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Financing Tesla Model S in Canada

Discussion in 'Canada' started by pbrulott, Dec 8, 2012.

  1. pbrulott

    pbrulott Member

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    Financing option for my Model S - Canada

    Hi,

    I started to read about Scotia bank offering Model S financing at 3.99%. That doesn't even seem to be critalized yet - we have no details. Better than a Personal loan at prime + 3-4% but much more expensive than in the US where they get 1.49%, 1.99%,... I have asked my broker to find me the best offer on the market.

    Anybody with other ideas. I'll post what my broker comes back with.

    PB
     
  2. Jaff

    Jaff Active Member

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    Remember that our banking system is far more conservative than our neighbours to the south...and that has kept us in good stead, especially over the past four years...
     
  3. colinb

    colinb Member

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    RBC retail banking offered to match the 3.99 but with a variable underpinning. Not willing to go that route as prime will likely move back up in 2-3 years.
     
  4. pbrulott

    pbrulott Member

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    No wonder why their are in deep ****...

    My broker is from RBC Dominion Securities, I believe he said he woul call up his buddy at RBC retail to get me a rate.
     
  5. znino

    znino Member

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    Most banks have a product that is essentially a line of credit secured by your house. you can then block a portion of that LOC at a fixed rate for a number of years (say 5) with an amortization period of your choice. Can be amortized on 3 years, 5, 12, 25 as you wish. Like a mortgage. This way you have control over your payments and depending on how low you want the rate, you can lock in for longer periods (again, similar to a mortgage). Currently, you can lock in at about 3% interest for 5 years. Better than the 3.99% with the Scotiabank car loan deal. Only drawback is that you cannot block the rate for more than 5 years but then again, after 5 years you can always revisit your options and for 5 years you are saving 1% a year over the Scotia deal so you have a ways to go if interest rates go up before you end up paying more than Scotia.
     
  6. Orthonos

    Orthonos Member

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    Did any of the Sig owners-to-be use the financing option? Doug's post in the Sig thread showed a financing button and mentioned Tesla financing. I would be interested in hearing what rates they offer in comparison to the banks.
     
  7. colinb

    colinb Member

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    I did - they only ask if you would be interested in learning more and require a credit application. Waiting for any follow-up on that to confirm the Scotiabank 3.99% deal.
     
  8. mknox

    mknox Well-Known Member

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    Any deets on the Scotia deal? Is the rate fixed for the term? How many years will they let you go?
     
  9. Jaff

    Jaff Active Member

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    I'm pretty sure Scotiabank will finance the Tesla scheme over 8 years maximum.
     
  10. tomanik

    tomanik Member

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    I spoke to a customer rep on Friday last week about this and was told Scotia bank was providing fixed rates at 3.9% for upto 84 months for financing through Tesla. Nothing official yet afaik but seems to be pretty consistent messaging.
     
  11. razasunny54

    razasunny54 Member

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    I heard the same thing when I went to the Toronto Store. Waiting for an official release so I can plan for it..
     
  12. colinb

    colinb Member

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    I have a copy of the credit application from Lisa at the Toronto Service Centre. If you need one either call her or PM me and I'll send you a link to my Dropbox with it.
     
  13. shiny

    shiny Member

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    Was the Scotia Deal 3.99% over 84 mo? or 8 years? (96mo)
     
  14. mknox

    mknox Well-Known Member

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    3.99 but I believe the maximum term was 7 years.
     
  15. shiny

    shiny Member

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    Thank you.
     
  16. Mayhemm

    Mayhemm Model S P85+ "Lola"

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    Is this thing still available?

    There used to be a financing link under BUY on the Tesla homepage. Now it's gone, and all links to it from other pages are dead-ends.
     
  17. pbrulott

    pbrulott Member

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    Were you on the canadian version of the site? I financed a portion of my purchase less than 3 weeks ago via Scotia so I assume it is still available
     
  18. Mayhemm

    Mayhemm Model S P85+ "Lola"

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    #18 Mayhemm, Apr 16, 2013
    Last edited: Jun 10, 2013
    Yep. I was on http://www.teslamotors.com/en_CA/. It used to be there under the BUY tab, but it's no longer there.

    I'm guessing it was removed around the time Elon made his US financing announcement, but I haven't exactly been checking regularly.

    It's quite possible financing is still available but the Tesla website just has not been updated.
     
  19. SteveW25561

    SteveW25561 Member

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    Any updates for Canadian financing? The announcements in April for the USA financing via US bank and Wells Fargo especially with the new resale value guarantee are extremely key to my decision to get a Model S. Apparently Canadian options are coming within "months" so that would hopefully be now or soon (apparently with Scotiabank).
    Pi emailed Tesla sales but no reply.

    anyone heard anything new? I'm officially in the market for a new car now!
     
  20. hanstremblay

    hanstremblay Member

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    Please give us an update if you have an answer from Tesla.
     

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