How are you paying for your Tesla MS?

How are you paying for your Tesla MS?

I'm curious, how's everyone here paying for the MS? All cash? Financing? If so how much will you be financing? I'm considering charging the whole car on my credit card and then turning around and paying it off...we're talking about some serious credit card bonus points. ;)

Also, is anyone here buying the car who lives in an apartment and therefore doesn't have a garage? That's one of my concerns at this time.

mark_g | 17 Janvier 2013

Paid with a personal check for full amount. Tesla will not accept credit cards.

kafahsholtz | 17 Janvier 2013

PenFed loans are 1.49%, and the loan process was painless. I really couldn't justify a large down payment, the money is so cheap...


ALSET | 17 Janvier 2013

Yeah was joking about the credit card. I'm looking at he 85 standard versus performance. Received my email to finalize, like you Kaf I'm having tough time dropping close to $100k (without the tax credit).

Gator | 17 Janvier 2013

I second using to finance up to $70K at 1.49%
They have already financed other Model S so they are familiar with the car.

Steve P5664 | 17 Janvier 2013

I'm using PenFed too. They pre approved me while I wait for my VIN #.

The rate is great, if you don't have a military affiliation you can make a $15 donation to become a member.

When I spoke to them, they knew right away that I was future Tesla owner. I believe the have received a good deal of business from this forum.

Hopefully Tesla will take my money in the next few weeks!

Anthony H | 17 Janvier 2013

I've been epecting to pay all cash for 3 and a half years. Have the funds on hand... but I learned about Pen Fed and the rate, and literally days before expected delivery, decided to finance $70k. The rate is so cheap (1.49% I believe), and the process is pretty easy. It's clear Pen Fed knows about Teslas, and Tesla knows about Pen Fed.

Anthony H | 17 Janvier 2013

Sorry for the typos -- working off a moving iPad.

dahtye | 17 Janvier 2013

$40K down during reservation of the Sig Model S ($5K charged to AMEX and $35K check). Then ~$79K new auto loan.

GreenMachine13 | 17 Janvier 2013

Financing. Using Allied CU @1.99% up to 100% and up to 72 mos. You should be aware if you live in a cold climate that many believe they are losing range by allowing their S to sit outdoors in the cold unplugged(there is another topic for that). I live in a multi-unit building without a place to plug but park inside.

Sudre_ | 17 Janvier 2013

Had the cash too but a local credit union, Scott Credit Union, was offering 1.79% up to 63 months. I figured it would be much better to keep the Tesla stock and get a loan.
33% cash
66% financed

drp | 17 Janvier 2013

Money is cheap and stocks easily return the loan rate

nickjhowe | 17 Janvier 2013

I could have dropped the full amount, but like the others decided to finance 70k through PenFed. It is nearly free money. I'd rather have it working for me than tied up in the car.

Electron | 17 Janvier 2013

A big big bag of pennies. Tesla takes pennies, right?

Brian H | 17 Janvier 2013

Don't know about in the US, but no one is obligated to take more than $25 of a payment in pennies.

It's being discontinued here, btw. Prices will be rounded to the nearest 5¢. It has long cost more to make and distribute than it is worth on its face.

Theresa | 18 Janvier 2013

Apparently chris is planning to do some serious weightlifting before paying for the S as that many pennies are not light! Probably will have to rent a forklift too just to get them there. Your biggest issue will be to find that many in circulation in your area. Better start now sending out appeals to all who hold some in their penny jars. <:0>

shop | 18 Janvier 2013

Brian h. Where's here eliminating the penny?

drp | 18 Janvier 2013

I am using all the tenths that I am saving from the price of gas.... i.e. $3.49 9/10. What a dumb system that has been!!!!

Brian H | 18 Janvier 2013


ALSET | 18 Janvier 2013

I'm looking into PenFed now. I suppose I could just buy it outright but I have student loans at 3.0% With these PenFed rates I'd rather just put the money toward my principal and finance the car.

Big thing now is the garage, I live in an apartment with a multi-level outdoor garage but I wonder if someone is just going to be a prick and mess with the plug or key my car.

Brian H | 18 Janvier 2013

Who's the school principal you're paying off? Did he fudge your marks? I don't like it, on principle.

Vlnprof | 18 Janvier 2013

Any other fees or costs with the PenFed loan? 1.49% is fantastic.

DFibRL8R | 19 Janvier 2013

For those paying in full outright, I was told by Tesla payment could be either in advance by wire or on delivery date by check. I would say check is better since it allows the customer to see the car in person and address any issues prior to payment in full.

BYT | 19 Janvier 2013

I sell my services... that was my backup plan.

I put $70k down and financed the $50k left over the Navy Federal Credit Union at 1.79% for 5 years. I told management that they don't have to worry about me jumping ship for at least 5 years... :)

prash.saka | 19 Janvier 2013

@BYT ... My back-up is the same as yours ... selling your services :)

BYT | 19 Janvier 2013

You would sell mine or your own? Are you trying to Pimp me out prash.saka? :D

nickjhowe | 19 Janvier 2013

@Vinprof - no other fees, and no penalty for early repayment.

