eye.surgeon
Active Member
A high FICA score isn't everything (my 19 year old college student has a high FICA score, so what), your lack of any remotely comparable car loan probably dropped you out of top tier financing offers.
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I'm still super excited about getting my Tesla, but very frustrated about the financing. Their online calculator claiming it will be $5,000 down and 1.49% for 72 months, and the OAs saying 5-10% down at that rate as long as you have good credit is just inaccurate and while I realize they are trying to sell cars they should be more honest.
Just got my Tesla financing offer for my model X delivering this month, and the only one that was 1.49% required 20% down (when you live in Cali and your taxes are 10k, that plus 20% is around 30k which I just don't have lying around during the holidays). The ones that would finance the full amount were 3.9% which is just ridiculous comparatively. This is with an 800+ credit score, a previous auto loan (though only 26k), and a large revolving student debt that I pay off every month, and a DTI of 15% (adding the Telsa will only make it 24%)
I'm looking at outside financing institutions: Alliant, TechCU, USAA. Anyone counter with the Tesla financing and succeed? Did you go through the Tesla finance person or talk to banks directly?
No. I always knew I had to pay sales tax. But my OA told me down payments range from 5 to 10%. The 20% is a lot more, and I’m honestly considering just canceling my order. We will see what other offers I getAs far as sales tax, did you assume that would be financed?
Thanks for the suggestion, but I’m only considering a car this expensive because it’s electric and I commute about 40,000 miles per year and will save a considerable amount on gas. Not to mention the benefit of driving in the carpool lane. I hated the Bolt and due to some of the conveniences of charging Tesla near my work if I’m going to go electric it will be a TeslaNormally I would jump in here, but I have friends who wish someone told them this.
Guessing from the huge student loan, I am guessing that you are early in your career. Why spend so much on a car when you have a big loan. Another red flag is not having 30% of your car’s value in cash.
Do you really need a Model X. There are many other great cars which are fun to drive and much cheaper. VW GTI or Audi Q5 are great options.
In the end it’s your choice but just think about it!
Good to know. I didn’t get offers from either of them. I will ask my Tesla finance person about them.My previous most expensive car loan was $40K, no trouble getting 0% from US Bank and 5% down at Chase for 1.49%
Not to hijack this thread but I pay $706.45 for 6 months so $1412.90 per year. That’s not badHave you ever shopped around for insurance? I had USAA until I bought our X. I'd been with USAA for almost 30 years with no auto claims. The insurance USAA quoted for my X was what I though to be ridiculous based on our history with them and no accidents. I started shopping around and found out USAA was no longer a good deal for my cars AND my house. Every carrier was cheaper. Progressive was a lot cheaper for both auto and house. Called to drop USAA and got a big pitch about how their service is excellent. I said if I've never made an auto claim, I'm not really getting anything out of their "great service".
Good to know. I didn’t get offers from either of them. I will ask my Tesla finance person about them.
Not to hijack this thread but I pay $706.45 for 6 months so $1412.90 per year. That’s not bad
it’s all a game to get the most money as possible. Some people love low interest rate, so they give low interest rate. Some pay cash and look for lowest sales price. With a traditional dealer, it’s just all part of how the balance getting the most money yet can get. IMHO, of course.I feel that Tesla lenders were extremely conservative. Before Tesla, I had been always able to get 0 down with the lowest interest rate. For BMW it was 0% financing. I still remember the Sales Manager at BMW trying to get me to put something down. I asked him if it is 0%, why should I put ANY money down? I think he tried to tell me that if I don't put some money down then I will have to pay for Gap insurance. I just told him, that's alright, I will figure it out with my insurance agent.
Have you ever shopped around for insurance? I had USAA until I bought our X. I'd been with USAA for almost 30 years with no auto claims. The insurance USAA quoted for my X was what I though to be ridiculous based on our history with them and no accidents. I started shopping around and found out USAA was no longer a good deal for my cars AND my house. Every carrier was cheaper. Progressive was a lot cheaper for both auto and house. Called to drop USAA and got a big pitch about how their service is excellent. I said if I've never made an auto claim, I'm not really getting anything out of their "great service".
Normally I would jump in here, but I have friends who wish someone told them this.
Guessing from the huge student loan, I am guessing that you are early in your career. Why spend so much on a car when you have a big loan. Another red flag is not having 30% of your car’s value in cash.
Do you really need a Model X. There are many other great cars which are fun to drive and much cheaper. VW GTI or Audi Q5 are great options.
In the end it’s your choice but just think about it!