Model 3 - LR AWD Waiting Room

[JB47394]

They don't have prepayment penalties. Like I said I didn't realize it but looking at the loan agreement I figured out what they did. They took the interest rate (in my case 4.24%) then they look at the years (in my case 72 months, 6 years). Then they look at the amount financed (in my case 27k). Then they put it thru a loan/apr calculator (compounded annually) and they get the interest (in my case 3.5k) they then add that to the principle (27+3-30K) and divide it by 72 months to get your monthyl payment. I checked the math and it works out to that. They also have clauses buried in the contrast that state you must pay off this total amount to satisfy the lien. So once you sign you are the hook for all the interest no matter when you pay it off. ( I included my numbers in case anyone wants to check the math themselves.)

Ah, I see what you're doing. No, no. What they do is actually worse - and better. Amortization schedules are front-loaded to allow the lender to make money. That is, you start out paying significant interest per payment and slowly transition over the life of the loan to paying almost no interest. They do this because if you decide to pay off your car, they've already gotten a bunch of interest paid on the loan.

The "better" part is that you should be able to pay off the loan early, and only have to pay the remaining principle.

Take a look at this calculator. It'll show the interest/principle transition effect.

Auto Loan Amortization Calculator

Now I'm just assuming that all this applies to car loans. It certainly does to home loans, and nothing I see on the web suggests that car loans work any differently.

 

[ZZ118]

Ah, I see what you're doing. No, no. What they do is actually worse - and better. Amortization schedules are front-loaded to allow the lender to make money. That is, you start out paying significant interest per payment and slowly transition over the life of the loan to paying almost no interest. They do this because if you decide to pay off your car, they've already gotten a bunch of interest paid on the loan.

The "better" part is that you should be able to pay off the loan early, and only have to pay the remaining principle.

Take a look at this calculator. It'll show the interest/principle transition effect.

Auto Loan Amortization Calculator

Now I'm just assuming that all this applies to car loans. It certainly does to home loans, and nothing I see on the web suggests that car loans work any differently.

tbh the math works out the same BUT this is the clause in the contract I am referring to

You may prepay: You may prepay all or part of the amount financed at any time without penalty. If you do so, you must pay the earned and unpaid part of th finance charge and all other amounts due up to the date of the payment.

For reference it looks like this the contract

APR 4.24%
Finance charge (the dollar amount the credit will cost you) 3710.82
Amount financed (the amount of credit provided to you) 27218.22
Total amount of payments (the amount you have paid after all payments are made as scheduled 30929.04
Total sale price including down payment of 37002.86 is 67931.90
Number of Payments 72
Amount of payments 429.57

The stuff in ( ) is as written on the contract

My interpretation of this is that you are responsible for the 30929.04$ no matter what. The moment you finance that is how much you owe

 

[JB47394]

My interpretation of this is that you are responsible for the 30929.04$ no matter what. The moment you finance that is how much you owe

Trust me on this. You're responsible for the interest payments "up to the date of the payment". The summary numbers they're showing are disclosures required by law so that people know what they're getting into if they go the full term of the loan. People used to never have any idea how much they were actually spending because they couldn't (or wouldn't) do the math.

I plugged your numbers into that calculator and saw that the first month's interest is $103. If you decide to prepay the full principle of $27,218.22 when you make your first payment, you'll have to pay whatever fees are involved plus $103. That's it. That's the interest that you owe "up to the date of the payment". If you skip some payments and try to pay off the car, you'll owe the remaining principle on the car plus whatever interest was supposed to be part of those skipped payments. All they're saying is "we want the interest for the months where we were servicing the loan". If they tried to collect interest on months where they didn't service the loan, they'd be in court so fast it would make their head spin.

 

[ZZ118]

Trust me on this. You're responsible for the interest payments "up to the date of the payment". The summary numbers they're showing are disclosures required by law so that people know what they're getting into if they go the full term of the loan. People used to never have any idea how much they were actually spending because they couldn't (or wouldn't) do the math.

I plugged your numbers into that calculator and saw that the first month's interest is $103. If you decide to prepay the full principle of $27,218.22 when you make your first payment, you'll have to pay whatever fees are involved plus $103. That's it. That's the interest that you owe "up to the date of the payment". If you skip some payments and try to pay off the car, you'll owe the remaining principle on the car plus whatever interest was supposed to be part of those skipped payments. All they're saying is "we want the interest for the months where we were servicing the loan". If they tried to collect interest on months where they didn't service the loan, they'd be in court so fast it would make their head spin.

