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Tesla Reissues Its Controversial Financing Plan

Multiple news agencies have reported that after Tesla was heavily criticized for how it worded its lease program, the company decided to change how it delivers the details concerning its financing plan.

In spite of the spin in the way it’s being presented, experts believe that the company may still be misleading consumers into thinking that the vehicle will cost them less to have it leased than it actually would.

The new financing plan does not last 63 months like the first plan stated. According to the reports, it lasts 72 months specifically because longer terms make monthly payments lower. The 15 percent down payment is still being covered by a bank in the new program, which gives the bank the right to collect the $7500 federal tax credit the car owner would receive for purchasing a “green” car.

The new plan states that the vehicle would be worth 50 percent when it reaches the three-year mark, not 43 percent anymore, which is what the company used to state in the old plan.

Experts believe that the overall changes haven’t made this plan any better than the old plan and that the company’s website still offers some calculations and details that do not seem to add up.

Hopefully, the automaker is working to settle the issues with its leasing plan in order to keep from allowing drivers to believe they are being led to purchase a vehicle for an amount that does not actually match what the advertising says.

You can follow this link to read the full article if you’re interested in this subject.

About the Author
The Vachon Law Firm is based in Southern California and focuses exclusively on consumer protection litigation.