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Financing...

Financing...

Anyone have details on how the financing process will work when you are ready to build???

Scwins | 6 juin 2012

Ha You haven't heard?

If you finance through them for 6%, you will be called ahead of reservation holders that will not finance through TM.

*It's in the fine print that hasn't been printed yet.

Brian H | 7 juin 2012

Yeah, that invisible fine print is a killer ...

mitrabbit | 7 juin 2012

6%! Yikes- that seems way out of line with other financing rates.

Brian H | 8 juin 2012

mitrabbit;
He's joking. "fine print that hasn't been printed yet" should have been a clue. THIMK!

dahtye | 8 juin 2012

I was told that once I have the Predelivery MVPA, I can take it to my Credit Union to apply for a loan. I'm sure TM will have their own financing available (from one of their affiliates), but I could get under 2% if I take a 4 year loan out or 3.5% for 7 year loan at my credit union.

I'll have a good 3 months to get the loan in place - the credit union shouldn't take more than 2 weeks.

Libby | 3 août 2012

At this point I'm thinking a home equity loan for 2.99%. Did anyone follow up when Wells Fargo said they were going to partner with Tesla for financing?

Brian H | 3 août 2012

Libby;
take the loan now, and put the money in TSLA stock, and cash in with your 40% gains this fall.
>:)

Geoff2013 | 7 août 2012

dahtye,

Check with your credit union now to see if they will finance your car. I'm with BECU in Washington State and they won't finance the car as it is too "new". Hopefully your credit union won't be so short sighted as mine.

Brian H | 7 août 2012

Geoff;
Check with Bill Gates and see if he'll pool with you and self-insure!

LOL

jbunn | 7 août 2012

Geoff,

Please keep on BECU. I contacted them in person twice in the last two weeks, and have called. They are waiting for demand. See post on Washington forum here. And drop me a line. Lets keep on em.

Geoff2013 | 16 août 2012

Talked to BECU again today. Like jbunn@hotmail.com stated, they are waiting for the demand before they offer a loan on the Tesla S.

BTW the persion did say that you can ask for an "exception" and that they would review your credit on a case by case basis.

Nice to see the answer went from "no" to "maybe" :)

Jhall118 | 16 août 2012

CRAP! I was looking to finance through BECU as well. With three people riding them, I am sure they will budge! :)

jbunn | 16 août 2012

Keep on dialing!

gg_got_a_tesla | 17 août 2012

I'm planning on financing through Pentagon Federal Credit Union (anyone can become a member online, without a military connection) - they are offering upto 60 month term loans at 1.49%!):

https://www.penfed.org/Auto-Loans-Overview/?intcid=ad-AutoLoans-home-mainAd

Sudre_ | 17 août 2012

I looked at the details on the PenFed loan.
I think it is hilarious that they actually use SMALL PRINT on an internet page for the "Details and Disclosures"
I'm sure all the other placed do it too but isn't time for them to grow up? LOL

Brian H | 18 août 2012

gg;
The VIN-loan thread http://www.teslamotors.com/en_CA/forum/forums/vin-number-important-item-... asks how to provide the lender with the usual VIN specs required for loan approval. Does PenFed have an issue with that?

jbunn | 18 août 2012

GG,

Have you talked to PenFed about if they will finance a Tesla. I've been having a issue for the last 6 months working with BECU here in Washington state, and thus far they won't write a loan for it. They have good rates, but the one from PenFed is excellent.

But will they loan for a Tesla?

Brian H | 19 août 2012

The lender also needs a grip/guesstimate about resale value; if you default, they own the car.

Peter7 | 19 août 2012

I'll note for anyone with Energy Federal CU outside of DC, I've talked with them in detail about a loan for the full cost of the S, and they verified with underwriting that they are happy to provide loans for the S.

Peter