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Other financing options?

Discussion in 'Model S: Ordering, Production, Delivery' started by thegangler, Jul 11, 2016.

  1. thegangler

    thegangler Member

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    I've seen a few threads make mention to the potential Alliant rate reset. My car won't be delivered for a few months, and they won't lock in the rate I was approved at (wasn't aware of the 30 day approval when I applied.

    If the rate does go up, what's the next best option for someone with A+ credit for financing?
     
  2. jelloslug

    jelloslug Active Member

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    Tesla may pick another lending institution for their "preferred" rate.
     
  3. fully

    fully Member

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    great question gangler, I am in the same boat.
     
  4. jelloslug

    jelloslug Active Member

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    I got a reply from my Alliant rep this morning. She said that she though that they were in talks with Tesla about extending it but nothing set so far.
     
  5. Max*

    Max* Charging

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    Check your local credit unions. The rates could be very competitive.
     
  6. thegangler

    thegangler Member

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    I'll check my local credit unions, thanks Max!

    I will say if I don't find something comparable to the 1.74% from Alliant I may cancel my order - I have through the 15th to finalize, and would just re-order once the Tesla Preferred financing was sorted out - be it Alliant or whomover.
     
  7. jelloslug

    jelloslug Active Member

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    The difference between 1.75 and say 3.00 would be less than the $2500 you would loose by canceling.
     
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  8. thegangler

    thegangler Member

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    I'm within the grace period before my order is finalized. Rep confirmed I'll see a refund of the $2500 within a few weeks if I cancel before the 15th.


     
  9. jelloslug

    jelloslug Active Member

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    You could always get a few of those 0% balance transfer offers from some credit cards and just buy it with "cash"...
     
  10. zedkyuu

    zedkyuu Member

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    Don't most of those come with immediate 3% or 4% fees right off the bat? And then 0% for how long? Probably not 6 years, and after they go off 0%, I doubt you'd pay any less than 15%.
     
    • Helpful x 1
  11. jelloslug

    jelloslug Active Member

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    Yea but 3% up front is vastly less than 3% APR. The trick when the 18 to 21 month term is up is to just roll it to another 0% until you have each one paid off. I have had offers lately that have a 2% transfer fee rather than the 3 to 5 percent.
     
  12. thegangler

    thegangler Member

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    But that would be 3% (or 2%) every 18-21 months. Still too high, but nice effort!
     
  13. jelloslug

    jelloslug Active Member

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    It could, but that's just a bit more incentive to pay it off faster. You could also roll it into a conventional loan at any point in the process.
     
  14. thegangler

    thegangler Member

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    LOL my highest credit card limit is $20k - just do that for 4 credit cards and I'm in business.
     
  15. jelloslug

    jelloslug Active Member

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    But wouldn't it be great to pay "cash" and have them hand you the title at the SC? :D
     
  16. zedkyuu

    zedkyuu Member

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    I don't understand. My reasoning:

    Assume $70k car
    3% up front = $2100
    3% APR = 0.25%/month = 3.042% compounded over a year = $2129/yr interest (assuming you never pay any principal back, which is impossible here)
     
  17. thegangler

    thegangler Member

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    Mine, free and clear! No repo man to worry about when I don't pay that bill, just Chase sending Vito to come hunt me down.
     
  18. Cnasty

    Cnasty Member

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    My rate will be locked in once I give them the VIN# this week. Did they not do the same for you?

    I applied last week and will not be delivered until September.

    1.49/72 months

    If they have to pull again and I don't get that rate, I will be back here with you. :)
     
  19. thegangler

    thegangler Member

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    Who were you dealing with? My contact, we'll call him "Mark"(because that is his name), seems like a bit of a jag. His response to my request to lock in the rate?

    "Nothing we can do at this time. "

    His reply to my question about potential rate changes?

    "I do not."

    Guess this is what you get when you have a captive audience.
     
  20. Cnasty

    Cnasty Member

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    lol, he sounds swell.

    Let's just say I am not dealing with Mark but another gentleman listed a lot on this forum and he was very helpful. I will see Wednesday when I supply the VIN as he asked for to lock in the rate or see if it was lip service.

    I have seen some up and down transactions as of late with Alliant and with your info and others here lately I do not feel confident that mine will get locked in
     

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