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.

rwang | 08. desember 2012

TECHCU - 1.99% if you put 25% down for 60 months
PenFed - 1.49% internet special up to 70k for 60 months
Amplify - 1.69% 100% financing if you like.

jjaeger | 08. desember 2012

Does anyone know if PenFed allows prepayment w/o any penalty/fees?

Christopher3 | 08. desember 2012

PenFed does have a plan that doesn't charge a prepayment penalty (Payment Saver 1.74%). The 1.49% plan however, doesn't state if it does or not. At 1.49% I would think you could invest the prepayment money and get a better return.

I'll let you know about the prepayment situation after I talk to them on Monday.

Schlermie | 08. desember 2012

Amplify has 1.69% 125% (to cover tax, license, extended warranty,etc) for up to 66 months, but they're difficult to qualify for. The woman I spoke with was surprised I had even heard about them. You or a family member need to live in one of their branch locations (Austin area?) to qualify.

nickjhowe | 09. desember 2012

When I spoke to Pen Fed they said there is no penalty for early redemption on the 1.49 rate.

Chuck Lusin | 09. desember 2012

Looks like we are up late. Does is look like Pen Fed is the way to go, I'm thinking of using them also. Thanks

rwang | 09. desember 2012

PenFed is the better approach. Internet 1.49% special up to 70k
TechCU is also not bad. 1.99% you must put a 25% downpayment so about the same.

both are 60 month loans

nickjhowe | 09. desember 2012

@Chuck - am in the UK this week, hence the strange posting times. :-0

rwang | 09. desember 2012

Just talked to PenFed

They don't do Teslas, SMART cars or anything with "experimental vehicles"

So, I suggest you don't apply for the membership otherwise you'll be out $40.

cmcvety | 09. desember 2012

Wait I thought we already had confirmation that PenFed would finance the Model S? Has anyone actually financed with them? | 09. desember 2012

Previous posts on this thread got financing through PenFed.

Brian H | 09. desember 2012

MT CoTY is experimental? I'm sure they'd be surprised to hear it.

jbherman | 09. desember 2012

Tried online application through PenFed. When I got to the page requesting information on the car (make/model) the drop down list of manufacturer choices did not include Tesla or Model S. I was unable to proceed past that point. I emailed PenFed and received a response yesterday that they are aware of Tesla and that I could complete the application by phone (which I plan to do early this week). It doesn't sound like anyone else has had to do that. What's the secret?!

Brian H | 09. desember 2012

Pretend it's a Panamera, and get them to switch it at the end? !!

MB3 | 09. desember 2012

I talked with PenFed on the phone because the web page didn't work for me. They knew about Tesla and were fine giving a loan. In fact, they said it was a very popular loan (no doubt due to this thread). Ultimately I didn't complete the application because I don't have a VIN.

chort67 | 10. desember 2012

I used PenFed after hearing about it on this website. Applied online on Friday, called on Monday and submitted some additional paperwork and was approved that afternoon. Received my check on Friday. It was the easiest loan process I've been through in a long time.

rwang | 10. desember 2012


I'm glad you got through to PenFed. They told me their loan officer didn't do any Teslas and it was too experimental. I'm curious now. =)

Can you tell me who the loan officer was as this is interesting. I've heard multiple outcomes of folks w/ similar credit, similar loan history, etc.


Aleksandyr | 10. desember 2012

I am trying to get financed with Navy Federal 1.79% I was approved for 100k, but they need me to drive to a branch and prove my identity! The closest branch is 120miles away. Hope I can get this straightened out tomorrow. Can't drive four hours for a quick ID check!

Steven4 | 10. desember 2012


I got financed through Navy, and they did it all online and had a check ready for me. They gave me the choice to pick up a check or have it FedEx'd to me. I am lucky and have a branch 5 miles away. I picked up the check on Saturday and now need to wait for the car.

reitmanr | 11. desember 2012

They approved a loan for me a few days ago on line.We will see in a few days. I will check tomorrow if I get a chance to re-confirm.
Thanks for the heads up.

smd | 11. desember 2012

I just got a PenFed loan at 1.49% for 60 months.

