As of today both X & S finance charge is 0.99%
I'm checking with my rep. If so, great!
Tesla doesn't loan, so what bank is what with?
Just checked and yes, the interest rate has dropped to 0.99%! Nice.
Rocky_H: Alliant Credit Union.
I don't see this reflected on the website
Can you please cite a source, since this has not appeared on the web site?
Alliant has always been good with Tesla customers.
Just got approved for my loan today with Chase through Tesla's loan approval. It just dropped to .99% too from 1.99 yesterday.
I was just quoted 1.99% earlier today through TD Bank. Haven't accepted and I have until tonight to cancel my deposit if I want. Can I push them to match this rate?
I appled through Tesla's site and it was pretty painless. It took 1 day for approval. Did you try applying through them? Of course you can always ask TD if they'll match.
Yep, just talked to the rep. The rate did indeed go down to 0.99%. All good!
Wow, that's awesome! Beats my 1.11% loan ;)
I'm hoping I can get under 2 for the Model 3.
I just literally received my S yesterday at a 1.99% rate through TD. Does anyone know if there's a way to go back and try to get a revised or matched rate to 0.99%? This obviously makes a pretty significant difference.
I was making a social visit to the Mall showroom, and I over heard the Manager telling his assistants around 11:00 AM today.
Delivery must be completed by 10/1/17 for the 0.99%
Means they are probably trying to push out old inventory to prepare for an imminent S and X refresh to further establish superiority over the 3.
I'd definitely wait until Q4 if I were in the market for a new Tesla right now.
Or they have a glut of standing inventory they want to clear.
I've been making extra payments on my loan so that I'll have the car paid off in three and a half years from loan term start. I don't believe I'd qualify for this limited time, supa-dupa low rate anyway.
The sooner I pay off the 75D, the sooner I can unload a precipitously depreciating "asset", and the sooner I'll be able to purchase my next Model S, replete with a newer battery and a redesign.
I just checked and do not see this rate referenced anywhere on the Tesla site, does someone have a link or reference contact. I was quoted 1.99% with Chase through Tesla.
It's not mentioned on the site, but when I got approved I got it at 0.99%.
I just reached out to my Tesla credit advisor who had approved me for the 1.99% and asked if I could be qualified for the 0.99% and they took care of it.
0.99% rate is for New Inventory S & X vehicles to be delivered in the month of August. I have verified this with my rep. at the Grand ave. showroom/service center in Chicago. Do not look on the website, contact a rep. at a showroom near you. Call them. I am trading up from an 85D to an 100D. Check the website for vehicles in your area.
So this is not for custom orders?
My Tesla credit adviser said all deliveries until 9/30. I have a custom order and he said I qualified for 0.99%
When did you order your car/when is it supposed to be delivered?
7/24/17, Late August-September
Interesting, I reached out to my credit advisor but have not heard back. I placed my order 7/24/2017 as well. My date currently shows September - October.
Allient is giving me a little grief. Already approved with them, taking delivery tomorrow, should be a simple process of updating the interest rate. I'm having to tell them that I can just as easily go to another bank at this point since I have not taken delivery. We'll see how it goes...
I talked to them this morning and the following apply: 1) must take possession by Sept30 2) only qualify once you they receive Tesla contact w/ VIN and copy of your drivers license 3) valid only up to 72mo length of loan land up to 105% of MSRP. 4) i believe that credit has to be north of 750 as well.
This is what they sent me after we talked:
As of today we are running a promotional rate for new Tesla at .99% for 72 months. As long as your loan funds by 9/30 you will receive this amazing rate!
just emailed the Tesla finance guy after reading this. He just replied back that I do qualify for this rate so thanks to kwen197 for starting this thread. I pickup the S 100D this Friday at the Fremont delivery center.
I was able to get Allient to modify my rate before I pick up my X tomorrow. Took a little pressure but it worked out so that’s all I care. Lol
Alliant offers 0.99% with a 740+ credit score for 72 months. Can do 75 months if adding GAP. Model S and X only.
@matthew.mcknight | August 2, 2017
"Means they are probably trying to push out old inventory to prepare for an imminent S and X refresh to further establish superiority over the 3.
I'd definitely wait until Q4 if I were in the market for a new Tesla right now."
