Other financing options?

[thegangler]

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?

 

[jelloslug]

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

 

[fully]

great question gangler, I am in the same boat.

 

[jelloslug]

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.

 

[Max*]

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

 

[thegangler]

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.

 

[jelloslug]

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.

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

 

[thegangler]

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.

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

 

[jelloslug]

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

 

[zedkyuu]

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

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%.

 

[jelloslug]

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%.

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.

 

[thegangler]

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

 

[jelloslug]

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

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.

 

[thegangler]

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.

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

 

[jelloslug]

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

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

 

[zedkyuu]

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.

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)

 

[thegangler]

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

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.

 

[Cnasty]

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.

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.

 

[thegangler]

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.

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.

 

[Cnasty]

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