Vehicle loans

Vehicle loans

I can not believe Tesla has aligned itself with Wells Fargo Bank for our loans. I’d rather pay a full percentage point more, rather than work with these criminals.
I just found out that you have to call and manually request that a payment go towards your principal loan balance and it takes 2-3 business days to show your principal payment.
Only in a Trump presidency would a company like this thrive and get away with illegal activity but Tesla doesn’t have to feed the criminal fire.

PhillyGal | 03. Mai 2019

Unfortunately, Wells and other large banks with less than perfect ethical histories have been thriving for years including since before this or the last administration.

All we can do is support local credit unions and vote for those most likely to value people over corporations.

Boonedocks | 03. Mai 2019

100% @PhillyGal

OP it wasn’t Trump that protected the banks. It’s the previous administration.

Bill_75D | 03. Mai 2019

100% @Boonedocks

Jcastillo18 | 03. Mai 2019

Unfortunately Credit Unions at least in my area make it hard to get an auto loan. I got my loan at Bank of America no complains yet lol

Daisy the Road ... | 06. Juni 2019

Links to Payday loans?!? That is desperation.

Free financial advice: Taking out a loan to buy a rapidly depreciating asset is a mistake to start with. Never get into a debt hole. Buy something lesser and save your money until you can afford the car that you think you need.

p.c.mcavoy | 06. Juni 2019

@Daisy - I've not borrowed money to purchase a car for over 30 years (and have purchased something like 7 new automobiles over that period). That is, until I bought my MS even though I easily could pay cash for it. The loan offered at the time through Tesla's financing partner at the time was at 1.49% for 66 months. I could easily earn more than that at the time, even in something as simple as an on-line savings account or CD. So, I now am repaying a loan for what you would say is a 'rapidly depreciating asset' and with my money still earning a higher rate of return than the cost of that borrowed money.

So, beware stating absolutes when attempting to give any form of financial advice. The wisest financial decision is generally always dependent upon the unique details of the situation.

Oh, and I just immediately flagged the payday loan link as obviously spam when I saw it first thing this morning.

trixiew | 06. Juni 2019

There are a gazillion choices for auto loans outside of the big banks. Only modestly time consuming, but well worth looking around.

dougk71 | 07. Juni 2019

Depreciation occurs whether it's a cash sale or a financed sale. With cash there is the loss of use of capital to consider and for a loan it is the interest rate. If you can put capital to a better rate of return than the loan interest then the loan looks good. If the loan rate is too high then remember paying cash reduces liquidity and denies the use of the capital should an unexpected opportunity show up.