How are you paying for your Tesla MS?

How are you paying for your Tesla MS?

I'm curious, how's everyone here paying for the MS? All cash? Financing? If so how much will you be financing? I'm considering charging the whole car on my credit card and then turning around and paying it off...we're talking about some serious credit card bonus points. ;)

Also, is anyone here buying the car who lives in an apartment and therefore doesn't have a garage? That's one of my concerns at this time.

kashiraja | 20. Januar 2013

RE: loan through PenFed
1) Does anyone know if they require a particular deductible on the car insurance (e.g. min $500)? I could get a better quote if I just went with $1000 deductible.

2) Also, sounded like there are no other hidden fees through PenFed?

jjaeger | 20. Januar 2013

kashiraja - PenFed did not ask me anything re: insurance. Since i had no military affiliation, did donate the $15 to the listed agency - and contrary to some discussion on the thread, also put $5 into a savings acct. $20 total in 'fees' was simple enough to cruise through and figure the $15 does go to a cause.

BYT | 21. Januar 2013

@h2onu, I have a Stanford Federal Credit Union Account as well but opted for the Navy Federal Loan as it was ~0.75% less and I went with the 5 year loan term.

christine_orita | 21. Januar 2013

I too was planning on paying all cash but thanks to this thread, I went to Penfed as well. Literally took seconds during the online application to get approved. But because Tesla was not part of the drop down, I did have to call in. Got someone within a minute and she could see all my info from the online app right up until the part where I could not go further because I did not have a VIN and there was no drop down for Tesla. She said everything else is fine and all I had to do was call in once I had the VIN and they will send a check!

Unbelievably easy.

Now to put my cash to better use and get better rate of return than 1.49% :-)

P12704 expecting delivery between Feb 2-16!!!

hfcolvin | 21. Januar 2013

Hey OP,

I was considering using a CC for a down payment just to get some reward points - might as well get a new TV or something out of the deal! Sorry to see Tesla won't take a CC. I'll be financing 40 or 50 K through USAA 1.99%. I'm trying to figure out how to use their car buying service to "negotiate" a price for me and get another quarter point knocked off. They actually have the Roadster listed on the car buying service.

I'm also a Navy Fed member but have sworn to never use them again since they screwed me over on a home mortgage in 2008.

FLsportscarenth... | 21. Januar 2013

@chris Pennies are legal tender so they have to take them, they would probably bring in a machine it to count them?

I bought my first house cash, so I brought a big bag with bricks of 'small unmarked bills' to the closing pay for it, I thought it was hilarious, the sellers attorney was not amused but took the money after bringing in a counting machine, after all it was indeed legal tender for all debts private and public...

Brian H | 21. Januar 2013

In Canada, accepting pennies is not required over $25. Don't know if the US has similar fine print. They're being discontinued in Canada, btw (no longer produced) and prices quoted to the nearest 5¢ as of some cut-off date. They will withdraw them as they come into the hands of the banks, though they will undoubtedly continue to circulate for many years.

FLsportscarenth... | 21. Januar 2013

Seems that Canada is following Europe's lead on that, I remember Nederlands rounded away its 1 cent coins in the twilight years of the Guider, now the Euro cent may follow...

Too bad, Canadian pennies are pretty with their leafy design... Used to collect coins and notes so still have some Canadian 1 and 2 dollar notes...

I have seen articles on how they should drop the penny in the US, after 1982 or so the copper got too expensive so now they are mostly zinc, but I do not think the penny is going away anytime soon. We will never give up our traditional measures either, 'give them an inch and they take a mile' or 'give them a centimetre and they take a kilometre', really now who talks like that?

Brian H | 22. Januar 2013

Even more archaic, "In for a penny, in for a pound."

But as Yogi said, "A nickel isn't worth a thin dime any more."

JDPink | 23. Januar 2013

Has anyone here completed the Payment Saver Auto Loan with PenFed?

