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Model S financing - less than perfect credit

Discussion in 'Model S: Ordering, Production, Delivery' started by beck.christopher, Dec 5, 2012.

  1. beck.christopher

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    Has anyone with less then perfect credit been able to successfully finance a Model S?

    I had some issues with credit back during the recession in 2008 but have since straightened everything out and I am worried that financing may be an issue. My ability to pay the monthly payments for the car is not an issue just concerned that my credit report will come back to be a problem.

    What happens if you finalize but can't secure financing when they try to schedule delivery?
     
  2. jerry33

    jerry33 S85 - VIN:P05130 - 3/2/13

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    Worst case is they keep your deposit.
     
  3. dsm363

    dsm363 Roadster + Sig Model S

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    Have you finalized already? I'd definitely try and secure financing before you lock in your deposit.
     
  4. ClearwaterBchSteve

    ClearwaterBchSteve P445 / VIN 1794

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    jerry33 is correct, once you finalize, the deposit becomes non-refundable. From what I've gathered so far, financing is a bit difficult before you actually get a VIN and you won't get a VIN until months after finalizing your order with Tesla. It's a bit of a cat and mouse game. Also, unlike a traditional "standard car" loan, financing a model S will likely require a higher percentage down payment than a traditional "off the lot" car simply because it's a new company with only a couple thousand cars built so far. Tesla's standard internal financing is typically 70% loan to value (30% down) according to their credit manager. However if you still haven't finalized, by the time your car is ready, things might loosen up a little because there will be a track record. Do what I did when considering whether or not to "finalize" the order... Roll the dice and submit it :cool:
     
  5. EV_Bob

    EV_Bob New Member

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    My financial situation was a little unusual, but the great folks at Star One credit union were flexible and worked it out. I ended up getting the car loan quickly and with a great interest rate. I cannot say enough about my positive experience with Star One. Without them, I would not be driving my new Signature S. Credit union membership does not require any direct connection with your company.
     
  6. Bamashrink

    Bamashrink Member

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    Stay away from bank of america. They are financing my roadster but emphasized several times that they don't finance model s....i never brought up the subject of model s so was a bit strange.
     
  7. beck.christopher

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    I have not finalized yet. I wasn't sure how to secure it prior since I would probably have to wait 6 months to get the car.

    - - - Updated - - -

    I have had so many negative experiences with Bank of America I would never use them again.

    - - - Updated - - -

    If possible could you provide a bit more detail on the loan you were able to work out?
     
  8. Lloyd

    Lloyd Active Member

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    I noticed that the updated website has a financing section were they say you will be contacted 30 days prior to delivery with financing options.

    http://www.teslamotors.com/financing
     
  9. dsmith2189

    dsmith2189 Active Member

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    you can order a copy of your credit report from freecreditreport.com so there will be no surprises.
     
  10. ClearwaterBchSteve

    ClearwaterBchSteve P445 / VIN 1794

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    Unfortunately, it does not quite work that way (yet). I'm one of the very early "P" reservation holders and had not heard anything from Tesla. Finally yesterday I inquired about my VIN and status simply becuase folks with reservation numbers a couple thousand higher than mine were receiving delivery notices. Tesla staff immediately replied with the VIN and asked me to finalize my delivery and payment plans at that time. My delivery window starts 10 days from now so I'm scrambling to get everything in order. When they show up with the car at my home, they will expect a check.
     
  11. ElSupreme

    ElSupreme Model S 03182

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    I secured credit from my bank before I finalized. The credit offer expired after 45 days, but at least I know they will give me credit when my car comes around.
     
  12. jchangyy

    jchangyy Member

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    That's surprising since Bank of America is still listed on Tesla website as preferred financing institution (as well as Wells Fargo). Hmm... Maybe I'll go talk to someone there as well and see what they say. I do bank with them. So far, I've been ok with them.
     
  13. Zextraterrestrial

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    I hate BofA. my wife has had so many problems with them. Check Provident CU out of Redwood city if ur in the Bay area/anywhere.
    2.75%, 70k, 7yrs is what I did. $911/mo:eek:
     

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