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.

Liz G | 30 dicembre 2012

I am financing my car thru USAA. They will finance 100% of the cost of the vehicle at 2.19% for 60 months. So if your military, a vet, or a military relative this is not a bad option.

sandman | 1 gennaio 2013

Ditto PenFed. 1.49% for 60 months. They asked for at least 15-20% down. You've got to be a member and unless you have some military ties(family or company) you'll need to give a donation to one of two military charities for about $25. Once you are a member, they approve the 1.49% loan pretty quickly. about a 24 hour turnaround. they will require all of the MVPA information from tesla.

tranhv68 | 1 gennaio 2013

Penfed came through for me. It was more difficult than I would have liked compared to walking into a dealer and having all the financing done for you. However, 1.49% for 60 months for a 70000 loan was pretty good. I would recommend them.

TheAustin | 1 gennaio 2013

Ditto Vern110 above...Bank of America could not have been easier, 90% financing at just under 3% (I'd rather have a slightly higher rate and be able to put less cash down)...They even FedEx'ed our check for Saturday delivery so we could finalize our payment before the end of the year and quality for the $7,500 federal tax credit this year. A joy to work with, highly recommended.

TeslaLABlue | 2 gennaio 2013

PenFed still has 1.49% for January. Good news for all.

olanmills | 2 gennaio 2013

PenFed wouldn't do the full amount that I wanted at first, and then I went with BECU and they made it happen, but then, several days later, I randomly got an email from PenFed saying that they would finance the amount I originally requested, but they were too slow.

Brian H | 2 gennaio 2013

Rates get low when there's a shortage of borrowers. Just sayin' ...

jeffreygcannon | 2 gennaio 2013

I originally was referrer to Wells Fargo by Telsa, they only offered 70% financing, then late in the game B of A popped up for 90% but no taxes, fees, etc. I am also staring a 10-15K shortfall in my roadster to take deliver of my Model S. I have read this entire thread, seems PenFed might be an option. Can anyone chime in with opinion for someone needing 100% financing with excellent credit score?

sunkat | 2 gennaio 2013

I applied online for the PenFed 1.49% loan on a Wednesday and received the check for $70k that Monday via regular mail. For $15 could have had it FedEx sooner.
The Tesla was not on the drop down menu on the online application and the system did not accept my VIN. I called PenFed Thursday and customer service said they do finance Tesla cars and she manually entered my VIN. I was not asked for a copy of the MVPA. The whole process was fast and easy. Two thumbs up.

jbunn | 2 gennaio 2013

Penfed approved mine over the new years. Best rate so far as we know. 1.49

bonforte | 2 gennaio 2013

I financed with San Francisco Federal Credit Union ( I applied online and was approved within 24 hours. They offer up to 120% loan to value @ 2.39%. PenFed is a better rate, but maxes out at $70k loan. My Tesla rep didn't complete the Purchase Agreement quite correctly for SFCU, but other than that hiccup, the process has been smooth and they were very easy to work with. So for SF residents, I can highly recommend SFCU. Lisa Hendrix helped me and was very good.

For a $70,000 loan, it is about $17/mo more for 2.39% vs. 1.49%. Not nothing, but also not terrible considering what looks like a big difference in APR.

riceuguy | 2 gennaio 2013

@jeffreygcannon, if you have any connection to Austin, Amplify FCU does 100%+ taxes, etc at 1.69%

SpinMD in NC | 3 gennaio 2013

I am in process with PenFed.
Completed online up to the "no model S" in the make drop down.
At that point, called for assistance.
They "completed the application for me pending the VIN", which I have not received.
They did not take into account the cost of battery upgrade (85kW) in the estimation of car value (but did ask a litany of feature questions).
I do not know how much they are going to approve, but they acted as if it is all done pending VIN.
Requested $70k.
I will update in the coming weeks.

Capt601 | 3 gennaio 2013

@jeffreygcannon. Try navy federal credit union. Much easier to work with than pen fed. And I am pretty sure they will do 100% financing. And rates the same as pen fed.

ak-tually55 | 3 gennaio 2013

Or Alliant Credit Union - 1.99% for 72 months, 2.99% for 84 months. Usually, they require a bit of a downpayment due to large loan amounts; however, 100% financing, including taxes, may be possible.

GLO | 3 gennaio 2013

Used PenFed today and financed a portion of the price. From start to finish I was approved in 2 hours. Amazing service! 1.49% for 60 months.

Sudre_ | 16 gennaio 2013

Just completed my loan process through Scott Credit Union. They have 1.74% for up to 63 months.

