Help! I need to finance for 90k

[liuping]

Are people really financing these cars with no, or close to no, money down? That seems crazy to me. I mean, I've done it plenty on cars that cost $25k or so, but on an $80k car, I'd try to put down at least 10%. But I guess if the bigger monthly payment is no big deal, then so be it. I just figured it'd be like with a house, when you have a higher value loan/item, the banks would want more money down.

With interest rates < 1.99%, many people put as little down as possible. You should be able to get more than that pretty easily with a variety of investments, so why tie the money up in the car?

 

[JonK@USAlliance]

Not everyone gets to finance their loan for over 100%. There is income, credit and collateral requirements that need to be met in order to do so. If the institution does its homework on all three of those factors, they can be confident that they are making awesome loans to great borrowers. Unfortunately, not all institutions, both large and small have this understanding of the vehicle market and do shy away. We all run our business a certain way and we live and die by those decisions each and every day, so we have to tread carefully.

 

[Ampster]

Not everyone gets to finance their loan for over 100%. There is income, credit and collateral requirements that need to be met in order to do so. If the institution does its homework on all three of those factors, they can be confident that they are making awesome loans to great borrowers. Unfortunately, not all institutions, both large and small have this understanding of the vehicle market and do shy away. We all run our business a certain way and we live and die by those decisions each and every day, so we have to tread carefully.

Hey, that sounds like the 3C's of credit. Glad they are still around.

 

[greenmachine1]

Does anybody know the current interest rates from Wells Fargo and US Bank for the guaranteed buy back program?

 

[AmpedRealtor]

JonK gets my highest recommendation. Just closed a loan with his company. GREAT experience. Thanks Jon!

 

[SamGarber]

Great experience with JonK as well, prompt and had me approved same day. Ultimately had to go with Tesla's recommendation of TechCU since they are the only ones other than USBank and WF that the resale guarantee is valid for as of right now. APR was lower as well and a longer term. They did take 4 days whereas JonK was almost instantaneous.

Glad to have the financials behind me and the fun part of waiting for my MS!

Sam.

85 kWh | Grey | Tan Leather | Obeche Matte | 19" Primacy | Tech Pkg | Parking Sensors | Fog Lights | Parcel Shelf | Body Colored Roof | Air Suspension | HPWC | Ordered 8/22/13 | Confirmed 9/1/13 | Assembly Date: 10/7/13 | Delivery Date: ~10/15/13 | #?????

 

[lloyds]

Whoa. The rates some of you guys are getting are excellent.

 

[get_amped]

Great experience with JonK as well, prompt and had me approved same day. Ultimately had to go with Tesla's recommendation of TechCU since they are the only ones other than USBank and WF that the resale guarantee is valid for as of right now. APR was lower as well and a longer term. They did take 4 days whereas JonK was almost instantaneous.

Glad to have the financials behind me and the fun part of waiting for my MS!

Sam.

85 kWh | Grey | Tan Leather | Obeche Matte | 19" Primacy | Tech Pkg | Parking Sensors | Fog Lights | Parcel Shelf | Body Colored Roof | Air Suspension | HPWC | Ordered 8/22/13 | Confirmed 9/1/13 | Assembly Date: 10/7/13 | Delivery Date: ~10/15/13 | #?????

What kind of rate are we talking about with TechCU?

 

[SamGarber]

I managed to get 2.4% but that's if you put 25% down and get some amount direct deposited into the account there and pay from that account. I had the cash to do the down and I don't mind the other conditions for the lower interest. It knocked off 1.2% with all those conditions. Then again my credit score isn't excellent (only pretty good) right now so maybe some folks can get lower if their credit is awesome.

 

[Alexander]

I attempted to get my loan through USAA, who I have used for my past 4-5 loans. They were definitely biased against Tesla (long story short, I was told that the cars were basically vaporware and I'd never really get it...) They denied. No reason, said it would come in the mail. (My credit score is well above 800). As I've had 911s ($75k, $55k) Boxster ($55k) Cayenne ($40K) and Jaguar (~$30K) financed with them and had paid off early on each and every loan, I was shocked. Did the Tesla app and had an approval in under 6 hours. Easy, painless and with the guaranteed buy-back. Guess things happen for a reason. I would run it through Tesla before doing a co-sign...

I had a similar experience with USAA... I've financed two cars with them and when I called them about financing a Model S they were hesitant to say the least. But when I told them that I was planning to put 35% to 40% down they changed their tune rather quickly.

 

[get_amped]

I managed to get 2.4% but that's if you put 25% down and get some amount direct deposited into the account there and pay from that account. I had the cash to do the down and I don't mind the other conditions for the lower interest. It knocked off 1.2% with all those conditions. Then again my credit score isn't excellent (only pretty good) right now so maybe some folks can get lower if their credit is awesome.

