try these strategies:

  • Multiple Security Deposits (MSDs): Pay refundable deposits to lower your money factor
  • Extend lease term: 36 months instead of 24
  • Reduce mileage: 10K miles/year instead of 12K or 15K
  • Wait for promotions: End-of-quarter deals often have better rates

Credit & Approval

What credit score do I need to lease a Tesla?

Tesla's tiered approval system:

  • 720+: Best rates (0.0025 money factor)
  • 680-719: Good rates (0.0035 MF)
  • 640-679: Higher rates (0.0045+ MF)
  • Below 640: Typically denied

Note: Tesla uses TransUnion FICO Auto Score 8, which may differ from your credit card score.

Lease Hack

You can pre-qualify without a hard credit pull using our dealer connections. This lets you check rates before officially applying.

Still Have Questions?

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