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Zero down finance?

z335is

Member
Feb 7, 2019
41
34
Newark
Hi all - does anyone know if it is possible to do a zero down finance through Tesla? It keeps defaulting to $4500 down for me, so I wasn't sure if that was just the standard, or an actual hardline amount. I'm in PA if that makes a difference.
 

lukey13

Member
Mar 3, 2021
75
36
Los Angeles, CA
Hi all - does anyone know if it is possible to do a zero down finance through Tesla? It keeps defaulting to $4500 down for me, so I wasn't sure if that was just the standard, or an actual hardline amount. I'm in PA if that makes a difference.
Yes, you can put $0 down. Are you financing with Tesla?
 

lukey13

Member
Mar 3, 2021
75
36
Los Angeles, CA
Yes, this would be through Tesla.
i believe the slider will only let you finance 100% of the car, which then you’d have to pay the taxes/fees upfront. You can try contacting the Tesla finance and asked them if they can rollover the taxes and fees to your loan. Someone on Reddit did that and it was fine but not sure if that would affect your rate.
 

z335is

Member
Feb 7, 2019
41
34
Newark
i believe the slider will only let you finance 100% of the car, which then you’d have to pay the taxes/fees upfront. You can try contacting the Tesla finance and asked them if they can rollover the taxes and fees to your loan. Someone on Reddit did that and it was fine but not sure if that would affect your rate.
Thanks, I just reached out to them asking the same. I will keep you guys posted.
 

TheRFMan

Member
Dec 15, 2019
321
248
Ottawa, Canada
Might depend on your location. I'm in Canada, and I had the option in my Tesla Account to finance everything, including taxes, license, registration, fees. etc. Essentially $0 due at pickup. 72 months at 2.3%.

At that rate, I'll invest my money before using it as a down payment. I just need Tesla to build and deliver my car now :)
 

GeekyDoc

Member
Jan 18, 2021
26
9
PA
Might depend on your location. I'm in Canada, and I had the option in my Tesla Account to finance everything, including taxes, license, registration, fees. etc. Essentially $0 due at pickup. 72 months at 2.3%.

At that rate, I'll invest my money before using it as a down payment. I just need Tesla to build and deliver my car now :)
I see 2.49 for 72 months but the generic $4500 down. I don’t have an issue paying taxes and transportation fee upfront but would like to finance the entire car amount. I guess I shall see when I actually hit submit. SCA told me to wait until he touched base with me later this week.
 

father_of_6

Member
Jan 24, 2021
109
85
Buffalo, NY
I literally paid nothing, although did have a trade in. I think the trade in was valued at $2500... or maybe $3500. I entered $0 for everything on the website, and also mentioned it to the sales rep. The payment is outrageous... $730.

The way I see it, I'd rather avoid having to wire a down payment or whatever other process there is at purchase. If I really wanted to put $4500 down, I'd just include that in my first payment once I'm dealing with the bank. No need to further burden the sales process.
 

TheRFMan

Member
Dec 15, 2019
321
248
Ottawa, Canada
Might depend on your location. I'm in Canada, and I had the option in my Tesla Account to finance everything, including taxes, license, registration, fees. etc. Essentially $0 due at pickup. 72 months at 2.3%.

At that rate, I'll invest my money before using it as a down payment. I just need Tesla to build and deliver my car now :)
I forget to mention, here in Canada, the deposit to place an order is $2500 (refundable if the order is cancelled however). So in reality, that’s the de facto minimum down payment.
 

GeekyDoc

Member
Jan 18, 2021
26
9
PA
WTH? $730 with zero down is pretty darn good. I'm guessing it's the configuration you ordered plus CAN $ vs USD? Mine is showing as $780 after a $4500 down. They haven't actually run the application yet so am hoping I qualify for a better APR and get that payment down some more whilst not having to plunk more $ down.
 

TheRFMan

Member
Dec 15, 2019
321
248
Ottawa, Canada
WTH? $730 with zero down is pretty darn good. I'm guessing it's the configuration you ordered plus CAN $ vs USD? Mine is showing as $780 after a $4500 down. They haven't actually run the application yet so am hoping I qualify for a better APR and get that payment down some more whilst not having to plunk more $ down.
@father_of_6 who posted the $730 payment is in NY, I'm the one in Canada. My payment is significantly higher than $730 when converted back to USD, but then again, I bought the Model 3 Performance, so not the cheapest version either. I also did not pick the longest term possible, so that I can get a few years payment-free with the car at the end. Whether a payment is outrageous is more a matter of opinion and personal finances.

Canadian pricing is not super favourable tight now. Converted to USD, the price in Canada is $3300 higher than the US price. Our exchange rate became more favourable recently, but the prices have not changed to reflect that.
 

father_of_6

Member
Jan 24, 2021
109
85
Buffalo, NY
WTH? $730 with zero down is pretty darn good. I'm guessing it's the configuration you ordered plus CAN $ vs USD? Mine is showing as $780 after a $4500 down. They haven't actually run the application yet so am hoping I qualify for a better APR and get that payment down some more whilst not having to plunk more $ down.

2.49% financing, plus my trade in, plus $1500 EV credit from New York State.

I think $730 is outrageous for a car... my last one was 1/3rd of the price... it's just a car. That said, it's vastly better than my last car. My opinion: M3 is totally worth it.

2021 M3 LR AWD MSM
Back interior, standard rims.
 
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DoctorNomNom

Member
Feb 11, 2021
157
139
Columbus, Ohio
2.49% financing, plus my trade in, plus $1500 EV credit from New York State.

I think $730 is outrageous for a car... my last one was 1/3rd of the price... it's just a car. That said, it's vastly better than my last car. My opinion: M3 is totally worth it.

2021 M3 LR AWD MSM
Back interior, standard rims.

Depends on a plethora of factors - current income level (if youre bringing home 10k net a month, 730 is perfectly fine), amount in savings, what you are doing with your money otherwise

My wife and I are currently net over 10k a month and i put zero money down. We had the money to buy the car in cash but i left the money invested in my brokerage account (averaging about 8-10% over the last few years in "safe" investments). If i lose my job, I will pull that money and pay off the car. But as long as that isn't an issue, it doesn't really matter. My 50k invested is making me more than me paying 2% interest on money now is costing me.
 

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