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Financing options

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

  1. goyogi

    goyogi Member

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    The Volt wasn't on the list either when I got mine. Wasn't an issue as they knew it was a 'green' car. They just clicked the checkbox.
     
  2. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    Got the approval for the loan from PenFed a couple of days ago for 1.49% for 60 months. I was able to give them the pre-delivery MVPA and indicated the amount I wanted to finance. They simply need the VIN number now for disbursal. The loan's locked in for 90 days so, hopefully, I'll get my delivery notification sometime in November/early December.

    It was a smooth process, all done online and by email.
     
  3. scole04

    scole04 Member

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    The Hills, MD
    Yah ive been searching around and they have the best rate ive seen. Im going with penfed. +1
     
  4. AnOutsider

    AnOutsider S532 # XS27

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    You west coasters are so lucky. A good rate and they actually care about EVs. Anyone find anything decent on the East coast? Not that I want to carry another note, but if there's a great deal, why not.
     
  5. Tempus

    Tempus Member

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    PenFed IS on the east coast. I've used them before and expecting to again for this purchase.
     
  6. cinergi

    cinergi Active Member

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    My credit union is advertising 2.49% to me. (Digital Federal Credit Union; Massachusetts)
     
  7. AnOutsider

    AnOutsider S532 # XS27

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    Ah cool, looks like I can do some back door eligibility
     
  8. SigGuy

    SigGuy Member

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    FYI, I received an approved $90K loan for the Model S from USAA at 1.45%. You have to be a member but for those of you that are, I highly recommend it!
     
  9. elecblue

    elecblue Member

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    So for PenFed all you need to do is join Voices for American Troops for $15?
     
  10. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    Correct. That's what I did. And, put in the nominal minimum balance of $5 to be a PenFed member.

    Yes, AO, no left coast affinity going on there.
     
  11. AnOutsider

    AnOutsider S532 # XS27

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    Haha, THIS time! I went through the whole process, then the wife reminded me we still had a lease on the A6 and it wouldn't be great to have another car payment... So I guess next time.
     
  12. Tesla229

    Tesla229 Member

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    I don't get it....I applied with PenFed for a $70K loan, and they quoted me 3.49%, exactly the same rate I got from Wells Fargo. Excellent credit score and almost 40% down! What am I doing wrong?
     
  13. AnOutsider

    AnOutsider S532 # XS27

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    It goes to 3.49 the longer the term is. I think 60 months is the cap on 1.49 isn't it?
     
  14. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    Correct. And, can finance upto $70k at those terms - total interest paid over 5 years on that principal is just about $2.7k.

    Also, this rate is online-only; they seem to suggest that applying by other means could net a higher rate.
     
  15. Tempus

    Tempus Member

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    technically true about the online only, but i actually called them and they gave me the lower rate anyway when i had some questions not easily answered in the online bit. The lady's comment was along the lines of "we tend to waive that for new customers".
     
  16. Tesla229

    Tesla229 Member

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    Thanks, AnOutsider, gg, & Tempus. I'll try again and see what happens.....
     
  17. ElSupreme

    ElSupreme Model S 03182

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    I got quoted for 1.95% from USAA for up to 60 months. And 2.45% for 72 months for a Model S. And they are advertising their 0.5% off think right now.
     
  18. engle

    engle Member

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    #38 engle, Sep 24, 2012
    Last edited: Sep 24, 2012
    Am a USAA member so checked their site today out of curiosity. The 1.45% is for up to 36 months term. Looks like PenFed is a better deal for those who want 60 months at 1.49% to lower their payments, and don't mind their lower $70K max loan amount.

    ElSupreme: Were you quoted those rates over the phone, or did you see them on the site? That 0.5% discount is when you purchase used (0.25% new) through the USAA "Car Buying Service", according to the website. You can't buy Model S through USAA since Tesla doesn't have a traditional dealership sales model. Tesla company stores would need to become "USAA Certified Dealers" to make this a reality.

    PS. I'm still probably going to wait to lease our S, since I really need the write-off for my small business. If this was the Model X it would be a "Heavy SUV" (over 6,000 lbs. GVWR), so I would just buy it for fast depreciation, but Model S doesn't qualify, unfortunately. Anyway, we leased a 2012 ML 350 Bluetec in May for 24 months to replace a 2011 E 350 Bluetec we couldn't stand. I need to put a lot of miles on that (7K/24K already :)), since I'm afraid we won't drive it much after we get a Tesla EV!! Yeah, living in Fremont it's hard to drive by the factory almost every day seeing the huge "TESLA" signs on the buildings knowing your Model S is still waiting to be "Finalized"! LOL!

    I think my patience will be rewarded with some "1.5" feature availability, at least the "opportunity" console. I'm also hoping for dynamic cruise control and proximity sensors, both of which I use daily on our Benz. I can live without "active lane keeping assist" since I know how to drive. I use the "active blind spot assist" on the ML Benz because it has an atrocious blind spot. Hopefully, that is not the case with Model S!
     
  19. ElSupreme

    ElSupreme Model S 03182

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    This was a month or so ago over some email back and forth. I glanced at their 0.5% off I didn't notice it was for used cars.

    Tesla is already there. They only have the roadster up there right now. But in my emails they made it sound like it wouldn't be a problem to get "USAA Certified Dealer" deals on any Tesla.
     
  20. Andrew Wolfe

    Andrew Wolfe Roadster 472 - S 440

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    So PenFed told me that they are not financing any electric cars - including Tesla. Are there magic words I need to say or specific contacts there that may help?
     

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