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Great News! Tesla Financing Rates Dropped to 2.49%! (not anymore)

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I'm considering the purchase of an S any my dealer is pushing me to take delivery of an inventory model with a cream interior instead of doing a custom order for the white interior that I want in order to take delivery before Dec 31 and take advantage of the RBC 96 month 2.49% interest rate. He's suggesting that the rates will increase Jan 1. Does anyone in Canada know/has heard what the Tesla interest rates might be doing come Jan 1, 2018? When I'm spending this much on a purchase, my inclination is to hold out to get exactly what I want, but I also don't want to be saddled with an extra 1% of interest over the next 8 years just cause I waited a couple of months to get the white interior.

Thoughts?

I know the rates prior to Oct 31st we’re 2.49/96 month, 2.24/84 month and 1.99/72 month...and they were around from Fall 2017. Prior to I saw 1.99/1.74/1.49 for a brief period. Tesla’s rates with rbc/scotia change sometimes quarterly. No way to tell which way it will go. Check your rate on an 84 or 72. It should drop.

Perhaps call RBC’s auto finance dealer program on the 27th when banks re-open and ask them what’s on deck for Tesla? Worth a shot!

We have a white interior for the last 3 months and while it’s beautiful to look at, it’s become increasing difficult to keep clean during winter. Ie. snow on jackets etc end up on the seat. For kids I’ve placed some towels at the back so as to prevent any further marks or stains. I’m sure with a good detail everything will be ok but i would assume the cream has less maintenance than pure white.

May I ask what the exterior colour is for the cream? Ours is blue on white. Blue/Cream or Red/Cream would look beautiful.
 
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I know the rates prior to Oct 31st we’re 2.49/96 month, 2.24/84 month and 1.99/72 month...and they were around from Fall 2017. Prior to I saw 1.99/1.74/1.49 for a brief period. Tesla’s rates with rbc/scotia change sometimes quarterly. No way to tell which way it will go. Check your rate on an 84 or 72. It should drop.

Does anyone remember what they were in Dec 2016 and Jan 2017, by any chance? Has Tesla typically done a promotional rate in Jan to move some product during a slow quarter?

Perhaps call RBC’s auto finance dealer program on the 27th when banks re-open and ask them what’s on deck for Tesla? Worth a shot!

Good idea. I've filled out the contact form at their site. Hopefully they will respond. I figure the rates are negotiated by Tesla corporate so they may not be willing to tell me that, but it's worth a shot.

We have a white interior for the last 3 months and while it’s beautiful to look at, it’s become increasing difficult to keep clean during winter. Ie. snow on jackets etc end up on the seat. For kids I’ve placed some towels at the back so as to prevent any further marks or stains. I’m sure with a good detail everything will be ok but i would assume the cream has less maintenance than pure white.

According to the Tesla dealership, the bright white seats have a stain protector on them and so any stains should be able to be easily removed with a quick wipe of a damp cloth. Can you confirm that this has not worked for you? Anyone else have any experience with white seats holding up with a Canadian winter?

As for the cream, it is also a synthetic material but apparently doesn't have the same stain resistance as the white.

May I ask what the exterior colour is for the cream? Ours is blue on white. Blue/Cream or Red/Cream would look beautiful.

So went down to the local Tesla showroom to check out the options and I've decided I'm definitely going with the Blue exterior. The interior choices are Cream or White. The Cream comes with the traditional wood grain trim and the headliner (roof, floor & glove compartment) is also cream coloured. The White, on the other hand, comes with glossy black trim that has a very subtle wood grain pattern in it, but you really have to look hard to see that. It is mostly a glossy, piano black accent. The headliner is black on that option.

I find the White interior more slick and striking with the glossy black trim and black headliner while I think the Cream is a bit more of a traditional and classic sort of look. Both look great with the Blue. I saw a blue/white X and it was stunning. I also sat in a black/cream S and it is also nice, but does feel a bit more beige (forgive the pun). The other thing is that the Cream interior, with the light headliner, will likely show every bit of dirt on the floor/carpets. Whereas the black carpet that comes with the White interior would hide that a bit better.