Not sure I'd bet this is due to some big imminent refresh; sounds as much as anything to help push get as many cars delivered by the end of the quarter to help the Q3 delivery numbers look good. Given some of the concerns voiced regarding can Tesla manage the production ramp-up for the M3 people are going to be looking a lot at Tesla's delivery numbers in next few quarters. Any signs of weakness will likely be viewed as negative. I realize that weak S or X deliveries do not necessarily say they can't manage the M3, but those looking for a reason to see a problem will quickly latch onto anything they can find. Strong S and X deliveries will only help.
@kwen197 Great news! I have used Logix credit union for my 2 Teslas at 1.44% with three months deferred payments. I am now upgrading my MS and will be tsk no delivery in early September, great timing! I am not very fund of Chase Bank but saving some money would probably make it worthwhile. Thanks.
I had a great surprise opening my tesla account . I was pre approved for my p100d back on July 1 for the 1.49(they told me i had to do it before June 30th for the offer). Taking delivery of the car this Tuesday and my final docs show the new rate of .99. Score! Free Money!
Can add gap insurance through Progressive or other insurers.
There has been an October hardware surprise the last 3 years running - so I expect one this October as well.
Reconciliation of AP2.5 in the Model 3 with current AP2 S/X owners would be a good idea.
I can confirm I was just approved for a new Model X for 0.99% applying via Tesla.
Amount financed $100k
Down payment $10k
Offer term 72 months
Interest rate 0.99%
Took 12 hours to get approval. They pulled TransUnion for both the lease and loan applications.
I mentioned this in another thread, but I got approved for $126,500 at 0.99%, several weeks before the $3500 "showroom discount." That would have almost covered the original $127,128 price for car, tax, and fees. I wonder what they'll give me now.
Pre-approved yesterday through Alliant for the same .99. Applied online about three weeks after confirming order because there is a 45 day clock that starts after pre-approval for the offer to be honored. Left voice mail for rep I had previously spoken with when I had questions. He double checked and called back in a few minutes, then a few minutes later I received the pre-approval email after it left underwriting.
It is interesting to see the quarter end ramp of Tesla US sales. No doubt the offer inspired me off the fence too:
I was told must take delivery by September 30 or lose the 0.99%.
At Alliant, I worked exclusively with John at ext 2310. I suggest asking him what the conditions are for the .99 for a given circumstance.
My approval came with no special limitations. Just limited to 30 days for validtubwhixh is normal.
Western Federal Credit Union (Orange County, CA) gave me .75 % a few months back. Has at be 36 months term.
If the interest rates on purchasing is so low now (which is a great thing!), why is the money factor still so high on the leases?
Does anyone know if the .99% will be extended to cover vehicles delivered after 9/30? Because the financing is only valid for 30 days I'm waiting until I'm contacted to schedule the delivery before applying. The amazing APR is the only reason I placed my order back in August. I'm super protective of my credit score, and I don't want to have my credit pulled multiple times. My sales advisor did not say anything about the .99% APR being a limited time offer subject to a 9/30 delivery date. I have no control over when Tesla will delivery my model X and I don't want to miss out on this rate.
@ bdmorehouse88 Read my prior post. My pre-approval letter explicitly states a 45 day window lock, so I just ordered first and delayed the credit approval for several weeks based on Alliant's advice for a custom order, in case there were production delays. Like I said before, call Alliant and speak to Jon at x2310 and he will explain options and give you the parameters for what it takes in terms of income and scores to qualify. My order is currently in production and may or may not be delivered by month end. At this rate, the absolute best case scenario for me would be delivery within 45 days, so delaying the pre-approval was a good tactic to prevent a second credit check.
The terms of the 0.99% APR might vary depending upon region. My contract specifically states good for 30 days and must take delivery by end of September. I'm in CA.
I got my MX P100DL about 6 months ago. They had a .49% interest promotion at the time I got my loan. I was going to pay cash but at .49% it didn't make sense to pass up on this deal. I haven't seen the promotion offered since. From what I understand the current .99% promotion is only for the MS and MX but not for the M3. It looks like the M3 interest rate will be between 2% to 3% depending on your income, debt and credit score.
bd: I've seen that you have to take delivery by September 30th (it's likely tied to end-of-quarter sales stats). You should clarify that so you don't miss the offer.