Applied online Dec 9 and got stuck at the vehicle information section because my VIN 1978 is not in their database and Tesla is not in the dropdown list.

I called them on Dec 10 and was told to fax in a purchase order, which I was able to get from Tesla by email.

I called Dec 11 to follow-up and they found the fax and the loan officer manually finished the application while I was on the phone with them. The check should be FedEx'ed to me, so I should have it for my delivery at the Tesla factory on Dec 15.

I was pleasantly surprised that the loan got done so quickly.

reitmanr | 11. desember 2012

Thanks for info on penfed loan. I am doing the same thing, waiting for Vin from Tm

brewdr | 11. desember 2012

I was pre-approved for a Pen Fed several months ago. Finally got my VIN and final MVPA. Emailed everything to them. Called for confirmation and was told the loan was approved for the 70K max, but they would need a separate purchase agreement that spelled out the cost of the car (100K) and the fact that only 70K was to be financed. I contacted Tesla and they told me this was an issue between me and Pen Fed. Anyone else run into this? Any suggestions?

Joelj | 11. desember 2012

Boa gave me 2.55 apr <2.44 rates> max 60 months and max 90 percent of the cash value. Theyneed the vin and motor vehicle sale doc in order to process. It can be all done electronically and they send the check to tesla overnight. Now waiting for tesla to tell me the vin!!!!

cpetrush | 12. desember 2012

Just got approved at Logix CU for a 72 month loan at 2.99%. That's the best rate I found for the 72month time frame. Penfed has the best rate for 60 months but I need to shrink that payment a bit. They said they financed 2 other Teslas already. Very easy, over the phone rate same as online. Credit approval good for 60 days. Hope to have the car by then. #6352

jTsD_ATX | 12. desember 2012

Just got my invitation to configure email. Excite!! When do I get the Vin? Should I wait till then to apply? I am looking at pen fed and amplify. Thanks!!!

riceuguy | 12. desember 2012

If you are in Austin, I just talked to Amplify and they can work with you to finance the sales tax as well if you explain it thoroughly. The rep was already working on loans for 2 Model S pending deliveries, and said they can finance 100%+ and were really helpful. 1.69% up to 66 months with Equifax score of 780 or better.

jTsD_ATX | 12. desember 2012

@riceuguy Thanks. Yes i am in Austin(ATX gave it away i guess). Which Amplify did you visit?

Christopher3 | 12. desember 2012

I just did mine with Amplify (Steve Flores) in Austin. The only issue is you need to do a bridge loan prior to getting your vehicle then transfer it into the 66 month loan. I'm not sure on the total cost of doing this. The other option is to pay for it up front and once the car's here they'll cut you a check.

riceuguy | 12. desember 2012

@Jtsd....I just called, no in-person visit needed. Christopher, the lady I spoke with seemed to think that with the final MVPA they could cut a check to Tesla and they would handle the titling and taxing. Not sure if that's really an option, but she seemed to think it was.

Christopher3 | 13. desember 2012

@ Riceuguy
Good luck on that one. Just be ready for the bridge loan or cash. I don't think your banker has gone through the process yet. Eventually you'll have to go in and sign some papers to open an account.

GoTeslaChicago | 13. desember 2012

Applied online to Alliant Credit Union last night. Received call back today, for some additional information. Approved for $82,000, 72 months @1.99%. I'm putting $15,000 down. I think their minimum down is 10%, but could be some wiggle room.

Got my vin #2499 yesterday for reservation #5520. Just waiting for a definite delivery date!
(Dec 15-31 Window)

I must say that I was initially very skeptical that I would get delivery this year, but seeing how fast they are moving, I'm beginning to feel it's for real.

Brian H | 13. desember 2012

Yeah, the switch from water pistol to fire-hose is disorienting!

txjak | 13. desember 2012

@ Riceuguy -- Check with Steve Flores @ Amplify ( ). Once you pay Tesla and get the paperwork including the Title Application, you can add Amplify to the Title app as 1st Lienholder, register the vehicle, and get the loan. You can get a short term bridge loan from Amplify to pay Tesla if you need to.

riceuguy | 13. desember 2012

Thanks guys...very helpful!