Lol I like your interpretation better. I will confirm on delivery day just to be sure but it is good to know what you are saying. That was always my plan to pay off the loan early to avoid the interest so I'm glad to see that is still an option.

 

[AC Traction]

EDD went from 9/6-20 to 9/10-20 yesterday. Anybody else get 11-day windows? Still no VIN.

 

[RobertsM3SR]

EDD went from 9/6-20 to 9/10-20 yesterday. Anybody else get 11-day windows? Still no VIN.

check source code see if its there

How to reveal your Tesla VIN number before it's in your account

Quick tricks to find the VIN number of your new Tesla before it appears in your account so you can focus on the paperwork.

electrek.co

 

[guerro]

So I apologize if this is well known, but this is my first time buying a car and I just figured this out:

When you apply for the financing with tesla they will calculate your interest over the life of the car on the spot and add it to your loan amount. It does not matter if you pay off early you will still owe X amount of interest. I didn't realize this or I may have opted for less amount of months and/or a larger down payment. On the good side you will know what your payments will be and they will not change as long as you pay them each month.

They are just telling you the total cost of the loan over the full term. I believe they have to provide this by law. This happens at every dealer and for every car I have ever purchased. If you pay off the loan early, you do not have to pay for interest that is not earned.

 

[Andrometer4]

So I apologize if this is well known, but this is my first time buying a car and I just figured this out:

When you apply for the financing with tesla they will calculate your interest over the life of the car on the spot and add it to your loan amount. It does not matter if you pay off early you will still owe X amount of interest. I didn't realize this or I may have opted for less amount of months and/or a larger down payment. On the good side you will know what your payments will be and they will not change as long as you pay them each month.

I would check into that. It sounds illegal to me. So you're saying if you have a 6 year loan, and decide to pay it off in 1 year, Tesla still charges interest on years 2-6? I don't think so. Whenever you pay off a loan, you pay off the principal balance.

 

[ZZ118]

Yeah I think you guys are right. That was always my plan/'interpretation as well. But the wording on the contract was very strange so that's why I was concerned. I'll confirm with them next week to be sure as well but likely false alarm

 

[Santorini2]

EDD17 Updated today (9/8). Accept Delivery

M3LR Deep Blue Metallic / 19" Sport Wheels / Black and White Premium Interior / No FSD / SoCal

OD 5/23/22 | EDD1 Aug-Nov l EDD2 Sep-Dec l EDD3 Aug-Nov l EDD4 08/14-08/28 / EDD5 08/15-08/28 / EDD6 (08/16) 08/19-08/29 / EDD7 (08/20) 08/23-09/05 / EDD8 (08/24) 08/27-09/05 | EDD9 (8/24) 08/27-08/31 w/ Vin 342xxx | EDD10 (8/25) 08/27 pick-up at Carlsbad, CA | EDD10' 8/27 Reject Delivery | EDD11 (8/27) 8/27-8/31 w/ VIN 346xxx | EDD12 (8/28) 9/1-9/18 | EDD13 (08/31) 9/1-9/14 w/o VIN | EDD14 (9/1) 9/4-9/18 | EDD15 (9/3) 9/6-9/18 | EDD16 (9/5) 9/8-9/15 w/ VIN 354xxx | EDD17 (9/8) Accept Delivery on 9/8

Lesson learned
1. Look carefully when inspection on the delivery date
2. No need to make a down-payment early. Do this on the delivery date after inspection.
3. No one can for sure next delivery date after delivery rejection - Just wait till SA gives us an update.

Accepted delivery today (9/8). Good luck on yours and have a great day.

 

[kptm7n3]

I wonder if all the east coast people (including myself) are just getting pushed to q4. I’ve been stuck on Dec for

Mine did the same today also

Mine did the same today also

Same here. EDD was 9/12 to 10/1. Now pushed to December.

