Model S Financing

Model S Financing

I was wondering if anyone has financed a Model S. I heard that Wells Fargo has some people working in Model S financing.

I know financing has to do more with credit scores but it would be good to hear about rates, etc.

kelly | 23 October, 2012

They are quoting rates as low as 2.99% for up to 60 months, based on qualification. I think I read someone else was quoted 3.49% or 3.99%, so it varies.

jbunn | 23 October, 2012

Volker is coming. I can hear him...

sagebrushnw | 23 October, 2012

Check out PenFed...1.49% APR 12-60 months up to $70,000.

rwang | 23 October, 2012

Wells Fargo just reached out. 2.99% 60months as well.

Volker.Berlin | 24 October, 2012

jbunn, not until we are talking about offers for Germany. There are a few topics I don't follow very closely on these forums -- financing, leasing, EV incentives and electrical wiring are among them, because as they are discussed here they have no relevance whatsoever for me in Germany. Thus, I apologize, you're on your own with this one.

kelly | 24 October, 2012

I thought jbunn was talking about Paul Volker and higher interest rates coming in the near future! lol

Volker.Berlin | 24 October, 2012

That would be Paul Volcker, right? Nice try! ;-)

JosephA | 25 October, 2012

This is just fantastic! I Just got a call from my local credit union Here in Huntington Beach CA. They called to tell me i just was denied my loan for 80k Because they felt the car was "experimental" and they could NOT find enough information, residual values, etc. They weren't even sure what the car would be worth if they had to repo it. Can someone shed some light one this. Perhaps someone that does have lending already. What did their banks have for data? My credit score is perfect 780 i make enough monthly income. They said just not enough info on any of the major car sites. etc. I am Signature sport 203. Help me!

GoTeslaChicago | 25 October, 2012


Recommendation #1 a bigger downpayment can go a long to making the lender more secure.

Recommendation #2. Try someone else. Alliant Credit union offers 1.99% up to 72 months. That's my plan, but as p5520, to soon for me to apply.

JosephA | 25 October, 2012


Thank you! applied with another bank penfed and will report back here with the details. :)

TINO F | 25 October, 2012

PenFed has great rates. Do post if they loan on the Tesla.

gagliardilou | 25 October, 2012

I got a penfed loan for 1.49%! It was easy. For that price, i'd rather take the loan out than use my cash!

gagliardilou | 25 October, 2012

I meant for that rate - not price.

TINO F | 25 October, 2012

Thank you for the post on PenFed. I did join, and the money is practically cost free.

JosephA | 25 October, 2012

Can i inquire about what the details are of your loan... For example.. You fico over 720?. What model s are you getting. I imagine a signature. It looks like im going to have to put down an extra $10k more because it looks like they only go up to $70k. With the car being somewhere around $120k the $40k deposit plus the additional 10k. That is an AMAZING LTV. I have great credit. However im worried i have too many inquiries on my credit. Was it a fast process?

Did you get approved already???

Thanks all!

toto_48313 | 26 October, 2012

@Joseph: Borrow more money on your house, and pay the car cash.

toto_48313 | 26 October, 2012

@Joseph : Borrow more money on your house, and pay the car cash...

davecolene0606 | 26 October, 2012

PenFed 1.49% 60 mos $70000 max 5 minutes online conditional acceptance in 24hrs pending paperwork from dealer (tesla) on loan amount.... Oh yea u gotta open an acct w/5 bucks.
Inquiries on auto loan w/in 3wks don't count.


TINO F | 26 October, 2012

I Haven't applied yet since Im in the slow lane for a build date. I understand that they are very quick, and yes, it is a max loan of $70k... Not worried about the approval with my FICO score, but will wait until I get an idea of a delivery date, and it seems like that date is usually Extended a couple weeks. Has anyone applied at USAA?

JosephA | 5 November, 2012

Ok... Here goes! So i did apply for penfed.. Got approved for 35k. Not enough unless i wanted to come in with more money. I didnt really want to considering the 40k i already put down.They didnt see high loans on my credit other then the houses. I was going to take a private loan out and was 2 seconds to making it happen when I decided to see what Tesla's partner wells fargo would do. Boom all 80k financed at 3.99 percent 60 months. I instead turned the pen fed approval into a credit card with a high limit. Just an fyi. I got a call last week on the 29th of septmeber saying.. not only the car was ready for me. But that it was less than 4 miles away.. at that point all the above went down. I couldnt sleep for 3 days untill i finally made everything happen on thursday. There was no warning it is coming. The "my garage" is not up to date at all. Seriously I cant describe this thing. I seriously almost started to cry when they took me to see it. Ive waited 4 1/2 years for this thing. I ordered it when i was 26. There is NO other car that even compares. NONE.. Here in orange county CA eveyone wants to trade in their Bentleys and Maseratis for this car. I cant wait for the X! Thank you Elon and Team!

Tiebreaker | 6 November, 2012

Good for you, Joseph! Congratulations!

