Financing options

[hershey101]

For those of you in Long Island looking for financing, contact Bethpage FCU. They are great, very quick to respond and gave me $100K @ 2.71 for 72-months.
If you are outside of LI, you can still contact them, but I'm not sure they will give loans to people outside of LI. If anyone is having a lot of trouble finding financing, send me a PM, I'll try to help.
I had a lot of troubles, you can read it in my delivery experience thread under the Model S section.

 

[Ven Rala]

I had the offer from Alliant for 1.49% for 72 months, but then asked my local credit union (FedFinancial) what they could do ( not expecting a lot since the lowest they offered on their website was for 1.99% and that was for 36months) my wife ended up speaking with the CEO (don't be too impressed since it only has 2 branches, but still would only happen with a credit union). He gave an ok for 1.24% for 60 months (almost 2% lower than their advertised rate!). Of course it helped that we have multiple accounts with them.
Another reason to go with a credit union, they will actually treat you as a customer and look at your individual situation.

Now I just need my Model S.

 

[bhuwan]

Damn that was easy - too easy... - loan approved in < 12 hours - only snarl was I fudged up the loan amount (applied for only 1% of what I really required) - not used to the extra 00's for cents they require .

EDIT:

This is through Alliant Credit Union - 72 months.

 

[TMS_Red]

Has anyone financed through Tesla. What is the maximum that Tesla has offered. I am interested in their Resale Value Guarantee. However, they are only offering me 70%. My credit is immaculate and got 90% financing within 10 minutes from another financial institution. I am wondering what experiences other Tesla buyers are having with Tesla finance.

 

[jomo25]

Has anyone financed through Tesla. What is the maximum that Tesla has offered. I am interested in their Resale Value Guarantee. However, they are only offering me 70%. My credit is immaculate and got 90% financing within 10 minutes from another financial institution. I am wondering what experiences other Tesla buyers are having with Tesla finance.

Interest rate from Tesla's Financing LESS than advertised

 

[Chuck Lusin]

Got approved with Alliant Credit Union in 13 min. for 72 months and 1.49% Nice. Jason is real easy to work with. Here is his contact info if anybody needs it:

Jason Freese
Alliant Credit Union
11545 W Touhy Ave Chicago IL 60666
[email protected]
800-328-1935 Ext 2164
Direct 773-462-2164​

 

[JPP]

Or you can call my Alliant rep--Nicole @ 773-462-2041 (in Chicago--their HQ). Same great rate, fast service, no hassles.

 

[bhuwan]

Anyone title their car under their business and get a loan? What company did you use? [Alliant is a no-go]

 

[TMS_Red]

Anyone title their car under their business and get a loan? What company did you use? [Alliant is a no-go]

Bhuwan, did you try having the title in the company name but you would co-sign/guarantee the loan.

 

[bhuwan]

Bhuwan, did you try having the title in the company name but you would co-sign/guarantee the loan.

Yep - exactly what I want to do. Alliant doesn't allow the vehicle to be titled unde a busines

 

[Benjam]

Damn that was easy - too easy... - loan approved in < 12 hours - only snarl was I fudged up the loan amount (applied for only 1% of what I really required) - not used to the extra 00's for cents they require .

EDIT:

This is through Alliant Credit Union - 72 months.

It's funny that Alliant requires entering cents. Who applies for a loan of $50,000.62? Round it to dollars for crying out loud :wink:

 

[bhuwan]

It's funny that Alliant requires entering cents. Who applies for a loan of $50,000.62? Round it to dollars for crying out loud :wink:

Exactly!!!!!!!

 

[bollar]

It's funny that Alliant requires entering cents. Who applies for a loan of $50,000.62? Round it to dollars for crying out loud :wink:

Wouldn't you want that for a 100% loan?

 

[andrewket]

Wouldn't you want that for a 100% loan?

Yep. My loan was not an even dollar amount.

 

[vbandl01]

I have two options in front of me as of now
which one look better?

Tesla Financing by US BANK @ 2.8% for a 72 month term and finance of $78884 with Resale Value Guarantee
Financing by Alliant Credit Union @ 1.74% for a 72 month term and finance of $83240 but no resale value

Need your thoughts and input



RN544xx3 - VIN 11141 - 85kWh Model S - Blue - Air ride - 19" wheels - Tan leather - Obeche wood gloss​

Reserved: 03/31/2013, sent for production : 04/21/2013 Delivery:??/??/????​

 

[jeffro01]

That's a $26.86 per month difference with Alliant being the higher amount based on my math. So it comes down to a choice really. To go the US Bank way you'd have to put more down, if you go the Alliant way you have to put less down and your paying less for the money to borrow. Over the 72 months the payment difference works out to $1933.92 more to go with Alliant a lower up front cost. What's more important to you? Short term cash flow or cash flow in general, or the psychological feeling of the resale guarantee? Only you can answer that but the math is close... For me personally, I'd rather have more cash now up front so I'd go with Alliant. The resale guarantee while nice, isn't enough to move me.

Jeff

 

[andrewket]

Alliant.

 

[ZBB]

I just received the financing email from Tesla...

The US Bank online application caps the loan value request at $50k... Just wondering if anyone else experienced that?

 

[TMS_Red]

I just received the financing email from Tesla...

The US Bank online application caps the loan value request at $50k... Just wondering if anyone else experienced that?

U.S. Bank capped me at $63K for a 90K vehicle. Told me that since I was self-employed, they would not extend a greater amount. I was really interested in Tesla's Resale Value Guarantee but due to the low loan amount and high interest rate of 2.99%, I decided to take the risk and not get the guarantee. Wells Fargo did not want to look at my credit app. From what Tesla finance told me, only people who have direct relationship with U.S. Bank and Wells Fargo are getting higher loan amounts or lower interest rates. Regardless, I was approved by my Credit Union for 85% of the NADA price (which surprisingly was 5K higher than purchase price) within 10 minutes of applying over the phone at an interest rate of 1.11% - 5 year term. It appears that the Tesla Resale Value Guarantee sounds like a good plan but not easy or get or justify. Really disappointed about this.

 

[andrewket]

You're better off with the better rate. With enough people participating in Tesla's program it will have an affect on the entire market.