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