I like the idea of using it to pay 1.74% (instead of the 1.49%), having a lower monthly payment on the car, and having a balloon payment (due in 5 years) which I can then pay down with the tax credits ($7500 Fed, $2500 CA).

I just called PenFed and they told me that they couldn't tell me if the Model S qualifies until after I complete the application. They weren't sure if their underwriters would consider it a Smart Car.

Thanks in advance.

dave.w.finn | 23. Januar 2013

Plan to pay cash when my # comes up.


hsadler | 23. Januar 2013

NASA Fed Credit Union.....
although they had never heard of it - but now, too, are excited.

hsadler | 23. Januar 2013

1.49% 125K 36 mo
1.99% 125K 63 mo
2.64% 125K 75 mo
3.14% 125K 84 mo

Brian H | 23. Januar 2013

Of course it's not a Smart Car; it seats more than 2!

DanD | 24. Januar 2013

Got my check from PenFed today. Pretty easy despite getting a few different and conflicting directions from them. 1.49% is pretty sweet.

We'll pay the balance with a "big" personal check.

AJC | 24. Januar 2013

Had the full price in a savings account, but will keep it there or invest it since I talked to USAA. What a great company. For decades I've had my home and auto insurance plus investments with them and they are outstanding when paying claims or responding to support calls.
I chose to finance $50K of the price for 36 months and got 1.98% APR with no hidden costs. The processing was unbelievably easy. The loan is approved. All they need is the VIN and the funds will be released immediately.

ALSET | 24. Januar 2013

Finalized and it states I should get car "Feb-March" :)
So...should I finance? The way I look at it PenFed is offering 1.49% like everyone says. My school loans are 3.25%. Even a blue chip stock could easily get me 3% dividend yields and my Lending Club account could get me more than that.

Should I finance the majority of the car and drop that principle into my school loans or put it into my brokerage account? Or should I just pay off the car?

I really need to find a personal adviser and accountant :(

Brian H | 25. Januar 2013

Borrow and use the rate advantage to advantage. Mentally deduct the gains from the cost of the car. ;)

Jason2 | 26. Januar 2013

St. Mary's bank in Manchester, New Hampshire offers a discounted rate of 1.9% to AAA members.
They financed 95% of my Model S. Turnaround was quick and easy.

billbalter1 | 27. Januar 2013

ped fed too. AMazingly simple and can't beat the rate.

DaveR75 | 27. Januar 2013

Wow..thanks for all the great info! My plan was to pay with cashed out TSLA stock I purchased at the IPO. It's doubled over the past few years and I'm optimistic about the Q4 results being announced next month. Hoping to take delivery of one of the first 40s in timing looks good. This has been my plan since putting in my reservation..but with loans available under 2%, it's crazy not to hold the stock to see where Tesla goes as GenIII becomes more real...or at a minimum, sell the stock and pay down debts with higher interest rates. I always told my wife all the time I spent surfing these forums would eventually pay off ;).

Brian H | 27. Januar 2013

Yep. Knowledge is power. And money!

Milly Amp | 31. Oktober 2016

Tried to get PenFed to send me copy of loan papers to read before I get car and they essentially said it's not possible. Not on their web site, no where. They acted like I was asking something completely unusual ...did you guys get to see what you were going to sign with any advance time or just days or hours before buying the car ? Seemed unusual that they don't have a copy of the general terms about prepayment or car insurance etc. Anything to share from you PenFed users would be appreciated...any "fine print" that you weren't expecting in terms ?

jordanrichard | 31. Oktober 2016

I did my financing through USAA and didn't even bother reading the loan paperwork apart from the APR. What is there to read. It is a standard car loan. I have never seen/heard of a car loan having a prepayment penalty. As far as insurance goes, that too is standard fare. If you finance a car, the lender will require full coverage.

Is this your first car loan/loan with PenFed?

kagai | 31. Oktober 2016

Financing through Alliant - Interest rate of 1.75% is the best deal I could find.

