How Do You Plan to PAY for your new Model S?

How Do You Plan to PAY for your new Model S?

Cash - check - charge card - bank financing? Also, does Tesla finance the Model S?

ckessel | December 27, 2011

I was going to pay cash. My Amex gives 1% though, wonder if I can charge the car directly to it? :)

Mycroft | December 27, 2011

Tesla will probably offer some kind of financing through a partner institution. You'll likely get the best deal through a credit union.

ckessel, I doubt very much that they'll accept a credit card. The charges that they would have to eat are just too steep.

ckessel | December 27, 2011

True, I didn't think they would (though they did take the $5k deposit that way if I recall). I think my Amex limit is about $80k short anyway :)

I swore a while back I'd never pay interest on a car loan again, that I had a car and if I couldn't afford a new one flat out than I'd damn well show some discipline and wait. I'm wondering if, or by how much, I might have to swallow that vow.

Mycroft | December 27, 2011

My car's going to be about $110,000 out the door. I've already paid $40,000, so I just need to scrounge up $1,000 seventy times. :)

JayK | December 27, 2011

Tesla allowed $10k of the $40k deposit for a Sig to be paid on a credit least when I signed up.

Discoducky | December 27, 2011

credit union if the rate is low enough and TSLA stock continues upward. My goal is for the stock to pay for the car entirely.

Tim10 | December 27, 2011

Half cash and will finance the the other half, assuming rates are still low enough.

Leofingal | December 27, 2011

Hopefully cash! We'll see though.

Brian H | December 28, 2011

Anyone hoping to pay off the S with a half-dozen trade-ins?


Mycroft | December 28, 2011

No, but I do plan on selling a few items that I haven't been using.

Anybody want a pair of Sennheiser HD800 headphones? :-)

Schlermie | December 28, 2011

If the interest rate on financing is under 2%, I might consider financing; otherwise, I'll just pay cash.

rdgreene | December 28, 2011

Mycroft -- haha, yeah, I hear you on the $1,000 seventy times.

BruceR | December 28, 2011

Green Stamps.

Peak Oil bruin | December 28, 2011

TSLA shares @ $44 or alchemy.

Teslamodels4me | December 28, 2011

Peak Oil Bruin -- can I get in on that alchemy, if not then TSLA stock @ $44 also.

David70 | December 28, 2011

About half my shares @$44 (along with money in CDs) covers the base and one battery upgrade. Rest has to come from credit union.

stephen.kamichik | December 28, 2011

Maybe my bank is giving away samples.

EFusco | December 28, 2011

Hopefully I'll have enough cash put back to cover at least half with cash and will get an auto loan for the remainder. I usually use USAA, but will consider other options if they have better rates-that said, I hope to pay off whatever loan I get within a year or two anyway, so not that much interest will accrue.

Klaus | December 28, 2011

Inheritance from a rich relative. Anybody got a rich relative I can borrow?

Klaus | December 28, 2011

Seriously, with 40 down and about 60 to go, I'm also hoping Tesla stock takes off. At least to $43.

kvanbeek | August 12, 2012

One of the best ways to finance a Tesla is through a credit union For example, is doing 1.99% for up to 72 months... I heard they might even be offerring some additional perks...

Robert22 | August 12, 2012 hard can day trading be? ;)

stephen.kamichik | August 12, 2012

Rob a bank.

David70 | August 12, 2012

@ Robert. I couldn't take the pressure. I'm sure I'd end up buying high and selling low.

@Stephen. Got any good, safe prospects? I'd hate to be in jail with my new Model S outside.

Steve841 | August 12, 2012

Im hoping to pay cash ..... I just got an $18,000 advance for buying my wife a new car.

How's that you ask? I traded in her old car for a new one. GM has a 0% for 72 months deal, so I got here a new Enclave and cashed out the equity from the trade.

$18,000 at 0% ... who could ask for more.

Robert22 | August 12, 2012

PenFed is offering a 1.49% internet rate for 3,4 and 5 year terms. Non-members can apply over the phone and receive the 1.49% rate. If you're non- military you become eligible after making a $15.00 charitable contribution.
They take into account FICO and debt/ income ratios. No prepayment penalty and auto deduct. They were at 1.99 until last Friday or Saturday. The rep says they've been swamped. Applications are good for three months, The rate floats and can change anytime.

