FleetX Founders Purchase Program
What is the FleetX Program?
Tesloop’s FleetX program offers a membership opportunity which provides shared access to Tesloop’s fleet of Tesla vehicles with extremely favorable economics. FleetX Founders can purchase a Tesla model X, which is enlisted full-time into the Tesloop fleet, and have all their vehicle payments and costs covered until they own the vehicle.
How does the FleetX Founder Program Work?
FleetX Founders lease a Tesla Model X using Tesloop’s partner financing company, and enroll the vehicle in Tesloop’s Carmiq FleetX program, a car sharing software platform which enables shared use of the vehicles for consumer mobility. Tesloop covers monthly costs for financing, insurance, maintenance and vehicle management. FleetX founders receive monthly credits to access vehicles, as well as significant US tax benefits.
Why participate in FleetX Founders?
In exchange for early adoption of the program, FleetX founders get excellent Benefits.
FleetX Founders will receive tax benefits based on the number of miles driven on their car. FleetX Founders are also eligible to receive a Federal tax and California tax rebate. Tesla will waive the $2,500 deposit fee for all FleetX Founders. FleetX Founders will also get access to a fleet of Tesla vehicles for a fraction of the cost of a normal purchase or lease, available in cities with Carmiq Network.
Our mission at Tesloop is to make personal mobility increasingly efficient and beneficial to people and the planet. We want to make the car travel experience something you love.
How to become a FleetX Founder
How it Works
Tesloop will assist FleetX Founders with leasing a new Tesla Model X vehicle with financing provided as a commercial lease by a leasing company, which will be a financing partner of Tesla and Tesloop. Participants will submit an online application for the car lease to be approved by the leasing company (subject to eligibility and creditworthiness). FleetX Founders will also fill out a FleetX Founder Vehicle Configuration. After approval, the FleetX Founder receives their Tesla Model X vehicle at one of the Tesla locations in 3-6 weeks. Tesloop will take possession of the vehicle from the owner on an agreed upon date to incorporate the vehicle into Tesloop’s Fleet full-time for its consumer mobility service. In return the FleetX Founder will be reimbursed monthly via bank transfer in an amount that may equal or almost equal the lease payment amount (contingent on the lease terms dictated by the credit score). Tesloop will manage all costs associated with operating the the vehicle: insurance, maintenance and repairs will be paid by Tesloop. The FleetX Founder will receive a monthly statement, detailing the breakdown of number of miles driven that can be used toward calculating U.S. tax benefits. Here is the link for the FleetX New Vehicle Utilization Agreement.
Vehicle Pricing & Rebates
At the lease onset, the FleetX Founder may pay an acquisition fee for the car contingent upon his or her credit score. The Founder will also pay California State registration Fee which will be included in the first lease payment. These costs may be offset by the $7,500 Federal tax rebate (which is in effect until at least July 31st, 2018) and the $2,500 CA state tax rebate both of which will be paid to the owner of the car, i.e. FleetX Founder (subject to eligibility). Here is the link to check your eligibility. More information on Tax Rebates can be found on the Vehicle Incentives page.
Here is a table with a 60 month lease model that will show you the details. Pricing Models
Commercial Mileage Benefits - US Federal Taxes
For every mile driven on a FleetX Founders vehicle, FleetX Founders may receive a passive tax deduction which is currently 54.5 cents/mile for 2018. On average Tesloop will drive 8,000 miles per car monthly. This will reduce your taxable income by $4,360 (in Passive Tax Deductions) per month. You can find more information on FleetX Tax Implications For Commercial Use of Vehicle.
Tesloop Fleet Credits
FleetX Founders will receive $300 in Tesloop Fleet Credits every month, enough to access a Tesloop Fleet car for two full days in any city in which Tesloop operates. Credits may also be used to book other Tesloop services. To further the FleetX Founder incentives, starting June 1st 2018 until December 1st 2019 FleetsX Founders will receive the $300 Tesloop Fleet Credits for free. After December 1st 2019, Tesloop Fleet Credits can be purchased for $99 a month.
Tesloop’s Maintenance plan covers all aspects of vehicle maintenance costs. With every mile driven, funds are reserved to cover future repair and maintenance of the vehicle. For example, a car that is driven 31,000 miles, will have $1,240.00 reserved for maintenance costs. You can find more information on Tesloop FleetX Maintenance Table.
FleetX Founder Incentives
For the FleetX Founders, at the end of the lease, Tesloop will make the residual payment for those who opt-in to keep the car in Tesloop’s Fleet. Tesloop will pay a monthly reimbursement to the FleetX Founder for leaving the car on the network. FleetX Founders will continue to collect the tax benefits for the miles driven and Tesloop will pay a monthly reimbursement to the FleetX Founder. Alternatively, FleetX Founders can make the final payment for the amount owed, and take possession of the vehicle. FleetX Founder will also receive preferred access to Tesloop Fleet vehicles when using Tesloop Fleet credits.
What are the risks of becoming a FleetX Founder?
