Tesla Offers Lower-Cost Lease Program for Model S in U.S

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With sales of Tesla electric cars running behind pace in its domestic market, the automaker has unveiled a lower-cost lease program, another incentive for U.S. residents to buy the vehicle. The package designed for Tesla Model S all-electric sedan features a three-month return policy and monthly lease payments lowered as much as 25%. The automaker has an arrangement with U.S. Bank according to which Tesla leases are offered for less than the automaker itself provides now due to the lower cost of bank`s capital.

If a consumer is not pleased with the car he/she can return it within three months of purchase, and the remaining lease obligation will be cancelled, according to Tesla Chief Executive Elon Musk.

“Leasing now also comes with the Tesla happiness guarantee,” Musk said. “If you don’t like our car for any reason in the first three months, you can just return it and your remaining lease obligation is waived.”

The deal has its limitations as well. In particular vehicle owners cannot return the car to immediately lease another model S. However, buyers can still upgrade early with “pass-through fee” to cover the difference between the used value of the current Tesla and the new one, according to Mr. Musk.

Leasing a vehicle with Tesla is very simple as it requires no paperwork or signatures, unless your state DMW requires it. “You just read the super simple terms & conditions on the center screen, tap once and it is done.”, Musk said.

Tesla spokeswoman Alexis Georgeson has stated that the company worked on the new lease deal for quite a while, and it is not related to the automaker`s sales performance, which Ms. Georgeson described as favorable. However, she didn`t unveil sales figures, referring to the company`s policy of not releasing detailed sales figures. Information on total deliveries and earnings will be updated on November 5, according to the spokeswoman.

Tesla model S all-wheel-drive version incorporating semi-automated hands-free driving technology, was introduced this month.

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