Financing Tesla vehicles in Canada

[wallstguy]

1.49% in Canada.

They dropped financing to 1.49%????

 

[mazeminder]

They dropped financing to 1.49%????

For the 6-year loan, yes. The 8-year is still 1.99%

 

[wallstguy]

For the 6-year loan, yes. The 8-year is still 1.99%

Damn, my 8 year term that started in april is 2.49...the 6 year at 1.49 is a no brainer. Anyone know if its possible to change?

 

[Birdman325]

I was at the Yorkdale store last night and they told me that the only way (now) to get the 1.49% / 1.99% is if you buy an inventory car, because you need to take delivery by end of September for the lower finance rate. Any custom orders as of now, will not be September delivery but will be October delivery and are no longer eligible for those rates (seems to be back up to 3% +). So I was told.

 

[wallstguy]

I was at the Yorkdale store last night and they told me that the only way (now) to get the 1.49% / 1.99% is if you buy an inventory car, because you need to take delivery by end of September for the lower finance rate. Any custom orders as of now, will not be September delivery but will be October delivery and are no longer eligible for those rates (seems to be back up to 3% +). So I was told.

They gave the same spiel "Lower financing rate" when it was 2.49 (8yr) /2.24 (6yr)

 

[Birdman325]

I just checked the website and custom orders now show October delivery (not Sept) but the financing page still shows 1.49% available

 

[03DSG]

1.49% in Canada.

Only for 72 months or less. 84 months 1.74. 96 months 1.99.

 

[ytwytw]

Tesla raise the interest rate for financing by 0.5%

8 years 2.49%
6 years 1.99%

Still not too bad but it’s extra 3000 dollars on 8 years for model x

 

[Birdman325]

Even with the exchange, it seems like the lease deals available in the US are far superior to any Tesla lease deals available in Canada. On the US Tesla website, when you look at inventory cars, it actually shows you the lease terms of that particular vehicle, and they don't seem that high (relatively speaking). Any X I look at here in Canada is at least $2,300 / month on a lease (48 months apx). Based on what I have seen for some comparably priced cars, (MSRP), that does not seem competitive.

 

[03DSG]

Even with the exchange, it seems like the lease deals available in the US are far superior to any Tesla lease deals available in Canada. On the US Tesla website, when you look at inventory cars, it actually shows you the lease terms of that particular vehicle, and they don't seem that high (relatively speaking). Any X I look at here in Canada is at least $2,300 / month on a lease (48 months apx). Based on what I have seen for some comparably priced cars, (MSRP), that does not seem competitive.

Tesla is not subsidizing leases the way other OEM’s do.

 

[sakimano]

Tesla is not subsidizing leases the way other OEM’s do.

other car companies subsidize leases? That hasn't been my experience. Most companies over estimate depreciation so that your lease payments are higher in order to protect themselves. Tesla is the same...the lease residuals on normal cars (non P100D etc which depreciate rapidly) are far lower than is realistic. To that end, taking over someone's lease when they're more than half way through is a great way to buy a Tesla at a discount.

 

[03DSG]

other car companies subsidize leases? That hasn't been my experience. Most companies over estimate depreciation so that your lease payments are higher in order to protect themselves. Tesla is the same...the lease residuals on normal cars (non P100D etc which depreciate rapidly) are far lower than is realistic. To that end, taking over someone's lease when they're more than half way through is a great way to buy a Tesla at a discount.

It not the price they subsidize it’s the interest rates and high residuals. Makes it an attractive monthly payment. Take a similarly priced (whatever car) term of lease and check out the monthly payments and the residuals. Compare with Tesla and Tesla’s payments are higher.

 

[claudelaval]

We used our home equity line of credit. It's at 2.7% right now, but at one time was under 2% when we still owned car money on it.

We used a mortgage for 5 years that way the interest is protected for 5 years...

 

[Hawesome]

sorry if this was missed, but are these finance options through Tesla open to be paid off, or drop lump sums?

 

[aslam]

sorry if this was missed, but are these finance options through Tesla open to be paid off, or drop lump sums?

@Hawesome I'm not sure but I've asked my Tesla Financing rep this question and will report back once I hear. My MS is supposed to be delivered this month and so he's been fairly responsive to my queries. Stay tuned.

 

[Bluewish]

sorry if this was missed, but are these finance options through Tesla open to be paid off, or drop lump sums?

My OA said yes but I will need to see the contract to confirm.

 

[Sc0rPs]

My X was just delivered last week, and the current rate was 1.99% for 6 years.

 

[MrShakeHands]

My X was just delivered last week, and the current rate was 1.99% for 6 years.

Did you get the 100 battery pack?

 

[Sc0rPs]

Did you get the 100 battery pack?

Yes sir I did . Now just installing dash cam & will be getting a wrap done...

 

[bluelines]

I just got 1.49%. They dropped the rate to offset the loss of the Ontario rebate. I think only on 100s and for max 72 months.