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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Frustrated by Financing
- Thread starter othat1prct
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- Model X
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Active Member
Never had an auto loan above ~30k, we were approved for 1.49% for 72 months. We had planned to put almost 20% down and chase did ask for 20% which was only a couple grand more so wasn't a problem.
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!
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 get
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 Tesla
Yes, somewhat early in my career. I thought about it long and hard and needed a new car regardless figured I was basically rolling my gas savings into a car payment. I can pull of the 20% if I absolutely have to but really would prefer not as I have other things I’m saving for and the interest rate and loan was one of the appealing points. I am just a little disappointed that Tesla was disengenuous about this: it would be so easy to let people know.
Good to know. I didn’t get offers from either of them. I will ask my Tesla finance person about them.
P100DHG.
Member
Not to hijack this thread but I pay $706.45 for 6 months so $1412.90 per year. That’s not bad
Xtek
Member
It depends on state. They sent me one offer with one option, then I ask to see if they have different ones. He said he will check and he came back with us bank.
My Cu offers more than 1% interest, it will be even higher when interest rate go up. This is like borrowing a car for free!!
MikeQ
Member
I think part of the issue was that I had just added a 16 year old to the policy and USAA wouldn't let me exclude him from the Tesla. Progressive didn't exclude him either but they didn't stick it to me like USAA wanted to. I'm paying about ~$800 / 6 months and I tripled my coverage on all 3 cars from what I was at with USAA. USAA wanted over $3k a year with only $100k liability.
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.
Super_Popular
Well-Known Member
Portland buyers check out Point West Credit Union, it's a small local CC. I got 2.49 for 84 months.
RVD98072
Member
I got Chase at 1.49%. I was able to get the full price financed but had to pay the sales tax and a little bit of other stuff so total was around $15k paid at the start for a $110k car.
I have had many luxury cars in the past (2 in the $100k range) but they were all leases. I had leases on around 3 other cars in the 40k-$60k range. Other cars I pretty much always just bought outright without financing (most expensive was around $60k). I think the most expensive car that I actually financed was my first car after college when I financed around $20k on a $30k car. This car is the most expensive car that I have financed.
So yeah I've probably owned/leased about 10 cars in the past.
From a practical perspective, my only piece of advice to slightly younger folks than me (I'm not that old...in my 40s) is to keep in mind that pretty much all cars (especially electric ones, Tesla, etc.) are depreciating assets.
RVD.
I have had many luxury cars in the past (2 in the $100k range) but they were all leases. I had leases on around 3 other cars in the 40k-$60k range. Other cars I pretty much always just bought outright without financing (most expensive was around $60k). I think the most expensive car that I actually financed was my first car after college when I financed around $20k on a $30k car. This car is the most expensive car that I have financed.
So yeah I've probably owned/leased about 10 cars in the past.
From a practical perspective, my only piece of advice to slightly younger folks than me (I'm not that old...in my 40s) is to keep in mind that pretty much all cars (especially electric ones, Tesla, etc.) are depreciating assets.
RVD.
Am I right in thinking that you put down a non-returnable deposit on a car BEFORE getting a finance offer? If so, wow!
Edit: Also 40K miles per annum is a serious mileage. Whatever you save in fuel is going to be peanuts compared to depreciation. The car is going to be more or less worthless in just a handful of years. I hope you've given the residual value, or should I say lack of it, some thought.
Edit: Also 40K miles per annum is a serious mileage. Whatever you save in fuel is going to be peanuts compared to depreciation. The car is going to be more or less worthless in just a handful of years. I hope you've given the residual value, or should I say lack of it, some thought.
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Just be aware that progressive is known to be difficult on tesla claims. They refuse to pay the market hourly rate for aluminum repair. Many here have had to pay out of pocket to cover the difference, or have had their cars sit for months while they hired an attorney to battle.
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