How does Financing work ?

How does Financing work ?

Emailed customer support and read everything I can find, how does the financing work ?

1. Do they call me from Tesla or do I need to contact the 2 banks mentioned ?
2. Do I need to go into a Tesla Store ?
3. Is there a website to apply or anything ?

eAdopter | 21 April, 2013

This question was answered for me on Friday, 4/19. It's almost time for my delivery, so my DS sent me an e-mail with specific instructions (insurance verification, copy of DL, financing/payment decision, etc.). When they activate it for your MyTesla account, you'll see a new link to access/rview financing options.

prytog | 21 April, 2013

I believe you have to be in CA, CO, FL, IL, MA, NJ, NY, OR or WA for the Tesla managed financing. I'm in OR. My delivery window is 5/3 to 5/18.
Last Monday an "Apply for Financing" link appeared in My Garage.
I filled all my info in and submitted on Monday.
This Saturday I got an email from Tesla, saying "We apologize for the delay. Your joint application has been approved by Wells Fargo Dealer Services with a maximum amount to finance of $81,693. The rate is 1.99% for a 60 month term. This approval will require an additional down payment of approximately $4,350. This includes the Tesla Resale Value Guarantee."
Combined w/my $5k deposit, I only need to bring a check for $4k+.
I was actually planning to put a lot more down

mikhaila | 23 April, 2013

I used PenFed @1.74%. Tesla offers Wells Fargo and BoA I think and lowest was 2.24%.

DouglasR | 23 April, 2013

@prytog - It sounds like no reference was made to your federal income tax credit, correct? I.e., your purchase price was $81,693 + $4,350, and the tax credit is between you and the IRS?

There had been some speculation earlier (based on TM's description of the financing package) that the tax credit was somehow applied to the down payment, but it was never clear how this would have worked.

prytog | 23 April, 2013

My purchase price is $81,693/0.9 = 90,770
This includes the Deliver and Prep fees.
The total down payment needs to be 90,770-81,693 = 9,070

w/$5000 deposit the remainder is 4070,
I am not really sure why they are adding in $280 to come up with a additional down payment of 4350.

I will find out when they send me the real contracts.

It is clear the tax credit is NOT being applied to the down payment.

prytog | 23 April, 2013

9070 s/b 9077
4070 s/b 4077
280 s/b 273