Financing Tesla vehicles in Canada

[SteveW25561]

I spoke with someone from Tesla sales today, and they said that Scotia Bank is still offering 3.99% described earlier, but there is no residual value guarantee announced for Canada yet.

He couldn't speculate as to when or if this will be announced.

I hope something shows soon. I'd feel better knowing the resale floor price since I'll likely upgrade againin 3-4 years.

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[Mayhemm]

If Tesla is not guaranteeing resale value like they are in the US, could one not just sell their car there if they would get more for it?

Are there any differences between US and Canadian cars?

 

[Morristhecat]

Are there any differences between US and Canadian cars?

The airbag warning stickers will have French on the Canadian car. There are a few bilingual stickers around the car like that. I believe I may have read also the headlights may be programmed a little different too.



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[Doug_G]

Should be much easier to export a car to USA than the other way 'round. AFAIK there are no issues whatsoever.

Daytime running lights have to be forced on in Canada. US regulations do not require that, but also allow it. (Also Tesla can turn that off for you.)

Canadian key fobs are different - actually, they're more secure! Again no problem.

The buttons on the seat belt buckle are required to be red here; they're black on the US cars. Again no problem. (That's such a silly rule!)

Bilingual stickers won't be an issue as long as you can read the English.

 

[SteveW25561]

I'd imagine trying to sell a car from Canada to the US is pretty hard to do. From a marketing perspective, Americans may not be very keen on buying from a Canadian version vehicle, and maybe the other tax implications but also simply geographic inconveniences. Obviously, it's too early to know whether or not US vendors will be scrambling to buy Teslas to sell on the used market in a few years.

To close the loop on this thread that I started, I ended up taking a leap of faith and went with the Scotia Bank financing. If and when Tesla finally decides to offer resell value guarantee in Canada [again no guarantee of this], I would hope that they follow something similar to their US plan which offered the resale value guarantee retroactively to people who financed with their preferential partners.




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[iKhalid]

Hello,

I'm new to this forum and a potential Tesla buyer. I'm a huge believer in Tesla and that's why I'm also an investor.

I've never bought a car this expensive before (not even close!), and I'm not willing to wait for the Model E (Gen III) because I really like the idea of the extra 2 seats since I have a kid and there is another one on the way .

Anyway, I was looking to finance one but I still couldn't find a good deal. Currently, there are two advertised packages:
1- Scotia Bank from Tesla's website: 4.29%
2- MVL Leasing: a very high rate and a really low residual value.

These two offers are ridiculously high compared to what our south neighbours have (as low as 1.49% from Alliant Credit Union).

Was anyone of you lucky enough to get a better deal? If so, would you mind sharing your experience and the required minimum income (with good credit history)?

I'm really sorry if someone has started a similar thread but I really couldn't fine any related to Canada.


Thanks!

 

[bint2k]

Have you thought about a personal line of credit?

 

[wolfpet]

RBC Home line - Prime + 0.5%

 

[iKhalid]

Have you thought about a personal line of credit?

Ummm I've never applied for one before and I'm not sure how that is going to be different. The way I look at it is that it's easier to get a mortgage or a car loan because if something goes wrong, the bank would basically sell that asset to get their money back (in most cases). From my humble knowledge, it is easier for the bank to give such a loan than providing me with access to money that is accessible anytime without an asset to secure that money. So how a personal line of credit is better in this case? If you're talking about a secured line of credit (using my home for instance) then things will get more complicated in my case, in addition to the fact that I just bought my home so I still own a smaller percentage.

Would you mind sharing your experience/thoughts?

 

[kizagjo]

sent you a PM

 

[miltiad]

I would be interested to hear what you guys find

 

[Mayhemm]

Was anyone of you lucky enough to get a better deal? If so, would you mind sharing your experience and the required minimum income (with good credit history)?

I'm really sorry if someone has started a similar thread but I really couldn't fine any related to Canada.


Thanks!

Well, a few months back the Scotiabank deal was for 3.99%. :redface:

It was apparently raised in order to cover Tesla's resale guarantee program.

Sorry, all the banks I looked at for car loans (RBC, BMO, CIBC, etc) were pretty ridiculous. Over 8%.

 

[iKhalid]

Thanks everyone!

Yes, it looks like Scotia is the winner so far.

 

[iKhalid]

It looks like I'm postponing my purchase one more year. There was a long debate between my heart and mind.

I decided to keep investing everything I have on TSLA for one more year (at least). I believe in the future of this company and I don't feel that bad because at least I still own something with "Tesla" on it .

 

[bint2k]

It looks like I'm postponing my purchase one more year. There was a long debate between my heart and mind.

I decided to keep investing everything I have on TSLA for one more year (at least). I believe in the future of this company and I don't feel that bad because at least I still own something with "Tesla" on it .

+1 - nice…!

 

[Mayhemm]

It looks like I'm postponing my purchase one more year. There was a long debate between my heart and mind.

I decided to keep investing everything I have on TSLA for one more year (at least). I believe in the future of this company and I don't feel that bad because at least I still own something with "Tesla" on it .

However, stock isn't very fun to drive, no matter how well it "performs". :tongue:

*queue rimshot*

 

[visagrunt]

In BC Vancity provides prime + 1 (3%) and extended amortization (10 yrs) for EV purchases.

However, I've decided on a Smith manouever. I'm going to withdraw cash to pay for the car, and then borrow against my home equity to replace the investment money, meaning that I can write off the interest, which I would not be able to do if I took out a straight car loan.

 

[iKhalid]

In BC Vancity provides prime + 1 (3%) and extended amortization (10 yrs) for EV purchases.

However, I've decided on a Smith manouever. I'm going to withdraw cash to pay for the car, and then borrow against my home equity to replace the investment money, meaning that I can write off the interest, which I would not be able to do if I took out a straight car loan.

I just called them, they only service BC. Thanks for sharing the info!

 

[Doug_G]

In BC Vancity provides prime + 1 (3%) and extended amortization (10 yrs) for EV purchases.

However, I've decided on a Smith manouever. I'm going to withdraw cash to pay for the car, and then borrow against my home equity to replace the investment money, meaning that I can write off the interest, which I would not be able to do if I took out a straight car loan.

Wait a sec... if you're in Canada, we don't have a mortgage interest deduction. That's a US thing. We just get zero capital gains for selling our primary residence. Or am I missing something?

 

[mnx]

You borrow money against your house and invest it. The fact that the money is invested allows you to write off the interest.
Google "Smith manouever" for more info...

Wait a sec... if you're in Canada, we don't have a mortgage interest deduction. That's a US thing. We just get zero capital gains for selling our primary residence. Or am I missing something?