I'm inclined to say that because I'm spending so much on this luxury item, I only buy it with exactly the options I want. That would be the Blue/White combo. However they don't have any blue/white in stock and so I would have to custom order it and that means a couple months wait and the risk of a higher interest rate when I finally get it in March. A 1% increase in the interest rate over 96 months increases the total interest cost by 6700 over the term (assuming a 145k principal). Combine that with the 6600 inventory price reduction they are offering on the Blue/Cream and the white interior ends up costing me more that 12k in total. That's no small amount, just to get the white interior. Is it worth it?
 
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I'm considering the purchase of an S any my dealer is pushing me to take delivery of an inventory model with a cream interior instead of doing a custom order for the white interior that I want in order to take delivery before Dec 31 and take advantage of the RBC 96 month 2.49% interest rate. He's suggesting that the rates will increase Jan 1. Does anyone in Canada know/has heard what the Tesla interest rates might be doing come Jan 1, 2018? When I'm spending this much on a purchase, my inclination is to hold out to get exactly what I want, but I also don't want to be saddled with an extra 1% of interest over the next 8 years just cause I waited a couple of months to get the white interior.

Thoughts?

Tesla S/X sales are pretty much plateauing and they need the low interest rates to keep buyers. They pull the same stuff every quarter. December 31st Tesla launched a promotional 2.99% 96 month rate, it was only till Dec 31, but extended till March 31st....My DS was pushing me for delivery before March 31st but I said i want it out of the quarter end push....

Extended my delivery to April 7th. Rates dropped to 2.49% on 96 months lol.

The push by the DS is just to get more sales in before the end of the year.

In theory, they could rise just due to the BOC increases, but I doubt it.
 
Does anyone in Canada know/has heard what the Tesla interest rates might be doing come Jan 1, 2018?

I’m not sure what will be happening over the next few weeks, but yesterday I was approved for Tesla Financing through Scotiabank on a 96 month term at 2.49%. So looks like that rate is still in effect after Jan 1st.

I believe however that the rate is only finalized at time of delivery, so if you order a custom configured model now (for March 2018 delivery) your financing rate would be based on March interest rates.
 
If your budget requires 8 years you should really step back for a moment....or two....I can remember considering 72 months for an ICE when that was a new financing option and then realizing there is no way I'd keep the vehicle for six years..... What is the rate for 60 months? Would that 60 rate really be so different from just financing from the variable on a home line of credit if available? We love our 85D, and would like to keep it forever, however I really don't see us having it after eight years. By then we'd hopefully have a 3 and whatever letter the pickup will be.
 
I believe 84months is 2.24% and 72 months is 1.99%

Financing over 96 months may seem attractive but when your making the same payment for a 5-8yr old car out of full warranty...one will feel the pinch.
 
Financing over 96 months may seem attractive but when your making the same payment for a 5-8yr old car out of full warranty...one will feel the pinch.

Well then we’re fortunate that Elon invented this brilliant thing called the Extended Warranty. Unlike many manufacturers, you don’t even have to purchase the ESA at delivery either (it can be purchased up to 30 days or 1,000 miles / 1,600 km after the original warranty expires).
 
I'm considering the purchase of an S any my dealer is pushing me to take delivery of an inventory model with a cream interior instead of doing a custom order for the white interior that I want in order to take delivery before Dec 31 and take advantage of the RBC 96 month 2.49% interest rate. He's suggesting that the rates will increase Jan 1. Does anyone in Canada know/has heard what the Tesla interest rates might be doing come Jan 1, 2018? When I'm spending this much on a purchase, my inclination is to hold out to get exactly what I want, but I also don't want to be saddled with an extra 1% of interest over the next 8 years just cause I waited a couple of months to get the white interior.

Thoughts?

The rates are on the atesla website. Order S. Click on loan. Down below click on customize your loan payment and play with the different inputs.
 
