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Poll: Which financing are you taking? Tesla/Wells Fargo, Another Bank, Credit Union,

Discussion in 'Model S: Ordering, Production, Delivery' started by AprilDelivery??, Apr 23, 2013.

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Which Financing Are You Taking ?

  1. Tesla/Wells Fargo

    27 vote(s)
    21.3%
  2. Another Bank

    13 vote(s)
    10.2%
  3. Credit Union

    53 vote(s)
    41.7%
  4. No Finance , Cash Purchase

    34 vote(s)
    26.8%
  1. AprilDelivery??

    Joined:
    Feb 2, 2013
    Messages:
    145
    Location:
    NY
    I'm taking Tesla/Wells Fargo Leasing Finance.
     
  2. K Hall

    K Hall Member

    Joined:
    Jan 3, 2013
    Messages:
    339
    Location:
    Kansas City
    Did Bank of America before the Tesla financing was available.
     
  3. wts13

    wts13 Member

    Joined:
    Feb 4, 2013
    Messages:
    175
    Location:
    Southern California
    I get that it might make sense in some fringe cases (if in fact your money can earn enough for you to offset the interest), but my family has always believed in paying cash for cars. I don't get the idea of paying more over time. Either you can afford the car, or you can't.
     
  4. JohnQ

    JohnQ Active Member

    Joined:
    Jan 1, 2012
    Messages:
    1,585
    Location:
    Redding, CT
    With money at 1.49% I can do better with the $80k by investing. From my perspective, makes no sense to pay cash even if you can afford to do so.
     
  5. Mnlevin

    Mnlevin Member

    Joined:
    Feb 4, 2013
    Messages:
    417
    Location:
    South Florida
    PenFed CU still offers 1.79% for up to 60 months. I thought of financing more but just didnt want a ridiculous payment so put 1/2 down to get the numbers realistic. I think I can earn more than that in my investments but again just cannot justify a huge car payment.
     
  6. traxila

    traxila Member

    Joined:
    Nov 25, 2012
    Messages:
    127
    Location:
    NYC
    Tesla / Wells Fargo financed me at 1.99% for 30 K. I think a total of 1952.00 extra over 60 payments. Prepay anytime with no penalty - but resale guarantee in place. Pretty good stuff overall I think.
     
  7. Puyallup Bill

    Puyallup Bill Member

    Joined:
    Sep 7, 2012
    Messages:
    606
    Location:
    Puyallup WA
    I haven't financed a car in a very long time, and was going to pay cash, but when I Learned that USAA would give me an auto loan at 1.49%, and PenFed was offering CDs at 1.85%, the temptation was too great.

    Dollar wise (not percentage), the loan interest decreases and the CD compounded interest increases.
     
  8. jerry33

    jerry33 S85 - VIN:P05130 - 3/2/13

    Joined:
    Mar 8, 2012
    Messages:
    12,756
    Location:
    Texas
    PenFed when it was still 1.49.
     
  9. Ven Rala

    Ven Rala Member

    Joined:
    Nov 17, 2012
    Messages:
    378
    Location:
    Montgomery County, Md
    I just got approved for 1.49% for a loan term of 72 months through Alliant credit union. They offer 100% financing. I can put more money down and do a shorter term, but at 1.49% it doesn't make much financial sense. Why not hold on to your money and invest it. After the way banks have treated customers and the American taxpayer, I don't deal with them unless I absolutely have to. I give my money to credit unions.

    Now I just need my Model S. This is going to be a long 4-6 weeks.
     
  10. andrewket

    andrewket 2014 S P85DL, 2016 X P90DL (soon 100)

    Joined:
    Dec 20, 2012
    Messages:
    5,046
    I just financed with Alliant as well. 100% minus the $5k deposit. Gap insurance was very cheap on a 110k loan.
     
  11. AlMc

    AlMc 'Senior Moments' member

    Joined:
    Apr 23, 2013
    Messages:
    5,386
    Location:
    Delaware
    Bill......Current rate at USAA is 1.99% and 1.49% if Tesla is part of the dealer network (which they are not). Can you email me how you got the 1.49%. I have all my insurance with them and just did not want to miss out on 1.49%, if possible. Thanks Al [email protected]
     
  12. zero

    zero Member

    Joined:
    Feb 16, 2013
    Messages:
    18
    Location:
    Sugar Land, TX
    Penfed at 1.79.
     
