Ending Your Lease Early

There are a few options available if you are interested in ending your lease early.

Although it can be costly, an early lease termination is allowed if you have one or more lease payments remaining.

There are two options for early lease termination depending on how many months are left on your lease:

• Less than three months remaining until your lease end date: Pay your remaining lease balance along with any end of term charges in the Tesla Leasing Portal.
• Three or more months left until your lease end date: Pay the difference between your adjusted lease balance and the current market value of your vehicle.

To initiate the early lease termination process from the Tesla app, follow these steps:

1. Open the Tesla app.
2. Tap ‘Financing.’
3. Tap ‘Lease Details.’
4. Tap ‘Manage Lease.’
5. Next to ‘Update Lease,’ use the dropdown arrow to select ‘Early Lease Termination.’
6. Follow the prompts to obtain an estimate quote to terminate your lease early. This quote is subject to change pending an inspection, the date the vehicle is returned and quote expiration.

Once you’ve completed those steps, we will ask you to complete an inspection and schedule a drop-off appointment. You must remit payment and submit and odometer disclosure when you return your vehicle.

Note: To access this feature in the Tesla app, make sure you have the latest version of the Tesla app.

You may be eligible to transfer your lease to a credit-approved assignee. Lease transfers are not permitted in the final 12 months of the lease period, and the current leaseholder is responsible for finding an applicant to take over their lease.

Note: Free Supercharging and Premium Connectivity will not transfer to the new owner.

Eligibility

• You and the new applicant must live in the same province.
• You have 13 or more months left in your lease agreement.
• You are current on all lease payments.
• The lease has not been previously transferred.

Fees

• A lease transfer fee of $650 plus applicable taxes.

Getting Started

Once you’ve found a potential transferee, you must follow these steps before initiating the lease transfer:

1. If they do not already have one, ask the potential transferee to create a Tesla Account.
2. Send a credit application to the potential transferee from your Tesla Account or the Tesla app.
3. Request a transfer date. The transfer date cannot be less than seven days from the current date.

To initiate the lease transfer process from the Tesla app, follow these steps:

1. Open the Tesla app.
2. Tap ‘Financing.’
3. Tap ‘Lease Details.’
4. Tap ‘Manage Lease.’
5. Next to ‘Update Lease,’ use the dropdown menu to select ‘Transfer Lease.’
6. Enter the contact information of the potential transferee, then submit.

When entering the email address, make sure it is the email address associated with the transferee’s Tesla Account. If no Tesla Account is associated with the email address submitted, we will send account set-up instructions directly to that email address.

The lease transfer process won’t start until the potential transferee submits the required documents in their Tesla Account. The potential transferee must submit the required documents below to initiate the transfer process:

• An online credit application
• A photo copy (photocopy) of a valid driver’s license (front and back).

The transferee must also provide valid insurance on the vehicle meeting Tesla requirements and with an effective date matching the lease transfer date.

Once the potential transferee submits their documents, we will review and provide a credit decision. If approved, both parties will be asked to confirm the terms in their Tesla Account. We will provide a transfer date once the terms have been accepted. The exchange date will be listed on all contracts. The vehicle may not be exchanged prior to the exchange date without prior approval from Tesla.

We will send additional contracts and documentation for both parties to complete, and any documents needed to register the vehicle with the local authority.

Assuming all previous requirements are met, we will confirm if the vehicle can be exchanged and will provide copies of the final contracts on the specified exchange date.

Once the transfer is complete, the transferee may be asked to visit a showroom in their province to finalize the transfer documents. We will provide directions on how to transfer ownership based on the specific province requirements. The transferee will be billed for all registration costs, transfer fees and applicable taxes once complete.

For additional information, contact us.

Note: To access this feature in the Tesla app, make sure you have the latest version of the Tesla app.