I went with them because there was no donation to anything, no account to open or anything. The only requirement,
Anyone living or working in Monroe, Madison, St. Clair, Randolph, Perry, Franklin, Jefferson, Washington, Clinton, Marion, Bond, Macoupin, Montgomery, Fayette, Effingham, Williamson, or Jackson counties in Illinois.
Anyone living or working in St. Louis County, Missouri.

Extremely fast and easy. I called 1-800-888-4728 and everything was done over the phone in 15 minutes. They did not have the Model S in their system so I got a call back with final approval about an hour later.

Map of their area:

Brian H | 16 gennaio 2013

The site says it requires you to open a $5 savings account. A deal-breaker.

Lots of others qualify; Scott AFB serving members, retired, civs, and more.

Sudre_ | 17 gennaio 2013

All a person has to do is call and ask.... even so if you don't have $5 you can't afford the car.

Brian H | 17 gennaio 2013

Heh. Just repeating what the site says! Maybe you do have a savings account now, and don't know it. Call and ask! ;)

disabledalarms | 25 gennaio 2013

Does anyone know if you have a high debt to income ratio, can you still get approved at PenFed? TechU did not approve us because we had a house and some school loans that I have, so disappointing. Our credit score is good. He are putting $15,000 down so our loan is for 66,820.00. Has anyone tried wells fargo?

jchangyy | 25 gennaio 2013

I got pre-approved for Bank of america at 2.17APR. just waiting for VIN to finalize. borrowing 60K. I also bank with B of A.

I also have home loan (>400k) and school loan (>160k), but B of A does not seem to care. but again, I don't have final approval--just pre-approval.

disabledalarms | 25 gennaio 2013


Thanks for the info, we had our home through B of A but then we switch to another bank. Did you put anything down? are you able to do a total of three people with the loan or is it just yourself and your significant other? I have my vin number and my tesla is done we only need a bank to help us finance the 66,820, we have not slept in 3 days trying to get this loan approved. I went to Tech U they were awful and drop the ball and did not want to do business with us, then I went to SafeCredit Union and they only approved us for 30,000, which did not work. So now I have been researching banks to see if we can get approved, don't want to keep doing this since our credit score will be affected after applying to two other banks. God help us, we need a miracle.

smd | 25 gennaio 2013

I'm a happy PenFed auto loan customer. Easy to complete the application over the internet and a couple of follow up phone calls. I even got them to expedite a $50K check to me within 3 days of my initial inquiry. 1.49% for 60 months, I did not find any other lenders to beat that. I'm all ready to have auto-pay make the first payment from my Wells Fargo checking account in next week.

What did I do with the extra cash on hand after the car loan? Bought some TSLA last month and that's gone up a bit, so I can sell some and lock in gains to cover the small amount of interest charges I will incur over the life of the loan, or I can let it ride and hope to pay for the whole car with future gains in TSLA.

jchangyy | 25 gennaio 2013

@snj....I'm sorry your process is keeping you up at night. I'm putting down ~$35k to pay the difference between total cost and 60k. I'm applying alone--my wife wants nothing to do with it. In case the loan fails, I guess I could include her since she makes more than I do and we have similar credit scores.

looking through the forum, many seem to have had good luck with Penfed. I also think Wellsfargo and B of A may be a good options--just a little bit more interest compared to Penfed.

good luck...

Brian H | 25 gennaio 2013

Any military connection, family etc.? USAA. Also AAA. But Pentagon Federal seems very accommodating. Also Navy Federal. (The mil. ones qualify you with a donation to certain charities, etc.)

tork | 25 gennaio 2013

Penfed denied my loan due to my credit history being too short. I guess I'm just too young despite having a pretty good income that could easily support the car payments =(. Oh well. Hope Bank of America or Wells Fargo comes through for me.

How did you get preapproval from Bank of America? Did you have to call? I started their online application but I got hung up when it came to the VIN part

jchangyy | 26 gennaio 2013

@tork...I did the online form for B of A and i think the VIN was optional. I did it without VIN and after completing the process, I got an email asking to click on a link and it led me to a website that reported I was pre-approved. then, a loan officer called and we spoke on the phone about the loan and I negotiated a lower APR. She initially said 2.6APR, but I brought it down to 2.17APR--I'm a B of A customer already. She then told me what I needed to submit for final approval and check release.

Now, I'm just waiting for ViN and final purchase order. once I have that, I just need to fax it to the loan officer. B of A said usual turn around time for check release is 48-72 hours.

Emmetpeppers | 26 gennaio 2013

What is the best rate you are getting for a 7 year loan?
I am requesting a 80k 7 year loan from USAA and being quoted 3.49%
I am pretty sure that is the best rate USAA can do bc my credit is very good.

