Financing Tesla vehicles in Canada

[Thenomad]

Hi all,

Just wanted to post this as info as I was curious to what the financing would look like prior to ordering:

RBC has approved the following:

· Please note that the figures below are close estimates and not final

Charges
Credits
CONFIGURATION PRICE
$66,400.00

OMVIC
$10.00

TIRE FEE
$14.20

AC TAX
$100.00

TAXABLE AMOUNT
$66,524.20

TAX RATE
13.000%

APPROXIMATE SALES TAX
$8,648.15

APPROXIMATE FEES (Government License Fee & PPSA, etc.)
$317.74

APPROXIMATE SUBTOTAL
$75,365.89

Loan Amount

$71,165.89
Order Deposit

$4,200.00
APPROXIMATE TOTAL DUE AT DELIVERY
$0.00

LENDER
Royal Bank of Canada
MAXIMUM TERM MONTHS
84
CONTRACT RATE
3.96%
APPROXIMATE MONTHLY PAYMENT
$971
**FINAL APPROVAL REQUIREMENTS**
None
*Note: Loan offers are valid for 30 days

· Please note that I added $1k to the car price for “Delivery and Final Inspection Fee” which is standard for all Canada Model 3.
· Order deposit of $4,200 is what you will have put in at minimum ($1,000 reservation deposit, $3,200 order deposit)

 

[realtycoon]

Hi all,

Just wanted to post this as info as I was curious to what the financing would look like prior to ordering:

RBC has approved the following:

· Please note that the figures below are close estimates and not final

Charges
Credits
CONFIGURATION PRICE
$66,400.00

OMVIC
$10.00

TIRE FEE
$14.20

AC TAX
$100.00

TAXABLE AMOUNT
$66,524.20

TAX RATE
13.000%

APPROXIMATE SALES TAX
$8,648.15

APPROXIMATE FEES (Government License Fee & PPSA, etc.)
$317.74

APPROXIMATE SUBTOTAL
$75,365.89

Loan Amount

$71,165.89
Order Deposit

$4,200.00
APPROXIMATE TOTAL DUE AT DELIVERY
$0.00

LENDER
Royal Bank of Canada
MAXIMUM TERM MONTHS
84
CONTRACT RATE
3.96%
APPROXIMATE MONTHLY PAYMENT
$971
**FINAL APPROVAL REQUIREMENTS**
None
*Note: Loan offers are valid for 30 days

· Please note that I added $1k to the car price for “Delivery and Final Inspection Fee” which is standard for all Canada Model 3.
· Order deposit of $4,200 is what you will have put in at minimum ($1,000 reservation deposit, $3,200 order deposit)

Where did the 3.96% rate come from? The configurator shows 3.9% and reps in store have mentioned 3.75% (all for 84m term)

 

[03DSG]

Where did the 3.96% rate come from? The configurator shows 3.9% and reps in store have mentioned 3.75% (all for 84m term)

The OP may have gone directly to RBC. No reports yet of Tesla contacting CDN's to submit online loan applicaions. The configurator data so far is 4.25% for 96 months and 3.9% for anything shorter I believe.

First time 3.75% has been mentioned.

 

[realtycoon]

The OP may have gone directly to RBC. No reports yet of Tesla contacting CDN's to submit online loan applicaions. The configurator data so far is 4.25% for 96 months and 3.9% for anything shorter I believe.

First time 3.75% has been mentioned.

The 3.75% was from a hard copy page that Lawrence gave me that showed the financing calculations for the Model 3.

 

[03DSG]

The 3.75% was from a hard copy page that Lawrence gave me that showed the financing calculations for the Model 3.

That’s great. Better than the 3.9 on the configurator. Was there any time limit on it?

 

[bbcop]

What's the procedure for financing through tesla for model 3? I don't see an application form after submitting the order. Do i have to wait for them to contact me?

 

[ebatmobile]

What's the procedure for financing through tesla for model 3? I don't see an application form after submitting the order. Do i have to wait for them to contact me?

Yes

 

[spurs10]

Not sure if it has been asked before, what do Tesla look at if i were to finance through them? Do i have to provide my pay stub?

 

[03DSG]

Not sure if it has been asked before, what do Tesla look at if i were to finance through them? Do i have to provide my pay stub?

Here’s the current application for the S and X:

Credit Application | Tesla Canada

After their credit check they may ask for documents to verify income.T slips, pay cheque etc. Letter of employment etc.

 

[Towner]

I filled out the credit app through my Tesla account (vin assigned) today and got a response within a few hours. Asked for the following, Job info, SIN, Salary and current and previous living situation. I have not accepted the terms as of yet so unsure of the process for verification of the data I sent

Requested a 60 month term with 15% down and received 3.91% with RBC as the provider. No early payback fees. 5k due at signing

The 3.96% mentioned above could be due to the 84 month term requested but the template Thenomad posted was identical to what I received so I would assume it came through Tesla

 

[pmich80]

I got 4.14% over 84 months today. It literally took only 20 minutes to get a reply. Kind of disappointed with the rate considering all the others here. I wonder if what I would get if I lowered the term.

 

[Tony_YYZ]

Question for you all. Are you planning on putting a large sum down or not? Either way, what is the reasoning for your chosen path? Just trying to gauge and see if putting like ~$40k down or so is a smart decision.

Thanks.

 

[Whisky]

Question for you all. Are you planning on putting a large sum down or not? Either way, what is the reasoning for your chosen path? Just trying to gauge and see if putting like ~$40k down or so is a smart decision.

If you're planning to invest the $40k, and get a standard 12%+ return rate annually, better to invest it.

 

[Tony_YYZ]

If you're planning to invest the $40k, and get a standard 12%+ return rate annually, better to invest it.

If i put less down, then I would definitely invest the rest. Where are you seeing 12%+ annual return rates?

 

[realtycoon]

Model 3 Financing Rates Summary as of May 8, 2018 (All arranged by Tesla with RBC)
60 Month: 3.91%
72 Month: 3.99%
84 Month: 4.14%

 

[Whisky]

If i put less down, then I would definitely invest the rest. Where are you seeing 12%+ annual return rates?

Standard index fund (like SPY) can give you pretty decent returns.

 

[03DSG]

Standard index fund (like SPY) can give you pretty decent returns.

I always love the disclaimer ‘Past results are not indicative of future performance’

 

[RapTelligence]

I always love the disclaimer ‘Past results are not indicative of future performance’

Robo-Advisers work pretty well these days

 

[pmich80]

Model 3 Financing Rates Summary as of May 8, 2018 (All arranged by Tesla with RBC)
60 Month: 3.91%
72 Month: 3.99%
84 Month: 4.14%

Came here to say exactly this. One step further.

60 Month: 3.91%
72 Month: 3.99%
84 Month: 4.14%
96 Month: 4.39%

 

[alsetym]

'standard 12% return' lol. I'm doing something wrong! I am putting enough down that my financing payment is the same as what I pay in gas every month.