I'm east coast, in person, current owner (wife's modelX). Still no email. Visit Tesla website and login daily in hopes to configure my P version...nothing yet. This C63 AMG S that I"m currently driving looks uglier by the day.
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So who actually has configured their P or AWD?
- Thread starter Thomas Edison
- Start date
I'm east coast, in person, current owner (wife's modelX). Still no email. Visit Tesla website and login daily in hopes to configure my P version...nothing yet. This C63 AMG S that I"m currently driving looks uglier by the day.
Garlan Garner
Banned
I just found out something interesting!!!!!
I called Tesla ( for the 1000th time ) and asked them about financing. I got the same answer 3 different times....so I'm leaning towards the fact that this might be correct.
They say that the minimum down payment is 10%. Fine...no problem
They say that the maximum down payment is 40%. Interesting.
I told them that I want to put down much more than 40% to keep my payments low. Here is the kicker - They said ( 3 different calls ) that if I put down my 40% and at during the loans existence pay towards the principle of the loan......that it will adjust my loan payment and not the term.
I have never heard of that. For my mortgage payment....if I make an additional principle payment....it just shortens the loan term....not my payment.
Tesla is the opposite. I thought that was very very interesting.
I called Tesla ( for the 1000th time ) and asked them about financing. I got the same answer 3 different times....so I'm leaning towards the fact that this might be correct.
They say that the minimum down payment is 10%. Fine...no problem
They say that the maximum down payment is 40%. Interesting.
I told them that I want to put down much more than 40% to keep my payments low. Here is the kicker - They said ( 3 different calls ) that if I put down my 40% and at during the loans existence pay towards the principle of the loan......that it will adjust my loan payment and not the term.
I have never heard of that. For my mortgage payment....if I make an additional principle payment....it just shortens the loan term....not my payment.
Tesla is the opposite. I thought that was very very interesting.
To be clear, Tesla doesn't offer financing themselves. It's no different than buying a car from a traditional dealership. They get bids from different lenders on your behalf. You can ask Tesla to request bids for whatever terms and down payment you want (even zero down) or get 3rd party financing on your own. If you don't like their initial offer(s), you can ask Tesla to check with additional lenders (sometimes requires additional documentation). Once you're actually in the credit application process you'll probably be dealing with a different department/people at Tesla (NA Financial Services / Regional Credit Analyst).
Are you SURE your loan length is reduced on additional principal (one of the most common misspellings LOL) payments? Anything is possible through creative financing but the norm when making additional principal payments is:
1 - Principal goes down.
2 - Payment remains the same but more of future payment streams go to the principal versus interest.
Once you make an additional principal payment, the original amortization table goes out the window. You have to generate a new one to see the new reflected loan amount and impact of payment stream.
Depending on interest rate, you generally want to BORROW AS MUCH AS POSSIBLE due to time value of money and opportunity costs.
The power of "other peoples money" can't be overstated.
Garlan Garner
Banned
Am I sure?
I'm getting the info from Tesla.
Question should be - Are they sure.
Lets not overlook interest. The power of interest rates "of other peoples money" can't be overstated either.
Have not heard of anyone with a reservation past noon-ish 3/31/16 being able to configure AWD or P. I’m a 2pm myself.
Mishakim
Member
Ditto - I'm at 12:38 per the timestamp, my boss was the same, and neither of us can configure AWD yet.
I'm a line waiter, current owner, and put my deposit down about 10:20am MST 3/31. I was invited to configure the version that's been out since the start around the middle of January. Didn't configure then. I still have not been invited to configure AWD or performance.
I should have clarified.. on your mortgage payment - the monthly payment should not go down. It takes a refinance to do that.
Of course there is interest.. but its so low that you make 4x that or more just through index fund investing (no effort).
Sorry for going off topic.. Won't matter too much on Tesla's structure. You can make the big down payment then either:
1 - Put the rest to principal
2 - Put it in a fund and stream payments from it.
Good point. My reservation was done about 1:40PM EST on 3/31/16. Maybe it all was before noon EST?
Zaphod
Galaxy President (former)
And when did you receive your initial invite?Hey everyone - just got the email to configure the AWD, order placed and in. For reference, I was a 12:40 pm EST line waiter reservation - previous owner, had already deferred on the original build.
Tempus
SUPER EXCITED - 3-4 months to go
Mishakim
Member
Got my AWD invite today, was a line waiter in Natick, reserved at 12:38, initial invite in April