TINO F | 19 Janvier 2013

PenFed Pre-Approval for $70k at 1.49%. Very Easy, now waiting for a VIN.

MarkV | 19 Janvier 2013

I was under the impression that final payment upon delivery was an option but when the time came, that was not made available. After saving money for over three years we simply made an electronic transfer.

DouglasR | 19 Janvier 2013

I think it varies by state. We wrote a check at the time of pick up.

JNH3171 | 19 Janvier 2013

How fast was the process? I sent a check FedEx yesterday but now seeing the PenFed rate I want to finance the 70K. I assume the folks at Tesla won't be happy but I am hoping they will not deposit my check (after I plead with them), so I can finance. It all depends on how fast, any positive advise with this subject would be appreciated.

ghillair | 19 Janvier 2013

Simplest might be get clear title then go get the loan, have the check made out to you.

prash.saka | 19 Janvier 2013

@BYT Lol!

nickjhowe | 19 Janvier 2013

@JNH - others have done that (immediate refi through pen fed). I gave my check to Tesla in the afternoon and the money was out of my bank account that night. If you want to intercept the check call them NOW.

Getting Amped Again | 19 Janvier 2013

On the PenFed wagon myself. Their cost of funds must be zero. Weirder than that they let you finance 100% of the amount owed (up to $70K max). I guess they send a drone to take you out if you default?

Late payment = Predator visit.

jjaeger | 19 Janvier 2013

JNH2013 - i paid for the S with a check and financed w/ PenFed after. You have a lien free title and they'll finance same as before delivery. Was not what I planned, but only had 1 business day from VIN to pick-up at the factory, so PenFed easily changed the loan to post-delivery.

Dr. Bob Reinke | 19 Janvier 2013

We electronic transfered $40,000 down, and wire transfered
$75.and change, on delivery. When TSLA reaches $40 a share Tesla will have paid for my Model S Signature Performance. Thanks twice Tesla.

Brian H | 19 Janvier 2013

stop payment. Rearrange wire transfer with PenFed.

Anthony H | 19 Janvier 2013

@Douglas R
I think you are right. Here in Arizona, they can't "sell" a car here", Tesla is very particular on how the transaction occurs. They highly recommend we send our check to their CA headquarters. "It makes it much easier."


Now I think I understand why.

We placed our deposit while physically in CA in 2009; we were physically in CA on 8/24/2012 when we Finalized; we'll send our payment in full to CA.

Kinda makes sense now.

nickjhowe | 19 Janvier 2013

@JWH - PenFed will send a check; don't think they'll do wire transfer; but you can give the check to the DS on delivery, along with a personal check for the balance. That's what I did.

Brian H | 19 Janvier 2013

No DS in AZ.

Alex K | 19 Janvier 2013

@Brian H | JANUARY 19, 2013: No DS in AZ.

Actually that's not technically correct. Someone will come out to your house and go over the car with you in AZ - it may not happen on your delivery date, but it will happen.

Anthony H | 19 Janvier 2013

@Brian H
I agree, no formal DS today. And we're still getting it done here in AZ, USA.

I think 12-20 recipients have already crossed this bridge.

(I hope to be the next one in the next 5-6 days!)

Alex K | 19 Janvier 2013

@Anthony H | JANUARY 19, 2013: I think 12-20 recipients have already crossed this bridge.

The tech told me that there about 50 Model Ss in AZ now - waiting on 12 Carbon Fiber spoilers in Tucson alone.

Brian H | 19 Janvier 2013

That's very close to the ratio of population to the % of MS deliveries, about 2%.

suegie | 19 Janvier 2013

My signature S required the 40K down payament, then I financed the remainder thru Chase, my rate is about 2.76 so not as good as the rate PenFed seems to be offering. I also bought stock, and hope to have Tesla pay for my Tesla someday. Tesla actually shipped my car to town and held it in a storage facility while I arranged financing. They aren't allowed to "sell" Teslas here in Texas, either. So a 3rd party delivery service brought it here to town, and then once I had proof that the funding was final they arranged delivery to occur. There is nothing like seeing your Model S finally get delivered after waiting a year or more to get it! And I don't have the words to tell you how awesome it is to drive it...the instant torque just can't be bragged about enough. Someday, this model will probably seem archaic, but for right now, I am absolutely thrilled!

Brian H | 19 Janvier 2013

You could refinance with PenFed and pay off the Chase loan, and put the ~$1K/annum difference into TSLA. ;)

jchangyy | 20 Janvier 2013

Bank of America at 2.09% or 2.17APR for 60 months for 60K

h2onu | 20 Janvier 2013

Stanford Credit Union: 2.49%, $70K, 84 ,months.

jchangyy | 20 Janvier 2013

@h2onu...are you in Palo Alto? I'm no longer with Stanford, but just curious.

JNH3171 | 20 Janvier 2013

Thanks everyone who chimed in. After considering the advise, I spoke to Pen Fed and they were great! They have a "Title Loan" (sorry, I'm not from the banking sector) all you do is pay for the car, provide them with a copy of the title (cleared) and they will process the loan to me directly. Same rate of 1.49%APR, 60 months, $70 max. No one gets hurt. Thanks again.