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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.

DonS | 4 February 2013

1.75% for up to 7 yrs at Star One Credit Union. Open to Santa Clara County, CA and also to employees of about 100 member companies.

ylyubarsky | 4 February 2013

Still looking for no income verification loan. Any advices?

Sudre_ | 4 February 2013

ylyubarsky, we don't know. Just try calling some credit unions in your area. If you don't have any way to prove you make money you are probably SOL. Other than that posting here every day won't help. You can keep trying but I wouldn't expect much.

aaronw2 | 4 February 2013

I got 1.99% 5 year from Keypoint Credit Union. As far as I'm concerned, credit unions are the way to go. I haven't had an account with a bank in over 20 years.

tork | 4 February 2013

agreed. Posting twice a day isn't going to change the way banks do their risk management. The only way to find out is to call all your local banks until you get the answer you're looking for

DouglasR | 4 February 2013

There's a guy Vinnie hangs out at the pizza parlor near here who will make that loan no questions asked.

ylyubarsky | 4 February 2013

DouglasR - Thanks for an useful answer. Will try to return a favor.

drp | 4 February 2013

DR

Mr Vinnie is a very nice man but I don't think Tesla takes $100's and 20's

DouglasR | 4 February 2013

Sorry if I offended you, ylyubarsky. It was meant as humor.

KHall | 4 February 2013

Wells Fargo, Bank of America will lend 90%. Pen Fed has some sweet rates < 2%.

Brian H | 4 February 2013

Is this the Rooshki mafia having a hard time getting a Model S? ;p

prash.saka | 5 February 2013

Thanks to hsadler's post earlier, we will be going with NASA Federal Credit Union. It has 1.49% for up to 36 months and 1.99% for u to 72 months. Opening an account is very easy even for non-NASA related folks.

Join one of the credit union's partners listed on the page https://www.nasafcu.com/membership/associations/. Most of them have a fee to join but The American Consumer Council www.americanconsumercouncil.org is free. You should get your ACC membership number the same day.

Once you joined ACC, you can open an account with NASA FCU with a minimum $5 deposit.

I have always loved NASA and just about everything about it ... including Johnson style http://www.youtube.com/watch?v=2Sar5WT76kE

~ Prash.

Laryrob | 5 February 2013

PenFed. 1.49. 60 mo up to $70000. Process done over phone in 10 min. Approval w/in 24 hrs. Minimal donation and account. They also know Tesla. Seamless

kiddidoc | 5 February 2013

Simplicity Bank - 1.99% at 90% of car value and 2.23% at 100% of car value. max 100K up to 60 months.
Hard to beat.

kiddidoc | 5 February 2013

Simplicity Bank - 1.99% at 90% of car value and 2.23% at 100% of car value. max 100K up to 60 months.
Hard to beat.

EclecticCitizen | 28 February 2013

Just got off the phone with PenFed. Today is the last day of 1.49%; unless your check is issued today, the new best rate will be 1.74% for 60 months. If you extend to 72 months, the rate jumps up to 3.49%+.

Just as others documented here, it was fairly pain free. Did the application online until the point of putting in the auto maker, and Tesla is not listed. I had expected the 1.49% for 60 months, but after I put in my info, it popped up 3.49% for 72 months. Called number on the screen and was promptly connected to a rep. She reset it to 60 months and told me about the new rate starting tomorrow. Expect 24 hour determination from loan officer.

@kiddidoc, thanks, I may check out Simplicity bank also...that's really cheap and a higher limit. I could put more monthly income to higher interest student loans if I borrow more for the car.

GoTeslaChicago | 28 February 2013

Alliant is 1.99% for 72 months, without the $70k limit PenFed has.

Nich0le0 | 28 February 2013

I have excellent credit, but I thought I'd have difficulty getting approved w/o a co-signer because I'm still in my early 20's, have only had one loan ever (it was for less than 20K and I had a co-signer), and although the deed to my home is in my name, the mortgage is not.

Logix CU approved me the same day I applied at their lowest rates of 1.49% 48months, 1.99% 60months, 2.99% 72months, or 3.49% 84 months. They did require a down payment of 20%. I was told that 20% down is a requirement for all Tesla purchases financed through them. I applied at Alliant next to see if I could get a lower down payment. They only approved me for $50K because I "had no similar loan history". Logix is the way to go if you have limited credit history and a great score.

makemeupkc | 30 April 2013

I just received 1.99% for 96 months through Pacific Marine Credit Union of Sam Diego

ak-tually55 | 30 April 2013

1.49% for 72 months through Alliant Credit Union.

fluxemag | 1 May 2013

Me too: 1.49% for 72 months through Alliant Credit Union.

I can't tell you guys how easy this was. If I had known earlier I would have never bothered with PenFed. Alliant knows about Tesla. In fact, the woman I spoke to said, "We also need page 3 that they send you with the configuration info." This is very encouraging.

Added bonus was they 72 month term. With the slightly lower rate, the total interest paid is similar to 1.74% for 60. If someone is willing to lend me money for that cheap I'm always willing to take it.

