CANADA: So you have configured, now what?

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  • Winter is here and the forum is starting to get flooded with cold weather threads and posts. Please heed the suggested threads and posts before you post something related to cold weather. This is a great place to start: https://model3ownersclub.com/threads/teslas-in-cold-weather.5271

Todd Harrison

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#1
I configured last night, I have contacted my insurance company and they gave me a reasonable quote but said they need a VIN to give me proof of insurance, is this consistent with others experience at this stage? Also visited a couple banks CIBC said use my line of credit which is bank prime plus .5%, so 3.95. I then went to RBC and a very candid young guy told me to get a second mortgage with CIBC at 3.45 fixed or 2.99 variable. Anyone else heard of any out of the box ways to get cheaper credit? Neither bank seemed to think a car loan was the way to go.
 

John

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#2
Join a credit union, perhaps, if you have them there. In the states, they have the best rates. Mine was 1.99%.
 
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Tony_YYZ

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#3
I got a quote from TD Melloche Monnex. They did not have the Model 3 in their system and didn't know when they might. I also had them try running a VIN I found online and they came up empty. They stated that if I were take possession of a Model 3 before their systems are updated, they would just charge me for the next comparable car which is a Model S 75D.

As for the financing, I asked CIBC Imperial Service what their car loan process was like and they just spitballed like 8-9% rates. I laughed pretty hard. They then suggested using a HELOC at 3.45% but it would only be for a limited time and then the rate would exceed 4%.

That was not a good deal. I have to wait until my dedicated FA is back from vacation and then try again. I've never heard of taking out a second mortgage as an option. That just sounds bizarre.

Meridian Credit Union's website sate they have loans starting at 4.9% which is pretty crummy.
 

Todd Harrison

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#4
TD gave me a quote as well, I was pretty happy with it. I may have misheard about the second mortgage, he was talking about borrowing from my heloc but what he described sounded like taking out another mortgage. I know someone who bought a RV that way so might be worth investigating. Any idea what kind of timeline we are on to get this done? Unfortunately credit isn't as cheap up here it seems.
 

Tony_YYZ

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#5
TD gave me a quote as well, I was pretty happy with it. I may have misheard about the second mortgage, he was talking about borrowing from my heloc but what he described sounded like taking out another mortgage. I know someone who bought a RV that way so might be worth investigating. Any idea what kind of timeline we are on to get this done? Unfortunately credit isn't as cheap up here it seems.
We don't have to figure it out until after a VIN has been assigned. So you have lots of time to do some research.
 

GeorgeP

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#7
I went to Scotia, TD and RBC, they all said 3.44% against line of credit will be cheapest.
From a monthly mortgage perspective I feel staying with Tesla may still be our best option as it does not add much per month.
 

Sandy

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#8
Ok thanks, I was tempted to just put in my current insurance info to get rid of the "incomplete "!
I put in my current insurance and will update after VIN assigned. I’ll probably finance through Tesla’s partners Scotia/RBC. Lump sum along the way. I will give my bank a shot at it but I doubt it will match. My only pending left is Payment Method.
 

GeorgeP

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#9
State Farm my current insurance provider could not provide a quote as the M3 is not listed on their system. However I did check what it would cost for a Model-S as a second vehicle and it came to $95 per month.
I gues the M3 will be much cheaper when added as a second vehicle.
 

Todd Harrison

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#11
Ok you almost have me sorted out! Under documents is the purchase agreement , does this need to be signed and put back or is this done at delivery. I like the idea of using the heloc just for the fact I hate debt and I will pay it off aggressively but if I get carried away can always take some back, just need to get the bank to drop it to prime now.
 

Tony_YYZ

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#12
Ok you almost have me sorted out! Under documents is the purchase agreement , does this need to be signed and put back or is this done at delivery. I like the idea of using the heloc just for the fact I hate debt and I will pay it off aggressively but if I get carried away can always take some back, just need to get the bank to drop it to prime now.
I had just printed the purchase agreement and saved a PDF of it. I don't believe you're required to do anything with it until they contact you.