I have asked both my DS and the finance person from Tesla HQ, who's been answering my questions over the last few weeks, about TechCU being an alternative to Wells and USBank with the resale guarantee. They are both telling me that going through TechCU will not get me the resale guarantee. What gives?
Quoting the finance person "The Resale Value Guarantee is only valid through Tesla Financing. Tech CU does not qualify at this time. Tesla does not have a direct lending partnership with Technology Credit Union. Many of our customers have received financing through TechCU, but no official partnership exists. TechCU offers competitive interest rates, very similar to those of US Bank, Wells Fargo, Alliant and PenFed."

 

[SamGarber]

Check with her:

Lily Buckingham | Data Analyst
3500 Deer Creek Road | Palo Alto, CA 94304
p (650) 681-5235| f (510) 952.4585
e [email protected]

I have asked both my DS and the finance person from Tesla HQ, who's been answering my questions over the last few weeks, about TechCU being an alternative to Wells and USBank with the resale guarantee. They are both telling me that going through TechCU will not get me the resale guarantee. What gives?
Quoting the finance person "The Resale Value Guarantee is only valid through Tesla Financing. Tech CU does not qualify at this time. Tesla does not have a direct lending partnership with Technology Credit Union. Many of our customers have received financing through TechCU, but no official partnership exists. TechCU offers competitive interest rates, very similar to those of US Bank, Wells Fargo, Alliant and PenFed."

- - - Updated - - -

Maybe since you are in CA which is served by the standard program you aren't able to get it. Here in PA I have no way of going with USBank or Wells.

I sent a query as well to make sure I am still covered since I haven't actually taken delivery yet. Will let you know what I hear. I do have a thread confirming that at least in my case Tesla said it will happen through TechCU.

 

[SamGarber]

Confirmed:

I can confirm that the Resale Value Guarantee is available with Tech CU, the only condition is that you put 15% down on the car plus sales tax and fees. You simply need to request it from your Delivery Specialist when your car is delivered or email [email protected] after your delivery and we will send it over to you.

 

[towman26]

We had the same issue when getting ours. We have great credit but Wells Fargo would only do 35% down payment. That was crazy

 

[get_amped]

Check with her:

Lily Buckingham | Data Analyst
3500 Deer Creek Road | Palo Alto, CA 94304
p (650) 681-5235| f (510) 952.4585
e [email protected]



- - - Updated - - -

Maybe since you are in CA which is served by the standard program you aren't able to get it. Here in PA I have no way of going with USBank or Wells.

I sent a query as well to make sure I am still covered since I haven't actually taken delivery yet. Will let you know what I hear. I do have a thread confirming that at least in my case Tesla said it will happen through TechCU.

Thats the same person I have been dealing with...small Tesla world.
Is is obvious to me based on the different experience we've had with the same person that Tesla has different rules based on where you live. I don't think this is right...

 

[SamGarber]

Well in their defense they might have an agreement with WF and USBank to be exclusive in the states they do have the program in.

May not be fair - but such is business I suppose. As consumers we always have a choice to go elsewhere.

 

[get_amped]

Well in their defense they might have an agreement with WF and USBank to be exclusive in the states they do have the program in.

May not be fair - but such is business I suppose. As consumers we always have a choice to go elsewhere.

Here's the explanation I got: "We can offer the RVG to qualified TechCU customers who reside in states where Tesla does not yet have a dealer’s license. For customers who live in Tesla financing states, such as California, we offer the RVG through US Bank and Wells Fargo."
With this policy what they are doing is putting the customers in the states where Tesla does have a dealer license at a disadvantage since TechCU's rates are better than what Wells and USBank are offering.

 

[andrewket]

Here's the explanation I got: "We can offer the RVG to qualified TechCU customers who reside in states where Tesla does not yet have a dealer’s license. For customers who live in Tesla financing states, such as California, we offer the RVG through US Bank and Wells Fargo."
With this policy what they are doing is putting the customers in the states where Tesla does have a dealer license at a disadvantage since TechCU's rates are better than what Wells and USBank are offering.

I wish I had known that Tesla would have offered the RVG to me in Virginia even though I didn't finance with US Bank or Wells Fargo

Communication is not Tesla's strength.

 

[fuelsman]

Got 1.49% 72 months from Alliant CU with 15% down (based on ordered price with tax and tag total). Very good service and straight forward application process. Also good interest rates for their Saving and Checking accounts. Highly recommended.

 

[JST]

Confirmed:

I can confirm that the Resale Value Guarantee is available with Tech CU, the only condition is that you put 15% down on the car plus sales tax and fees. You simply need to request it from your Delivery Specialist when your car is delivered or email [email protected] after your delivery and we will send it over to you.

I'm very interested in the TechCU offer, but don't appear to qualify for membership. Are there affiliated organizations an out-of-state resident can join to qualify?