I'm sure others can point out something I'm missing.

DallasTXModelS | August 12, 2012

Cash | August 12, 2012

Cash, Tesla stock bought 1 year ago, and some financing

mbcaffe | August 12, 2012

cash from sale of current car and rest home equity credit at 2.25%

easydjr | August 12, 2012

I'm planning on selling all my Exxon stock to cover most of it. Seems appropriate.

Michael23 | August 12, 2012

Check. Hopefully they let me charge some of it to get cash back on my chase card. Usually the limit is like 10k for credit.

cerjor | August 12, 2012

Some cash and a credit union loan. Will pay the loan with the "required minimum distribution" from my IRA.

BYT | August 12, 2012

@Michael23, when I was called upon to cover the additional $35k to upgrade from P to S the end of June, I covered the addition with a ~$4,900 credit card payment (which was Tesla Motor's imposed limit) and a Cashiers Check for the balance of the ~$30,100.

I have a Navy Federal Credit Union blank check approved up to $60k for the balance that expires in September (looks like I will have to request an extension). Hoping I see my Model S (Sig. 1,186) in October as stated in my TM contract but no day given. That's a 1.8% and 60 month term so I hope to flex my consulting muscle a bit for the next 5 years at least. :D

Michael23 | August 12, 2012

Funny how you can charge more in credit for furniture than allowed for a car, I'd love to get the miles or cash back for over 100k!

BYT | August 12, 2012

I was thinking the same when I charged it to my CC. I'll ask again if I can charge it to their max when it comes time to cover the balance. Charging it also gives you a couple more weeks to pay off the balance and exercise all that cash in the mean time.

JohnQ | August 13, 2012

Credit cards cost Tesla money, cash doesn't. Why would they eat into their margin given what Amex/Visa/MC charge their merchants?

bfudge | August 13, 2012

Cash, but I would consider selling my Delorean if anyone is interested.

sig #685

Brian H | August 13, 2012

Speaking of credit cards, there's a new player: Dwolla. Direct transfers at 25¢ each.

Teoatawki | August 13, 2012

I saw a sports car on the road today with the license plate: "CR401K". So that's one way to pay for a car.

Electric Machete | August 14, 2012

My BMW is paid off in November. At P#3820, I am anticipating a late December delivery. $5k is paid. $7,500 back after taxes paid. About $25k for a 335i convertible w/ about 60k miles in very good condition (ballpark number) in trade. A decent rate on a bank loan will make my monthly car payment increase by only $20 per month on a 5 year loan.

BYT | August 14, 2012

@bfudge, how about making that Delorean more fun and Eco-friendly? :)

dsecrist | August 14, 2012

How about this Delorean? Roads??? Where this guy is going, he doesn't need roads!

prash.saka | August 14, 2012

@Brian, I used Dwolla a while back. At that time, the $.25 transfer price is for only Dwolla-to-Dwolla transfers. Not sure what the price is for bank-to-bank or Dwolla-to-bank transfers.

~ Prash.

Brian H | August 14, 2012

It's not available in Canada yet, so I haven't dived into the detail, but I think both parties need to be in the system, so the transfers into and out of Dwolla accounts aren't something I recall much about at the moment. Something recently about a $3 monthly option for instant payment, though.

GaryOrlando | December 8, 2012

According to what I've read online a merchant is obligated to accept any charge amount, it's in their aggreement with Visa; I dont think they dont get to choose.

I have the cash saved and sitting in my checking account. My credit limit is $55K, so $550 cash back isn't too bad. If I asked the bank I'm pretty sure they would up it to cover the whole thing. Most car merchants say they wont accept a CC but when the merchant agreement is in front of them they usually have to aggree.

Maybe Tesla will just pay me the 1% cash back and I'll use my debit card; I could be wrong but I don't think they have much choice otherwise. I guess they could move my delivery date from this Dec as a punishment :-(

Just a thought... anyone from the company care to comment ?