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

[wallstguy]

Just got news from Tesla! Tesla just signed up RBC as their new preferred lending partner, and had a big drop in rates!

New financing rate is 2.49% for up to 96 months! That's cheaper than a home equity line of credit which is usually only fixed for 5 years!

I got really lucky because I was scheduled for delivery last Friday and by luck had some issues with Scotia's approval process (which was also recently lowered to 2.99%) as they thought I was trying to take on 2 loans at the same time (where as I was trading in my old for the new), and today I got the call from Tesla that they got good news for me and RBC approved everything at 2.49!

 

[Kira]

That's excellent news! We were actually discussing a home equity LOC so I'll share this with my husband. Now the trick will be whether this rate is still around by the time we can get our Model 3 (or, more precisely, by the time I can get my Model 3)

 

[Hugh Mannity]

Nice! Hopefully this drives more sales in Canuck

 

[Vawlkus]

Just got this heads up as well, since Scotiabank told me to go pound sand -.-

Here's hoping I have better luck with RBC

 

[SmartElectric]

My HELOC is 2.7%.
Impressed with 2.49% nice!

 

[Webeevdrivers]

Hey fellow ED driver. What is a HELOC. Our second vehicle is a 2016 Leaf SV 30KWh. Are you buying an S or a 3. And are you keeping the ED

 

[wallstguy]

Do you mean EV? HELOC = Home Equity Line of Credit. I'm getting a new X.

 

[Webeevdrivers]

Sorry I was reffering to "smart electric" and his smart ED (electric drive).

Congrats on the X.

 

[SmartElectric]

As my signature says, we have a CPO (used) 2013 Tesla S85 and a 2013 Smart ED.

I asked Smart for a trade in quote for my Smart ED : $8K
For that money, I'm inclined to keep it.
We prefer driving it for school and quick grocery runs, it's got plastic panels and is silly easy to park.

I also went in on Mar 31st a year ago before the reveal to make my Model 3 reservation in person.
As an existing Tesla owner, that puts me near front of the line in Ontario.

I'll commute in the 3 and the Smart ED both depending on what days my oldest needs a car.
As for my wife, she's keeping her S, loves it too much to trade it.

Tesla gave us a trade in quote recently, $20K less than similar cars they are offering on CPO site ... doesn't make sense to me, but I don't run the company.

 

[TomatoOne]

Tesla gave us a trade in quote recently, $20K less than similar cars they are offering on CPO site ... doesn't make sense to me, but I don't run the company

Tesla is known for extremely low trade-in offers. CPO cars end up in a fairly decent refurbished shape (especially if you push for it), so imagine the cost of that, plus the cost of the 4-year warranty, and the extra profit from the sale. All while being listed at reasonably competitive market prices. So I imagine they would factor a significant gap into their Model S trade-in offers.

Other cars, they just don't want to bother with. We just recently traded our 2009 335xi for a CPO P85, and Tesla's offer for the car was $6.5K. We found a private buyer for $12K in just two days after listing it on Kijiji, and I imagine we could've done better if we'd been more patient. Thankfully, Tesla offered to run the title transfer through them, so we still had the full advantage of the tax savings.

 

[FlyF4]

I have a better deal. The wife's interest rate is zero. Unfortunately I am her only approved customer

 

[Destiny1701]

I have a 2016 90D w/21000 km considering either selling privately or trading in up for maybe an inventory P100D. I leased the 90D and Tesla offering me abt 10k more than my buyout.

For any financing guru's out there...I was wondering if there any tax advantage for me on the trade in for this?
Ie. trade in value 105k..would I be saving the tax off the new car and then the payout occurs on the 90D from the newly financed amount? I'd be financing rbc on this rather than leasing again. The 6yr rate is 1.99% and the 7yr is 2.24% for those who didn't know!

I know if I owned the car outright I'd save the tax on any trade in towards the new one. With a lease buyout I'm not sure how that would work?

 

[Mayhemm]

Wonder if they'll do SK financing now that they have a new agreement? Currently SOL here for Tesla leasing and/or trade-ins.

 

[03DSG]

Even better. The 2.49% is only for 96 months. 2.24% for 84 months. 1.99% for 72 months or less.

 

[Destiny1701]

Even better. The 2.49% is only for 96 months. 2.24% for 84 months. 1.99% for 72 months or less.

That 1.99% is an amazing rate. Cheaper than an Equity line. I wonder if RBC is as strict on lending criteria as Scotia is.

 

[Destiny1701]

Anyone interested in my March 2016 90D please let me know privately for lease details. It's on a 4 yr lease, 80k limit with 35 months left and 21k driven in 13 months. Beautiful machine. Blue on black and babied all the way.

 

[Vawlkus]

That 1.99% is an amazing rate. Cheaper than an Equity line. I wonder if RBC is as strict on lending criteria as Scotia is.

I don't think so, they approved me in just a couple of days. All they wanted was a copy of my paystub

 

[wallstguy]

Even better. The 2.49% is only for 96 months. 2.24% for 84 months. 1.99% for 72 months or less.

Wow...had I known the rates were different for different terms I would've went with the 1.99 72 months!

 

[Colsla]

does anyone know what this may mean for Model 3?

Will model 3 get as low of a rate as model s from get-go? or will it be completely independent from model S?

 

[aslam]

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?