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Model X Financing questions

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Can you elaborate on what the hassle of a secured loan is? I guess I mean what is the benefit of not having a lien holder?



QUOTE="CmdrThor, post: 1408064, member: 15243"]I am planning on applying to LightStream to finance about a 1/3 or so of the purchase price. It seems I should be able to get 1.99% for 36 months, but what is nice is that if your credit is good enough it is an unsecured loan. So they just deposit the cash in your account, and you get to be the only one on the title. Even if I could get 0.25% or so cheaper somewhere else, avoiding the hassle of a secured loan seems worth it to me.[/QUOTE]
 
Can you elaborate on what the hassle of a secured loan is? I guess I mean what is the benefit of not having a lien holder?
From my perspective you save the hassle of sending in the pink slip when paid to put it in your name and possibly naming them as loss payee on your insurance. Not a hassle to me that would be worth paying an additional 25 basis points.
 
So is lease a much more expensive option since it has a higher interest rate? I'm afraid to keep the car after warranty expire and I'm also afraid technology will advance like autopilot 2.0 with new additional hardwares or 100kwh battery in couple years that makes the car depreciate a lot .... Hmmm ...
 
So is lease a much more expensive option since it has a higher interest rate? I'm afraid to keep the car after warranty expire and I'm also afraid technology will advance like autopilot 2.0 with new additional hardwares or 100kwh battery in couple years that makes the car depreciate a lot .... Hmmm ...

Same fear I have so I am leasing plus I promise at 2.5 years tesla will contact us with a early lease expires deal to get into a new one.
 
So is lease a much more expensive option since it has a higher interest rate? I'm afraid to keep the car after warranty expire and I'm also afraid technology will advance like autopilot 2.0 with new additional hardwares or 100kwh battery in couple years that makes the car depreciate a lot .... Hmmm ...

Tesla does provide trade-in value guarantee and I used 3-5 year TCO analysis based on that. Whatever way I look at it, lease works to be a better option if I plan to change my car after 36-48 months. One of the threads here as a link to a pretty good TCO analysis Google sheet.
 
From my perspective you save the hassle of sending in the pink slip when paid to put it in your name and possibly naming them as loss payee on your insurance. Not a hassle to me that would be worth paying an additional 25 basis points.

That's basically it. After getting the title back I would then have to go into the tag office and have them issue me a new title (and pay for that) without the lienholder on it. Between the time spent, fees, and the small portion of the car I am planning on financing, it is easier to just not worry about all that.

If I go ahead and get approved somewhere else with a better rate, Lightstream will beat it by 0.10% as well.
 
Not credit union cheap, but if you are a Bank of America Premier Rewards customer already, this is no hassle and took me less than 72 hours to get the check in my hands with zero out of pocket.

2.14% (including premier rewards discount)
72 months
Financed $123k (invoice price plus all taxes and fees)
 
I just got 1.18% from Energy Federal Credit Union. It's basically 1.93% - 0.75% EV discount. They could finance up to 60months, $69,999 for this rate. It's like free money. They do require a membership application to be mailed in. Once they received it, you just apply over the phone the same day. Once approved, you have to mail in a notarized power of attorney form. I just fedEX next day air to them. And my DS gave them a FedEX next day air label to send the payment. The whole process only takes three business days if you fedEX everything. A bit more work but worth the saving against the lowest rate Tesla offered me which is 2.35%. And they do a lot of loans on Tesla everyday. I worked with Tony Cesca and he is awesome! Direct Line: 301-670-1306 Email: [email protected]
 
I just got 1.18% from Energy Federal Credit Union. It's basically 1.93% - 0.75% EV discount. They could finance up to 60months, $69,999 for this rate. It's like free money. They do require a membership application to be mailed in. Once they received it, you just apply over the phone the same day. Once approved, you have to mail in a notarized power of attorney form. I just fedEX next day air to them. And my DS gave them a FedEX next day air label to send the payment. The whole process only takes three business days if you fedEX everything. A bit more work but worth the saving against the lowest rate Tesla offered me which is 2.35%. And they do a lot of loans on Tesla everyday. I worked with Tony Cesca and he is awesome! Direct Line: 301-670-1306 Email: [email protected]

I did this too - I worked with Mary Johnson ( [email protected] ) and the whole process was fast and easy. I joined the credit union just to get the loan, and didn't have to sign up for any other services (or automatic payment).