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Frustrated by Financing
- Thread starter othat1prct
- Start date
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- Model X
Xtek
Member
You can find an investment vehicle that'll beat 1.49%. You should put down the least amount possible and pay no extra as long as you have some reserve funds. It also has an impact on your Debt-to-Income ratio so be cognizant of that if you plan on taking out a large loan or mortgage. All about trade offs.
Pickup the p100d on the 12th - Alliant was a piece of cake to work with (cars already marked as paid in account). They let me roll in sales tax, ended with 103% LTV.
Alliant savings gives you 1.25% - the loan rate is 1.49%. Depending on where you shove and save your money (and how stable they place is), one may want to move funds around to keep them safe.
So if you have cash in the bank. And want to minimize risk, a higher yield savings can almost wipe out the interest on the loan....
Alliant savings gives you 1.25% - the loan rate is 1.49%. Depending on where you shove and save your money (and how stable they place is), one may want to move funds around to keep them safe.
So if you have cash in the bank. And want to minimize risk, a higher yield savings can almost wipe out the interest on the loan....
Xtek
Member
Ally is also offering 1.25% (to add some diversity).
Online Savings Account: High Interest Savings, Rates & Reviews | Ally Bank
If you're taking greater than 90% LTV consider having a nice buffer just in case.
Online Savings Account: High Interest Savings, Rates & Reviews | Ally Bank
If you're taking greater than 90% LTV consider having a nice buffer just in case.
GOPJEW
Member
I got 1.49/72months today from Chase with 10% down (financing $136,980 after 10% down for P100D).
I told the guy that I’d like to see if there are other options for 100% LTV (nothing more down but covering taxes and registration - I get back $3k from MD on taxes anyways) to a lower rate for more $$$ down - awaiting reply.
I have yet to find a lower rate on the open market - anyone else find one?
I told the guy that I’d like to see if there are other options for 100% LTV (nothing more down but covering taxes and registration - I get back $3k from MD on taxes anyways) to a lower rate for more $$$ down - awaiting reply.
I have yet to find a lower rate on the open market - anyone else find one?
GOPJEW
Member
MXP100D with AP/6 Seats comes to $152,200 (with Doc fee BS)....I searched and searched for an inventory car the way I wanted it - no joy and if I am going to spend this kind of $$$ I want what I want...so, with $7500 fed tax credit, $3k back from MD on sales taxes, (hopefully) immediate expensing through my business for 100% purchase price since this will be my business car PLUS the 179 $25k deduction...I'm OK going with the P over the regular 100...
BTW, I got the free 22" rims/tires from referrals so that saved me $5,500 - may cost me range but it'll look good!
In reality, at this level, it's all expensive. Everyone of us could have bought a $50k Lexus but we, for whatever reason, like the Tesla lifestyle so we overspend....I just took it to an extreme!
Xtek
Member
Are you sure that number is right? That sounds like you may have rounded up the money factor.
I think so too, but it would be really high interest rate.. if it is 0.0025 money factor.. 6%? When I was applying for the 1.49% loan, I also applied for the lease just to see the numbers. Their money factor was 0.0021 or 5.04%. They listed both numbers on the approval email.
comanchepilot
Member
do yourself a favor - and try to to buy the car outright. Then you can choose a 3% interest rate - and pay yourself a decent return on the money you invested. Obviously not everyone has $90 lying around - but if you're buying a new Tesla - you should - because otherwise you're playing in a league you can't afford to be in . . .
Applied for Alliant financing yesterday afternoon and got approved today for the full amount ($106,000) at 1.49% over 72 months with no down payment. However, I'm still going to go ahead and pay $10,000 (plus the initial $2,500) deposit. They were super easy to work with and fast. Sorry to hear you had trouble, OP.
I had posted earlier. I’m at 103% ltv for my p100d via Alliant. I was able to get gap insurance through liberty. Alliant can’t offer gap on loans higher than $100k. Total loan is $160.4k - 75 instead of 72 as I added death, disability and unemployment coverage..... might remove it. It’s an extra $78/mo
Xtek
Member
Never heard of Tesla offering 0.25% financing. They don't do in-house leasing/financing as they just have it underwritten by another company. I can't imagine a bank offering 0.25% unless you have a lot of business with them.
re: Investing. It's almost never worth paying off a car in full as it is a depreciating asset. If you can get 1.5% or lower you should then put your money somewhere else and make the minimum payment. Even at a conservative 3% return it's worth it.
Here's the reason I didn't buy my Tesla outright - depreciation. I don't normally choose finance, but in this case the guaranteed residuals on PCP at 1.5% APR made it a no-brainer. No way would I want to sink £90K into a car with unknown and probably very high depreciation. The finance cost over 4 years is only a few grand and I get to ditch the car with no hassle at a guaranteed 49% of list price to clear the balloon. So the car will basically cost me around £12K per annum plus running costs. Not cheap motoring, but I thought better than sinking £90K into a rapidly depreciating asset. For me it only makes sense to buy outright if you intend to run the car for at least 8 years.
Xtek
Member
Even if you do plan on owning the car until it dies it can still make sense to pay the minimum payment depending on your financial situation.
I originally applied for financing through Tesla and was approved for a loan of $95k on a preliminary purchase price of $116k through US Bank (1.49%, 72 months). At the same time I applied with Alliant and was approved for 90% LTV based on the selling price.
I wanted something as close to $0 down as possible. I knew my final purchase price was going to come down as I was switching the 22" rims for the standard 20" ones (inventory vehicle), so I asked if I could get something closer to 100% LTV. Tesla financing came back to me with an approval for $105k on a purchase price of $110k, also through US Bank with the same terms. Somehow they were able to increase my approved loan by $10k, through the same bank, just by asking. Not sure why they didn't give that to me in the first place?
I wanted something as close to $0 down as possible. I knew my final purchase price was going to come down as I was switching the 22" rims for the standard 20" ones (inventory vehicle), so I asked if I could get something closer to 100% LTV. Tesla financing came back to me with an approval for $105k on a purchase price of $110k, also through US Bank with the same terms. Somehow they were able to increase my approved loan by $10k, through the same bank, just by asking. Not sure why they didn't give that to me in the first place?
Xtek
Member
With car loans they don't approve you for "up to $xxx" they approve/deny based upon requested amount.
Sure, but what I found odd was that they approved me for $95k on a $116k purchase. Then when I asked the finance specialist to see if any of the other banks could do better after my final purchase price was adjusted DOWN, the exact same bank came back with an approval for $105k on a $110k purchase.
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