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not sure about this tesla loan term

fisherwise

Member
Apr 6, 2021
10
1
MN
Hi All,

Am about to taking delivery and received this Lending Agreement. I've a MY white/black with induction wheel which is $53k, financed $53k with 0 down and paid the sales tax. Now this lending agreement is asking me another $4k and says Total Sale Price (including Down Payment) $61,594.94.

I haven't down a loan yet and am wondering is this normal? Why the sale price goes to $61k?

Thanks in advanced.

Edit: Price breakdown

Price Details​

Model Y
$39,990.00
20’’ Induction Wheels
$2,000.00
Long Range All-Wheel Drive
$10,000.00
Destination Fee
$1,125.00
Documentation Fee
$75.00
Order Fee
$100.00
Car Price
$53,290.00

Additional Charges​

Registration Amount
$140.00
Registration Tax
$507.00
Sales Tax
$3,463.86

Total Cost of Vehicle​

$57,400.86​

Financing Details​

Amount Financed
$53,290.00
Monthly Payment
$798.39
Term
72 months
APR
2.49 %

Edit2: Lending Agreement

Vehicle Information​

  • Model
    2021 Tesla Model Y
  • Mileage
    15 Miles
  • VIN
    -
  • Vehicle Price
    $56,753.86

Total Purchase Cost​

  • Vehicle Price
    $53,290.00
  • Sales Tax
    $3,463.86
  • Fees
    $0.00
  • Total Purchase Cost
    $57,400.86

Below is the Finance section
  • Amount Financed
    $53,290.00
  • Finance Charge
    $4,194.08
  • Total of Payments
    $57,484.08
  • Down Payment
    $4,110.86
  • Total Sale Price (including Down Payment)
    $61,594.94
 
Last edited:

DaveORD

Member
Mar 12, 2020
727
628
Chicagoland
You did not mention the details in each, the breakdown. Perhaps the initial one is without state specific stuff factored in, and the second one has that - your state's sales tax and registration fees?
 

fisherwise

Member
Apr 6, 2021
10
1
MN
Thanks @Stephan Bogan and @DaveORD . I've updated my original post to include the initial one (when you choose finance) and the one I just received.

I just figured that I do not need to pay anything extra as the Financial Charge is the interest and is rolled into monthly payment.

The biggest concern to me was that my sales tax and registration fees are worded as "Down Payment"
 

Fakedevil

Member
Mar 24, 2021
146
31
Seattle
So what I found when I did financing is with tesla you can only max out the loan at price of the vehicle. They don't let you put sales tax etc into the loan. If you did your own financing, you can go to 60k for example.. So if you went with them, the numbers looks right ot me. You have to pay the outstanding amount which includes the tax and fees prior to delivery
 
Last edited:

bronxct1

Member
May 3, 2021
27
34
New York
The 61k number is correct. Basically, it's just totaling up what the car will have cost you at the end of your term when all fees tax and interest from the loan has been paid


$57,400.86(Cost before your downpayment)+$4,194.08(Total amount of interest for 72 months at 2.5% apr)

It does not matter that the sales tax is listed as a down payment as you owe $57,400.86 to Tesla one way or another to take delivery. Anything you pay in cash and don't have in your finance amount is a down payment to them.
 

rohiggidy

Member
May 27, 2021
161
133
ny
I have a similar question. Tesla makes this very confusing. still waiting on my MVPA. Even though it says taxes and fees included im not sure because this is not the final agreement.

Car Price​

$51,790.00​

Monthly Payment​

$545.77​

Amount Due​

$6,311.44​

Includes taxes, fees, trade-in, order fee and payments

Price Details​

Model Y
$39,990.00
Long Range All-Wheel Drive
$10,500.00
Destination Fee
$1,125.00
Documentation Fee
$75.00
Order Fee
$100.00
Car Price
$51,790.00

Financing Details​

Monthly Payment
$545.77
Term
36 months
Annual Mileage
15000 mi
Monthly Sales Tax
$0.00
Sales Tax
$2,170.76
Money Factor
0.0017125
Cost Over 36 Months
$27,908.39
Disposition Fees
$395.00

Additional Charges​

Cash Down Payment
$6,671.31
First Monthly Payment
$545.77
Tire Fee
$10.00
Acquisition Fee
$695.00
Registration Amount
$177.50

Payments Received​

Order Deposit
- $100.00
All dates and times in UTC

Additional Credits​

Negative Trade In
$311.86
EV Incentive
- $2,000.00

Amount Due​

$6,311.44​

 

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