Tesla Launches New ‘financial Leasing’ Product to Buy Cars With 0% Down Payment

A new financial product called “financial leasing” has been launched by Tesla that allows customers to purchase its cars with completely zero down payment. 

As of now, it has only been made available in China.

Tesla Has Updated Its Online Configurator

Across the weekend, Tesla has brought certain updates to its online configurator in China to include a new funding option while making an online purchase of a vehicle.

Together with cash or a loan, now Tesla is also listing “Tesla Financial Leasing.”

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As Written by the Carmaker Regarding the Option (Translated From Chinese):

“Purchase a car through Tesla’s official financial leasing (joint service with Chuangfu Financial Leasing). After paying a certain down payment, monthly installments are paid and the right to use the vehicle is obtained. After the lease expires, the residual value is paid and the vehicle owner is obtained.”

Initially, it seems to be just like a practically normal lease item, but eventually, it seems to be much more adaptable in comparison to what is being provided by Tesla in other markets.

Tesla
Tesla

It is at the complete discretion of the customers and they are entitled to decide to put between 0 percent to 50 percent down payment and the select period from 12 to 60 months:

It eases the hurdle of entry to slip into a Tesla vehicle as now customers can “lease” a Model 3 Standard Range Plus by “Tesla Financial Leasing” for as low as a monthly payment of ¥ 4,718 ($737).

From the same financial product, Tesla purchasers can now also make purchases of a new car with 12 monthly installments.

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What Has Been Specified by Cfo Zach Kirkhorn?

During the presentation of the latest earnings of Tesla, CFO Zach Kirkhorn pointed out that the objective of carmakers is to reduce the price of electric vehicles so that it can hasten EV adoption, and he specified that they intend to accomplish that using any way they can and not only just by decreasing production costs.

Further, it was specified by Kirkhorn that if they can decrease financial and insurance costs linked with owning their vehicles, they will also necessarily decrease the cost of going electric.

Tesla is putting efforts to implement that with its new insurance product which is based on real-time data and now eventually also through this brand new “Tesla Financial Leasing.”

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