George with SacEV | 2 May 2013

Anybody know if one can fully process a PenFed financing for the Model S all via email and electronically? I am currently in Warsaw, Poland as a Fulbright Scholar and our Model S is projected for delivery later THIS month. I need to finance about half of the cost, but Tesla's partners for financing appear to need me "physically present" to sign documents.

George with SacEV | 3 May 2013

What about the nitty-gritty of financing through Alliant? Can they do EVERYTHING via email and electronically to finalize funding at that wonderful 1.49% interest?

jjaeger | 3 May 2013

gparrott - closed penfed w/ email & faxes - but you have to return final docs (originals signed) and title via the mail/fedex/...

ak-tually55 | 3 May 2013

Alliant uses DocuSign. Should be able to do everything electronically.

fluxemag | 3 May 2013

I would say definitely go with Alliant. Between the rate, term and ease of completing the loan, they are way ahead of Penfed. I have a loan with Penfed on my wife's car and one for my MS from Alliant. In fact, I just realized I should probably move my Penfed loan over to Alliant.

sean | 3 May 2013

Do you have to be a Credit Union Member at Alliant?

ak-tually55 | 3 May 2013

For every credit union that you do business with, you have to become a member, whether it is PenFed, Alliant, or other CU. It is easy to join Alliant: if you do not qualify based on a community or employer, just use Foster Care for Success to become one.

Brian10 | 3 May 2013

I was approved a few months ago for financing with PenFed when their rate was 1.49%. Just got reapproved (after 3-days of back & forth) with them today at 1.74% and asked them to match the Alliant rate of 1.49% but they would not. So, I applied with Alliant today and after about 1/2 hour, I've been approved for their 1.49% rate for 72 months. The process with Alliant was much easier than with PenFed.

Chuck Lusin | 7 May 2013

Same here, I got the same 1.49 for 72 months, real easy with Jason from Alliant Credit Union. I'll have the check tomorrow and the cars on 5/16. Here is his contact info if anyone wants to go with him, real easy and fast.

Jason Freese
Alliant Credit Union
11545 W Touhy Ave Chicago IL 60666
jfreese@alliantcreditunion.com
800-328-1935 Ext 2164
Direct 773-462-2164

Peter J | 7 May 2013

I spoke with a guy at Tesla, who took my application. When I picked up my car, I wrote a check for $4K+ something, in addition to my earlier $5K deposit, and signed a note for the balance on an $80K purchase. 1.99%/60 months. I have accounts with both USBank and Wells, but asked Tesla to place my loan with Wells because I already borrow more from USBank.

It could not have been any easier. Thank you, Tesla Motors.

FLsportscarenth... | 7 May 2013

I called Jason at Alliant, he does not work after 3... hmm most people work till 5pm.

Am not active duty or federal employee so PenFed has no advantage (not going to pay membership fee then be declined).

Sent a email to autofinance@teslamotors.com no response in two days...

Grrr... Do not want to wait till one of my houses sell to complete the sale. Anyone want to buy a house in Albany, New York? 4 to choose from... hehe

FLsportscarenth... | 7 May 2013

@Peter

Who are you working with at TM than makes it so easy? Can I call them?

Peter J | 7 May 2013

I worked with Thomas Chu, at [autofinance@teslamotors.com].

Modified by Nick Kinkaid, Tesla Motors.

FLsportscarenth... | 7 May 2013

Just talked to Thomas, he is VERY helpful, hopefully he can get the greenlight so will get my S in July!!!

rebeccap88 | 17 May 2013

My DS says they will mail the MCO and Title Application after they receive full payment. While my credit union is requiring a copy of the MCO and Title Application indicating they are the lienholder before payment can be sent.

I'm hoping Tesla will accommodate. Has anyone else experienced this kind of hold up?

ramtaz | 17 May 2013

ALLIANT only required final MVPA. Check mailed FEDEX the next day.

bostoncde | 17 May 2013

I recommend Alliant Credit Union, 1.49% up to $70,000 for 72 months its a no brainer. They were easy to deal with and got the check in a few days. Originally signed up with PenFed but there rates were 1.99%. Had to pay membership fee of $15, well worth it. Many a Tesla owners use Alliant.

sean | 17 May 2013

1.49% with Alliant. Super easy process!

Tesla4me | 18 May 2013

Yes I did my financing through Robert at Alliant Credit Union. He was very easy to work with. Got 1.49% with great service. His contact is 773-462-3705. Super easy and fast hope it helps.

tomcohen | 20 May 2013

NO BUYBACK OPTION IF OUTSIDE FINANCING USED. I started the Alliant process based on the above, then called Tesla to find out if its buyback offer after 36-39 months would still be viable. No. You must use Tesla financing to get buyback option. Maybe that is why Tesla's affiliated banks charge 2.95/3.00% compared to 1.49% at Alliant.

cablue | 20 May 2013

Yes, that's why some choose to go with Tesla financing, just for the buyback guarantee, even though it is more expensive. Tesla financing interest rates can be lowered by going with fewer months. I'm getting 2.24% for 60 months through Tesla/US Bank.

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