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How and when do I pay for my Model 3?

Discussion in 'Model 3' started by timk225, Mar 26, 2016.

  1. timk225

    timk225 Member

    Joined:
    Mar 24, 2016
    Messages:
    183
    Location:
    Pittsburgh
    I'm getting in early on reservations for a Model 3. The way I understand the process is that sometime in 2017, Tesla will contact us and let us know we can now spec out our cars and formally put our orders in.

    Since I'll be buying my car with a car loan and maybe a down payment, how are things handled between me and Tesla and a bank to provide the loan? I guess payment would be due at the time of order, but will a normal auto lender do that when the car might not be built for as much as a year? Then I'd be making payments for months before I even get the car?

    Any idea if Tesla themselves can or will do the financing?
     
  2. sukhi

    sukhi Member

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    Mar 15, 2016
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    Location:
    Palo Alto
    You will not be making any payments when the order is finalized. You will make the payment at the time of delivery. Once your car is in production and close to delivery, you will be contacted by Tesla to get your financing in order. (Usually between 3-4 weeks of delivery)
     
  3. rnelsonee

    rnelsonee Member

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    Maryland
    And to add a little more, you won't be expected to do anything with financing until you get you VIN which won't get assigned until your vehicle is being built. Armed with that you can get a loan commitment. You certainly won't get the loan until you get the car (the lender needs you to be able to take delivery, otherwise you can't sign it over to them as collateral), so you won't have to make any payments before you drive it off
     
  4. dgpcolorado

    dgpcolorado Member

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    Location:
    The Western Slope, Colorado
    Tesla can and does arrange financing through bank partners. You might be able to get a better deal through a local credit union but Tesla car loan rates are decent. I chose an offer by Chase through the Tesla financing process.

    FWIW, Tesla also takes trade-ins through car buying partner companies (they bid on the trade-in). As usual with trade-ins you can usually do better with a private sale.
     
  5. timk225

    timk225 Member

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    Mar 24, 2016
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    Location:
    Pittsburgh
    In my case, I would definitely do better with a private sale. Once my Model 3 is on the way I will put my 2011 Challenger R/T up for sale, as I don't want to make 2 car payments. However, my R/T is the desirable and rare Green With Envy color, only 398 R/T automatics made with it, and it was a 2011 color only. And no car dealer will recognize that. I will get thousands more in a private sale to someone who is dying for a GWE car.

    I'm a little paranoid though. My credit score is good and I'm making reasonable money, but what if, for some obscure reason, my Model 3 is on the way and I can't get approved for the car loan? What then?

    My current car loan is through fifth third bank, I figured I would just go to them for the new Model 3 loan.
     
  6. ChicagoNivico

    ChicagoNivico New Member

    Joined:
    Mar 29, 2016
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    1
    Location:
    Chicago
    I have been living in Chicago. No Debt and in a good place but Not good credit but not bad credit. Basically no credit at all. How would one develop a game plan to approach a price of the new "3". I live in IL and do not think IL gives those that are looking to buy a Tesla a tax incentive at all because of the dealership "thing".
     
  7. S3XY

    S3XY Member

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    Nov 24, 2015
    Messages:
    305
    Location:
    Buffalo, NY
    Get a credit card and charge everything that you buy to it. Then make sure you pay it off on time every month. Just don't go overboard and start buying things you don't normally buy and don't get caught up in carrying a balance.
     
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