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Has anyone used Tesla Finance in Australia?

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#41
Hi guys, I'm enjoying this discussion, interesting info in there. Before I decided to go Tesla I was looking at a Jag and they have a pretty amazing rate in Aus. They were offering 2.99% via their own Jag Land Rover financing which seemed pretty good. They did have another $800 in application/dealer fees, but even after then the effective rate seemed to be 3.03% from what I worked out. It's difficult it read US stories of close to 0% interest on finance but the Jag rate seems pretty great. Only problem is they don't sell the car I want.
 
#42
St George underwrite JAG loans, fairly strict set our rules to get that percentage such as fairly large deposit, small balloon and only 3 terms.... All good if those roles suit....oh I think the other big one is 15,000km per yeah so some such restriction.

We have a 6 month old Range Rover in the family, my wife's car, but still went with BMW Finance when ask options were considered.

-ECIT
 
#43
EcoCloudIT said:
St George underwrite JAG loans, fairly strict set our rules to get that percentage such as fairly large deposit, small balloon and only 3 terms.... All good if those roles suit....oh I think the other big one is 15,000km per yeah so some such restriction.

We have a 6 month old Range Rover in the family, my wife's car, but still went with BMW Finance when ask options were considered.

-ECIT
Click to expand...

Ok cool, sounds like you're a fan of BMW Finance! That's enough for me to check it out, thank for the tip.
 
#44
Only cause they've been good to me over the years, but if you can (or myself in the future can) get a better deal elsewhere I would encourage it.

Each time I seek to lease a car I get a number of quotes in from different institutions....Macquarie got a chance when I leased my Tesla, at the time I got a better deal with BMW Finance. Due to the large deposit I put in I really didn't feel the need to pay extra to have a guaranteed future value in the contract...just a true no penalties early payout and the lowest effective interest rate is what I sort.

-ECIT
 
#45
Hey guys,

Just thought I would give you guys an update. So I had my application submitting to the finance guys Thursday Afternoon around 4pm. I guess I had a few questions because all my cars in the past have been financed with Stratto through Alphera. Being a long time customer my approval usually comes in a couple of hours. Long story short, I got the approval the following day (Friday). Anyone who is a new customer with Macquarie should allow a day for the approval. Make sure if you are self employed that you send through company financials. This will speed up the process. Hope this helps anyone who has questions about this. Feel free to ask me
 
#46
championi said:
Hey guys,

Just thought I would give you guys an update. So I had my application submitting to the finance guys Thursday Afternoon around 4pm. I guess I had a few questions because all my cars in the past have been financed with Stratto through Alphera. Being a long time customer my approval usually comes in a couple of hours. Long story short, I got the approval the following day (Friday). Anyone who is a new customer with Macquarie should allow a day for the approval. Make sure if you are self employed that you send through company financials. This will speed up the process. Hope this helps anyone who has questions about this. Feel free to ask me
Click to expand...


Congrats on getting it sorted, next step is car pickup?! ;-)
 
#49
bradjc said:
Nice one! Looking like I have another 2 months or so to wait. Not in production yet after 5 weeks since confirmed. So I'm jealous!
Click to expand...
That's was the route I was going to take on a 90D, however they had this inventory car for sale which was a P90D with Ludacrious mode. Had all the options I wanted and more. It was also in the Colour I wanted. Cost a about 4K more, but I couldn't pass up on it. So I transferred my deposit and away I went.
 
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#50
EcoCloudIT said:
My rate is 4.05%, no early termination period. When you take out a loan with BMW Finance you are given ALL your payments for the whole period upfront, no tricks just like you say Mavquaire do, BMW Finance have been doing this for at least 16 years from my recollection. If you wish to pay out early one knows exactly what it is without having to ask. This I feel is far better protection than a guarantee when it comes to expensive cars, of which I've had a lot.

Your guarantee, with either BMW Finance or Macquaire, is held in the slightly higher interest rate. Don't believe me? Go to Stratton Finance and ask for the best rate, with no early termination etc. (and yes, true no early termination). You'll get a better deal, just push hard.

You write well, better than I...great...however sorry to say the user always pays one way or other.

If it is true that Alphera will be offering a Tesla finance package that is great, I'll use it to lease my X and 3, or maybe it'll create more competition and I'll go Macquarie. From what the SC chap said, Alphera has been asked to come onboard due to potential Tesla customers continually requesting it, I think that speaks volumes.

For the record I use BMW Finance, not Alphera for the very reason you mentioned, BMW strike a good deal for their customers, which incidentally don't have to be buying a BMW to use BMW Finance, just in case you didn't know.

-ECIT
Click to expand...

4.05% is a pretty sharp rate, if BWM offered that and i didn't care about the guarantee and i was going to pay out either really early or not at all, it sounds promising.

