After setting up a retail lease program, Tesla is now moving closer towards a full-fledged captive financing arm, by launching a financing unit for corporate leases.
According to a statement released by Tesla,
The Tesla business lease is available through Tesla Finance, a subsidiary we’ve set up especially to offer this new product to business customers. The lease program completes a suite of products, including the Resale Value Guarantee and loans from our banking partners, that covers a comprehensive range of financing needs for Model S customers.
While Tesla touts the simplicity of the lease, which contains a simple agreement that can be completed electronically, the real news is the establishment of Tesla Finance. The business lease program could very well be a stepping stone to a full-blown captive financing arm for Tesla, which would enable them to expand sales of their future products to a wider customer base, as well as providing a new revenue channel for their auto manufacturing business.