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Tesla Motors, banks arrange buyback deal for Model S electric car
Tesla Motors, banks arrange buyback deal for Model S electric car

Tesla Motors has worked out a deal with several banks to sell its pricey electric sports sedan with a guaranteed buyback after 36 months. The transaction is meant to be competitive with leasing, a key component of luxury auto sales.  In a lease, people essentially rent fancy nameplates such as Mercedes-Benz and Jaguar -- instead of putting up a lot of cash or taking a large loan to finance the purchase. Tesla is now getting into that game, with a transaction that works like a lease but actually is a resale agreement. The automaker expects the move will spur demand for the Model S and encourage people to try out the car without taking on the risk that comes with buying a product...

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