Looking for guidance on a few things.. First thing is how do i find a qualified electrician for my hook up in garage. Second. Is there an accessible low interest rate alternative to tesla finance? I see some people using Alliance Credit Union but i don't qualify. 3.3% isn't bad but if i can do better without much pain, why not... Winter is coming up. I have barely used very good Winter Tires and rims for my Infiniti M56. Any chance they will work on my p85+?
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Pressed Confirm... Now what?
- Thread starter RainmakerJL
- Start date
doctrewho
Member
Solar City (or one of their affiliates) will be reaching out to you via email probably tomorrow, that's what they did for me. And I ended up using their affiliate Mr. Electric to install my NEMA 14-50. For other electricians I would suggest Angie's list.
For financing you could also try Alliant CU (unless that's who you meant, if so there is also US Alliance FCU). I've seen posts from people who went with either of those.
lolachampcar
Well-Known Member
Rain,
Make a few calls on the electrician. Quotes vary a lot. Hopefully, you have sufficient service in your garage. I had 100 amp service in mine and ended up doing an 80 amp OpenEVSE and a 50 amp 16-50. We just dialed down the available current broadcast in the OpenEVSE when my wife's car showed up.
Do not let them get you for a lot. If you do have a panel in your garage, adding a 16-50 should not be a ton of money.
Make a few calls on the electrician. Quotes vary a lot. Hopefully, you have sufficient service in your garage. I had 100 amp service in mine and ended up doing an 80 amp OpenEVSE and a 50 amp 16-50. We just dialed down the available current broadcast in the OpenEVSE when my wife's car showed up.
Do not let them get you for a lot. If you do have a panel in your garage, adding a 16-50 should not be a ton of money.
Credit - try Jon Krumdick @ USAlliance Federal Credit Union. He has put a ton of people into Model S's. He's a total straight shooter, to the point of not only knowing but being able to recommend financial products from other organizations if he thinks he can't give you as good a deal.
Jon Krumdick
Senior Manager - Sales and Service
USAlliance Federal Credit Union
(800) 431-2754 x2319
[email protected]
Search Results - USAlliance Federal Credit Union
Please feel free to use my name (Alan Langerman).
Having said that, I ultimately paid a slightly higher rate (2.25%) than some alternatives I looked at (1.75-1.99%) and financed directly through Tesla. That's because the Tesla financing offers a buyback guarantee during months 36-39. Assuming that you are current with your loan payments and haven't trashed the car, you can sell it back to Tesla with no questions asked during that period of time. In my case, the guarantee is for something like $55K. They will write one check directly to the loan company to pay off your loan; and in my case, a second check directly to me for $14K, because I'll owe less on the loan than what they're promising to pay.
I think of this as an insurance policy. (1) Electric market craters and/or Tesla resale values crater and/or it's just plain hard to resell such an expensive car. Or (2) I'm lusting after the latest Model S, which has so many new cool features by then (2016) that I'd rather just exit my current Model S and have $14K towards the next one. I view (2) as far, far more likely than (1). And the rates are so danged low that you can put the money elsewhere and more than offset the loan interest cost.
Jon Krumdick
Senior Manager - Sales and Service
USAlliance Federal Credit Union
(800) 431-2754 x2319
[email protected]
Search Results - USAlliance Federal Credit Union
Please feel free to use my name (Alan Langerman).
Having said that, I ultimately paid a slightly higher rate (2.25%) than some alternatives I looked at (1.75-1.99%) and financed directly through Tesla. That's because the Tesla financing offers a buyback guarantee during months 36-39. Assuming that you are current with your loan payments and haven't trashed the car, you can sell it back to Tesla with no questions asked during that period of time. In my case, the guarantee is for something like $55K. They will write one check directly to the loan company to pay off your loan; and in my case, a second check directly to me for $14K, because I'll owe less on the loan than what they're promising to pay.
I think of this as an insurance policy. (1) Electric market craters and/or Tesla resale values crater and/or it's just plain hard to resell such an expensive car. Or (2) I'm lusting after the latest Model S, which has so many new cool features by then (2016) that I'd rather just exit my current Model S and have $14K towards the next one. I view (2) as far, far more likely than (1). And the rates are so danged low that you can put the money elsewhere and more than offset the loan interest cost.
youlikeadajuice
P 9130
I used PenFed to finance and got a 1.49% rate back in Feb, I think it's 1.99% now:
PenFed - New Auto Loans
If you're not military/government, you can become a member by donating something like $20 to one of their charities, it will direct you to this when you sign up. Do a search on this forum for PenFed, there's lots of info about it.
PenFed - New Auto Loans
If you're not military/government, you can become a member by donating something like $20 to one of their charities, it will direct you to this when you sign up. Do a search on this forum for PenFed, there's lots of info about it.
Caboom
Member
+1 here as well.
for a 1% difference i can't justify not having the insurance of the Tesla finance offer to guarantee to buy back the car.
i'm getting from Wells Fargo 2.75 for 60 months i think BofA was 3.3 for 72 both were decent i went with Wells.
