Tesla Motors has just revealed a new, amazing finance product that takes the best aspects of owning a car alongside the best aspects of leasing a car. With its new payment, those looking to purchase a Model S will be able to get one with virtually no down payment, as well as low monthly payments. After 36 months, they will officially own the car, which they resell back to Tesla for cash value, or obtain trade-in credit for it to be used towards their next Tesla Vehicle.
Tesla is working together with Wells Fargo and US Bank, two of the largest banks in the United States, to release the financing product. Both banks will provide you with the financing (based on credit approval) for the 10% down payment you need to make when you purchase a Model S vehicle. The financing will be more than covered by the $7,500 to $15,000 tax credit provided by the US Federal and State government.
After paying virtually no down payment on your new vehicle, you’ll end up paying $500 each month for 36 months. That seems like a high cost, however, considering all of the benefits you receive from Tesla’s Model S, it seems a lot more than it actually is. You’ll be saving a lot of money from not having to buy gasoline. You will also be offered depreciation benefits for your vehicle amongst other things.
Tesla states that after 36 months, you can sell your Model S for the “same residual value percentage as the iconic Mercedes S Class”. That’s a statement that is guaranteed by Tesla CEO Elon Musk himself. He wants to assure customers that they are getting both a quality car as well as quality service from Tesla. Tesla has been doing extremely well this year, despite that incident it had with the New York Times. To catch up with the latest news regarding Tesla, check out our timeline below.