Tesla (TSLA) Quietly Ends Model S Resale Value Guarantee Program

July 13, 2016 2:09 PM EDT

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Tesla (Nasdaq: TSLA) is said to have ended its Resale Value Guarantee as the company continues to ramp-up vehicle production.

The Verge confirmed news via a company spokesperson on Wednesday. We have discontinued the Resale Value Guarantee program as of July 1 so that we can keep interest rates as low as possible and offer a compelling Lease and Loan program to customers ... We will continue to support customers currently financed through the RVG program, the spokesperson said.

Tesla's resale value was calculated a 50 percent of the base price of Model S and 43 percent of all options added to the vehicle.

Tesla initially implemented the program to assure potential buyers that the value of their purchase wouldn't immediately drop due to speculation in the market.

Shares of Tesla are down 1 percent.

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