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Financing Options for Model S

Discussion in 'Model S' started by professionalr, Jan 1, 2014.

  1. professionalr

    professionalr Member

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    Hey all! I'm looking forward to picking up my Model S from the factory next month. I'm going to be financing the purchase with putting 30% down through a credit union.

    Does anyone know if you put the 30% down with Tesla or with the credit union?
    Also, what methods of payment are acceptable for the down payment for credit unions/banks? I've usually used a credit card for that purpose; however, 30% down is ALOT. I have 3 credit unions i'll be applying through; Alliant, SafeAmerica & Patelco. Can anyone recommend a credit union that can accept a credit card as the method of down payment regardless of the amount instead of wire transfer, cash, check etc..?

    Thanks!
     
  2. NEWDL

    NEWDL R#350 R#1323 Sig23 8136

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    You will be paying TESLA your 30% and they will not accept a CC. Your credit union will issue a check to TESLA for the out the door price minus your down payment. The credit union check plus down payment will equal your out the door figure.

    Congratulations and best of luck!
     
  3. professionalr

    professionalr Member

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    Thanks. Interesting, they don't accept credit? Why do they accept credit as a form of deposit but not down payment?

    So the likely method would be wire transfer?
     
  4. JST

    JST Active Member

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    I'm sure they don't want to pay the CC fees on such a large amount. They accept it for the deposit for the sake of convenience.

    You can pay Tesla either via wire transfer or by electronic debit from your checking account.
     
  5. NEWDL

    NEWDL R#350 R#1323 Sig23 8136

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    Exactly. It is a tight percentage game...

    Who would you rather have the profit from your purchase? TESLA or the CC company?
     
  6. Alysashley79

    Alysashley79 Member

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    You have the pay now tab on your dashboard your finance company once your finance company has paid their portion or told you how much they will pay young in and pay your portion. And it's electronic check from your bank account direct to tesla. Or like you said if you know you are putting 30% down you can go in now and put your 30% down via electronic check and then finance the balance.
     
  7. Alexander

    Alexander P# 8,878

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    Does anyone know if you can pay with a cashiers check? I'm picking my car up tomorrow and would rather hand them a cashiers check
     
  8. JST

    JST Active Member

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    According to the website, it depends on the state. I suspect that they will do that in states where they are authorized to do direct sales. Since my car was "sold" in New Jersey but delivered in Maryland, I assume that they would not have accepted a cashier's check when I picked it up in Maryland--that would make characterizing the sale as taking place in New Jersey much more difficult.

    I'd check with your DS before counting on using a cashier's check.
     
  9. Alexander

    Alexander P# 8,878

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    The Tesla delivery team has been on vacation since Monday and isn't getting back until tomorrow. Otherwise I would. Ill just do the electronic check. I don't want to take a chance at them not accepting it.
     
  10. BlkCld

    BlkCld Member

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    I had a credit union loan check and I just wrote a personal check for the difference at time of delivery. Credit union check was 95%
    mine was a crazy last minute thing that I never got the electronic option.
    Just ask your delivery specialist.
     
  11. brianman

    brianman Burrito Founder

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    I did for my vehicle, in WA.

    Edit: Hm. I did for the reservation. Can't remember if I did that for the second payment or not.
     
  12. Alexander

    Alexander P# 8,878

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    They took a cashiers check.
     

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