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Tesla payment forbearance?

Tesla payment forbearance?

Heart, thoughts and prayers go out to everyone to be safe, stay sane and hope that everyone can rebound quickly once this has passed.

Seeing where most lenders are offering payment forbearance programs. Just curious if anyone has heard of Tesla taking part in such a program? Or will Tesla just start repossessing cars from those that can't make their payments? Most Tesla owners are probably well off enough to handle a few months of down time, but with the Model 3 being more mass market, can only assume that many Tesla owners have more limited resources and are being hit hard by what's going on.

If your loan is through US Bank, as many Tesla's are, I think they're (along with most major lenders/banks) all doing something similar. But, Tesla being a smaller company that does their own loans, not sure they can afford to do the same?

Anyway, best wishes to all in these challenging times. Hadn't seen this brought up and haven't had to look into myself, but figured it would be good to get an info out there, if anyone has inquired and can share the results for others that may need it?

Xerogas | April 2, 2020

Tesla is not a bank. They do not lend money. By the time you take possession of the car, Tesla has been paid in full.

2015P90DI | April 2, 2020

I get that they're funded by a bank. Just like Tesla insurance is insured by other companies. Point is, many make their payments to TESLA. Those are the ones that may be interested in what options might be available.

robertyeung55 | April 2, 2020

Any model Y buyers out there want a refund because of recession. I would like to take the place .,just email me rtyeung@shaw.ca

M-A-B-MCMLXXX | April 2, 2020

Don’t buy what you can’t afford. It’s hold up

2015P90DI | April 3, 2020

@M-A-B-MCMLXXX.

What an ignorant comment considering the state of the world right now. Do you really think the millions upon millions of people who had good paying jobs 30 days ago and are now sitting at home with no income planned on not having an income????

Was asking a genuine question that MIGHT be helpful to those in need, to which there are MANY right now, to no fault of their own,

WW_spb | April 3, 2020

Very sad. We might be on the brick of Great depression if not worth.

NorthValley | April 3, 2020

@MAB comment flagged as totally inappropriate! You should be ashamed of your comment right now!

teslamazing | April 3, 2020

NorthValley | April 3, 2020
@MAB comment flagged as totally inappropriate! You should be ashamed of your comment right now!

I agree with MAB, Dont set yourself up for failure.

Magic 8 Ball | April 3, 2020

Yup, MAB offers good advice that is applicable all the time, nothing to be ashamed of.

WW_spb | April 3, 2020

Snowflakes are out in full force. It's a life shit gets tough and people get tougher or die.

nunyabiz | April 3, 2020

After buying the car, nobody is making payments to Tesla.

Whdame | April 3, 2020

? Wells Fargo gets my money and I financed through Tesla.... All of the above comments are correct. Tesla has nothing to do with the finance of your car. Their money is paid in full when you pick the car up, then they sell off the loan and you pay the company that bought it.

Bated Breath | April 3, 2020

For longer than I've been alive financial experts have recommended 3-6 months living expenses be kept in savings. Many people prioritize unnecessary purchases ahead of this financial safety net. I hope this crisis changes that type of behavior in the future.

teslamazing | April 3, 2020

Yeah if your living paycheck to paycheck your screwed from the moment u signed.

yudansha™ | April 3, 2020

“Judge not, that you be not judged.“ You don’t know everyone’s circumstances.

Magic 8 Ball | April 3, 2020

When it comes on to making a decision to take on debt, or not, for a non necessity circumstance is irrelevant.

Lonestar10_1999 | April 3, 2020

The $2 trillion stimulus will be sending money directly to citizens who meet earnings criteria. Unemployment insurance has also been increased by $600 per week.

That money is intended to help cover fixed expenses like rent, utilities, and car loans. If you still can’t mange your cost of living then you really need to get creative in earning money, even if it means taking a job you feel is “beneath” you.

andy.connor.e | April 3, 2020

I am going to receive $1200. That money is going straight into a lockbox for cybertruck. Thanks US government.

andy.connor.e | April 3, 2020

Or TSLA shares. It might become those which become even more money. I always like the even more money.

teslamazing | April 3, 2020

“I am going to receive $1200. That money is going straight into a lockbox for cybertruck. Thanks US government.”

