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Flexing finance minimum for buy back...

Discussion in 'Model S: Ordering, Production, Delivery' started by MiddKid, Mar 23, 2014.

  1. MiddKid

    MiddKid Member

    Joined:
    Jan 3, 2014
    Messages:
    206
    Location:
    Seattle
    As I march toward my Wednesday delivery, had an odd little quirk come through yesterday. Tesla updated my dashboard with my final financing information and I was surprised to see that the loan amount was different than what we originally agreed on. I wanted to finance through Tesla to secure the buy-back guarantee so I was maximizing my downpayment and minimizing the loan. In this case, the FAQ says:
    "To qualify for the Resale Value Guarantee, you must finance (on approved credit) a minimum of 60%, up to a maximum of 90%, of the Model S configuration price."

    All previous communications were at 60% financing. Side note, don't want this thread to turn into a "who should I finance through/should I pay cash" thread...not the point...

    So the final numbers come through the dashboard and the financing amount is 53% of the sales price. I emailed my DS who wrote back with: "My Finance team has informed me that even though the amount your financing is slightly below, they have still qualified you for the resale value guarantee!" I've emailed back to ensure I'm going to get this in writing somewhere (I suppose I'll have to sign some guarantee paperwork when I pick-up the car) but as I was waiting to hear back I was just curious if anyone else had this happen? Seems a bit odd...but I'm not too worried that Tesla is going to take care of me.

    Thanks.
     
  2. AlMc

    AlMc 'Senior Moments' member

    Joined:
    Apr 23, 2013
    Messages:
    5,378
    Location:
    Delaware
    You will be fine. They will give you a signed 'Buy back guarantee'. I believe the only other requirement is that you do not pay off the loan for a minimum of a year? used to be 6 months but I am sure they found many people took the loan for the 'insurance', as you did, then paid it off after 6 months leaving the bank with too little profit for their trouble.
     

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