QUOTE="Scott_K, post: 2493729, member: 70147"]Well then we’re fortunate that Elon invented this brilliant thing called the Extended Warranty. Unlike many manufacturers, you don’t even have to purchase the ESA at delivery either (it can be purchased up to 30 days or 1,000 miles / 1,600 km after the original warranty expires).[/QUOTE]

What I meant was more making say a $1000 Payment on a 5-8year old car knowing a brand new one is likely the same Payment lol. It can start to get on the nerves :)

Agreed one can purchase extended warranty. Be careful with the fine print. I would ask what it exactly covers :)



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If your budget requires 8 years you should really step back for a moment....or two....I can remember considering 72 months for an ICE when that was a new financing option and then realizing there is no way I'd keep the vehicle for six years..... What is the rate for 60 months? Would that 60 rate really be so different from just financing from the variable on a home line of credit if available? We love our 85D, and would like to keep it forever, however I really don't see us having it after eight years. By then we'd hopefully have a 3 and whatever letter the pickup will be.

@Not1Drop I see your point, but it's not a question of whether one can afford the car on a lower term. My budget could still afford the car over a 60 month term, but I'm not sure that's the best use of my cash.

The reason I'm financing over 96 months is that with the cost of money/borrowing being so low right now, I would rather take the additional amount I would be paying on a 60 month loan and invest that in something that will make me money rather than investing it in a depreciating asset such as a vehicle. Practical example... the MS 75D I just ordered is CAD 119,350 cash price and will come to just a little less than 137K after taxes (15% in BC). Financing 137k over 96 months at 3.49% (current rate given to me by my Tesla financing rep) gives me a monthly payment of 1637.62. If I were to finance the same 137k over 60 months at 2.99% (current rate given to me by my Tesla financing rep) the monthly payment will be 2461.10. That's a difference of 823.48 per month. To me, it makes more sense to take that same 823.48 and invest that in something that will likely give me a return rather than the vehicle which will lose money every month. Also if you look at the total cost of financing over those two terms, total interest paid over the 96 month loan is 20,211.84 and over the 60 months loan is 10,666.11. That looks big at first glance but that difference of 9,545.73 is recovered in less than 12 months worth of lower monthly payments on the 96 month loan. And then for the remaining 84 months, I'm able to save that 823.48 (total of 69,172.32) and invest it in something that will make a positive return. To me, that is the wiser use of my cash.

But that's just how I sliced the numbers. It's also a preference thing for me to take advantage of the low cost of money now. But I know others (my Dad included) hate long financing terms. To each his own, I guess.

Plus, I have no intention of keeping the car that long. As long as my monthly payments keep up with depreciation, I'll be happy. Then when I sell it, I'm no worse off than when I started. I never expect to build up any lasting equity in car assets. Just keep up with depreciation.
 
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I’m not sure what will be happening over the next few weeks, but yesterday I was approved for Tesla Financing through Scotiabank on a 96 month term at 2.49%. So looks like that rate is still in effect after Jan 1st.

I believe however that the rate is only finalized at time of delivery, so if you order a custom configured model now (for March 2018 delivery) your financing rate would be based on March interest rates.

@Scott_K I somehow missed this message. Which model/powerpack did you purchase? I ordered a MS 75D and I was given an RBC rate of 3.49% over 96 months. He said that the rate for the 75 power pack is now 3.49 whereas the rate fir the 100 is still 2.49. Did you get a 100 power pack? If so, I wonder if I should ask my Tesla Financing guy to look at Scotia.
 
@Scott_K I somehow missed this message. Which model/powerpack did you purchase? I ordered a MS 75D and I was given an RBC rate of 3.49% over 96 months. He said that the rate for the 75 power pack is now 3.49 whereas the rate fir the 100 is still 2.49. Did you get a 100 power pack? If so, I wonder if I should ask my Tesla Financing guy to look at Scotia.

Yeah I bought an inventory S 100D.
 
@Not1Drop I see your point, but it's not a question of whether one can afford the car on a lower term. My budget could still afford the car over a 60 month term, but I'm not sure that's the best use of my cash.

The reason I'm financing over 96 months is that with the cost of money/borrowing being so low right now, I would rather take the additional amount I would be paying on a 60 month loan and invest that in something that will make me money rather than investing it in a depreciating asset such as a vehicle.

I came to the same conclusion with similar numbers to yours. Borrowing is cheap. Investment gains are plentiful