Usmclsc | 6 November, 2012

Joseph, that is AWESOME! My wife and I are retired from the military, and although we are having to scrounge to get the Model S (Performance version), both of us are in love with it! We posted it on our Facebook page and have had literally dozens of people commenting on how much they LOVE the car and want to ride in it! We're planning to finance with Navy Federal Credit Union whom we've been with for decades. They currently have a 1.79% rate up to $100 grand. I haven't applied for it yet since we just got on the list and are #13413. I hope production ramps up enough as Elon indicated so TMC gets to us sometime in 2013. At least it gives us time to save a substantial amount of the cost of the car so we can borrow less.

GoTeslaChicago | 30 November, 2012

Now that cars are being delivered in volume, any financing tips or troubles you want to share with the list?

Aleksandyr | 30 November, 2012

second that! need to get my financing set-up for a possible late Dec, early Jan delivery

skystream3.7 | 30 November, 2012

what is your number? P????

Azdcmoney | 3 December, 2012

I just got 2.88% 60 month from BofA, however, they will only loan 75% of purchase price

jchangyy | 3 December, 2012

Hmmm.. B of A website states 2.64%...

jd3tm | 3 December, 2012

For me, Penfed worked GREAT! All you have to do is spend $15 to join one of the required supported non-profits (I joined American Military Families) and you have access to the 1.49% New Car loan!

Applied over the website (to get that rate)! Don't call them or I don't believe you can get that rate.

Paperwork showed up in a few days, along with Blank check which I made out to Tesla when the Model S was delivered.

First payment due end-December for My Model S that I received on November 2nd.


Aleksandyr | 3 December, 2012

jd3tm- how much did they allow? I was interested in PenFed. thought there was a limit of 70k?

jinglehyme | 3 December, 2012

VIN 1605 - I went with the Tesla preferred lender Wells Fargo Bakn, who incidentally already had two of my mortgages - $65K for 60 mos at 2.99 works out to $1167.58 per month.

Should'a looked at this sooner.

ak-tually55 | 3 December, 2012

Penfed CU or Alliant CU. Not sure how fast Penfed turns applications around, but Alliant usually takes one day with e-docs. 1.99%. | 3 December, 2012

My local credit union is offering up to 75k for 66months @ 2.74 (Credit Union of Colorado)

GoTeslaChicago | 3 December, 2012


Any idea if PenFed treats you the same if you join today and apply tomorrow, compared to members who've had deposits there for years?

nickjhowe | 3 December, 2012

@j3dtm - PenFed shows 1.49 in the calculator, but every time I tab to the continue button it switches to 3.49. Did you have this problem?

Stark | 3 December, 2012

Does anyone know who is providing financing in Canada and what rates? I know that Scotiabank was providing finacing/leasing for the Roadster, but I can't find any information for the S.

Chuck Lusin | 3 December, 2012


1.49 is for up to 60 months, are you tring longer than 60 months?

nickjhowe | 3 December, 2012

Nope. Tried everything from 36 to 60. Everything looks good. I enter all the numbers, it says 1.49, then as soon as I tab off the last field it switches to 3.49. Will try again tomorrow.

Chuck Lusin | 3 December, 2012

Loan amount is under or equal to 70K?
I was hoping to use them also for 1.49%
Let us know if it goes trough for 1.49%
Thanks nickjhowe

AaronB | 5 December, 2012

Got a great loan from Alliant Credit Union.

1.99% for 72 months for the full amount of the car.

Should have the check tomorrow!!!

fluxemag | 5 December, 2012

After reading this post, I refinanced my wife's 1 month old Lexus with PenFed. We live in AZ and had no problems at all. I plan to use them for the Model S as well. 1.49% on 60 months, did everything online. It did require a $20 donation to a Military Family Association to become a member if you are not part of the military.

JohnFloyd | 5 December, 2012

I ended up with Amplify FCU at 1.69%, they'll finance 100% of the cost + 20% for addons, taxes, etc. Great to work with too.

Christopher3 | 5 December, 2012

I talked to Amplify today and it sounds promising. Steve said he'd try to match the PenFed rates but if he can do $100,000 + at 1.69% I'd be happy. PenFed max out at $70k.

rwang | 5 December, 2012

Key strategy. get your VIN number. with that, you can get everything done from tags, to hov, to loan. No VIN no game.

WSC | 7 December, 2012

CEFCU 100k 1.95% for 72 months.

skystream3.7 | 7 December, 2012

FEDPED got 1.49% for 60 months

sagebrushnw | 8 December, 2012

@ P6694

What company is CEFCU? Location?

@ skysteam3.7

What company i s FEDPED? LOcation?


skystream3.7 | 8 December, 2012

Pentagon Federal Credit Union (PenFed)

Brian H | 8 December, 2012

Is FEDPED actually PENFED? ;P

skystream3.7 | 8 December, 2012

sorry spelling was bad

markapeterman | 8 December, 2012

Canseco and Clemens have accounts at FED-PED ;)