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Tesla Solar 10-year loan, 10% down, 0.99 APR
- Thread starter aswami
- Start date
I totally understand "not wanting to rock the boat", but if you are in a legal 3 day cool down period and could cancel, and this would save you enough money to care (which is likely), if it were me, I would let them know you intend to do that unless they can help you get the new rates.
A lot of times, a company will "slow play" you in this type of situation, because 3 days is a very short amount of time and they could reasonably explain that they just didnt have time to respond to X or Y, "sorry".
You would have to know that you qualify for that rate, and be willing to cancel the loan and start over. If its worth it to you, you should pursue it, by reminding them you are in your 3 day cancelation window (if this exists).
I support the previous response. It's substantial money to give up. Try escalating above your advisor. I had a tax rebate matching issue that I escalated and the advisor's manager agreed to it. Ultimately it was not required as the government extended the rebate another year. But ththe point is, you can push back and escalate.
If you signed the contract already with $0 down as part of the terms, can they just renege on it?
Tesla is very transparent in its pricing. The Tesla website tells you exactly what your monthly payments will be.
That would be true if interest rates reflected the true hyper inflation we're experiencing now.
You only need to provide the 10% down to get the rate and do not have to provide the value of tax credits before month 18. The pricing is shown with you energy credits being sold up front to Tesla so not doing that would have a higher payment but still at .9%
There's no up front payment. Their monthly payment is just the order total according to interest payments. You get to keep the tax credits whenever you file for it.
What does one file for tax credit? I assume you cannot do total amount in one year since one did not pay that amount?
You do get the full amount when you file your taxes the year following your install. They don’t care whether you have paid in cash or financed.
And a tax person said okay? Seems hard to claim something you have not actually paid the full amount to, but what do I know
It’s just like getting the $7,500 EV credit when financing a car. Don’t need to pay in cash to get the tax credit.
Think of it this way. If you financed a car you'd still owe the entirety of sales tax up front. You can finance that tax into your loan but the state is getting paid. This is just the opposite and you are getting paid while making payments. It doesn't really matter.
Cheers
Maybe I'm not understanding, but isn't the advantage of 0.99% interest rate is that you want to put as little money as possible into it? You will get a better return basically doing anything else with it.
The point here is the take advantage of leveraged money at a fixed 0.99% , in a high risk inflationary time period. The bank (tesla) is getting eaten alive on this 10 year-fixed-rate loan. One would be beyond insane to pay any more than the bare minimum towards the down payment, or actively work to pay extra on the principal. 
I received the credit approved green check mark and have received permit approval - though I am still going through a small panel re-design. The PA mentioned that since we already have permits for the install, then can simply install as I want, and then re-permit prior to PTO (eek).
I received the credit approved green check mark and have received permit approval - though I am still going through a small panel re-design. The PA mentioned that since we already have permits for the install, then can simply install as I want, and then re-permit prior to PTO (eek).
