Tesla loan comparison spreadsheet - auto updates hourly

[jmatero]

Tesla Best Rate Guarantee

If you don’t have your VIN yet and have already selected Tesla financing, they’ll match the lower rate and it will either be reflected on your account page along with the reduced monthly payment, Or they’ll mail you a check for the difference in interest over the term of the loan.

Best Rate Guarantee

 

[sharp65]

Can anyone whose used Bank of America recently tell me how they fund the loan? The most recent person I’ve spoken to said they send Tesla an email nightly with the accounts they’re funding. I’ve tried emailing my sales advisor but haven’t heard anything back and I don’t have a delivery contact yet.

 

[jmatero]

Can anyone whose used Bank of America recently tell me how they fund the loan? The most recent Th Teslaperson I’ve spoken to said they send Tesla an email nightly with the accounts they’re funding. I’ve tried emailing my sales advisor but haven’t heard anything back and I don’t have a delivery contact yet.

They don’t cut checks, the funds are transferred electronically. My SA told me that unless BoA can fund in 1-3 days from purchase agreement availability, the Tesla Rate Match Guarantee program would be a better option as there would be no worry about whether money was transferred by delivery date. BoA, my SA, and the Delivery Center all said since it’s the end of the quarter, Tesla will NOT hold your car. None of them could answer whether Tesla can confirm a loan funding that takes place between daily list publication.

BoA loan officer told me they funded $100,000,000 in December 2019 just with Tesla. They are in the final stages of setting up a system where BoA will accept the purchase ORDER issued at the time order is placed so customers will receive loan papers to sign electronically as soon as the VIN is available. This eliminates any waiting period so your loan is funded by the time you pick up the car.

That said, I stayed with Tesla and took the Rate Match.

 

[sharp65]

My SA told me that unless BoA can fund in 1-3 days from purchase agreement availability, the Tesla Rate Match Guarantee program would be a better option as there would be no worry about whether money was transferred by delivery date. BoA, my SA, and the Delivery Center all said since it’s the end of the quarter, Tesla will NOT hold your car. None of them could answer whether Tesla can confirm a loan funding that takes place between daily list publication.

That said, I stayed with Tesla and took the Rate Match.

Thanks, I already have my MVPA and the loan paperwork is all signed with BofA. I still have a week until delivery so I’m hoping there won’t be any issues.

 

[jmatero]

Thanks, I already have my MVPA and the loan paperwork is all signed with BofA. I still have a week until delivery so I’m hoping there won’t be any issues.

That’s great. Here in Tesla’s backyard, we often don’t get over a week between MVPA and delivery. Many here have confirmed you have only a few days... sometimes less... to take delivery. I’m 20mins from the factory and a Tesla employee is going to drive the car from the factory to my house.

 

[jmatero]

I thought this is for only LR or Performance...

The site says all models but SR. If they don't do ratematch for SR+ I'll go with BoA

 

[ggmkp]

The site says all models but SR. If they don't do ratematch for SR+ I'll go with BoA

Yep it worked, they matched it at 2.39% 72m

 

[scottwith1t]

Yep it worked, they matched it at 2.39% 72m

they gave me 3.19% for 48 months ... you guys doing anything special to get this low rate? My credit score is 810+ so that isn't an issue

 

[ggmkp]

they gave me 3.19% for 48 months ... you guys doing anything special to get this low rate? My credit score is 810+ so that isn't an issue

Get approved from CU or local bank, BOA is offering 2.89% and 2.39% if you're preferred.
I think 48m at BOA is 1.59% then ask Tesla for a rate match.

 

[john5520]

they gave me 3.19% for 48 months ... you guys doing anything special to get this low rate? My credit score is 810+ so that isn't an issue

With 810+ you should have qualified for at least the advertised rate, IMO. If you bank with them and have more than a certain amount in the account(s) (I believe they add up all accounts), you can qualify for their Preferred Rewards which will lower the rate even further. So some of the rates you're seeing are after the discount.

I got 2.64 @ 72 after the discount. Pre-discount was 2.89 @ 72.

You should ask them the reason for the higher than advertised rate.

 

[Travelandlive]

When you guys ask for a rate match, have you had any issues with asking a lower term from another bank for a lower APR and then asking for a rate match for a longer term with tesla ?
How does the process work ? Does it have to be the same term ?

 

[scottwith1t]

With 810+ you should have qualified for at least the advertised rate, IMO. If you bank with them and have more than a certain amount in the account(s) (I believe they add up all accounts), you can qualify for their Preferred Rewards which will lower the rate even further. So some of the rates you're seeing are after the discount.

I got 2.64 @ 72 after the discount. Pre-discount was 2.89 @ 72.

You should ask them the reason for the higher than advertised rate.

Probably has something to do with not being a BoA client. USAA gaveme 3.09% which I still feel is higher than I'd like to pay but at this point Tesla has already matched it so oh well...

 

[jmatero]

Also based on value to loan ratio. The BoA loan officer told me my rate would drop below the advertised one with a larger down payment.

 

[picklem]

When you guys ask for a rate match, have you had any issues with asking a lower term from another bank for a lower APR and then asking for a rate match for a longer term with tesla ?
How does the process work ? Does it have to be the same term ?

You'd definitely have to match the loan term as well. The rates vary depending on the length of the term so it wouldn't work to compare a low-rate short-term loan with a long-term loan.

 

[jmatero]

Yep it worked, they matched it at 2.39% 72m

I just got an email response from RateMatch team saying:

"We are unable to determine your qualification for the program without a scheduled delivery date. Please reach back out once scheduled so that we may determine eligibility."

Looked over the terms and conditions again and at the bottom it says "Send proof of your third-party loan approval to [email protected], within seven days of delivery, along with your reservation number (RNXXXXXXX). So with no VIN I'm too early to the party?

 

[jmatero]

Get approved from CU or local bank, BOA is offering 2.89% and 2.39% if you're preferred.
I think 48m at BOA is 1.59% then ask Tesla for a rate match.

Did you select Tesla Financing when you ordered?

 

[Copperhed51]

Recently got 2.89% for 60mo from Navy Federal CU. Now if I could just get Tesla to match me to another VIN I can pick up when I'm actually in town. Last VIN I got, they gave me delivery dates that didn't work and they wouldn't hold the car for me until I made it back in town. Pretty frustrating.

 

[Travelandlive]

You'd definitely have to match the loan term as well. The rates vary depending on the length of the term so it wouldn't work to compare a low-rate short-term loan with a long-term loan.

Thanks

 

[stuffb]

Has anyone looked at the Pasadena CU loan? Sheet says 0% with Visa and using their checking but I checked the site and the lowest rate is 2.74% which includes the discounts for the above already (in small print at bottom). Just want to make sure I'm not missing some other promotion.

 

[trematix]

was wondering the same