P85/blue/gray/black/tech/air susp/19"/parking/ ordered 10/15 delivery set for 11/29
for a 1% difference i can't justify not having the insurance of the Tesla finance offer to guarantee to buy back the car.
i'm getting from Wells Fargo 2.75 for 60 months i think BofA was 3.3 for 72 both were decent i went with Wells.
P85/blue/gray/black/tech/air susp/19"/parking/ ordered 10/15 delivery set for 11/29
Oh, yeah, I guess I should report that I went with Tesla / Wells Fargo / 60 months @ 2.25% with $55K buyback guarantee for months 36-39.
. The Tesla Sales Person mentioned 3.3% when we were doing the test drive... how do i find out/negotiate a better rate. I agree the guarantee is worth 1% in my book by a long shot... Getting 2.25% would be much better. Do you have to do a 60 month? Can you do a 72 month?
doctrewho
Member
When I was talking with Tesla finance they go up to 72 months. 72 will have a slightly higher rate than 60 though.
Alliant still gives 1.49% 72 month for up to 95%. I just got my financing with them last week.
To become a member, you just have to make a minimum $10 donation to a charity they support ( specifics are on their site)
The loan took only minutes to get approved, while I was one hold. Scott Paulson has done a lot if these (I was his 152nd Tesla loan, the 5th that day!) and was easy to work with. I highly recommend going with them.
@RainmakerJL,
The interest rate you are quoted depends on the loan provider, length of loan, your credit rating, maybe your downpayment and probably other factors. When you apply through Tesla, I think the deal is that you can get either one or two quotes back from the participating banks. In my case, Wells Fargo just offered 2.25% and I said OK. You might be able to negotiate the rate a bit; I don't know because I didn't try. I think Wells Fargo doesn't go longer than 60 months but the other participating bank I believe goes to 72.
When I was test driving, Tesla representatives were talking about "2.9%".
So you really don't know until you apply.
BTW, I just read your car config in the tag line to your post... gotta love it! Find a lower loan rate and "invest" the savings in an extra charging cable you can put in your garage, so you don't have to open the trunk, haul out the cable, close the trunk, charge up, then coil it all back up and put it back in the trunk. In my case, I just popped for the High Power Wall Charger and I'm bringing in some extra amps so that I get maximum convenience (just pull the cable from the wall and plug it in) and maximum home-charging speed.
The interest rate you are quoted depends on the loan provider, length of loan, your credit rating, maybe your downpayment and probably other factors. When you apply through Tesla, I think the deal is that you can get either one or two quotes back from the participating banks. In my case, Wells Fargo just offered 2.25% and I said OK. You might be able to negotiate the rate a bit; I don't know because I didn't try. I think Wells Fargo doesn't go longer than 60 months but the other participating bank I believe goes to 72.
When I was test driving, Tesla representatives were talking about "2.9%".
So you really don't know until you apply.
BTW, I just read your car config in the tag line to your post... gotta love it! Find a lower loan rate and "invest" the savings in an extra charging cable you can put in your garage, so you don't have to open the trunk, haul out the cable, close the trunk, charge up, then coil it all back up and put it back in the trunk. In my case, I just popped for the High Power Wall Charger and I'm bringing in some extra amps so that I get maximum convenience (just pull the cable from the wall and plug it in) and maximum home-charging speed.
I have NEVER been a car guy and this is the first large material possession that I have ever really truly cared about other than my house. Waiting for it to arrive was hard because I simply couldn't contain myself. I was reading these forums until 3 or 4 in the morning. Figuring out what to do in the garage. Thinking about road trips. Etc., etc. And then the date moved OUT by a few weeks, which was a killer. (Although, really, nothing to complain about given the folks who waited YEARS.) And then suddenly the date started moving back in again. And then I started inferring the car's location from the web page status -- when it switched from the more-or-less final status back to the original status, "your car is in production", I *knew* that that bug meant that the car was completed and ready to ship! Then I started plotting truck days across the US from Fremont to Boston...
It has been over two months now and I continue to be delighted by the acceleration, handling, quietness (even in a P85+), controls, etc.! I'm visiting the Service Center tomorrow to attend to a laundry list of items, most or all of which have been identified already on this forum (e.g., sunroof seals), but even THAT is a delightful experience! The communications in advance with the SC staff, the arranging of a loaner Model S without any prompting by me, their immediate feedback on the issues I'm bringing to them. I know the car isn't perfect, and I know that others have had some unfortunate experiences, but honestly I can't believe how well I'm being treated and how well this first-generation car is holding up!
It has been over two months now and I continue to be delighted by the acceleration, handling, quietness (even in a P85+), controls, etc.! I'm visiting the Service Center tomorrow to attend to a laundry list of items, most or all of which have been identified already on this forum (e.g., sunroof seals), but even THAT is a delightful experience! The communications in advance with the SC staff, the arranging of a loaner Model S without any prompting by me, their immediate feedback on the issues I'm bringing to them. I know the car isn't perfect, and I know that others have had some unfortunate experiences, but honestly I can't believe how well I'm being treated and how well this first-generation car is holding up!
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