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.

kashiraja | 20 gennaio 2013

RE: loan through PenFed
1) Does anyone know if they require a particular deductible on the car insurance (e.g. min $500)? I could get a better quote if I just went with $1000 deductible.

2) Also, sounded like there are no other hidden fees through PenFed?

jjaeger | 20 gennaio 2013

kashiraja - PenFed did not ask me anything re: insurance. Since i had no military affiliation, did donate the $15 to the listed agency - and contrary to some discussion on the thread, also put $5 into a savings acct. $20 total in 'fees' was simple enough to cruise through and figure the $15 does go to a cause.

BYT | 21 gennaio 2013

@h2onu, I have a Stanford Federal Credit Union Account as well but opted for the Navy Federal Loan as it was ~0.75% less and I went with the 5 year loan term.

christine_orita | 21 gennaio 2013

I too was planning on paying all cash but thanks to this thread, I went to Penfed as well. Literally took seconds during the online application to get approved. But because Tesla was not part of the drop down, I did have to call in. Got someone within a minute and she could see all my info from the online app right up until the part where I could not go further because I did not have a VIN and there was no drop down for Tesla. She said everything else is fine and all I had to do was call in once I had the VIN and they will send a check!

Unbelievably easy.

Now to put my cash to better use and get better rate of return than 1.49% :-)

P12704 expecting delivery between Feb 2-16!!!

hfcolvin | 21 gennaio 2013

Hey OP,

I was considering using a CC for a down payment just to get some reward points - might as well get a new TV or something out of the deal! Sorry to see Tesla won't take a CC. I'll be financing 40 or 50 K through USAA 1.99%. I'm trying to figure out how to use their car buying service to "negotiate" a price for me and get another quarter point knocked off. They actually have the Roadster listed on the car buying service.

I'm also a Navy Fed member but have sworn to never use them again since they screwed me over on a home mortgage in 2008.

FLsportscarenth... | 21 gennaio 2013

@chris Pennies are legal tender so they have to take them, they would probably bring in a machine it to count them?

I bought my first house cash, so I brought a big bag with bricks of 'small unmarked bills' to the closing pay for it, I thought it was hilarious, the sellers attorney was not amused but took the money after bringing in a counting machine, after all it was indeed legal tender for all debts private and public...

Brian H | 21 gennaio 2013

In Canada, accepting pennies is not required over $25. Don't know if the US has similar fine print. They're being discontinued in Canada, btw (no longer produced) and prices quoted to the nearest 5¢ as of some cut-off date. They will withdraw them as they come into the hands of the banks, though they will undoubtedly continue to circulate for many years.

FLsportscarenth... | 21 gennaio 2013

Seems that Canada is following Europe's lead on that, I remember Nederlands rounded away its 1 cent coins in the twilight years of the Guider, now the Euro cent may follow...

Too bad, Canadian pennies are pretty with their leafy design... Used to collect coins and notes so still have some Canadian 1 and 2 dollar notes...

I have seen articles on how they should drop the penny in the US, after 1982 or so the copper got too expensive so now they are mostly zinc, but I do not think the penny is going away anytime soon. We will never give up our traditional measures either, 'give them an inch and they take a mile' or 'give them a centimetre and they take a kilometre', really now who talks like that?

Brian H | 22 gennaio 2013

Even more archaic, "In for a penny, in for a pound."

But as Yogi said, "A nickel isn't worth a thin dime any more."

JDPink | 23 gennaio 2013

Has anyone here completed the Payment Saver Auto Loan with PenFed?

I like the idea of using it to pay 1.74% (instead of the 1.49%), having a lower monthly payment on the car, and having a balloon payment (due in 5 years) which I can then pay down with the tax credits ($7500 Fed, $2500 CA).

I just called PenFed and they told me that they couldn't tell me if the Model S qualifies until after I complete the application. They weren't sure if their underwriters would consider it a Smart Car.

Thanks in advance.

dave.w.finn | 23 gennaio 2013

Plan to pay cash when my # comes up.


hsadler | 23 gennaio 2013

NASA Fed Credit Union.....
although they had never heard of it - but now, too, are excited.

hsadler | 23 gennaio 2013

1.49% 125K 36 mo
1.99% 125K 63 mo
2.64% 125K 75 mo
3.14% 125K 84 mo

Brian H | 23 gennaio 2013

Of course it's not a Smart Car; it seats more than 2!

DanD | 24 gennaio 2013

Got my check from PenFed today. Pretty easy despite getting a few different and conflicting directions from them. 1.49% is pretty sweet.

We'll pay the balance with a "big" personal check.

AJC | 24 gennaio 2013

Had the full price in a savings account, but will keep it there or invest it since I talked to USAA. What a great company. For decades I've had my home and auto insurance plus investments with them and they are outstanding when paying claims or responding to support calls.
I chose to finance $50K of the price for 36 months and got 1.98% APR with no hidden costs. The processing was unbelievably easy. The loan is approved. All they need is the VIN and the funds will be released immediately.

ALSET | 24 gennaio 2013

Finalized and it states I should get car "Feb-March" :)
So...should I finance? The way I look at it PenFed is offering 1.49% like everyone says. My school loans are 3.25%. Even a blue chip stock could easily get me 3% dividend yields and my Lending Club account could get me more than that.

Should I finance the majority of the car and drop that principle into my school loans or put it into my brokerage account? Or should I just pay off the car?

I really need to find a personal adviser and accountant :(

Brian H | 25 gennaio 2013

Borrow and use the rate advantage to advantage. Mentally deduct the gains from the cost of the car. ;)

Jason2 | 26 gennaio 2013

St. Mary's bank in Manchester, New Hampshire offers a discounted rate of 1.9% to AAA members.
They financed 95% of my Model S. Turnaround was quick and easy.

billbalter1 | 27 gennaio 2013

ped fed too. AMazingly simple and can't beat the rate.

DaveR75 | 27 gennaio 2013

Wow..thanks for all the great info! My plan was to pay with cashed out TSLA stock I purchased at the IPO. It's doubled over the past few years and I'm optimistic about the Q4 results being announced next month. Hoping to take delivery of one of the first 40s in timing looks good. This has been my plan since putting in my reservation..but with loans available under 2%, it's crazy not to hold the stock to see where Tesla goes as GenIII becomes more real...or at a minimum, sell the stock and pay down debts with higher interest rates. I always told my wife all the time I spent surfing these forums would eventually pay off ;).

Brian H | 27 gennaio 2013

Yep. Knowledge is power. And money!