 

[Fire0897]

Graduated today!!! I had my appointment at 12pm. The appointment took around 30 mins. I showed up and talked to an advisor, he said to accept the terms and that we can go to the car to put on the license plate since I was transferring one! I looked over the exterior of the car and it was near perfect! No panel gaps, I only saw a small scratch on the nose cone of the car. I most likely won't put in a service request to have it fixed since I know eventually I'll have a couple more scratches on it. Either way, it's barely noticeable. The interior was flawless!! I have matrix, ryzen, no mobile charger, and no license plate frame. From the little amount I drove the car IT IS AMAZING!!! The regenerative braking took a little while to get used to but I'm a fan of it! I installed some mud flaps, a screen protector, tesbro rear seat locks, and my car mats!! Taking it in for tinting tomorrow!! To everyone waiting, the wait is well worth it hang in there!!!

 

[AC Traction]

check source code see if its there

How to reveal your Tesla VIN number before it's in your account

Quick tricks to find the VIN number of your new Tesla before it appears in your account so you can focus on the paperwork.

electrek.co

Not there, either.

 

[ZZ118]

Hey
Just an update. I ordered the mobile connector with the voucher code on Monday and it shipped today. I think if you order it with the car itself it will come with the car. Thats what my SA told me but they weren't really sure.

 

[ZZ118]

Not there, either.

11 day windows aren't unheard of. They usually happen towards the end of quarter push as the system starts to become more sure of production. Weird things happen with edd and deliveries during the push. Seattle is sometimes a hard place to pin down end of quarter, yes it is west coast but historically tesla shows california the most love as the factory is only a few hours away. It looks good that you will get a car this month though imo

 

[Cereal]

Graduated today!!! I had my appointment at 12pm. The appointment took around 30 mins. I showed up and talked to an advisor, he said to accept the terms and that we can go to the car to put on the license plate since I was transferring one! I looked over the exterior of the car and it was near perfect! No panel gaps, I only saw a small scratch on the nose cone of the car. I most likely won't put in a service request to have it fixed since I know eventually I'll have a couple more scratches on it. Either way, it's barely noticeable. The interior was flawless!! I have matrix, ryzen, no mobile charger, and no license plate frame. From the little amount I drove the car IT IS AMAZING!!! The regenerative braking took a little while to get used to but I'm a fan of it! I installed some mud flaps, a screen protector, tesbro rear seat locks, and my car mats!! Taking it in for tinting tomorrow!! To everyone waiting, the wait is well worth it hang in there!!!

Yessss! Congrats Team Blue! Have fun and enjoy!

 

[Bestie_n_Tessi]

Graduated today!!! I had my appointment at 12pm. The appointment took around 30 mins. I showed up and talked to an advisor, he said to accept the terms and that we can go to the car to put on the license plate since I was transferring one! I looked over the exterior of the car and it was near perfect! No panel gaps, I only saw a small scratch on the nose cone of the car. I most likely won't put in a service request to have it fixed since I know eventually I'll have a couple more scratches on it. Either way, it's barely noticeable. The interior was flawless!! I have matrix, ryzen, no mobile charger, and no license plate frame. From the little amount I drove the car IT IS AMAZING!!! The regenerative braking took a little while to get used to but I'm a fan of it! I installed some mud flaps, a screen protector, tesbro rear seat locks, and my car mats!! Taking it in for tinting tomorrow!! To everyone waiting, the wait is well worth it hang in there!!!

I’m so proud lol! Congrats!!! where are the pics?!?

 

[donovan]

After seeing these pics, I went to check mine. And crap, mine is similar though not quite as pronounced. I totally missed this on my inspection. Mine also has the larger gap on left side. Perhaps team Blue is not so lucky after all.

Anyone know how they would actually go about fixing this?

Did you get this fixed?

 

[Fire0897]

I’m so proud lol! Congrats!!! where are the pics?!?

I’ll send them very soon!!

 

[Minotaur]

Did you get this fixed?

Not yet. Apparently, I did not inspect the car as closely as I thought. I also have significant panel gaps under the driver front & rear door where it meets the rocker panel whereas it's flush on passenger side. I would like to get this fixed, along with the mis-aligned trunk. But, I'm now 2 weeks after delivery and these types of issues are supposed to be reported in the first 24 hours. So, I'm not sure if they will fix this now, but I'm going to submit a service request for it. I already have a scheduled service appt for a rattling front passenger seat and dash board.