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Tesla Solar 10-year loan, 10% down, 0.99 APR
- Thread starter aswami
- Start date
I'm in the same boat, the PA told me it takes them about 2 weeks to kick out the paper for me to sign
Unfortunately yes. I believe there’s only one option (min.10% down) if you finance with Tesla directly. The “hybrid” version I signed must be a glitch in there system.
I applied on 6-14, got approved later that day (green check Mark). I changed something 6-15, got a new agreements on 6-16, received the retail installment contract which contained all the terms: amount, term, rate, total finance charge (interest paid) I’d the loan goes to term with e-signatures by myself and Tesla 6-17.
Ah, but I think that's probably right at the beginning when they offered this before they started getting swamp by applications
Could be. When I first started I was cash and then I saw the offer and switched.
Just got and signed my loan docs. Everything re. finance charge and early pay off look ok to me.
Penalties for prepayment seems to spell it out.
Penalties for prepayment seems to spell it out.
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Thanks for the screenshot of the doc. I have a couple questions if you don't mind:
- What is the actual name of this document so that I can request it from my PA?
- Was the document from Tesla Finance or another bank?
- How soon did you receive the document after letting them run the credit check?
el-guapin
Trust no One
Not The original poster but....
1. Looks like this is the Loan Agreement or Truth In Lending(TIL). Or a combo of both.
TheTalkingMule
Distributed Energy Enthusiast
Interesting change, but I'm hesitant to see this as an improvement in terms of total cost. Correct me if I'm wrong here....
Nearly all solar loans these days(like mine with Mosaic) have an origination fee, or what Tesla is labeling as "down" on their pricing. This is not however a traditional down payment(subtracted from the principle price tag), it's actually an origination fee ON TOP of the cash price that "buys you down" to a certain APR on the loan. This allows them to originate and sell a 1% loan profitably, they pocket a bunch of cash up front.
So if an array is priced at $20k cash, you'd need to pay a $4k fee that gets rolled into your new 10yr $24k loan @ 0.99%
Is that correct? That was essentially the deal with my Mosaic loan and I really didn't appreciate them being opaque about the pricing cash vs loan. It's advantageous for the buyer since the federal tax credit is then applied to the fee as well, but it's still a little shady to infer it's a "down payment", because it's not.
That's likely why you can't refinance into this, they'd need to charge you another massive origination fee.
Let me know what you think, that's my guess.
Nearly all solar loans these days(like mine with Mosaic) have an origination fee, or what Tesla is labeling as "down" on their pricing. This is not however a traditional down payment(subtracted from the principle price tag), it's actually an origination fee ON TOP of the cash price that "buys you down" to a certain APR on the loan. This allows them to originate and sell a 1% loan profitably, they pocket a bunch of cash up front.
So if an array is priced at $20k cash, you'd need to pay a $4k fee that gets rolled into your new 10yr $24k loan @ 0.99%
Is that correct? That was essentially the deal with my Mosaic loan and I really didn't appreciate them being opaque about the pricing cash vs loan. It's advantageous for the buyer since the federal tax credit is then applied to the fee as well, but it's still a little shady to infer it's a "down payment", because it's not.
That's likely why you can't refinance into this, they'd need to charge you another massive origination fee.
Let me know what you think, that's my guess.
SilverSp33d3r
No Longer Silver
This is not true with my .99% loan from Tesla
Cash Price after tax =43.9k
Total price paid after 120 payments and Downpayment = 45.9k
Total finance charge is $1900 for entire loan.
Plot twist... So I have been silent on this since page one. Seem sunlight never actually sent me the actual loan contract for me to sign until a few days ago. But since it's been over a month since credit check, I was able to switch over to the Tesla 10 years loan. Something got screwed up here also and I waited over 2 weeks and nada. Called Tesla today and they claimed it was sent to me with a final notice back on the 20th. I never received it as I can see everything in Adobe sign. They resend it today and I signed yay! Next step is scheduling the install but the PA office closed early I called 1:30pm Pacific time and find they are closed but they aren't supposed to close until 2pm
