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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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DeenDeluxe
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My rate is 2.29% for 72 months w/ Navy Federal. Excellent credit, only debt is home mortgage.
Better to look at it as saving you $576. More really the way they calculate the interest. It's like taking a whole months payment out of the loan.
Wow. I really wonder why these Chase rates vary. My FICO is in the 800+ range but I got only 2.19%.
Same boat as you, I have 800+ and got 2.04% - in any event it's as close to under 2% as I will get =)
Trying this approach now as well---2.49 from US quoted for 60 months..........we shall see.
1.5 hours later--no 1.94% via Chase. Sent email to [email protected] as noted above in this thread. Noted I wanted a rate match and was aware of the Chase improved rate. All set now. Hope this works for/helps others.
Seems like geo has something to do with it. Socal seems to be getting higher rates for the 60 mo. You also have some of the highest insurance rates also. Wondering if there's a correlation there...
Important typo I just noticed (sorry)---"now" 1.94%. Geo is interesting, and likely plays into it--clearly insurance and general cost of living costs are much lower here in the midwest.
Socal/LA is the uninsured driver capital of the world. Seeing as how the bank's funds are secured by the vehicle, and insurance companies have designated LA a high risk geo, it makes sense that they'd price that in. My buddy with a clean driving record and tier 1 credit pays about as much for insurance for his lone Audi A4 as I did with my R8, Model 3, and Mini Cooper.
Just joined this forum and loving it! I have a MYLR on order and will take delivery when the lease on my Range Rover is up in May. I make great $$ (200k+) and have leased the RR (lease payment $750) and before that Jaguar F-Pace (lease payment $859), own a home etc. My credit score is low because of utilization (680) which I am paying down and curious if there is anyone on this forum with similar circumstances that is leasing through Tesla partners AND what are interest rates for someone like me. Realize everything factors into everything for credit approval, but curious what folks have gotten. Thanks in advance.
I found this thread after getting a 2.49% offer from Tesla and a 2.29% offer from Bank of America. After emailing [email protected] and asking what lower rate might be available from Chase, I was offered 1.79% for 60 months.
I have to say, I’m pretty happy with DCU. I think I’ll keep a savings account with them. I was able to setup some of my paycheck direct deposit to them, and the rest to my current bank. They off 6%(!) on the first $1000 in your savings account, and 1.74% for 65 months at 99.5% financed on the Tesla. Lots to like about this setup.
If I am understanding your question (looking for interest rate applicable to leases) they are very high (relatively speaking). I considered leasing and talked to my local sales rep--his quoted money factor imputed to an interest rate of well over 4%. He readily noted that their money factors aren't great--it reflects uncertainty with the true residual value of these cars at lease-end. They haven't been around long enough (ie no track record) so banks aren't willing to finance leases at low rates consistent with what are being seen on purchase side. The other issue with the lease is there is no purchase option at the end---if these things really hold their value well you could be handing back a car with a massive amount of equity and getting $0 for it. To me, it just wasn't worth that risk + the higher effective interest rate. I went with a purchase (and I'm not one of those guys that says you should never lease--I've done so several times when the deal was right). Good luck.
brianld
Member
How responsive was the [email protected] email? I know it’s evening now on West coast so not expecting a response tonight. Just didn’t know if it was generally hours or days.
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