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Any Suggestions for Banks Offering Financing Over 100%?

Any Suggestions for Banks Offering Financing Over 100%?

I'm trying to add Illinois (7%) sales tax to my loan.

Alliant will only go up to 100% and makes you pay sales tax separately.

Logix Federal Credit Union will go up to 125%, but the website doesn't list Illinois as a state.

Anyone other places I can get 100+% financing?

phat78boy | 9 juli 2013

Have you actually applied or talked to anyone at Alliant? They offered to roll my sales tax in if wanted.

cybrown | 9 juli 2013

Not sure, but try Bank of America or USAlliance credit union. Both are doing Tesla loans.

teslamonkey | 9 juli 2013

I emailed Alliant and and "spoke" to Robert's assistant. She claimed the tax needed to be paid direct to dealer. I didn't push it at this point and have yet to actually apply.

charleypittle | 9 juli 2013

I am in the process for a p85+. Financed 100% plus state tax. So far great to work with. Waiting on vin to finish loan. This is who I used... found him on the forum

Jon Krumdick
USAlliance Federal Credit Union
Senior Manager - Sales and Service
Phone: 800.431.2754 ext. 2319
Mobile: 978.833.1962
eFax: 914.881.3475
jkrumdick@usalliance.org
www.usalliance.org

phat78boy | 9 juli 2013

I apologize, I meant USAlliance. Been a long day. @charleypittle has the contact I used. Very quick and easy in my experience.

hsadler | 9 juli 2013

Try NASA Credit Union
www.nasafcu.com

thatryan | 9 juli 2013

@cybrown, what do you mean by BofA and the other "doing Tesla loans" ? Is there a special program or something?

mikefa | 9 juli 2013

100% financing?... my gosh, what's the monthly payment like?... your $1200 monthly car payments could be buying you a luxury condo that appreciates instead of a car that will depreciates 25% the very first year!

Brian H | 10 juli 2013

BofA and Wells Fargo have collaborated with TM to finance Teslas at 2.49%, and TM will guarantee a 3-yr buyback at ~50% depreciation (matching best net value in the large luxury sedan category).

ppape | 10 juli 2013

I believe it's Wells Fargo and US Bank. Not sure about BofA

http://www.forbes.com/sites/markrogowsky/2013/04/02/a-brand-new-tesla-fo...

Jackie

J.T. | 10 juli 2013

Congrats Jackie! You corrected Brian before he could correct himself.

cybrown | 10 juli 2013

@thatryan A couple places I called barely even knew what a Tesla was. Wells Fargo required a $40k-$50k downpayment because Tesla is an "unknown vehicle" without a good history for their actuarial data. Some of the lenders handle the loan differently since you're not buying from a dealership. I just meant that the places mentioned here (BoA, USAlliance, Alliant, PenFed) have all handled Tesla loans without any special restrictions.

Brian H | 10 juli 2013

Yup, correct. http://www.teslamotors.com/true-cost-of-ownership

Don't know when I got the names crossed. Sorry!

omarsultan.ca.us | 10 juli 2013

I have heard in this forum that USAA will do 100% financing--I got my loan through them, but did not need to finance that much.

Omar

elguapo | 10 juli 2013

@Brian H - B of A used to do it before TM announced the special program with the buy back. B of A backed out on that and was replaced by US Bank - so that's probably why you thought of B of A.

Brian H | 10 juli 2013

elguapo;
Vaguely recalled something like that, but couldn't be bothered to chase it down. Thanks.

AmpedRealtor | 10 juli 2013

Bank of America is the worst lender on the planet next to Wells Fargo. I deal with these banks on a daily basis, it's a miracle either of them can actually get a loan done. When you hear the term "too big to fail", think "too big to exist in the first place". :)