That’s just an advancement to ur 2020 tax credit. You prob already withheld that much so they r just giving back borrowed money...

Magic 8 Ball | April 3, 2020

If the checks have Trump's name on them they will probably worth more as an uncashed collectible in the future, ; ).

M-A-B-MCMLXXX | April 3, 2020

2015P90DI | April 3, 2020
@M-A-B-MCMLXXX.
What an ignorant comment considering the state of the world right now. Do you really think the millions upon millions of people who had good paying jobs 30 days ago and are now sitting at home with no income planned on not having an income????

NorthValley | April 3, 2020
@MAB comment flagged as totally inappropriate! You should be ashamed of your comment right now!

====

The state of the world is such for the past several years one publication or another frequently comes along with frankly alarming stories how little most people have saved for emergencies. Overextending oneself on luxury items (smart phones, TVs, expensive cars) is the result of ignorance.

63% Of Americans Don't Have Enough Savings To Cover A $500 Emergency
Jan 6, 2016
https://www.forbes.com/sites/maggiemcgrath/2016/01/06/63-of-americans-do...

6 in 10 Americans don't have $500 in savings
January 12, 2017
https://money.cnn.com/2017/01/12/pf/americans-lack-of-savings/index.html

Only 39% of Americans have enough savings to cover a $1,000 emergency
Jan 18 2018
https://www.cnbc.com/2018/01/18/few-americans-have-enough-savings-to-cov...

A $1,000 emergency would push many Americans into debt
Jan 23 2019
https://www.cnbc.com/2019/01/23/most-americans-dont-have-the-savings-to-...

58% of Americans Have Less Than $1,000 in Savings, Survey Finds
May 15, 2019
https://finance.yahoo.com/news/58-americans-less-1-000-090000503.html

40% of Americans don’t have $400 in the bank for emergency expenses
May 24, 2019
https://abcnews.go.com/US/10-americans-struggle-cover-400-emergency-expe...

The Percentage of Americans With Less Than $1,000 in Savings Is Shocking
Dec 18, 2019
https://www.fool.com/retirement/2019/12/18/the-percentage-of-americans-w...

Survey Finds Nearly 30 Percent of Americans Have Less Than $500 Saved
January 17, 2020
https://www.caribbeannationalweekly.com/news/national-news/survey-finds-...

Lonestar10_1999 | April 3, 2020

@magic- with that logic, a diploma from Trump University is just as valuable as a diploma from Wharton School of Business

Magic 8 Ball | April 3, 2020

Not yet but, I have seen a lot of phony baloney crap on Antiques Roadshow that surprises me. I guess I'll have to stick around another hundred years and tune in then. ; ).

I am thinking long term investment, not current value.

Magic 8 Ball | April 3, 2020
FISHEV | April 3, 2020

@WW_spb | April 3, 2020 Very sad. We might be on the brick of Great depression if not worth."

Thanks to Democratic efforts, it will likely be prevented.

1. Ron Wyden's "Unemployment on Steroids" plan boosting UI with a $600wk payment onto of states payment. Making all workers eligible whether their employer paid in or not, including PT time and self employed. That will give everyone an income to pay their Wall St bills vs. last GOP Great Recesson's trick down approach that failed leading to people losing their homes and banks collapsing

Wyden had the bill he had been working UI reform for years. Lucky for US we had leaders like him.

"In ‘once-in-a-lifetime crisis,’ Sen. Ron Wyden accomplishes goal of expanding unemployment insurance"

https://www.oregonlive.com/politics/2020/03/in-once-in-a-lifetime-crisis...

2. Democrats, again led by Wydne pushed for the $280B package of loans/grants to small businesses to keep them afloat while GOP pushed for $500B for Wall St cronies of Trump and with Trump the "decider on who gets the $500B. Dems put a stop to that, banned Trump and his band of brother billionaires from getting anything and put in oversight.

