Model 3 - LR AWD Waiting Room

[Nfletcher]

Just curious if someone thought of or actually got a loan from theirs 401k instead of going with a bank or a CU?
If it actually allowed, you are just paying back yourself and not incurring interest charges.

I’m no financial expert but if it’s a good idea depends on a lot of factors like how old you are or if you know for certain you will have that job while you pay it back. If you lose the job or change jobs, it is due immediately or you default to yourself. Also you do pay interest but it’s interest paid to yourself and I think it’s usually higher that what you’d pay to a bank. I believe the max you can borrow is half of your 401k or up to $50,000 for a vehicle. Check with your plan administrator and compare would be my suggestion. It may or may not be right for your situation.

 

[JB47394]

I’m no financial expert but if it’s a good idea depends on a lot of factors like how old you are or if you know for certain you will have that job while you pay it back. If you lose the job or change jobs, it is due immediately or you default to yourself. Also you do pay interest but it’s interest paid to yourself and I think it’s usually higher that what you’d pay to a bank. I believe the max you can borrow is half of your 401k or up to $50,000 for a vehicle. Check with your plan administrator and compare would be my suggestion. It may or may not be right for your situation.

Piling onto this, here's a nice summary article about borrowing from a 401(k) to buy a car.

Using A 401(k) To Buy A Car: Is It Smart? | Bankrate

 

[threeputts]

I’m no financial expert but if it’s a good idea depends on a lot of factors like how old you are or if you know for certain you will have that job while you pay it back. If you lose the job or change jobs, it is due immediately or you default to yourself.

This is one major drawback of a 401k loan, if you leave your job the loan must be paid in full or it is considered a withdrawl which is taxable and if you’re under 59 1/2 also usually incurrs a 10% penalty. If you do this then need to change jobs I’d look for a car equity loan right away to pay off the 401k loan. Another major drawback is your 401k will miss out on some tax deferred gains while you are making payments, assuming of course whatever you are invested in gains value. If you are invested in equities and the market continues to drop you could actually come out ahead, but personally I would be loathe to sell shares now to fund a loan given how much the market has dropped in the last 5 months. Also check your plan rules as there may be an annual maintenance fee.

 

[Hiline]

I’m going to miss all you “old timers” after you get your ”rides” and drive off into the sunset
I expect to be around long after you’re gone.

My situation is quite the opposite of everyone here as I am trying to hold off receiving my new vehicle until September. Don’t ask why, stronger forces at work on the home front. Anyway, there’s some different strategies I’ve picked up during my time here which I could use (change to RWD, then change back to LR after two months, change colors back and forth). I could also explain my situation to an SA at 1-800-TESLA, but not holding my breath.

I’ve already had my local SA put the max 90 day from OD hold which runs out June 14. I was also told I could cancel a VIN once, but after a second cancellation, my order would probably be cancelled. Worst case, I could let it be cancelled, create a new order and take the last price hike hit after my OD, assuming there aren’t any more price hikes in the short term (yeah right). Or just cancel it now, put in a new order and take the last price hike hit and guarantee no more price hikes. Like I implied, rather unusual and frustrating situation.

I’m open to any suggestions.

Try changing your configuration closer to EDD, such as colors. I was about to change my color from white to red until someone in this thread told me the change might delay the delivery.

 

[Ubersl]

This is one major drawback of a 401k loan, if you leave your job the loan must be paid in full or it is considered a withdrawl which is taxable and if you’re under 59 1/2 also usually incurrs a 10% penalty. If you do this then need to change jobs I’d look for a car equity loan right away to pay off the 401k loan. Another major drawback is your 401k will miss out on some tax defferred gains while you are making payments, assuming of course whatever you are invested in gains value. If you are invested in equities and the market continues to drop you could actually come out ahead, but personally I would be loathe to sell shares now to fund a loan given how much the market has dropped in the last 5 months. Also check your plan rules as there may be an annual maintenance fee.

The only risky thing I'm seeing is changing jobs and have to pay it off right away. Potentially higher interest rate is not a big issue, since you are paying it to yourself. One of the articles I've seen on the issue said that lower market is a good time to do something like that.

 

[TigerNinety]

Anyone else OD 3/27 and what is your EDD?
Mine showed aug 5- sept 15
EDD 06/15-07/22
EDD 07/05-08/13

Yup. I'm actually now almost exactly half way between my OD and the first day of my five-week EDD window. Picking up in Rockville, MD.

