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Yes when you do that that means you are accepting the loan offers (either Scotia or RBC, it mentions at the top). And yes if the rate changes or you want to change the term of your loan to fewer months, you can change that if they agree to your request. All the changes should be done before the delivery date as to what I know.
Looking to take delivery in November, and will likely pay off my car in the next 4 years.
I’d want to go with the 84 month option because I value having the extra cash flow per month vs. being forced to make payments over a 4 year time span.
Anyone know how interest works if I were to pay off the car early? Would Scotia/RBC factor the full 84 months of interest into the payout amount? Or would I only pay the interest equivalent to the number of months in which I had an auto loan?
I’d want to go with the 84 month option because I value having the extra cash flow per month vs. being forced to make payments over a 4 year time span.
Anyone know how interest works if I were to pay off the car early? Would Scotia/RBC factor the full 84 months of interest into the payout amount? Or would I only pay the interest equivalent to the number of months in which I had an auto loan?
I know this is the case for mortgages, but didn’t realize it would be the same for an auto loan. Thanks.
Nope. Interest is calculated on the actual balance outstanding, at least that was the case with my Scotia loan. Early repayments decrease the balance, thus the interest, but monthly payments are typically not recalculated.
Called Scotia earlier today. Not sure how knowledgeable the rep was, but she shared their auto loans are amortized, meaning interest is front loaded.
By my calculation, Kevchan is spot on. I would have paid 81% of total interest on the loan by year 4 with an 84 month term.
Ordered model 3 sr+ white with white interior
1000 reservation, 2500 order fee 5000 EV rebate. Financed 2.6 for 96 months at 614 monthly.
Hope this helps you.
What do you mean by 1000 reservation? Also, the order fee is a mandatory fee? Ir is it like a delivery of the car?
I placed the 1000 reservation fee before the model 3 was available on the market, You no longer have to do this.
The 2500 is a mandatory order deposit and is credited towards the price of the car or refunded if you choose not to purchase.
Has anyone that had already completed the payment information step successfully got their rate updated to the Aug rates?
I already completed the Prepare for Delivery step in July at 72 months 2.35%. Emailed Tesla Finance first week of Aug about adjusting rate to 2.15% and they said OK and they'd get back to me. Haven't heard anything since despite a request for an update last week. My Tesla Advisor is saying the rate will be finalized at delivery and that they can't adjust rates until then even if Sept rates are higher.
I already completed the Prepare for Delivery step in July at 72 months 2.35%. Emailed Tesla Finance first week of Aug about adjusting rate to 2.15% and they said OK and they'd get back to me. Haven't heard anything since despite a request for an update last week. My Tesla Advisor is saying the rate will be finalized at delivery and that they can't adjust rates until then even if Sept rates are higher.
anandoc
Another BMW convert
Email [email protected] again. The delivery advisor has no say over the rates and that is actually finalized by the finance team in Califonia.
truenorth
Member
Do you guys still get a bunch of great incentives in BC? What's your monthly payment look like?
truenorth
Member
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