120+ Month Financing

[CarsonGallo]

Anyone know of a way to finance Model X over course of 120 Months or More.

There are RV Loans that have those lengths. In which I'm contemplating turning interior into RV, or use trailing camper behind it to be powered by Tesla Battery. Would Tesla Model X then qualify for RV Loan.

WoodSide Credit does 120 Month Loans or more, about to call them, but doesn't look like for high volume production cars, in which The Tesla Model X qualifies for. Loan Programs - — Woodside Credit

Already talked to 2 companies, about getting possible RV Loan, so far no luck on that end.

Reason I'm looking for long term a loan of course, is to lower my monthlys. Looking to try and get it down to about $600/month if I can. Then It'll probably be about $200/month for insurance, which is already pushing my monthly budget.

Want Tesla Model X 75D w Premium Interior Package. Making Vehicle total of about $84,500, before I receive Tax Credits. Willing to put $10-15,000 out of pocket for down payments.

Going to use it as Lyft/Uber for additional income to help with monthly's.

Has to be Model X, not enough spaced for Model 3 or S, to be used as an RV.

No to leasing, going to be using it a lot more then alloted miles, in which case it'll be $0.25/mile, for every mile I go over.

 

[GOPJEW]

Longest I have seen is 6 years - obviously these do not qualify as an RV (no head, etc).

You may be trying to squeeze a trapezoid through a pin hole - biting off more than you can chew.

With loan rates at 1.49% via Tesla putting money down does NOT make economic sense - you can make more than that by investing the $$$. The longer the loan, the more interest you are paying and the more upside down you are in the vehicle (which would probably require a "gap coverage" by some insurance companies - i.e. more $$$).

If you Uber/Lyft you cannot use the Superchargers under the new rules.

Cars are a depreciable asset - meaning money losers - lowering the payment only means that you are trying to take an otherwise unaffordable vehicle and find a way to pay for it.

I wish you luck - we've all been there - perhaps a CPO version or an inventory might save you some $$$ to bring you into line on a longer term loan...

 

[Yinn]

Reason I'm looking for long term a loan of course, is to lower my monthlys. Looking to try and get it down to about $600/month if I can. Then It'll probably be about $200/month for insurance, which is already pushing my monthly budget.

Going to use it as Lyft/Uber for additional income to help with monthly's.

Most auto loans top out around 7 years, a MX just wouldn't stack up and be livable like an actual RV would. Beyond 7 years, is hard to find; you'll also start paying increased rates and fees for that extra time.

I do not know how to interpret your post. On one hand, you could just be ultra conservative with your budget. On the other, you could be needing the Lyft/Uber income, or else you can't make the payment. Hopefully it's the former..

While not recommended, your best bet is to take out a HELOC or a consumer/personal loan. But even then. $84,500 - $15,000 Down Payment - $7500 Tax Credit (assume you also put this down) results in a $642.56 monthly payment @ 4.5% interest. It would have to be a 3.05% interest rate for you to hit $600/mo.

If you don't have the full $22,500 for a down payment, then you're looking at getting a 120 month loan @ 0.7% to hit a monthly payment of $599.84 before fees. On a 10 year loan, in an increasing rate environment; I just don't see any bank wanting to take that on.

On that note, I remember in 2007 when the market was doing really well and people were REALLY stretching to purchase high end houses...wonder if we're in a bubble peak right now?

 

[MXZoomZoom]

If your car gets wrecked or needs service you may be spending several weeks without housing. Depending on your situation you need to think through these issues and plan contingencies. You can use the 5S MX for camping as-is, just put in a nice 3-4" memory foam mattress as the seats lay flat. As for storage we are talking the equivalent of around 5-6 hiking backpacks, not including the frunk.

It really sounds like you will be stretching your budget to get this idea off the ground, which is why I wouldn't suggest it. If you had the cash ready to go and a ton of savings for any unanticipated life events, I'd say go for it.

 

[CarsonGallo]

Heard back from WoodSide and they only do older Roadsters.

I am considering CPO or used. But has to have HW2 AutoPilot, Unlimited Supercharging, and Enhanced Interior which has winter package.

I got plenty of contingencies in case something happens to Vehicles, have plenty of friends and family who I can switch back and forth from staying with.

To utilize Lyft/Uber with chargers, new vehicles for next month are still grandfathered, or I get CPO or used that will be grandfathered in.

Looks like my best Option is Consumer Loan so far. May be able to come up with more cash for down payment, I’d rather not use most or all of my savings though. And will be able to get co-signer to help me qualify due to short credit history.

Still wanna do some more research with RV Loans, let me know if anyone can find if there’s a loophole where I can get RV Loan for MX.

 

[LCR1]

A toilet is usually the deciding factor on what an RV is or isn't.

 

[CarsonGallo]

Ive done some research on that. And will stay on grounds that has 24/7 bathroom access, or Ive done some preliminary research on adding toilet to vehicle. The waterless toilet might work. Have like a shower curtain that goes around for privacy. If they can turn a Tesla into a limo, hearse, station wagon, or run hydrogen. Im sure a toilet is feasible.

 

[Yinn]

A toilet is usually the deciding factor on what an RV is or isn't.

https://www.amazon.com/Bumper-Dumper-Original-Mountable-Portable/dp/B006IVN03O
Instant RV if you have the tow package!!