"Democrats insisted on creating an inspector general for the fund as well as a congressional oversight board made up of five members picked by Congress’s top four leaders."

https://thehill.com/policy/finance/490287-democrats-trump-set-to-battle-...

GOP's $1,200 per person was a joke and even now they admit this piddling amount will not get our for UP TO 20 WEEKS because they can't print the checks.

Joshan | April 3, 2020

FFS get out of here with the politics crap.

FISHEV | April 3, 2020

Answering @WWspb's financial question. And payment forebearance is a political topic as it will take government action. You can't just say no pays their mortgage or rent, landords have taxes and other bills to pay, so having a trickle up solutions work the best.

The requirements for forbearance regs will come from Democratic leaders not Trump/GOP'ers you know that. Pelosi and Schumer have plans for it. Wyden is key as senior Demo on Senate finance. Right man at the right time.

yudansha™ | April 3, 2020

To get full payment from the stimulus bill your adjusted gross income should be up to 75k/150k for married couples. I don’t know how can you drive Tesla earning 75k?

FISHEV | April 3, 2020

yudansha™ | April 3, 2020 I don’t know how can you drive Tesla earning 75k?"

Turo.com? Now ownership, I think you can do it on $75, living not the Obama economy wave, I think a lot of people stretched to do it.

With the UI program Dems put in, a working person making top rate would get $1,263 a week ($600 Fed plus $628 OR for example), working couple, twice that so people should be able to make the car payment on that which was the whole idea, let working people pay the mortgage, rent, car payment, credit card.

Keeps them in their homes with food on the table and keeps the banks from needing any Federal loans.

WW_spb | April 3, 2020

Worse*

WW_spb | April 3, 2020

And I didn't ask any questions dumb Fish

andy.connor.e | April 3, 2020

@yudansha

Dont live in CA or NYC. I make well under that and bought a house last year. I'll easily be able to afford cybertruck early 2022.

lbowroom | April 3, 2020

Is this thread here to pretend that Tesla is being insensitive to financial hardship of it customers?

Magic 8 Ball | April 3, 2020

● Without a doubt.

lbowroom | April 3, 2020

Like every post by this OP?

Magic 8 Ball | April 3, 2020

Not sure about every but certainly a lot.

andy.connor.e | April 3, 2020

i didnt even read the op

yudansha™ | April 3, 2020

@ lbowroom You seem to love exaggerating.

yudansha™ | April 3, 2020

@ andy.connor.e Good. I rather live in beautiful and warm Florida. ✓

WW_spb | April 3, 2020

Or beautiful and warm Georgia ;)

WW_spb | April 3, 2020

And only 5 hours away from Florida white sand beaches )))

yudansha™ | April 3, 2020

WoWa, stay home for now. We don’t want your cooties, :)

WW_spb | April 3, 2020

Oh I wasn't planning to go South anyway. We were suppose to go to Greece in the end of May but that isn't happening anymore. Virus sucks.

andy.connor.e | April 3, 2020

Oh its beautiful. Until a hurricane rips it to pieces.

NorthValley | April 3, 2020

No snowflake here...just that many people are beginning to feel the pain right now...all you that have savings or not having your jobs, great. The comment about don't buy what you cant afford was pure shitty. The OP was just asking a question that will become more and more prevalent as this goes on. Its so easy to sit up in your high chair and piss on the smaller people who don't have all you have nor the security net. I guess I am just an empathetic person who can understand what is going on. I would ask the same question too if it meant I might have to sell my car instead. Well, to be honest I didn't expect much else from the 'screw you, im alright' brigade rampant on these boards.

NorthValley | April 3, 2020

not having LOST your jobs...

WW_spb | April 3, 2020

Almost all major car loan banks offer 90 day freeze on loan payments upon request. Use that

Magic 8 Ball | April 3, 2020

Tesla = non essential item

Shame on you for trying to shame good advice.

M-A-B-MCMLXXX | April 3, 2020

I too am empathetic for those who many who have lost their jobs. But don’t confuse that empathy for understanding or approval of irresponsible behavior.

Hopefully this will be a learning experience.

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