Brian H | 26 gennaio 2013

Some at PenFed are getting 2% lower than that, BION.

dr.jacks.tesla | 26 gennaio 2013

Anyone doing a business vehicle and if so which banks would finance via business. I called and PenFed said only through individual, no business vehicle loans. Anyone know about Alliance?
Any other thoughts would be appreciated, I cannot believe that no one so far who has commented has bought their Tesla via their business?

Emmetpeppers | 26 gennaio 2013

@BRian H, do you know if they are getting 2% for a 7 year loan? USAA will give me a 2% for 3 or 4 year loan, but for a 7 year loan its 3.5%.
maybe I'll try giving PenFed a call but I'm not a member

Brian H | 26 gennaio 2013

They will list a couple of charities you can donate $15 to, to qualify, and you may have to stash $5 in a savings account. ;)

Their rate was 2% LOWER; i.e., 1.49 % for up to $70K for ?? 7 years.

Captain_Zap | 26 gennaio 2013

@Brian H

Who are you going with?

juliancohen | 27 gennaio 2013

I got 3.24% from State Farm Bank. Higher than Wells Fargo, but it includes Total Loss Debt Cancellation, so it's comparable to a rate of 3%. Not sure whether I'm doing 60 or 72 month -- finalizing this week for a delivery next Saturday!

ylyubarsky | 2 febbraio 2013

Hi everybody! Which bank is the easiest to get financing? Is the PenFed the best? Which documents and information is required to get approved? Any advices to get a loan easier?

TeslaLABlue | 2 febbraio 2013

Penfed is the easiest. I signed up online, stop when they ask for vin and then call them.

check was sent in mail. Then tell tesla delivery folks how much pen fed is financing and they do the rest .

You put vin model etc on check, give check to Tesla and you are done.

Tesla and Pefed have a system now. Very easy. Tesla also takes personal check. Amazing!

ylyubarsky | 2 febbraio 2013

What information PenFed asks ?

ylyubarsky | 2 febbraio 2013

Do I need to provide tax returns etc?

Getting Amped Again | 2 febbraio 2013

@ylyubarsky - yes, if you're self-employed.

ylyubarsky | 2 febbraio 2013

Is there any place that gives loans with 40% down and no income verification?

isom | 2 febbraio 2013

You qualify for PenFed membership if you belong to the American Medical Association. Click on Affinity Partners on their homepage and it will list the AMA and other qualifying organizations. If you belong to none of them, you can donate as previously explained.

ylyubarsky | 2 febbraio 2013

What about verification of income? That's a major issue

riceuguy | 2 febbraio 2013

Update on Amplify...Gap insurance available at $350, no income verification, app took 2 min. Approved in 30 sec. They really understand the Tesla process as well. Not sure if you have to live in the Austin area but there seem to be some other options. Had to open account with $25. Great experience so far...

drp | 2 febbraio 2013

PenFed will deny you regardless of credit score or you don't have any debt. Try a local credit union instead.

drp | 2 febbraio 2013

Sorry, "or even if you don't have any debt". Regardless of income. That's what I meant to say.

rbgliny | 3 febbraio 2013

PenFed was a bit difficult for me as I am self-employed and had to document my income for the last two years,,,,a bit of a hassle since they misplaced my faxes a few times but finally got lucky when I called in and a supervisor was assisting on the phones at the time. She is the ULTIMATE in customer relations as she pretty much took a personal interest in getting my load expedited since I was already in the load process for a couple of days already. I would mention her name but I don't think she would appreciate the volume of calls she would receive. PenFed is very thankful and appreciative of the TESLA forums and how much business they are receiving from the TESLA community. I would try PenFed first for all who are beginning to look for financing...and stick through the process if you are having any problem. Ask to talk to a supervisor if you feel you need to move the process on quicker than you think it is going. They will do their best to get your application completed and out the door. They have an interest in keeping the TESLA customers happy. It is good for business and we are becoming a good source for their business. And no - I don't work for PenFed LOL. but they were GREAT.

ylyubarsky | 3 febbraio 2013

@rbgliny - Thanks for detailed explanation but my main concern is income verification. I don't show a decent income on the books that's why I was asking who doesn't check income and uses only credit score.

ylyubarsky | 4 febbraio 2013

Still didn't get any answers who doesn't check income. Anybody can give an advice?

bungakelty1 | 4 febbraio 2013

I wish I new that supervisors name at Penfed cause I'm having a problem. Tesla filled out the final paper work wrong with the amount I'm financing and the amount I'm putting down in the wrong places. My car is sitting here in Denver ready to deliver last Saturday and I can 't get Tesla to straighten it out and Penfed you get a different person everytime you call. Just sitting here very frustrated. The rate is great though 1.49%.