Tesla Model Y 2023 Ordering process and Finanacing

[varun p]

Hi All,

I am not in a rush as we are not qualified for the $7500 tax credit to order now. I am planning to place a order of 2023 Model Y end of March 2023. As others suggested in the forum, initially order it as Cash and then change to Financing after getting VIN.

We live in CT and i think we need to take delivery from Mt Kisco, NY and I don't think Tesla offers Financing to CT residents. I have my credit union DCU but their rate seems to be high right now (4.99% APR) including EV discount for 65 Months. Are there any other Credit Unions offer better rate?

This would be our First Tesla and need to sell my 2014 Mazda CX5 Grand Touring. Wanted to check are these Tesla base prices goes further down again after March 2023 or will be up again?. Any response would be great.

 

[AlexP]

I'm usually not a fan of leasing, but the Tesla leases at the moment are really competitive as the leasing company takes the tax credit and seems they are passing at least part of the credit to the lessee. This way you don't need to worry about qualifying for the credit.

The money factor they are using for the leases is very competitive as well compared to a loan rate. My lease is at 0.0014960 which equates to a 3.59 interest rate. I believe the current interest rate of Tesla loans is 5.49%

 

[Mr_Joe]

Make sure you still have an option to purchase at the end of your term, if you want to. Some leases require turn in....

 

[AlexP]

Tesla leases do not allow for purchasing the vehicle at the end of the lease... it has to be returned.

 

[rugox]

Lol don’t lease Tesla, bad decision

 

[AlexP]

Lol don’t lease Tesla, bad decision

I think any one can decide what is best for them, but I would like to understand why leasing is not for you.

 

[GoGators!]

Personally I could never lease since I drive so much. I put almost 30,000 miles on my Model Y in 13 months.

 

[RickyTan22]

Hi All,

I am not in a rush as we are not qualified for the $7500 tax credit to order now. I am planning to place a order of 2023 Model Y end of March 2023. As others suggested in the forum, initially order it as Cash and then change to Financing after getting VIN.

We live in CT and i think we need to take delivery from Mt Kisco, NY and I don't think Tesla offers Financing to CT residents. I have my credit union DCU but their rate seems to be high right now (4.99% APR) including EV discount for 65 Months. Are there any other Credit Unions offer better rate?

This would be our First Tesla and need to sell my 2014 Mazda CX5 Grand Touring. Wanted to check are these Tesla base prices goes further down again after March 2023 or will be up again?. Any response would be great.

Technically we are still waiting on an update some time in March on further explanation of the 2023 EV tax credit limitations around battery components. There is always the chance that these clarifications could be delayed even further so keep your fingers crossed and we shall see!

I personally just ordered a MYLR 5 on 2/28/23 so would not mind them pushing out another 3 months or so (wishful thinking...yes I know ).

 

[slyderz3]

Looks like my Tesla financing will expire before I get delivery cause I thought I needed to complete that part as not to delay my order.

Looking around today for best 72 months rates and found these:

PenFed.org: 5.34%
Starone.org: 5.49%
Tesla: 5.59%

Anybody know of anything better?

 

[Mr_Joe]

Looks like my Tesla financing will expire before I get delivery cause I thought I needed to complete that part as not to delay my order.

Looking around today for best 72 months rates and found these:

PenFed.org: 5.34%
Starone.org: 5.49%
Tesla: 5.59%

Anybody know of anything better?

Those are solid rates for 72 months.

 

[auset7wonders]

I pretty much got the same rates. Been scouring the net for a cheaper option all week, but haven't found anything. Getting my M3 on Tuesday.
BofA: 5.34% for 66mo
Tesla via U.S. Bank N.A.: 5.44% for 72 mo
My plan is to pay the car off as fast as I can, but the APRs now are awful right now. I have over an 800 FICO score, so I was definitely expecting better rates.

 

[Sanzen]

It’s amazing what a year can do to Auto rates. Tower Credit union which I see a ton of people mention here about great rates currently is at 8.99% on a 72month loan!!! I think this time last year it was around 2.3%.
I checked everywhere as my M3P should be here anytime and Tesla has one of the best rates for a 72 month loan at 5.59%.
I can’t imagine having to purchase a vehicle right now if you have less then stellar credit

 

[Mr_Joe]

Yikes 8+% fk that

 

[slyderz3]

For sure. Last year I was refinancing my house at an amazing rate!

Here is more of my recent 72 month loan search:

New or Used Auto Loan & Refinancing - myAutloan has 4.99%, but it looks like a loan aggregator site that’s going to call me a thousand times as soon as I enter my info. Anybody used them?

Seems one of my local credit unions is advertising a 5% rate, so may look into that if I can join and apply quickly enough.

Couple other nuggets:
CU National Finder kind of a hokey search, but helps you find credit unions near you.

And if I lived in WA, I might look at Express Credit Union (expresscu.org) their 60 month rate for new EV loans is 4.24%. Longer loans are higher, but I can’t become a member so I didn’t look into it.

 

[slyderz3]

Well, just to close the loop on my story, thanks to Tesla’s delivery delays my original Tesla financing expired and so I scoured the earth to find a better rate than the 5.59% Tesla was moving to if I re-applied. I was blown away that I found a local credit union with a 3.74% rate. Applied last Friday and got it!

As a bonus, this diverts a tiny bit of money away from the big banks too.

Lesson 1: You don’t need to apply for financing as soon as you order even though it is available and seems like part of the “complete your tasks to avoid delays” task they send you texts about upon ordering.

Lesson 2: Look around more than just online aggregators who seems to be in line with Tesla’s rates. There are better rates to be had if you have good credit.

Good luck all!

 

[AlexP]

Lesson 2: Look around more than just online aggregators who seems to be in line with Tesla’s rates. There are better rates to be had if you have good credit.

I had luck with local credit unions in the Miami area as well.. This time I leased directly with Tesla, but I used a local credit union for my 2 previous Tesla.

 

[Sanzen]

I looked around everywhere including the big credit unions I’ve seen people use on here and I could not find anything lower then Tesla’s current rate.

 

[slyderz3]

This is my first experience with local credit unions. I saw a few in the 5’s and wasn’t sure it was worth the hassle of joining, applying in person and picking up a check vs. having it all done in the Tesla app. But a 1.85% better rate saves a few $K so I went for it. They have been super helpful and nice to work with too.

 

[TwistPA]

What is TESLA's current rate for 60 months? I am getting 4.74% from my credit union with whom I have financed last two cars.

 

[ICT_MY]

I just refinanced with United States Senate Federal Credit Union for 3.99%/72 months. It's 3.49% for 60 months, 2.99% for 48 months and 2.49% for 36 months. I joined the US Capitol Historical Society to qualify for membership. These rates all include a half point reduction if you sign up for autopay.