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Financing options

Discussion in 'Model S: Ordering, Production, Delivery' started by chmod a+wrx, Aug 14, 2012.

  1. chmod a+wrx

    chmod a+wrx Member

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    I read from earlier posts (2011, early 2012) that there will be no financing option directly from Tesla.

    Is this still true????

    When you guys are signing your paperwork to finalize your Tesla, what additional deposits/payments is Tesla making you put down??? Is full payment due at delivery or at finalization of your Tesla?
     
  2. Rifleman

    Rifleman Now owns 2 Model S's!!!

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    Right now Pentagon Federal Credit Union has 1.49% for 60 months (and anyone can join) Why would you want to finance anywhere else? That being said, I know that Tesla is forming partnerships for internal financing, and it will be available at some point. Now leasing is a different story, and I cannot wait to hear what Tesla offers in the way of leasing options.
     
  3. NigelM

    NigelM Recovering Member

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    You can find detail here: Model S - Financing Fees

    In answer to your questions: there's no direct financing from Tesla but they have teamed up with Wells Fargo to facilitate financing; further $5k upon signing the MVPA, the total $10k deposit becomes non-refundable at that point; final payment due on delivery.
     
  4. chmod a+wrx

    chmod a+wrx Member

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    NigelM-

    Thanks!
     
  5. NigelM

    NigelM Recovering Member

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    You're welcome. Note that there's a great search box on the right in the top black bar further up the page. :wink:
     
  6. raptorweb

    raptorweb Member

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    Just to clarify for general production it is only the 5k for the deposit that becomes non-refundable. No additional funds are required when the pre-delivery MVPA is signed. At least I have not been asked for anything additional.
     
  7. NigelM

    NigelM Recovering Member

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    Thanks, I was mixing Sigs with GP.
     
  8. Rifleman

    Rifleman Now owns 2 Model S's!!!

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    That is good info, thanks!
     
  9. chmod a+wrx

    chmod a+wrx Member

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    Yes! Thanks!

    (I didn't find an answer to my second question, however.)
     
  10. Nikoli

    Nikoli Member

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    Just put the application in with PenFed for financing. I could only get so far into the car details since they don't have "Tesla" as a manfacturer in the drop downs. Anyone else applied with PenFed yet?
     
  11. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    I think it's a little premature to apply (given your res number)?! I was planning on waiting to hear from Tesla to schedule a delivery date before applying at PenFed. 2-3 weeks should be plenty to get a car loan app processed, right?!
     
  12. gmontem

    gmontem Model S P01707

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    I received my Pre-Delivery MVPA today. :smile: The document states that the Amount Due must be paid at the time the Vehicle is delivered. It sounds like I can sign now and worry about the financing bit later (hopefully not too later). Is that what the majority did? Has anyone secured a loan first before signing the document, or is that simply not possible, e.g., loaner requires to see signed agreement.
     
  13. Zextraterrestrial

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    #13 Zextraterrestrial, Aug 27, 2012
    Last edited: Aug 27, 2012
    no loan yet. I am pretty sure i should be ok to get one since I had about a 10% salary increase since last year when I refinanced a mortgage. I think the auto loan I'm planning will be 2.49% for 6 yrs
    the other rates are 2.34% for 4-5 yrs / 1.99 for 3yrs or less & 3.24% for 7
    SMCU (san mateo credit union) it's the best rate i have found. I had an auto loan from them before and they find the exact car you want and set up delivery to wherever you want. It was pretty neat. I got it while I was at work (poor guy had to drive it up 101 on a trailer to Eureka from the Bay and was totally carsick)

    anyone have some better rates anywhere?
     
  14. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    Yes, financing only when Tesla contacts you to schedule a delivery date (when the car's close to being done).

    Z-ET, you could try PenFed who offer financing for upto $70,000 for upto 5 years at 1.49% !

    PenFed - Auto Loans Overview

    You can become a member for a nominal membership fee and a small deposit even without a military affiliation. See my post on an older financing thread earlier:

    Are you financing to get the Model S? - Page 5
     
  15. Dan5

    Dan5 Member

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    If you plan on financing Wells Fargo so far seems pretty good- loan on the spot.
    Bank of America- waste of time, the loan people didn't know what a Tesla and kept on asking what "dealership" and all these questions not pertinent to the Tesla

    save your time and just go to Wells Fargo
     
  16. Andrew Wolfe

    Andrew Wolfe Roadster 472 - S 440

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    You just got the wrong person. BoA was the preferred financier for the Roadster and had special rates.
     
  17. goyogi

    goyogi Member

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    I'll be taking my business to my local credit union too, gg. Mine is Keypoint CU. Bonus...they offer lower rates for green cars too!
    7 Year loan at 2.74% - 0.25% (returning customer) - 0.25% (auto pay) -0.20% (30% down) -0.25% (green car) = 1.79% for 7 years.
     
  18. ddenboer

    ddenboer MODEL X #1770

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    Wow, at that rate, I would be foolish to pay cash for the car! I too bank with Keypoint, and had a car loan with them previously (hopefully it does not matter that the loan never went full term because I paid off early to avoid debt).
     
  19. Andrew Wolfe

    Andrew Wolfe Roadster 472 - S 440

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    Read the fine print. It seems to say that the minimum rate with all discounts is 1.99%. Still pretty good.
     
  20. Zextraterrestrial

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    ..And Tesla isn't on their green car list ??? Someone should call them to fix that!
     

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