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Model X Financing questions
- Thread starter Vizir
- Start date
SCModelX
Member
ModelS8794
Member
Tesla does not offer loans in PA. With the Model S I paid cash and took a loan some months after taking delivery when I found a tempting rate (USAlliance, not so tempting rates today sadly). With the X, I don't know yet, same boat as you.
K-MTG
Sunshade Captain of TMC
If I apply for Tesla first, get a rate and later apply with another bank will it lower my credit score?
ModelS8794
Member
K-MTG
Sunshade Captain of TMC
Colby Boles
Member
I think I am going to go with Western Credit Union (western.org). It is 0.99%/36mo, but there is an additional 0.25% discount for automatic payments which makes it 0.74%! I had the cash on hand, but at that low of a rate I would prefer to keep it invested somewhere that earns more.
Last edited:
dwebb66
Member
@Colby Boles a time value of money calculator may show that it makes more sense to pay a higher rate but go with a longer term than 36 months.
Colby Boles
Member
Agreed. If I was certain to make 10% on my money somewhere else, it would make the most sense to stretch out the loan as long as possible assuming it was sub-10% (and everything I have seen is 3% or less). Since there are no guarantees that I can do that I wanted to take the middle ground and pay the lowest amount of total interest paid, but be able keeps some cash on hand this year in case we buy a house. Of course home lenders often seem more interested in cash flow / expenses than cash on hand, so I'm not sure if paying cash for the car might have been preferable to having more cash on hand but an auto loan payment.
The Tesla Lending buyback program offers 50% of the base price and 43% on the options, which I think overall is not that great of an offer (time will tell on the resale value of these). If the buyback was attractive, I would have taken the 1.89%/36mo from Tesla.
SCModelX
Member
Here is my contact at Alliant. He was great, and quick, is an understatement.
Jason Freese
Alliant Credit Union
Loan Consultant
800-328-1935 Ext 2164
Direct: 773-462-2164
Fax: 773-462-2164
Jason Freese
Alliant Credit Union
Loan Consultant
800-328-1935 Ext 2164
Direct: 773-462-2164
Fax: 773-462-2164
Got the same guy. We must have rubbed him the wrong way. First application was lost and second took 2 days to heard back with very abbreviated answers. Now my DS can't reach him...
Should have just gone with Tesla's Chase offer.
Guys,
I am a week away from taking the delivery of Model X 90D in Fremont. I have the Tesla lease, loan approvals and also credit union loan approval. I calculated a 3 year TCO for loan versus lease and lease is a cheaper option by 8k.
I saw something odd though. I was playing with the Tesla lease calculator on Tesla Website. For a similarly priced Model S versus Model X, I see that the monthly lease payments for Model S are lower by 7-8%. Why would that be the case? Is Tesla attributing lower residuals to Model X?
I am a week away from taking the delivery of Model X 90D in Fremont. I have the Tesla lease, loan approvals and also credit union loan approval. I calculated a 3 year TCO for loan versus lease and lease is a cheaper option by 8k.
I saw something odd though. I was playing with the Tesla lease calculator on Tesla Website. For a similarly priced Model S versus Model X, I see that the monthly lease payments for Model S are lower by 7-8%. Why would that be the case? Is Tesla attributing lower residuals to Model X?
There are many factors that go into a lease. One would be residual and another is interest rate (money factor) among others. So the residuals maybe the case. But since this is a new model, my guess would be there doesn't have to be as good of a deal to sell the Model X. Typically with new models, manufacturers don't offer as good of deals as the older ones. The residuals are probably lower since not much data on resale value and the interest rate is higher. If you don't mind sharing, what was your lease details? I am about to get mine in 1-2 months and still debating between leasing and buying. I don't want to put any more than the 5k for the lease.
Waldek
Member
I got 100% financing from Pacific Marine Credit Union at 2.47% for 96 months. PMCU is only for Southern Counties of SoCal. I chose this as my mortgage has higher rate than this... so better to pay off mortgage first and keep car loan active
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