Financing Tesla vehicles in Canada

[TheRFMan]

Not that it's an issue, but interesting, Tesla MY deposits are $100 now? I paid $2500 for mine a couple weeks ago, as did a few others. Was there something special you had to do to "qualify" for the $100 deposit?

Canada is now like the US, Tesla has switched from a $2500 refundable deposit to a $100 non-refundable deposit. I'm not sure when exactly it changed, but it was likely a few days ago when the pricing changed in the USA, and revised interior went live on the web site.

I guess it saves Tesla some money on credit card processing fees.

 

[geetk]

Not that it's an issue, but interesting, Tesla MY deposits are $100 now? I paid $2500 for mine a couple weeks ago, as did a few others. Was there something special you had to do to "qualify" for the $100 deposit?

So effective April 9th, they got rid of the mandatory $2500 (refundable) reservation fee. It’s now changed to $100 (NON refundable). Apparently that was the case in US already for a while. Now they brought that over to Canada as well.

 

[Bertuzzi44]

Rates are up now, it’s 2.95 over 96

I wonder if they’ll drop again

 

[Red Tornado]

Just got 2.4 % RBC for 60 months. $7500 down.
Rates are definitely up

 

[brutus979]

Hey guys - I think Tesla gest rates from Scotia/RBC by default - BMO should be higher, and you can email [email protected] to get them to give you the BMO quote.

For comparison I got approved for 2.8% @96 mo yesterday.

Hope that saves you a few hundred bucks.

 

[TheRFMan]

I received a BMO offer when I first applied earlier this month, 2.3% for 72 months. Seemed reasonable to me.

 

[brutus979]

I received a BMO offer when I first applied earlier this month, 2.3% for 72 months. Seemed reasonable to me.

YUp thats a good rate - i got that too before i decided to extend mine to 96 mo.

If your app went to RBC/Scotia it might have been 2.35 or 2.4

 

[menaknow]

Wonder if near the quarter end if rates will drop based on volume of cars being delivered by Tesla...

 

[brutus979]

Wonder if near the quarter end if rates will drop based on volume of cars being delivered by Tesla...

Probably not. Rates are likely determined by banks only n not tesla

 

[Mugginstwo]

2.8% with BMO, over 96 months approved yesterday.

 

[Bertuzzi44]

2.8% with BMO, over 96 months approved yesterday.

Where are you located? I got 2.95 by RBC

 

[Potsey Webber]

2.35 with Scotiabank, 72 months $7,500 down

 

[Mugginstwo]

Where are you located? I got 2.95 by RBC

Montreal. $7500 down also.

 

[DrWags]

2.95 over 96 RBC for me too.

 

[Bertuzzi44]

I’m in BC, I guess the Westcoast is getting higher rates? I don’t get this

 

[TheRFMan]

Seems about the same across the country, but from what I can tell, BMO is slightly lower than RBC/Scotia. I don't know how loans get assigned to one back or another, or if they have certain criteria for each bank. Maybe BMO only picks the larger loans that can make more money on, who knows. I financed a M3P with 0 down aside from the $2500 deposit, so it was a fairly high amount.

 

[drmango]

To-be (hopefully, if everything works out) Tesla owner here, just wondering if anyone know what kind of documents/income verification they would require during the financing process? I've been self-employed since the pandemic and would probably have to prepare beforehand. Thanks!

 

[DrWags]

I am self employed and all I did was fill out the credit app on the website and was approved an hour later. They should get everything they need from the credit check.

 

[Mugginstwo]

I am self employed and all I did was fill out the credit app on the website and was approved an hour later. They should get everything they need from the credit check.

Similar experience here as a full time employed person. No documentation required, just a credit pull I imagine.

 

[aimalkay]

Update for my delivery date, since my previous post!
Model Y LR 5 Seater, Red + White. Ordered April 1 in Etobicoke. Current delivery estimate is April 29 - May 5. Service advisor called me today with a confirmed VIN#! Suggested I get insurance setup but to not finalize it yet.

He DID mention that rates have changed for new deliveries in April, but didn't give me an explicit number. For now, I'm still at 2.35% for 72mo with Scotia, but if my delivery date DOES go into first week of May (likely) then it'll change the rates to May rates. Will update when/if that happens.