  13. JohnQ

    JohnQ Active Member

    Joined:
    Jan 1, 2012
    Messages:
    1,585
    Location:
    Redding, CT
    Yeah, the GAP insurance was a great value, wasn't it?
     
  14. AlMc

    AlMc 'Senior Moments' member

    Joined:
    Apr 23, 2013
    Messages:
    5,386
    Location:
    Delaware
    I am USAA member. I was quoted 1.49% only if Tesla was in their 'dealer network' (which they are not)....Any inside info you can give me on getting 1.49%. Without this delear discount their rate is 1.99% Thanks Al

    - - - Updated - - -

    I am USAA member. I was quoted 1.49% only if Tesla was in their 'dealer network' (which they are not)....Any inside info you can give me on getting 1.49%. Without this delear discount their rate is 1.99% Thanks Al

    - - - Updated - - -

    I am USAA member. I was quoted 1.49% only if Tesla was in their 'dealer network' (which they are not)....Any inside info you can give me on getting 1.49%. Without this delear discount their rate is 1.99% Thanks Al
     
  15. Puyallup Bill

    Puyallup Bill Member

    Joined:
    Sep 7, 2012
    Messages:
    606
    Location:
    Puyallup WA
    Back in Jan/Feb when PenFed was offering 1.49% auto loans, I applied and was rejected because my credit files were void of any installment loans, and our home mortgage had been paid many years ago and had been purged from my file. I had also applied and was approved for a car loan at USAA at 1.79%.

    I thought the heck with it, I'll just pay cash. On a whim, I called USAA and asked if they would match the PenFed 1.49%. They did in a heartbeat.

    I've been with USAA since 1955 - maybe that had something to do with it.
     
  16. AlMc

    AlMc 'Senior Moments' member

    Joined:
    Apr 23, 2013
    Messages:
    5,386
    Location:
    Delaware
    Excellent...been a member since 1968....Similar situation with no mortgage/debt....I may try to press them a bit. Thanks
     
  17. jchangyy

    jchangyy Member

    Joined:
    Nov 30, 2012
    Messages:
    194
    Location:
    CA
    Bank Of America at 1.92% for 60 months for 60K.
     
  18. Ven Rala

    Ven Rala Member

    Joined:
    Nov 17, 2012
    Messages:
    378
    Location:
    Montgomery County, Md
    Being a member since 1955, that must be it. I have 1.49% from Alliant for 72 months, for that term, USAA could only do 2.75%. I've 'only' been a member since 1993. I guess for USAA 20 years is a newbie. I am using USAA for my auto insurance, great company, just which they could have matched the1.49%.

    I do have to say that my (limited) conversations with Alliant so far: very good customer service. This is the one of many differences between credit unions/USAA and banks.
     
  19. andrewket

    andrewket 2014 S P85DL, 2016 X P90DL (soon 100)

    Joined:
    Dec 20, 2012
    Messages:
    5,046
    I dropped USAA a few years ago for auto insurance. Great customer service, but they were no longer being competitive. They told me outright that they are not competitive with high value vehicles. YMMV of course. I'm just suggesting shopping around a bit.
     
  20. vbandl01

    vbandl01 Member

    Joined:
    Apr 22, 2013
    Messages:
    14
    Location:
    New jersey
    I have two options in front of me as of now
    which one look better?

    Tesla Financing by US BANK @ 2.8% for a 72 month term and finance of $78884 with Resale Value Guarantee
    Financing by Alliant Credit Union @ 1.74% for a 72 month term and finance of $83240 but no resale value

    Need your thoughts and input



    RN544xx3 - VIN 11141 - 85kWh Model S - Blue - Air ride - 19" wheels - Tan leather - Obeche wood gloss

    Reserved: 03/31/2013, sent for production : 04/21/2013 Delivery:??/??/????
     

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