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Please check these numbers for loan

Discussion in 'Model X: Ordering, Production, Delivery' started by ajinsocal, May 8, 2016.

  1. ajinsocal

    ajinsocal Member

    Joined:
    May 8, 2016
    Messages:
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    Location:
    Los Angeles
    Hi all, newbie here seriously considering a 75D model X if we can get the numbers to work! I would really appreciate it if someone could tell me if my figures make sense?

    Purchase price of car is $93K plus CA taxes + roughly $100K
    100k - 5k deposit = $95k
    95k loan financed for 72 months (through Tesla financing) = $1319 per month plus 1.49% interest
    Deductions of $2500 CA state rebate and $7500 federal deduction
    Heavy vehicle $25k tax reduction for vehicles over 6000 lbs (I would be purchasing through my LLC) = $10k in total 'real' tax benefi.

    Taken over a 3 year period the $20K total, equates to $555 a month from the state and federal rebates plus the heavy vehicle deduction

    Use Tesla's Buy Back Guarantee after 3 years

    Average cost per month over 3 year period: $764/month (plus the 1.49% interest on the loan).

    Have I got this wrong? If I can get it down to this figure we will definitely pull the trigger. Thanks a lot in advance.
     
  2. MonsterCarter

    MonsterCarter Member

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    Location:
    CA
    I believe Teslas buyback is only available if you finance through Tesla. Their rate is definitely not 1.49%
     
  3. ajinsocal

    ajinsocal Member

    Joined:
    May 8, 2016
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    Location:
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    Apologies if I've got it wrong but on the Tesla Lending page it says their loan rate is 1.49%? Regardless, I would really appreciate it if someone could check the rest of the figures to see if my ballpark range looks correct?

    Estimate your Loan Payment

    Your ZIP xxxx
    Vehicle Tesla X 75D - All Wheel Drive
    Vehicle Subtotal $93,000 Design your Model X
    Delivery $1,200
    Total $94,200

    Term 72 months
    APR % 1.49
    Down Payment $4,710
     
  4. nexsuperne101

    nexsuperne101 Member

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    Location:
    London, England
    Would anyone know what the % rate is in the UK? I am toying with buying a 70D (Model S) whilst I wait for my 3.
     
  5. Wshowell

    Wshowell Member

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    Arroyo Grande Ca
    I would suggest really looking into the "heavy vehicle" tax deduction. I've read a bunch of "opinions" but I don't recall seeing any from CPAs or tax attorneys. This could have serious ramifications on you decision, tax liability and even audit trail if you're not absolutely sure of the accuracy. I'd love for it to be true for my own LLCs but I don't think it is.
     
  6. James Anders

    James Anders Member

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    Southampton, PA
    Only a 5% down payment?

    Usually it's 20% or at least 10%.
     
  7. ajinsocal

    ajinsocal Member

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    Location:
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    Again I apologize if I have got this wrong but going by the Tesla Finance calculator I have based my figures on the down payment of $4710, which their system accepted?
     
  8. ajinsocal

    ajinsocal Member

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    Location:
    Los Angeles
    Would appreciate some feedback
     
  9. loganintx

    loganintx Member

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    Mar 8, 2016
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    Location:
    Austin, TX
    You can plug your numbers into my spreadsheet and see what you get. Let me know if you have any questions!
    Tesla Model X Finance
     
  10. chloedog

    chloedog Member

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    Location:
    Seattle
    Unless you trade in the car for another business vehicle at the end of 3 years I think you'll need to recapture some of the section 179 deduction back so it may not be quite accurate to calculate the full 10k tax savings for that over 3 years.
     

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