22 M3LR, Black, Black, 19" Sport, no FSD. OD: 3/27, EDD: Jun-Aug. ~4/1 EDD: Jun 4-Jul 16. 4/13 EDD: Jun 11-Jul 16

 

[Bogey Golf]

Model 3 Long Range/black paint/black interior/aero wheels/no FSD
Order Location: Southeastern United States
VIN Status: not assigned
Order Date: February 26, 2022
EDD 1: May (original EDD on order date)
EDD 2: March 18 - March 31 (updated on February 28)
EDD 3: May 19 - June 16 (updated on March 8)
EDD 4: March 29 - March 31 (updated March 13)
EDD 5: May 11 to June 15 (updated March 18)
EDD 6: April 28 - May 12 (updated April 10)
EDD 7: May 20 - June 17 (updated April 15)
EDD 8: June 1 to July 6 (updated April 20)
EDD 9: May 18 to June 1 (updated April 26)
EDD 10: May 26 to June 9 (updated May 7)
EDD 11: May 30 to June 3 (Updated May 14)

Wow what a rollercoaster of EDD’s you have

 

[blonded]

The only risky thing I'm seeing is changing jobs and have to pay it off right away. Potentially higher interest rate is not a big issue, since you are paying it to yourself. One of the articles I've seen on the issue said that lower market is a good time to do something like that.

I also want to change my color (white -> gray) but am afraid of my delivery getting pushed, or it not including the mobile connector anymore.

 

[Not That M3]

The only risky thing I'm seeing is changing jobs and have to pay it off right away. Potentially higher interest rate is not a big issue, since you are paying it to yourself. One of the articles I've seen on the issue said that lower market is a good time to do something like that.

It’s a terrible decision. You lose gains in your 401k, the risk of losing jobs, fees, and interest rate isn’t better than what you can get from credit unions. You must be forgetting the returns you get on your 401k.

 

[Hiline]

Yes actually, I am shocked that they won’t do right by people and it’s people like you that just bends over and takes it…the reason they’re gonna keep it up. No matter how big you get you should ALWAYS do right by your customers…customer service can literally end a company. The mobile connector is definitely an issue as it is required to charge the car at home. How is it that folks are really ok with paying the inflated price that already includes that same omitted mobile connector then pay $200 or $400 or whatever for something that should have came with the car? Absolutely ludicrous but hey, there’s one born everyday right? What’s next? No tires included? If you’re having supply chain issues that’s fine, we all know what’s going on right now. You ship it to folks when you get it…simple. Same thing all reputable automakers are doing right now and not only that they’re giving you a discount on the price because of the inconvenience.

And actually I already have an EV (one in my opinion that’s better that I ordered waiting on this car and got first) and most likely won’t even be keeping this 3. Can’t sell my reservation and can’t get my money back so yea, my wife may want it but I doubt it. Price has increased by like $5k since I bought it so it should turn a nice profit because like you said, there are a million yous out here that will gladly take it. But hey, if you like it I love it…keep on keeping on. Soon you’ll have to buy the frame and all the other parts will be sold separately to assemble it lol

You can sell your reservation. People would pay you thousands for it, depending on your EDD (don’t see one in your signature so don’t want to assume). If you do decide to sell, let me know and I can find friends who want in on it.

 

[TigerNinety]

I honestly don’t see resale values of these cars being affected at all. 99% of the population has no idea about headlights beyond perhaps knowing that LED is the “best” and most modern type. Tesla never advertised the car as being specced with matrix lights and it won’t show up on the Monroney sticker. We, on this forum, are a tiny fraction of future and current Tesla owners - Tesla is probably averaging something like 1500 Model 3 deliveries every day at this point.
If someone wants matrix and is offered a car without there is the option to reject the VIN which at least a couple people here have done. Yes you’d need to wait a little longer but the reason they are installing the reflector type lights is obviously due to supply chain issues. If they didn’t install reflector headlights to get the car out the door to the customer there would be no car to reject in the first place because the factory would have ground to a halt. i.e. it would have taken longer to get a car anyway.

On the resale, I think it's hard to know now. Today, almost nobody knows what these things are supposed to do or how much better the experience might be. If it turns out to be significant and four years from now it's an expected feature, I'd expect the mainstream buyer to be looking for it.

