Need advice on buying a high mileage 2017 Model S75

[tamaramiisu]

Ok so I've put a deposit on a 2017 Model S75. The car has 155,000 miles on it. It has a new motor, new battery, as well as new mcu. here are the details that are listed about the rest of the car
Enhanced autopilot is enabled
All glass panoramic retractable roof
High fidelity sound package
Climate package
Warranty good till late 2025
2 owners
no accidents
premium upgrades package
Black Alcantaara Headliner
19” Slipstream wheels
Can be upgraded to full self driving
unlimited supercharging
premium connectivity

The car is priced at $32,999. I think it's an awesome deal, which is why I put the deposit on it. The issue I'm running into is that I have to finance about $23,000 of the cost, because I am able to put $10,000 down right now. I've been approved by several banks up until they've already ran my credit and then they say ohh wait, this car has too many miles and either want to raise the interest a few percentage points and/or cut the term of the loan in half. Is this car not as good of a deal as I thought it was? I need some insight either way. Also if anyone can steer me in the right direction of any banks or credit unions that are able to finance a high mileage Tesla or any other suggestions would be greatly appreciated. Thanks.

 

[JimmyB]

Is that the one on OnlyUsedTesla? Congrats - looks nice. I considered it myself, and the seller seems on the level.

I guess the mileage frightens financial institutions because many ICE cars are on their last legs by that point. Whereas this S will have plenty of life left in it. No constructive suggestions, I’m afraid, but good luck!

 

[tamaramiisu]

Is that the one on OnlyUsedTesla? Congrats - looks nice. I considered it myself, and the seller seems on the level.

I guess the mileage frightens financial institutions because many ICE cars are on their last legs by that point. Whereas this S will have plenty of life left in it. No constructive suggestions, I’m afraid, but good luck!

Yeah it's that one. Thanks

 

[ucmndd]

Decent deal. I have a late 2016 with 115k miles and it's been relatively problem-free.

But yeah, no bank is gonna want to finance a 4 year old car with a ton of miles at their lowest advertised rate. You're probably gonna need to cough up the extra points or keep the term down.

Your post implies you might be attempting to finance $23k on a 4-5 year term, which I can't say I'd recommend on a "well loved" car like that.

 

[ucmndd]

I've financed a few cars through EECU, you might give them a call and ask if they have a mileage limit on used.

EECU

Educational Employees Credit Union (EECU) is based in Fresno, California. Experience Smarter Banking with EECU. We serve the Central Valley with branches in Fresno, Clovis, Hanford, Madera, Merced, Reedley, Sanger, Selma, Tulare and Visalia.

www.myeecu.org

 

[No CO2]

Great work and summary of finance rates and banks

Tesla loan

US Compatible with desktop browser only. Assumes excellent credit.,<a href="https://www.tesla.com/support/TESLA-lending">Tesla's Rate:</a>,Other useful links:,Get 1K Free Supercharging,137 Multiple credit inquiries do not affect credit score in a short period of time,Rates Updated:,Thu 12/17/20 ...

docs.google.com

 

[CapeOne]

I guess the mileage frightens financial institutions because many ICE cars are on their last legs by that point. Whereas this S will have plenty of life left in it. No constructive suggestions, I’m afraid, but good luck!

It’s not just an ICE concern. If not for the fact that this Tesla has a new motor, a new battery and a 4 year warranty I don’t think a bank/lender should want to touch it. Imagine if both of those items had to be replaced again soon on a car without a warranty just as a buyer defaulted on the loan.

 

[IslandHydro]

It’s not just an ICE concern. If not for the fact that this Tesla has a new motor, a new battery and a 4 year warranty I don’t think a bank/lender should want to touch it. Imagine if both of those items had to be replaced again soon on a car without a warranty just as a buyer defaulted on the loan.

One has to wonder if the items listed as 'new' replacements were actually refurbished / used parts. If so, it may not be as reliable as it might seem.

 

[ADEEL421]

One has to wonder if the items listed as 'new' replacements were actually refurbished / used parts. If so, it may not be as reliable as it might seem.

Agree. Plus on a 2017 they replaced the motor and battery in just this much miles. That’s fishy. 2017 is a fairly new car and shouldn’t have a motor problem. I expect battery to last more longer. Be careful. Something doesn’t add up here. I saw the exact same car on offersup in Boston.

 

[y2khd]

Sounds like great deal. Mileage doesn't matter in my point of view as you have unlimited miles warranty on battery and drive unit. go for it..

 

[CapeOne]

One has to wonder if the items listed as 'new' replacements were actually refurbished / used parts. If so, it may not be as reliable as it might seem.

Given that these were replaced under warranty, they probably are refurbished/used parts and may fail again quicker than the originals as that has happened to others who had battery packs and/or drive units replaced. The good thing is that there is 4 years of warranty left and this was during the time of the unlimited miles warranty. After 4 years, it becomes a different story.

 

[pinakoolada]

I've financed a few cars through EECU, you might give them a call and ask if they have a mileage limit on used.

EECU

Educational Employees Credit Union (EECU) is based in Fresno, California. Experience Smarter Banking with EECU. We serve the Central Valley with branches in Fresno, Clovis, Hanford, Madera, Merced, Reedley, Sanger, Selma, Tulare and Visalia.

www.myeecu.org

In the past, how long does it usually take for your loan to be approved through EECU? I applied for a loan the other day, but my delivery is estimated for this Sunday to Wednesday and Im still in review.

 

[ucmndd]

In the past, how long does it usually take for your loan to be approved through EECU? I applied for a loan the other day, but my delivery is estimated for this Sunday to Wednesday and Im still in review.

Hmm. Mine always sail right through but I’ve been a member for years.

 

[tamaramiisu]

Update: Yayyy I finally got funding for the car. I'm so happy!!

 

[DustinT]

Update: Yayyy I finally got funding for the car. I'm so happy!!

So, what terms did you finally get for the loan?

 

[Sajad]

Ok so I've put a deposit on a 2017 Model S75. The car has 155,000 miles on it. It has a new motor, new battery, as well as new mcu. here are the details that are listed about the rest of the car
Enhanced autopilot is enabled
All glass panoramic retractable roof
High fidelity sound package
Climate package
Warranty good till late 2025
2 owners
no accidents
premium upgrades package
Black Alcantaara Headliner
19” Slipstream wheels
Can be upgraded to full self driving
unlimited supercharging
premium connectivity

The car is priced at $32,999. I think it's an awesome deal, which is why I put the deposit on it. The issue I'm running into is that I have to finance about $23,000 of the cost, because I am able to put $10,000 down right now. I've been approved by several banks up until they've already ran my credit and then they say ohh wait, this car has too many miles and either want to raise the interest a few percentage points and/or cut the term of the loan in half. Is this car not as good of a deal as I thought it was? I need some insight either way. Also if anyone can steer me in the right direction of any banks or credit unions that are able to finance a high mileage Tesla or any other suggestions would be greatly appreciated. Thanks.

Get it! New battery AND motor, assuming the inverter and power electronics check out fine, and battery has low degradation AND you have a 4 years warranty. IMO, that’s a good deal.
My 2017 MS 75, still has 93% at 92k miles and works flawlessly. One brake job at 80k/FSD with HW3/7 seating capacity, Unlimited Charging/Free Premium Connectivity and will be getting MCU and Camera upgrade tomorrow. I expect many years ahead.