Breaking News: Tesla Announces New Auto Financing Product
Partners with Wells Fargo and U.S. Bank
Eric Wesoff: April 2, 2013
Tesla just announced that it has created a new automotive financing product that "combines leasing and ownership."
Here are the claims, according to the announcement:
- U.S. Bank and Wells Fargo have agreed to provide 10-percent-down financing for purchase of a Model S (on approved credit).
- After 36 months, the customer "has the right, but not the obligation, to sell [his or her] Model S to Tesla for the same residual value percentage as the iconic Mercedes S Class, one of the finest premium sedans in the world, made by Daimler (also a Tesla partner and investor)."
So basically, Tesla is guaranteeing the resale value and setting a floor for depreciation.
The calculator on the site claims a buyer can get down to a payment of $500 per month depending on tax credits, geography and other factors.
Here's a video of Musk explaining the lease, calling it "the world's best financing product:"
Elon Musk, CEO Of Tesla and SpaceX and Chairman of SolarCity, hinted at a big announcement to be made this week. Musk used Twitter to get the word out, as well as to walk back his original target, presumably upon hearing from all sorts of legal counsel.