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Tesla Finacing

Discussion in 'Model S: Ordering, Production, Delivery' started by vvanders, Feb 5, 2015.

  1. vvanders

    vvanders Member

    Joined:
    Oct 22, 2014
    Messages:
    139
    Location:
    Portland, Or
    Anyone hitting issues with Tesla financing not doing 10% down? They're asking closer to 30%, although with a better rate than 3% on 72 months.

    We don't have problems putting down that amount, just was thinking about outlaying a little less cash to have more liquid on hand.

    On the flip side we're having no problem with our local credit union that will do 115% of LTV at 3% but we'd like to keep the 3-year trade-in option open.
     
  2. CombatChuk

    CombatChuk Member

    Joined:
    Nov 15, 2014
    Messages:
    34
    Location:
    Highlands Ranch, CO
    Maybe it's an income thing? I had a problem with Tesla Financing with putting too much down (50%), settled for financing 60% and do qualify for the resale guarantee with Chase Bank
     
  3. vvanders

    vvanders Member

    Joined:
    Oct 22, 2014
    Messages:
    139
    Location:
    Portland, Or
    Nah, they confirmed it's not income related. Only thing they mentioned is not having a history of 80k+ car payments.
     
  4. PlanB

    PlanB Banned

    Joined:
    Oct 4, 2014
    Messages:
    579
    Location:
    Oregon
    I got 1.74% for 84 months zero down from PointWest Credit Union in Portland. If you live in Oregon you can join. You only have to have a credit score of 750 or above to get that rate.
     
  5. Kofi

    Kofi Member

    Joined:
    Jun 13, 2014
    Messages:
    389
    Location:
    San Jose, CA
    Nice. It seems local credit unions are offering more favorable terms than the manufacturer.
     
  6. vvanders

    vvanders Member

    Joined:
    Oct 22, 2014
    Messages:
    139
    Location:
    Portland, Or
    That's a nice find! We're actually on the Washington side but I have family that lives in Portland so we might still qualify. Will give them a shot for sure.
     
  7. omega

    omega Member

    Joined:
    Jan 23, 2015
    Messages:
    57
    Location:
    US
    Got 1.24% with DCU for 65m. There is nothing better than this now.

    CS 800+ and joint application.
     
  8. middly

    middly Member

    Joined:
    Jan 25, 2015
    Messages:
    48
    Location:
    North Orange County, CA
    #8 middly, Feb 14, 2015
    Last edited: Feb 14, 2015
    That seems extremely good. Going to call today and see what I can get. I didn't any geographically limiting factors to join. I assume you got 1.24% since I read they give a discounted rate for EV's. 1.24 for 65 is near-free money!

    **UPDATE**On-hold with "patrick" at DCU...seems legit! 1.24% includes EV discount of .25 and another discount of .5 IF you have direct deposit, a checking account, and auto-pay. Must meet all 3 req's to get the .5 Otherwise it's 1.99-.25 (EV) = 1.74% which isn't bad either.

    I was quoted at 65 months. Seems easy..pay $10 to be a member of an association, then you can get the loan. If you don't want to have direct deposit and all that, you can still get 1.74% with a savings account.

    1.24% is pretty much free money! I'm approved so I'll have to see if the Resale Value Guarantee is worth the extra ~1.2% that Tesla Financing is quoting me...at first glance, it does seem worth it.
     

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