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Has anyone used Tesla Finance in Australia?
- Thread starter CorneliusXX
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- Australia New Zealand
I have not used it, but my guess is that that is in fact the only way you can get the resale guarantee. I remember hearing Elon Musk talking about it at the end of some quarter results presentation. My recollection was that they (Tesla) needed to account for that in their Balance Sheet but that in actual fact, they are not getting many customers wanting to take advantage of the resale guarantee. He said it nevertheless depresses the financial results because ordinary accounting practices force them to show it as a liability. But he said, that to remove the guarantee, even if it wasn't popular, for no reason other than to bolster the financial results, would on the contrary show a very negative message to the public that Tesla no longer has faith in their cars. So he said it was better to keep the guarantee but to properly interpret the financial results accordingly...
I am using it for 2 reasons;
1. The only way to guarantee the buy-back at the 37th month, and
2. Their interest rate on the financed amount was 5%, which was quite competitive in my shopping for a better deal.
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In my opinion the guarantee isn't required as a 3 year old Tesla will sell for more than the buy back. I priced up some finance options with a big bank and they were pretty competitive with the 5% but also more flexible with balloon at the end and length of loan option etc.
Fair enough... my position was to make sure I had a worst case scenario, more for financial planning as the P85D fully optioned on road was 227. So in three years, not sure how big the second hand market for Tesla will be, let alone those that would pay approx. ~100-110 for it. I hope of course that I can sell it higher, but its nice having that in your pocket.
Tesla Finance is organised through Macquarie Bank so in my quick shopping around I couldn't find a reputable organisation with a cheaper percentage rate, but having the peace of mind is what did it for me.
I am speaking to Macquarie Leasing at the moment, this is the business that is providing Tesla finance. The current interest rate is now 4.75% fixed for 5 years. I worked at Mac for 11 years and can say that the leasing guys offer a very competitive, very good service. That particular business has grown from nothing to huge in 5 years.
I've spoken to the guys at Macquarie and to qualify for the Resale Guarantee you only need to finance $50k of the purchase price. Therefore if you were thinking about paying cash for the car or drawing down on your home loan (cheapest finance you'll ever get) you could finance $50k of the price through Macquarie and still get the Resale guarantee.
An option to consider...
An option to consider...
Jon from Macquarie emailed me today to let me know their rate has just dropped to 4.75%
Thanks, unfortunately I still have a delivery of November, so as it gets closer, I'll be sure to lock in the rates and such. Thanks for the heads-up though.
I'm looking at a novated lease (for the pretax dollar benefit) but can't decide between a three or five year lease term. I know I will want the smaller model car due in 2017, but life happens so maybe I want the longer lease, or maybe I should take the extra tax benefit by paying more now. What if I get a three year lease but have to wait three years six months before I get the car I want? Any thoughts?
Dborn
Confirmed
Model 3 will be available in 2017 Tesla time. That is anything up to 2 years beyond that year. Wont be available in Oz for at least 12 to 18 months after the USA launch. Going on their history to date. Don't expect to see the X here before 2017 Q1 at the earliest.
Can vouch for Tesla finance... It's actually Macquarie Leasing... straightforward, competitive interest rate (note not totally the cheapest... Stratton found something 0.2% cheaper). Went with Tesla/Mac because the one stop shop eases the paperwork that can get messy when a car has two motors therefore two "engine numbers" + other EV weirdness.
Keiron
Member
The buyback option appears to be challenged by newer price structure- option changes in the new ''Package" sets for Model S Plus Exchange rate of course.
My Model S was delivered Jan 2015 done 22,000+Kms With an offered tradeover option to a 85D same setup as now with an estimated delivery date of 1st july 2016 Tesla Melbourne want $90k for the changeover.
Cant say I am unhappy in any way but $90k made me think our second Tesla may well be a traded in vehicle. That would please my wife while she waits for Model 3.:biggrin:
My Model S was delivered Jan 2015 done 22,000+Kms With an offered tradeover option to a 85D same setup as now with an estimated delivery date of 1st july 2016 Tesla Melbourne want $90k for the changeover.
Cant say I am unhappy in any way but $90k made me think our second Tesla may well be a traded in vehicle. That would please my wife while she waits for Model 3.:biggrin:
Sorry I'm confused with your $90K figure. The way it reads "Tesla Melbourne want $90k for the changeover" makes it sound like you give them your Tesla and $90K. That can't be right can it?
Or do you mean they offered you $90K on yours. In which case that also disproves the value of the buy back in that I would expect you'd get more selling privately. There was a P85 on carsales the other day that sold for $135K ish from memory and it didn't take long. Average price on carsales at the moment is around $125K for an S85 and $140K ish for a P85.
Btw some useful info perhaps for readers - before you get the car Tesla need to have the funds. Tesla financing won't finalise the funds until they have the insurance certificate of currency. The insurance company will only give you a certificate with a 'live' policy, not a future-dated one. So I'll have paid for a weeks worth of insurance without actually having the car.
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