My lowest APR cards are at least 7% - so they couldn't beat that - and my credit cards that offer Balance Transfer of 0% for x number of months also require a transfer fee of about 3% - so they're still higher than 1.75%.

If you plan on doing an upgrade in 3 years - the Tesla Financing option MAY be attractive to you - but their interest rates are higher than Alliant. Their selling point is that they give you a guaranteed trade-in value at a certain window of time in your third year of ownership.

PS I do use a secured community parking garage with an assigned parking spot.

kagai | 31. Oktober 2016

**sorry - didn't realize this was a very old feed

renwo S alset | 31. Oktober 2016

You mean you didn't pay good cash money?

SUN 2 DRV | 31. Oktober 2016

Jordan: FWIW I also read contracts before I sign them....

"What is there to read. It is a standard car loan."

How do you know that until you read it?????????

gguinto | 31. Oktober 2016

I'm paying for my Tesla in real money. :)

gguinto | 31. Oktober 2016

in = with... LOL

mathwhiz | 31. Oktober 2016


The flying hippie | 31. Oktober 2016

I traded in a Cessna! I use the Tesla much much more and so much less maintenance.

DallasModelS | 31. Oktober 2016

1.79% financing through a credit union. (BCU). It was so easy. Literally took me less than half a day to complete everything.


StarKiller | 01. November 2016

You brought the forum topic back from the dead.

Wow, another Jesus reference

Silver2K | 01. November 2016

I'm a male gigolo

kagai | 01. November 2016

lol @ StarKiller - that's how I roll.... #ZombieApocalypse

Haggy | 01. November 2016

I got my loan through DCU and it was closer to 1%. That's with the EV rate, and direct deposit to an account there. But I have better news. I know people are excited to get a $1000 discount when they use a code. It turns out, I can send people a link to get an extra $20 off when they set up an account with DCU, boosting the savings to $1020. But I would need to have a person contact me with name and email address. That complicates things a bit.

p.c.mcavoy | 01. November 2016

Baggy - I financed through Alliant. As part of setting up the loan, and associated standard savings account, they actually deposited $100 in my account. That was never mentioned during the loan process, but saw it show up on my first set of monthly statements. I'm guessing that was a new account type of bonus, but required no referral or any other special action on my part.

kagai | 02. November 2016


Same here - got a $100 that I never expected - but that was about a week later after the loan was initiated. The imitial deposit into that Savings account was $5 - so basically Alliant gave me $105

StarKiller | 02. November 2016

40% Tesla Stock (And other stock)
30% Financing (Credit Union)
15% Savings
15% Government Incentives

StarKiller | 02. November 2016

My neighbor subsidizes her's through Uber (Now they need to be on the Stock Market) ridesharing. Second person I have heard doing that.

mdmgso | 02. November 2016

"How Are You Paying for Your Tesla"

Through the nose. (;>)

p.c.mcavoy | 02. November 2016

@kagai - Ditto. Exactly same for me.

Milly Amp | 02. November 2016

Love the "didn't even read it". Good luck with that in life. They're all the same until they're not.
They sent me a blank to read over-all good.

KP in NPT | 02. November 2016

You don't need to read no stinking contracts when you pay cash money!

lilbean | 02. November 2016

@mp1156, best thing ever!

Milly Amp | 02. November 2016

Money's too cheap now to use your own

f3rretus | 03. November 2016

@mark_g - Use a credit card convenience check.

@AL SET - It is doable. I paid for a car with a credit card once then paid off the balance at the end of the month. Got a lot of air miles! :)

f3rretus | 03. November 2016

@AL SET - If you own property and have equity in it, you could take out an equity loan and then write off the interest on the loan at tax time.

f3rretus | 03. November 2016

@FLsportscarenth... - I did a similar thing once. I took my car to get painted and the shop did a horrible job. I got back at them by paying them in $4,329.33 worth in pennies. The look on their faces was PRICELESS!.