Unfortunately you don't understand the way interest is calculated around early termination, I provided links to a good discussion on the topic and it was ignored. when you are given ALL your payments up front that assumes interest is going to be paid over the full term of the contract, if you pay out early the final payment is less than the sum of the remaining payments because you are not borrowing money for the same amount of time. This happens with both companies. Again, stating that there are no early termination fees is NOT the same as just paying out the remaining principal like you would on a mortgage or credit card and your effective rate for the loan will be higher than what was written. If you are given an early termination schedule by BMW then the extra interest is already built into those figures. Even knowing the figure does not at all mean you are getting the cheaper deal. the previous whirlpool link I provided shows that it depends on how far through the loan you are when you pay out early as to which method is cheaper.

Calling tricks is again misleading when it is giving others an incorrect impression of how a commercial loan works. People here could well be financially worse off by believing that comment.

Again there are unfounded assertions that there is extra cost for the guarantee, perhaps you should provide your own evidence. just saying I write well is no way to dismiss the independent verification I have provided. The Tesla rate is the same regardless of getting the guarantee. There is no guarantee with BMW, as you say they aren't partnered with Tesla yet.

BMW finance is ALPHERA. Here is the ABN search showing the same. They have the same policies, just different names.

Tesla always wants to have more than one finance partner in each country, you can see this if you look at the US website. BMW/ALPHERA wasn't first to finance Tesla because they weren't competitive at the time. Macquarie was.

The Stratton rate is subjective and is on average higher than the Macquarie rate, they will only undercut the rate if they really want your business, most people won't be able to get it but worth trying your luck. Stratton also charge brokerage, make sure to compare monthly payments rather than rate as that way you can see the true cost of the loan.
 
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#51
bradjc said:
Hi guys, I'm enjoying this discussion, interesting info in there. Before I decided to go Tesla I was looking at a Jag and they have a pretty amazing rate in Aus. They were offering 2.99% via their own Jag Land Rover financing which seemed pretty good. They did have another $800 in application/dealer fees, but even after then the effective rate seemed to be 3.03% from what I worked out. It's difficult it read US stories of close to 0% interest on finance but the Jag rate seems pretty great. Only problem is they don't sell the car I want.
Click to expand...

Usually when these cheap deals are being offered it is because of a subvention program (i.e. Jag would pay St George some cash for writing the loan at a lower rate and Jag makes a little less off the sale). If you haven't finished negotiating the price yet don't tell them you want to go with their finance. The manufacturer can sometimes put a limit on how much they will let the vehicle be discounted if they know they are going to have to pay out some cash later on. You should agree to the price of the vehicle first before agreeing to the finance to get around this.
 
#52
I know ALPHERA underwrite BMW Finance, I have pointed out a number of times in my replies, not good on your part to throw that in your response as if to make the rest you write more factual and higher impact on your response, that's a no no.

Fact, ring BMW Finance and ask for a future guaranteed loan for XYZ car, and what the price is without... Everything what the same but yet the monthly payment is higher. Just because Macquarie don't offer a none guarantee advertised on the Tesla website doesn't mean they don't offer it for Tesla customers. In fact, if you wish to NOT put in the amount required to get the loan as advertised on the Tesla website you can talk turkey with Macquarie and guess what, you can get a loan from them without the future price guarantee.

You oblivious don't understand most business people want the interest rate upfront in the early payments whilst depreciation is also high (effectively). These types of loans have been made for business people that wish to take out an affordable 5 year term, 40% balloon keeping the monthly payments low but yet still being able to get out in to a new car at the end of the 3rd year....you really sound like a pen pusher with no really world experience when taking in to account all the cogs that turn in regards to tax, small business, cash flow and juggling when best to move the car for a new model.

Sick of this, everyone can make what they will from all our comments... You're a fool if you really think the customer doesn't always pay one way or the other.

I'm not going to reply again, if you wish to have the last word go for it.

In the meantime I'll concentrate on talking to fellow Tesla owners, I highly doubt you're one.

-ECIT
 
#53
CorneliusXX said:
Usually when these cheap deals are being offered it is because of a subvention program (i.e. Jag would pay St George some cash for writing the loan at a lower rate and Jag makes a little less off the sale). If you haven't finished negotiating the price yet don't tell them you want to go with their finance. The manufacturer can sometimes put a limit on how much they will let the vehicle be discounted if they know they are going to have to pay out some cash later on. You should agree to the price of the vehicle first before agreeing to the finance to get around this.
Click to expand...

Well no negotiation happened, have ordered a MS at the ticket price (never done that before) and pretty sure I'll end up going with Macquarie due to the competitive rate, ongoing account (current vehicle with them) and also peace of mind on the buyback guarantee. If when I go to sell my MS there are M3s everywhere and a new MS will pick my kids up from school by itself then who knows what mine will then be worth. Probably better deals out there but weighing up convenience and peace of mind, I'm happy. Just hoping they build and deliver before the end of this financial year...
 
