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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...
How did the financing process go for those who financed through Tesla/Scotiabank.
I had mine approved the same day I submitted the application.
I looked into the costs of financing before we purchased and felt at that time the % rate was too expensive compared to other credit. I wanted to keep SOME of my TSLA stock and felt that the likely stock gains would be more profitable than the interest I would be paying. Not how I normally think... but then, this isn't a normal car or a normal car company. But even so, overall I give the Canadian Tesla financing a thumbs down, there are cheaper options from other sources.Tesla's financing in Canada is really bad!
I am so with you on nobody, but nobody, gets my SIN (well, except CRA and the pension guys, but then, no choice there). It's amazing how many retailers ask for it. Many staff/clerks don't have a clue why you wouldn't give it to them.When I filled up the form for Scotia through Tesla, the guy from California insisted that I should put my SIN and I refused! He thinks SINs are mandatory the way SSN is in the US.
I am so with you on nobody, but nobody, gets my SIN (well, except CRA and the pension guys, but then, no choice there). It's amazing how many retailers ask for it. Many staff/clerks don't have a clue why you wouldn't give it to them.
like some others here, i did a secured line of credit against my house, its prime + 4%
however, unlike a mortgage there is no penalty for paying it off sooner (just like a car loan), and also no maximum time period as long as you cover the interest.
Isn't prime + 4% is high? Here in Ontario, you could get it for prime + 0.5% with RBC and some other banks.
One thing I wish was made more clear with Tesla's financing is that Scotiabank will only finance >60% of the car's value; meaning your down payment cannot be more than 40% of the car's value. I had a specific term/monthly payment in mind and had decided that I would just make whatever down payment was necessary to achieve this amount.
Any car loan I've ever had has allowed for additional payments including paying it iff early. Can you simply put some thousands on it now to get it where you want it, so you won't have to pay the extra interest?
not true. Scotia funded 100% of my car's value. I could have put cash, but my investments ROI is higher than Scotia's rate. So I'll just keep paying monthly until my 7 years are up. Tesla negotiated on my behalf. You just have to show them your annual income can afford this awesome vehicle.
ah. yes my bad!I think you misunderstood my statement. Scotiabank will not finance less than 60% of the car's value. 100% > 60%, so you are within their conditions.