 

[show_stoppa]

Man, seeing some of those pick up dates makes me thankful. I think I’d be going bonkers being that close yet so far away. And I’m not bragging or anything…100% serious. Our Monday delivery is making me anxious while we’re on vacation lol.

it depends how far you are from Fremont factory (amongst a few other things).
The VIN is assigned the day the vehicle is built.
So folks in east coast will have delivery dates out in future compared to folks who can spy on the fremont factory from their backyards.

 

[Hiline]

Exactly. Seeing how many RWD orders from 2021 still have yet to be delivered, I couldn’t trust an October - December EDD. Still have it after switching yesterday to the LR so I don’t know when to expect a new one. I have a car I’m trading in for the M3LR and the longer I drive it the lower the value, so waiting longer would almost make no difference towards financing.

Did you get the old pricing when you switched from SR to LR?

 

[T-J-]

Day 81.
Two days away from the beginning of my two week window (May 16-30).
No VIN in app or source code.
I have a feeling if VIN doesn't show up today, then on Monday my two week window will be pushed back.
On a side note: I'm in the middle of an argument with some clowns on FB about their conspiracy theory that gas prices have been inflated just to make people buy EV's so that the government can control our movements and turn off our cars if we don't obey.
Oh, and these are the same people that don't believe in climate issues, but the first thing they say about EV's is "WhAt AbOuT tHe BaTtErIeS?".

 

[Lori A]

What is your vehicle configuration? You never put it in your signature. If you aren't comfortable saying, could you say how many upgrades you put on the car? That is, interior color, exterior color, wheels and FSD.

So sorry...Black exterior, black interior, aero, no FSD. VIN 242xxx. My SA said my car would have Matrix headlamps but we shall see...

 

[jack144]

it depends how far you are from Fremont factory (amongst a few other things).
The VIN is assigned the day the vehicle is built.
So folks in east coast will have delivery dates out in future compared to folks who can spy on the fremont factory from their backyards.

Are you sure VIN gets assigned the day the car is built? My VIN was assigned 2 days back and I am picking the car up today

 

[jack144]

It’s a terrible decision. You lose gains in your 401k, the risk of losing jobs, fees, and interest rate isn’t better than what you can get from credit unions. You must be forgetting the returns you get on your 401k.

I completely agree with what @Not That M3 said. Interest rates are super low. I got a 2.09% rate from my credit union.

 

[windjammer99]

Did you get the old pricing when you switched from SR to LR?

Nope, doesn’t seem like it. I’m now paying more than I would if I stayed with the SR.

 

[T-J-]

Are you sure VIN gets assigned the day the car is built? My VIN was assigned 2 days back and I am picking the car up today

Another user posted that VIN's are assigned when there are the parts available to make your car and it's going into production.

 

[Hiline]

You can always contact your SA by replying to the text that you first got that welcomed you to the "Tesla family". (The vast majority of us ordered online.) If anyone knows where your car is, it's your SA. That said, tracking a vehicle isn't something that I think many SAs are all that interested in doing. Buyers would be calling them every five minutes.

Wait until you get stuck in stop and go traffic, or in a traffic jam on the highway. That's when autopilot is absolutely a guilty pleasure.

Can you elaborate a bit on how autopilot helps with stop and go traffic? I deal with this kind of traffic a lot in SoCal so not having to constantly stretch my eyes while driving would be tremendously valuable.

The 15 mile number is a kind of bog-standard statement of the initial mileage of a new car. I'm quite certain that my car had roughly 60 miles or so, but when my title document arrived in the mail, it read 15 miles. I'm not sure what those extra miles were from and I try not to think about what they might mean.

I had an actual dent (thumbnail-sized) in a metal roof panel, and the rear glass panel wasn't aligned/seated properly on one side. It's elevated by a couple mm. Neither flaw jumps out at me, but they really shouldn't be there, especially the dent. I have the flaws on record because I started a service call on them, so maybe I can revisit this sometime in the future. The car may have other things that other people would have called out, but it really falls to the buyer to decide what's tolerable. Those two were my "intolerables".

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These little issues make me wonder if this kind of delivery experience is common for all cars or is unique to Tesla. This is going to be my first new car so I have never had to check for flaws at delivery before.