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But it doesn't seem like a good deal. I checked the FAQ on Tesla.com and it says they'll pay you the difference in monthly payments between the two rates as a check, but your actual rate on contract would still be 3.99%

Loan $35,000
Loan for 60 months

Credit Union loan at 2.99%
$628.25/mo payments
Total interest paid $2724.41

Tesla's 3.99%
$644.42/mo payments
Total interest paid $3,665.22


So the difference between Tesla's 3.99% and my CU's 2.99% monthly payments is $16.17 x 60 = $970.20. So now if I take that check and make an immediate payment on month 1, the total interest charge would still be $3,457.08. A mere savings of $208.14. It seems like you're saving money, but the 3.99% compounded will still do its damage on the total interest over teh course of the loan.



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