Claims It’s Just as Revolutionary as the Battery Car
Tesla Motors has unveiled a financing plan for its Model S battery electric sedan it says combines the security and comfort of ownership (and the incentives) with the advantages of a traditional lease. The new plan is offered in league with Wells Fargo and US Bank.
“Like the Model S, this product was created from the ground up to provide maximum benefit to consumers, rather than simply duplicating other financing programs that tend to favor companies at the expense of the individual,” Tesla says.
The plan includes such traditional lease benefits as low initial payment, tax deductions, lower risk on resale, “and the convenience of returning a car without the hassle of reselling it personally.”
For customers with approved credit, US Bank and Wells Fargo provide 10% down financing for a Model S purchase – a down payment Tesla notes is covered or more than covered by federal and state tax credits ranging from $7,500 to $15,000.
Call It a Hybrid?
Characterizing the transaction as a purchase allows customers to take further advantage in states that waive the sales tax on electric vehicle.
“When considering the savings from using electricity instead of gasoline, depreciation benefits and other factors, the true net out of pocket cost to own a mid-range Model S drops to less than $500 per month,” Tesla says.
After 36 months, Tesla says, customers may sell their Model S for a price keyed to “the iconic Mercedes S Class, one of the finest premium sedans in the world, made by Daimler (also a Tesla partner and investor).”
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Source: Tesla Motors