#54
EcoCloudIT said:
I know ALPHERA underwrite BMW Finance, I have pointed out a number of times in my replies, not good on your part to throw that in your response as if to make the rest you write more factual and higher impact on your response, that's a no no.

Fact, ring BMW Finance and ask for a future guaranteed loan for XYZ car, and what the price is without... Everything what the same but yet the monthly payment is higher. Just because Macquarie don't offer a none guarantee advertised on the Tesla website doesn't mean they don't offer it for Tesla customers. In fact, if you wish to NOT put in the amount required to get the loan as advertised on the Tesla website you can talk turkey with Macquarie and guess what, you can get a loan from them without the future price guarantee.

You oblivious don't understand most business people want the interest rate upfront in the early payments whilst depreciation is also high (effectively). These types of loans have been made for business people that wish to take out an affordable 5 year term, 40% balloon keeping the monthly payments low but yet still being able to get out in to a new car at the end of the 3rd year....you really sound like a pen pusher with no really world experience when taking in to account all the cogs that turn in regards to tax, small business, cash flow and juggling when best to move the car for a new model.

Sick of this, everyone can make what they will from all our comments... You're a fool if you really think the customer doesn't always pay one way or the other.

I'm not going to reply again, if you wish to have the last word go for it.

In the meantime I'll concentrate on talking to fellow Tesla owners, I highly doubt you're one.

-ECIT
Click to expand...

Thanks for the last word. I was contemplating not replying but I was irked.

first paragraph: Previously you made a distinction between BMW and ALPHERA, I was clearing that up. please be consistent. They are the same company with the same terms and conditions.

Second paragraph: future guaranteed loan sounds like there is gap insurance involved - no wonder BMW is more expensive for this. Macquarie can sell gap insurance too if you want it. However none of this applies to the Tesla loan, as stated numerous times Tesla and Elon musk guarantee the loan out of their own pocket. If you don't want the residual guarantee from Tesla you can still get finance from Macquarie at the same rate (as long as you meet Macquaries rather than Tesla's guidelines), meaning the residual guarantee is free.

How can you make that generalisation in the third paragraph. Coming from a 170 y.o family farming business (in addition to previously working in finance, not that either fact should matter) I am normally looking for the best deal. But perhaps you are right and all business people specifically want a 5 year deal with the option to get out at the end of year three?! wtf? Or it could depend on whether you want to keep the asset (especially applicable for a Tesla which should last longer than an ICE vehicle), or the fact that if you have a lease you are outside the ATO's residual guidelines (35% max) over 5 years. Also you are taking two bites from the accounting cherry, either you expense the payment (lease) or you depreciate the asset (chattel mortgage), your suggestion implies both. If you are on a Chattel and the interest is relatively high you pay less principal and have a higher implied value when you pay out early, meaning you can depreciate less over the course of the loan. Then again if you are looking to sell the vehicle after 3 years, the value will be the sale price, making the entire argument moot. And that's chief pen pusher to you. You haven't declared your experience btw.

that said, Macquarie tends to have the better deal (compared to ALPHERA using the rue of 78 at least) in terms of payout cost for getting out early towards the end of the loan, I have already provided evidence this. Obviously there could be better deals out there so people should always shop around.

fourth paragraph - again no justification. I've already provided evidence to the contrary.

finally, thanks for the ad homenim. Usually used when your other arguments are lacking. We were discussing finance not Tesla ownership but you must be super rich to have to finance your cars. I don't own an S but am near the start of the queue for a 3 which I will buy outright. I don't like debt on a non business related depreciating asset. I understand why some people want finance but it is not my preference.
 
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#55
Take it what you will people,

Fact:
  1. I got a considerably better deal via BMW finance, Macquarie couldn't match it. My preference was with Macquarie, I tried really hard to get Macquarie to match, they wouldn't
  2. BMW Finance is underwritten by Alphera Finance...yes...however BMW get better deals for their customers. We went over this, even you pointed it out...
  3. I have no penalty if I decide to pay out tomorrow, or in 2 years etc.
  4. This payout is ideal when deciding to sell out when one has depreciated the car and the car can be traded at the magic decpreciated figure, trade price to what's owing on the loan. Having the ability to pick this at the right time in the loan without a penalty is great. I picked 3 years as an example as this is around about the time everything lined up, it all depends on the car and the initial deposit though hence being about to pick the time without penalty is ideal.
  5. You made a dig at me, being sarcastic, about being super rich. Sure I'm not and never said I was. As a matter of fact I work hard to be able to afford some things I like, investments first and then a nice car if the figures stack up without stressing the wallet
  6. Glad you're getting a 3, as am I and since being a current Tesla owner will get mine before you ;-) this I'll buy cash as it's much cheaper than a S...My X will be financed...Maybe Macquarie will offer the better deal, we shall see
-ECIT

PS Correction: I have a Chattel Mortgage, yes...used to saying lease as that was the option when I first started seeking finance on cars via my business, so force of habit
 
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