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Down Payment + Due at Signing

Discussion in 'Model S' started by BrandonR22, May 22, 2016.

  1. BrandonR22

    BrandonR22 Member

    Joined:
    Apr 3, 2016
    Messages:
    119
    Location:
    Plano, Texas
    Quick question. On the 2500 down payment, I know that's required when ordering. What about the "Due at Signing"? Is this 5010 dollars PLUS 2500 or just the difference from 5010-2500?
    Also, whatever the answer is- the 'down payment' (other than the 2500), is that REQUIRED or can you roll this into financing?

    Thanks
     

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  2. H2OU

    H2OU Member

    Joined:
    May 17, 2016
    Messages:
    35
    Location:
    Colorado
    I'm pretty sure the deposit is deducted from the final purchase price. My guess is that you have already paid it, so the amount financed will be the total, less the deposit. I hope this helps.
     
  3. chillaban

    chillaban Member

    Joined:
    May 5, 2016
    Messages:
    577
    Location:
    San Jose, CA
    So if you want the guaranteed resale value guarantee, Tesla's banks (Chase and TD) will want 10% down plus your sales tax. Of course your $2500 deposit goes towards that, but don't let your jaw drop when you hear the initial number quoted, which will be around 16-20% of the sticker price of the car depending on where you live.

    Note that TD allowed placing 0% down, but that raised the quoted interest rate by over 33% which wasn't worth it to me. I know the 3rd party credit unions often let you put less down, which might be more attractive if you come from other car loans where it's not necessary to make a substantial downpayment.


    BTW, I really wish Tesla were more up front about this instead of telling you the real number during the financing stage. The configurator said $4400 due at signing (or $8500 down with GRV), but by the time I got the finance guy quote, the number was $16,000 not including the $2500 down. I don't mind paying a downpayment, and fortunately there's still enough time after getting the quote to the time where I'd need to pay it for me to move cash around.
     
  4. wdolson

    wdolson Active Member

    Joined:
    Jul 24, 2015
    Messages:
    2,500
    Location:
    Clark Co, WA
    Tesla sent me an invoice about a week after confirmation.
     

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