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Poll: Which financing are you taking? Tesla/Wells Fargo, Another Bank, Credit Union,
- Thread starter AprilDelivery??
- Start date
ZBB
Emperor
For those financing through Tesla, keep this in mind: At delivery you will need the names, addresses and phone numbers of three references. One a relative not living with you and 2 others (that can be relatives.) We had to put down relatives for all since we had no addresses for any friends.
Alliant: 1.49% for 72 months. Will finance up to 100%. $300 one time charge for optional gap insurance to cover 100% of the value of the car. Very professional, smooth transaction and very familiar with Tesla Model S. Scott, loan representative has personally financed over 50 vehicles as of a month ago.
Scott Meyer
Loan Consultant | Alliant Credit Union | 11545 W Touhy Ave. Chicago, IL 60666
800-328-1935 x2228 | Fax 773-462-2228 | [email protected]
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To join Alliant, you need to be a member of a qualifying organization. I became a member of Foster Care to Success, a non-profit to support scholarships for foster kids by donating any amount you see fit. Here is the page describing the enrollment process: http://www.alliantcreditunion.org/membership/eligibility/
Loan Consultant | Alliant Credit Union | 11545 W Touhy Ave. Chicago, IL 60666
800-328-1935 x2228 | Fax 773-462-2228 | [email protected]
- - - Updated - - -
To join Alliant, you need to be a member of a qualifying organization. I became a member of Foster Care to Success, a non-profit to support scholarships for foster kids by donating any amount you see fit. Here is the page describing the enrollment process: http://www.alliantcreditunion.org/membership/eligibility/
Chuck Lusin
Chuck P10548 Jenny P10614
I also went with Alliant. Took all of 10 min. 1.49% for 72 months.
Jason from Alliant is great!
Jason from Alliant is great!
Jason Freese
Alliant Credit Union
11545 W Touhy Ave Chicago IL 60666
[email protected]
800-328-1935 Ext 2164
Direct 773-462-2164
Alliant Credit Union
11545 W Touhy Ave Chicago IL 60666
[email protected]
800-328-1935 Ext 2164
Direct 773-462-2164
Last edited:
bluefuego
Member
This is interesting. What is the reasoning for this? I have never heard of such a requirement when arranging financing.
No idea. Seemed goofy since I had long ago been approved for the 30% down, 2% Tesla/Wells Fargo.
Simply put,
1) I believe in tesla,
2) I plan to keep the car for more than 3 years,
3) I really believe in tesla
Biggest reasons: 1. If you do not live in one of the eight states where this program is allowed you have to find a 'creative' way to participate. Otherwise you must go with conventional financing.
2. I found several places where I could borrow the money at a lower rate than the Tesla/Wells Fargo/USBank product.
However, even though I believe in Tesla and was fortunate enough that I could have paid for it outright (thank you tesla Stock!) I did decide to go with the Tesla financing. I did receive a guarantee with an exact dollar amount buy back amount. My logic was that it was 'insurance' for the three year residual value and I might want to trade it in on the S 2.0 model that will surely be available in a couple years.
Qualifying for the financing was challenging as I live in Delaware which is not one the 8 states included in the program. It can be done and your DS person should be able to help you find a way. Mine did.
irishstoutaz
Member
You also need to keep in mind that if you want the residual guarantee (I really expect we will not want a new car after three years given we have driven our current car almost six years) you need to have a clear title to take advantage of that offer. So whether you are not your are able to have this ability, do you really think you will want to sell after three years? I think not based on my one ride in the MS and even if there are things we do not like or even wish were present, I know we will be happy!
We still have 1-2 weeks for our delivery and sold our current car yesterday, but am thoroughly confident in our decision and consider it a long term vs. short term option and really don't care about the guarantted residua personally. We plan on owining the car long term so would rather pay the lower interest.
We still have 1-2 weeks for our delivery and sold our current car yesterday, but am thoroughly confident in our decision and consider it a long term vs. short term option and really don't care about the guarantted residua personally. We plan on owining the car long term so would rather pay the lower interest.
I agree that it is unlikely I will sell the 'S' back. The extra interest payment on my three year loan is $250 (I put down a large down payment). Seemed like 'cheap' insurance on the residual value guarantee. I am also considering paying off the loan entirely in the next few weeks thereby getting the guarantee with very little interest. My question at this point is with money being relatively cheap...would I be better off keeping the loan and investing that 'pay off money' in Tesla stock even with the price hovering just under $100/share.
Jonathan Hewitt
Active Member
Good question...Personally I would buy stock but not any options. I think long term the stock will EASILY beat the 2% APR the loan will cost you. I would be surprised if it doesn't. Options have a lot more leverage but could cause you to lose money.
Or you could go the Dave Ramsey route and just pay off the loan and have the peace of mind knowing you don't have the debt and not have to worry about TSLA share price.
Scannerman
Member
If Tesla sales were limited to people with the ability to write a check for $80,000 + dollars, they would not be in business very long.
Scannerman
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