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Tesla's new "financing plan" is only available in 8 states...

Discussion in 'Model S: Ordering, Production, Delivery' started by yobigd20, Apr 3, 2013.

  1. yobigd20

    yobigd20 Well-Known Member

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    All the hype around their financing plan, and you can only get it in 8 states? That seem's stupid to make such a major announcement about it if its only going to be available in 8 states.

    "Tesla Financing Product is only available in the following states: CA, CO, IL, FL, NJ, NY, OR and WA"

    teslafinancing.png
     
  2. Alfafoxtrot1

    Alfafoxtrot1 Member

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    I agree that's a bit surprising/disappointing, but if CA has 50% of the sales, then with IL (Chicago), FL, NY, and NJ - this "small region" where the deal is available probably respresents at least 75% of current sales.
     
  3. Citizen-T

    Citizen-T Active Member

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    This whole thing just keeps getting stranger and stranger.
     
  4. Beavis

    Beavis Signature 991

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    For now. The states listed appear to be their highest volume states, except for TX. I am guessing that they will eventually expand the availability to other states but they simply haven't done it yet.
     
  5. Krugerrand

    Krugerrand Active Member

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    You start at point A and gradually make your way to point B. These 8 states are a good start representing the highest interest in Model S.
     
  6. sp4rk

    sp4rk Banned

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    And why was BofA, the primary marketed lender for loans not included? US Bank and Well Fargo only. Odd?
    That $500 a month ... is such BS!!!
    Embarrassing to us when we have Tesla time.
     
  7. Krugerrand

    Krugerrand Active Member

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    How do you know that BofA wasn't approached by Tesla and didn't want any part of it?
     
  8. sp4rk

    sp4rk Banned

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    I don't! But seeing's how the "terms" are so similar, why wouldn't they ... just askin'
     
  9. yobigd20

    yobigd20 Well-Known Member

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    Actually, BofA was originally in a partnership (along with Wells Fargo) to provide financing for the Model S.
    I tried to get financing through BofA, but they refused to do anything longer than a 60 month term (which would probably make the monthly payment too high when only 10% down payment is being made). I wanted 72 or 84 month terms. The reasoning told to me directly by the BofA loan officer - get this - was that "bank of america does not know the future of Tesla and value of the Model S and therefore the longer term financing is deemed too risky". Well that's just GREAT considering you're in a PARTNERSHIP with them. I was floored at that statement. They don't even trust their partners. *THIS* is probably why Tesla refused to do business with them.
     
  10. daveruns

    daveruns Member

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    This is really strange. The media including the Wall Street Journal reported this a leasing plan, but its not at all. It is only a guaranteed by back plan, but only if financed through Wells Fargo and only if you reside in certain states. I live in Missouri and have my own financing set up, so I am excluded from the buy back... :(. What if I pick up my car in Chicago?
     
  11. NigelM

    NigelM Recovering Member

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    I'm sure this is the result of stupid differences in state laws that stifle inter-state business. Hey in FL we can get financing to buy a Model S but we can't buy a Service Plan to take care of it.

    I trust Tesla will get there in the end despite state legislatures. Subsidiarity isn't always a good thing.
     
  12. jomo25

    jomo25 P4398

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    My app with my credit union expired since I've been waiting for more than 60 days since I was approved. I am re-applying with them, which won't be an issue other than an extra credit pull hit. I was going to check with this program also, cuz if the rate was competitive and afforded me a 'guarantee' I'd take it. But alas, AZ isn't on the list.
     
  13. vfx

    vfx Well-Known Member

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    I had inquired about the extended warranty on the Roadster. My contact at Tesla said that some of the local laws require Tesla to actually become an insurance company in order to provide such protection.


    If this financing covers 70 percent of sales then why not release it? Should they work with the byzantine state laws in the other 42 states and get all 50 or should they just get it out there so they can sell cars while working on the others?
     
  14. ZBB

    ZBB Emperor

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    Jomo -
    I'm putting a call in to Tesla (probably later this week due to my schedule...). AZ sales are technically a CA sale from Tesla's perspective, I'm wondering if their financing may technically be avail. Both US Bank and Wells Fargo have AZ branches, so this shouldn't be a limitation due to banking license...
     
  15. jomo25

    jomo25 P4398

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    Cool, let me know what you find out. I'm perfectly fine with using my CU, as they treat me great and offered me as low a rate as I'm gonna get. But, the guaranteed value is nice to consider. My concern is it isn't fully a CA sale since they dont charge us the CA sales tax. I did click on the "I'd like Financing info" checkbox when I went through the Deliver checklist. That was before I knew of the 8 states in the program. I got an email saying the financing would be through US Bank, but the link just takes me to the generic US Bank home page.
     
  16. jvonbokel

    jvonbokel John VonBokel

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    At first I thought maybe the list of states corresponded to those with substantial EV incentives, but it doesn't.

    Combined federal and state incentives

    California $10,000
    Colorado $13,500
    Illinois $11,500
    Georgia $12,500
    Utah $8,105
    West Virginia $15,000
    All Other States $7,500
    So why list Georgia, Utah, and West Virginia on the True Cost of Ownership page if they're not eligible?
     
  17. digitaltim

    digitaltim Sig737 VIN628

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    And MD gives back $2k in sales/excise tax while funds last...
     
  18. Chris

    Chris Member

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    Unfortunately those have been exhausted and the rebate is no longer available. Glad I got mine last year

    http://www.mva.maryland.gov/MVA-Announcements/excise-tax.htm
     
  19. jomo25

    jomo25 P4398

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    AZ's EV incentive is stealthy, but actually quite a good amount. Annual license tax for cars (like an annual registration fee) in AZ varies, depending on the cost/value of the car. It declines over time (as the car's value depreciates), but for a $80000 car would typically run over $1000 per year in the beginning. Full EVs (and other full alternative fuel vehicles) basically pay $4 for the same tax. So, over an 8 year lifespan, that can easily be more than $5000 difference.
     
  20. 100thMonkey

    100thMonkey Member

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    add WA state, which exempts sales tax, so it's more like WA $ 17,500 (for a P85). I suspect that sales in CA and WA account for nearly half of the roughly 10K models S's delivered to date.


     

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