In the case that the FleetX Founder chooses to terminate the agreement with Tesloop, the FleetX Founder will be responsible for the lease payments and will no longer receive reimbursements from Tesloop. The FleetX Founder will be responsible for all associated costs of owning the Tesla Model X 100D. Tesloop will return the vehicle to FleetX Founder in a good working condition.
Here is the reference table that displays the Financial Liability and Risk / Benefits at each juncture of the lease.
There is no risk or liability to FleetX Founders for maintenance or insurance of the vehicle as long as FleetX Founders keep the car in Tesloop’s Fleet.
What is the FleetX Founder Program?
- FleetX Founders are the first 12 people who are participating in FleetX. The FleetX Founder program is heavily incentivized for the participants. Tesloop’s FleetX program offers a membership opportunity which provides shared access to Tesloop’s fleet of Tesla vehicles.
What will happen to the car after the Lease is up?
- You may make the payment for the residual on the vehicle, and take possession of it.
- You may choose to keep your vehicle on Tesloop’s Fleet, and continue to receive the tax benefits for miles driven during Fleet use.
- You may also choose to conclude the agreement with Tesloop after the the lease term has expired.
What if the car does not meet the 8,000 miles per month marker?
- Your car might not reach the 8,000 mile mark every month. Over a year’s time, the car will come close to or exceed the 8,000 miles per month mark.
- If your car has low utilization or none, Tesloop will still reimburse you for the lease payments. Refer to column U on the Tesloop FleetX Monthly Owner Economics (Full Version) to see the car value in low mileage usage case.
- At the end of the lease you would take ownership of a fully paid-off Tesla Model X.
How wilL the lease reimbursement be paid?
- Tesloop will send funds via bank transfer every month.
- The monthly reimbursement payment may equal to the full lease payment amount but not exceed $2,886.
How will the tax reporting work?
- You will receive monthly statements with mileage/usage breakdown that you can provide to your tax preparer for your deduction claim.
- You are responsible for how you classify and file your tax reporting. Tesloop does not give tax advice. Please consult a tax professional.
How do the Tesloop Fleet Credits work?
- You can pay $99 a month to purchase $300 in Tesloop Fleet credits. You may use your Tesloop Fleet credits to rent one of the fleet cars for $150 in credits/day. This amount will be enough to use a [Tesloop Car] two days. You may also use the credits for other services that Tesloop offers. The credits may also be transferable to other people.
Will I be eligible for the Tax rebates if I live in a different state?
- You must be a registered resident of a state that offers a tax rebate to be eligible to receive it.
What are the qualification to get approved for the Lease?
- You will need to meet all the standard car leasing requirements to get approved.
- The Leasing Company will determine the lease terms and lease payments for the term.
What happens if the car gets damaged or totaled?
- The cars are fully insured through Farmers Insurance. You and the vehicle are added to Tesloop’s policy as additional insureds.
- Tesloop will repair vehicle damages in a case of an accident. If the car gets totaled, the car will be replaced with the same model car, equal to the value of the totaled car.
- Here is the breakdown of the Policy Limits.
Personal injury $1,000,000.00
Property Damage $300,000.00
Per Claim $1,000,000.00
What happens if I want to terminate my agreement with Tesloop early?
- Tesloop will return the car to you in a good working condition
- You would be responsible for the Lease and would no longer receive reimbursements from Tesloop.
- You may choose to continue making payments to The Leasing Company for the vehicle.
- You may choose to terminate the your lease with The Leasing Company.
What happens if Tesloop goes out of business?
- In the case that Tesloop goes out of business, Tesloop will no longer be able to fund monthly reimbursements, effectively terminating the agreement with FleetX Founders.
- Contingent on the time frame when Tesloop goes out of business and the miles driven on the car, the vehicle value might have positive economics. You can see value of the vehicle at each milestone on the Tesloop FleetX Monthly Owner Economics (Full Version) columns S through U.
- Tesloop will return the vehicle to FleetX Founders in a good working condition.
- You may choose to continue making payments to the leasing company for the vehicle
- You may choose to terminate the your lease with the leasing company.
Are there any Fees associated with terminating my lease?
- The leasing companies will have different terms and fees for terminating the lease. The following is an example for terminating the lease with Sutton Leasing
- Sutton Leasing has an Admin Fee of 0.11% build in to the lease for the first 24 months. If you terminate the lease with Sutton Leasing before the 24 months from the start, you will have to pay the residual on the Admin Fee. For Example; if the termination of the lease falls at the end of the 10th month you will have to pay 14 months worth of admin fees. If you terminate the lease on the 25th month, there will be no Admin Fee payments owed.
- There is an additional $125 termination fee.
- After the lease has been terminated and the car has been returned to the leasing company. The leasing company will sell the vehicle for market value. If the sale yields a price less than the amount on the principal owed on the lease, you will have to pay the remainder of the amount on the principle to make it whole.
- When the leasing company sells the car and if the sale yields a high value, after the full payment toward the principle of the lease, remainder of the funds will be reimbursed to you.
Can I see what my risk exposure will be on the car?
We have created a comprehensive table to show you all the economics for the lease. This includes the risk you are exposed to on every month of the lease. Tesloop FleetX Monthly Owner Economics