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Tech Credit Union rates/terms/down payment info for buy back guarantee

Discussion in 'Model S: Ordering, Production, Delivery' started by bigdomer, Jul 7, 2014.

  1. bigdomer

    bigdomer Member

    Joined:
    Feb 17, 2014
    Messages:
    167
    Location:
    Franklin, TN
    I thought that I would post this for those of you in states where you will need to use Tech CU if you want the buy back guarantee (like me in Tennessee). I called Tech CU this morning to get all of the current info.

    As others have mentioned, Tech does not include sales tax or registration fees in the amount that they will finance. Thus, your down payment is higher by those amounts.

    If one were to put 15% down (excluding sales tax), the terms/rates are as follows:

    66 months = 2.99%
    72 months = 3.24%
    84 months = 3.74%

    If one were to put 10% down (excluding sales tax), the terms/rates are as follows:

    66 months = 3.24%
    72 months = 3.74%
    84 months = 4.24%
     
  2. bigdomer

    bigdomer Member

    Joined:
    Feb 17, 2014
    Messages:
    167
    Location:
    Franklin, TN
    Note that if you compare to Digital CU, you are paying a ton for the buy back security. DCU's rates are 0.99, 1.49, and 2.99 for the three terms mentioned above. Plus, I think that their down payment requirement is zero (if current cash is important to you).
     
  3. 69VanNuys

    69VanNuys Member

    Joined:
    Nov 14, 2015
    Messages:
    15
    Location:
    Phoenix, Arizona
    Thank you for publishing the rates. Do we understand correctly that if the loan is over 66 months at 2.99%, the guarantee allows us to return the Tesla Model S back to the Technology Credit Union between months 36 and 39 for the guaranteed value after paying off the remainder of the loan due at that time? A second question, if anyone knows, is what is the maximum allowed as a down payment (in other words, is it limited to 15%)? Thank you!
     
  4. ahurst

    ahurst Member

    Joined:
    Aug 24, 2013
    Messages:
    228
    Location:
    Denver
    You must pay off the lien prior to selling it back at the buyback price.
     

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