But has to have HW2 AutoPilot, Unlimited Supercharging, and Enhanced Interior which has winter package.

You don't need PUP to get the winter package if you're looking used. The option packages changed. You can get a base AP2 w/ Cold weather for much cheaper. Also as someone who has owned an AP1 as well as an AP2. If you're on a budget, definitely stick to an AP1.

 

[CarsonGallo]

https://www.amazon.com/Bumper-Dumper-Original-Mountable-Portable/dp/B006IVN03O
Instant RV if you have the tow package!!



You don't need PUP to get the winter package if you're looking used. The option packages changed. You can get a base AP2 w/ Cold weather for much cheaper. Also as someone who has owned an AP1 as well as an AP2. If you're on a budget, definitely stick to an AP1.

Gotcha, if Ibhad to choose between more money upfront, and no free supercharging for commercial. Or less money for AP1 and unlimited supercharging. Then I may settle for lower end Model.

 

[Yinn]

Gotcha, if Ibhad to choose between more money upfront, and no free supercharging for commercial. Or less money for AP1 and unlimited supercharging. Then I may settle for lower end Model.

FWIW the subzero package on an AP1 and for some AP2s was a standalone $1000 option. PUP added another $4500. So if you're looking used and you're going for the cheapest possible. You're probably looking for a AP1 Model X 60D where the only option is the Subzero Package. Unlimited supercharging was included on all AP1 Model Xs.

The sticker price on that new was ~$75,000. There's not many of those around and especially in that config, but the trade in on those are roughly about $55-60k. With $10k down, a 10 year 7.75% interest loan would be $600/mo.

I still don't recommend it..but that's probably your most realistic path to ownership.

 

[mattack4000]

Wait till you can afford it, this sounds like a horrible idea. Uber/Lyft with the falcon wing door? The repair cost will easily put you out of commission

 

[MorrisonHiker]

Gotcha, if Ibhad to choose between more money upfront, and no free supercharging for commercial. Or less money for AP1 and unlimited supercharging. Then I may settle for lower end Model.

You might want to review the announcement that was made last week concerning commercial Supercharging. Tesla updated their Supercharger Fair Use Policy to indicate that commercial Supercharging won't be allowed on any car sold after 12/15/17:

This Policy applies to all Superchargers worldwide and all Tesla vehicles purchased, either new or used, whether from Tesla or a third party, after December 15, 2017.

 

[Lbkmxp100d]

Woodside will do an MX for 120 but when you look at difference in interest paid over term of loan it wouldn’t make since to me. Why would you want to finance the MX for such a long term?

 

[Doctt]

I am sorry. You sound like you can't really afford it at the moment. You should wait.

As great as model X is today, there will be a better X with better range at cheaper price tomorrow.

Tesla is a luxury item. You don't need it now.

Just my 2 cents

 

[Iluvpcs]

I want a 2nd tesla for the wife, but I’m content to wait for the bulk of those 3 year leases to start to be traded in late 2018 early 19 (and she loves her current SUV). I’m guessing a lot of 60d to 90d will be hitting the $50-65k range with some miles and will come with the 2-4 year CPO warranties as they do today. I’d honestly wait the 6-12 months as more people upgrade to newest models. It’s a cool car, but it’s just a car.

I waited a year for my S, and it wasn’t the car it’s self(and I saved a ton of money on my CPO), it was the super charger network for my driving patterns to be more built out.

 

[Martin VanB]

To the original poster. What you describe is a really bad idea on so many levels. To many reasons to list. It will be a financial mistake you will regret for decades.

 

[TaoJones]

We've been discussing, over fine craft ale, the merits of acquiring a Tesla Semi and attaching a fully-modified 53' trailer thereto. Financing the tractor at 10 years wouldn't be objectionable but would probably leverage some other means. The discussions have been centered around the realization that one can end up with quite the buildout for money *equivalent to or better than* a medium-end custom coach (think bus-sized RV with some but not all accoutrements).

Then the discussions usually fall off the rails as the 3rd bottle of fine craft ale is cracked (these are 750ml bottles of barrel-aged imperial goodnezz, typically), because for that kind of money (altogether about $400K without getting completely silly about it), one could acquire 2 Model 3s and 2 serviceable homes in completely different climates (say, Colorado and Baja) and just drive back and forth with the whims of the prevailing wx.

 

[mattack4000]

I want a 2nd tesla for the wife, but I’m content to wait for the bulk of those 3 year leases to start to be traded in late 2018 early 19 (and she loves her current SUV). I’m guessing a lot of 60d to 90d will be hitting the $50-65k range with some miles and will come with the 2-4 year CPO warranties as they do today. I’d honestly wait the 6-12 months as more people upgrade to newest models. It’s a cool car, but it’s just a car.

I waited a year for my S, and it wasn’t the car it’s self(and I saved a ton of money on my CPO), it was the super charger network for my driving patterns to be more built out.

60D maybe, but I honestly think the price will remain steady as the X won't become cheaper than the S and the outgoing of the tax credit is actually going to help the residual

 

[Canuck]

The price will remain steady for new vehicles, but your vehicle, if you get one, is going to drop in value like a rock and the tax credit is not going to change that all that much.

I'm not going to go as far as saying this is foolish idea, since if you are giving up paying rent or a mortgage, and you're going to travel around on adventures (assuming you can do whatever work you do on the road) plus you will do uber/lyft, and it makes you happy, I say more power to you.