I'm also going to keep exploring other loan alternatives. Much like you, I also hate debt. If I can beat 3.90%, then that would be great.
 

Todd Harrison

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#15
Looking on the shop page tesla is not offering installations of wall chargers in Canada right now. I was initially planning on putting a 14-50 plug in and using the mobile charging cable but not sure if I want to be plugging and unplugging frequently. What are others thinking on this? Guess I need to get a quote from an esa certified electrician to see if it is worth going that route to get the rebate .
 

Tony_YYZ

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#16
Looking on the shop page tesla is not offering installations of wall chargers in Canada right now. I was initially planning on putting a 14-50 plug in and using the mobile charging cable but not sure if I want to be plugging and unplugging frequently. What are others thinking on this? Guess I need to get a quote from an esa certified electrician to see if it is worth going that route to get the rebate .

Will you have a need to unplug and plug frequently? There are specific 14-50 outlets designed for frequent plugging.

I'm considering getting the HPWC. They dropped the price on it a few months ago plus you get the 50% rebate. I'll be getting some quotes for installation once I'm closer to delivery.
 

Audrey

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#17
You can do some preliminary work, but will find that without a VIN or firm delivery date some tasks are not complete-able.
  • Get your finances in order. If you'll use cash, get it into an account you know the ACH details for. If you will need financing, get pre-approved and ask your loan officer about steps involved in the process and waiting or timelines for each of the steps. Know how long your rate is locked in for; if it's only four weeks (30 days) ask about an extension on the lock to six or eight weeks just in case.
  • Get your insurance in order. Talk to your current carrier about estimates. If you will want to switch carriers, start shopping around.
  • Consider PPF, ceramic, tint, wheels and tires, and other third-party professionally applied upgrades. If you will have anything done to the car after delivery, it makes sense to start shopping around and talking to vendors now if you have not done so already. The PPF and ceramic installer we went with will have someone come with us to delivery for an initial paint inspection. That kind of bonus isn't possible if you don't do the legwork of shopping around well in advance.
  • Look at the Tesla Store for add-ons you might want. If you want extra wheels or cargo mats, order them.
After you get your VIN you can go past pre-approval on your loan and may decide to add it to your insurance. I opted to wait to add it to my insurance until I had my delivery date arranged. The part of the My Tesla account management screen that allows you to send ACH funds does not open up until you're close to delivery (48 or more hours before delivery); mine opened Friday afternoon, I got a call the following Wednesday afternoon, and am scheduled for the Tuesday after to pickup my car.

I hope that helps!
 

John

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#18
Looking on the shop page tesla is not offering installations of wall chargers in Canada right now. I was initially planning on putting a 14-50 plug in and using the mobile charging cable but not sure if I want to be plugging and unplugging frequently. What are others thinking on this? Guess I need to get a quote from an esa certified electrician to see if it is worth going that route to get the rebate .
I'm having a 14-50 installed tomorrow (I pick up the car Saturday). 32 amps will be enough, I think. And I'll only unplug the charger for trips. It'll just stay hanging in the garage the rest of the time.

If it turns out that I'm finding myself wanting faster charging, I'll consider a HPWC. But I don't have a rugged commute any more.
 

Todd Harrison

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#19
Will you have a need to unplug and plug frequently? There are specific 14-50 outlets designed for frequent plugging.

I'm considering getting the HPWC. They dropped the price on it a few months ago plus you get the 50% rebate. I'll be getting some quotes for installation once I'm closer to delivery.
In the summer my family practically lives at our trailer and i commute for work a couple times a week. Round trip is 400 km so I would like to have the cord with me. Then again it is only 2 months out of the year. I was hoping to install the hpwc myself and only claim the purchase of the hardware but that is not possible it seems reading the rebate paperwork.
 

Tony_YYZ

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#20
In the summer my family practically lives at our trailer and i commute for work a couple times a week. Round trip is 400 km so I would like to have the cord with me. Then again it is only 2 months out of the year. I was hoping to install the hpwc myself and only claim the purchase of the hardware but that is not possible it seems reading the rebate paperwork.
As long as you have the properly rated receptacle, you should be fine.