Brad Holt | 13. desember 2012

GoTeslaChicago: Did they just call you up with the VIN? It sounds like I'm just half a step behind you, but I'm eager to get moving!

GoTeslaChicago | 14. desember 2012


Sensing that my delivery was getting close, I called to see if the VIN was available. Had made a call around December 3rd, told the car was in "body in white" stage, no VIN available. Called again December 12th, talked to Peter at 888-77 TESLA.

Bingo, VIN available and emailed to me. Now I know I'm getting close. With VIN in hand, applied for financing with Alliant, approved the next day, and today got my insurance quote from COSTCO's captive insurance company. $599 per 6 months, about twice my Prius rate. Not bad, considering the cost of the car!

Talked to Peter again today because my cell # has changed. Also wanted to let TESLA know that I had financing, and repeated that I was picking up the car at the service center (to make it as easy as possible for them). Just making sure they know that I'm 100% ready!

FREE ENERGY | 14. desember 2012

Cash :)

biwamura | 14. desember 2012

Received word from PenFed that the loan was approved for $70K and are waiting for final paperwork from TESLA with vin number and check will be cut. Got a 1.48% for 5 years, can't beat that!!!

sanjosedriver | 14. desember 2012

TechCU is offering 1.99% for up to 66 months with 25% down. So for PenFed, anyone can join or do you have to be affiliated with the government/military?

Vern110 | 14. desember 2012

BOA, funding up to 90% of car, less taxes and fees, 60m @ 2.93 and 72m @ 2.87%. Pretty easy, response in less than 24 hours, online application. One big question, no one has brought up or able to answer, are we able to roll in the service package to the cars final price?

biwamura | 14. desember 2012

PenFed requires that you join one of their affliated associates, but usually on costs about $15 and $5 to join the credit untion and you can get the 1.49 rate.

Brian.S | 14. desember 2012

Financed $98000 with USAA for 60 months at 2.18%. If you can get USAA they are the best. Took less than 2 hours.

silbenny | 14. desember 2012

Approved with Alliant- can live anywhere as long as you're a member of one of their affiliates. Donated to foster care organization (low as $10) to become a member of one of their affiliates. Got approved to join the organization after two days. Called this morning to their loan officer and received approval this afternoon after sending in appropriate documentation. 10% down, $90000 loan, 1.99% for 72 months. They noted I don't have a history with them so they needed some down payment. They will send payment to Tesla directly after purchase agreement sent.

biwamura | 17. desember 2012

Finalized paperwork with PenFed and provided VIN for issuance of check. Rate might of 1.49 for $70k max is due to expire at the end of 2012.

lsborn | 29. desember 2012

Amplify Credit Union was awesome. I picked up the tip from this forum and it paid off - literally. They financed the entire cost over 60 months and at a great rate 2.89% - even lower for better credit scores. The total cost of financing is too good to pass up -10k over the life of the loan. Rather than pay cash, invest the money and you'll be better off. I can't recommend them enough. You just have to figure out how to link yourself to Austin, TX. Family members with an account, maybe you work for a company with offices in Austin, etc.

rwang | 29. desember 2012

PenFed experience was awful. Had an underwriter who was anti-Tesla and stated that they didn't finance these "experimental toys". She did everything to kill my loan app.

I hope others had better experiences b/c when I pointed out that they had apparently approved other Tesla loans, I had to escalate to her manager and she was none too pleased and sat on my loan.

Ended up going w/ Johns Hopkins Federal Credit Union. 100k at 1.7%

adstein | 29. desember 2012

No problem with Penfed. Fast and helpful. Very positive and aware of Tesla.

SD in the OC | 29. desember 2012

Ditto. Penfed was awesome and a breeze. Loan rep was extremely helpful. my check was mailed overnight after a 1 day approval. In the car now. 1.49% for 5 years - Wow!!

Brian H | 30. desember 2012

Borrow more and invest in TSLA?