1. Tesla Model 3 apparel now available!


    Dismiss Notice

Tesla Offered Financing options?

Discussion in 'Reserving, Ordering, Production, Delivery' started by benthebear, May 4, 2017.

More threads by benthebear
  1. benthebear

    Member
    Expand Collapse

    Joined:
    Nov 2, 2016
    Messages:
    12
    Likes Received:
    8
    Trophy Points:
    3
    City & State/Province:
    California, USA
    So I'm sitting here watching the Utah Jazz vs. Golden State Warriors game and saw a commercial for Toyota Rav4 with 0% financing. I was lucky enough to get a 9:00 am March 31st 2016(at The Rocklin CA store ~2 hours from Fremont Factory) reservation and will be getting AWD, highest battery upgrade, and probably a few more upgrades. Expecting the car to be(with all taxes/fees etc) around $45-50k...I'll have about $20k down payment(plus $4k cash for extended warranty) So I know I WILL be financing a portion of the car. Does anyone have any insight, that has financed there S/X through Tesla, know if Tesla offers 0% financing? Furthermore what ya'll think about them doing 0% financing when the Model 3 is finally available for purchase as a competitive aspect? Lastly, Anyone in Nor Cal have any advice about what banks/credit unions have the best financing or even online financing? Stay awesome M3OC!!!
     
  2. MelindaV

    ☰ > 3
    Moderator
    Expand Collapse

    Joined:
    Apr 2, 2016
    Messages:
    3,225
    Likes Received:
    2,213
    Trophy Points:
    113
    Gender:
    Female
    City & State/Province:
    Vancouver, WA
    Tesla Owner:
    Reservation
    Country:
    Country
    if you go to the Model S or X page and 'custom order' you can see the finance option at 1.49%. With the backlog of Model 3 orders, Tesla has no need to be competitive or offer 0% financing. other manufacturers dealerships offer 0% to beat out the competition, but they don't have 400K+ people waiting 2 years for the car.
     
    • Agree Agree x 3
    • Like Like x 1
    • SoFlaModel3

      Impatiently Waiting
      Moderator
      Expand Collapse

      Joined:
      Apr 15, 2017
      Messages:
      2,765
      Likes Received:
      1,278
      Trophy Points:
      113
      Gender:
      Male
      City & State/Province:
      South Florida
      Tesla Owner:
      Reservation
      Country:
      Country
      A few thoughts...

      1) Agree with @MelindaV as there is no reason for them to offer 0% financing on a car with somewhere between 400,000 and 600,000 pre-orders. That said interest rates are so low right now that you're stealing money. That's why I will be financing and putting down no more than $5k. Think about this before you put down $20k on the car. Don't you think you could make money with the $20k invested that sitting in your depreciating asset?

      2) I don't think you'll get biggest battery, dual motor, and some options for $45k-50k. That may be very optimistic. If you're right then I'm ecstatic!
       
    • garsh

      Dis Member
      Moderator
      Expand Collapse

      Joined:
      Apr 4, 2016
      Messages:
      2,716
      Likes Received:
      1,526
      Trophy Points:
      113
      Gender:
      Male
      City & State/Province:
      Pittsburgh PA
      Country:
      Country
      Nit: that's not the correct question to ask.

      The question is, do you think you can invest that $20k and make more than 1.49% on it? If so, finance.

      My credit union is also offering 1.49% on 3-year car loans. Interesting.
       
      • Agree Agree x 2
      • SoFlaModel3

        Impatiently Waiting
        Moderator
        Expand Collapse

        Joined:
        Apr 15, 2017
        Messages:
        2,765
        Likes Received:
        1,278
        Trophy Points:
        113
        Gender:
        Male
        City & State/Province:
        South Florida
        Tesla Owner:
        Reservation
        Country:
        Country
        Yes that's exactly what I meant. Sorry it wasn't clear.
         
      • JBsC6

        Well-Known Member
        Expand Collapse

        Joined:
        Oct 17, 2016
        Messages:
        291
        Likes Received:
        115
        Trophy Points:
        43
        Gender:
        Male
        City & State/Province:
        Northern NJ
        Country:
        Country
        I think tesla will offer 2 percent financing ..with 20 percent down...that's pretty customary ...

        So figure the cars 56 grand....

        Throw down 11 grand and finance the rest at 2 percent...

        45 over 45 months should be around a $1000 a month...

        Give or take a few bucks...that's what your looking at...
         
        • Like Like x 1
        • SoFlaModel3

          Impatiently Waiting
          Moderator
          Expand Collapse

          Joined:
          Apr 15, 2017
          Messages:
          2,765
          Likes Received:
          1,278
          Trophy Points:
          113
          Gender:
          Male
          City & State/Province:
          South Florida
          Tesla Owner:
          Reservation
          Country:
          Country
          I fully expect to put down ~$5k and spend in the high 40s.

          At worst the rate to be around 2%, but hopefully closer to 1.5%.

          20% is customary on a home but not necessarily a car.
           
        • MelindaV

          ☰ > 3
          Moderator
          Expand Collapse

          Joined:
          Apr 2, 2016
          Messages:
          3,225
          Likes Received:
          2,213
          Trophy Points:
          113
          Gender:
          Female
          City & State/Province:
          Vancouver, WA
          Tesla Owner:
          Reservation
          Country:
          Country
          for me, this is the only car I've had 2 years notice to stash extra cash aside, so I'll probably be paying a little more than half in cash plus a trade-in and financing whatever is the remaining.
          I'm fine saving $1000+/- a month but the thought of a $1000 car payment makes me a little sick to think about.
           
          • Agree Agree x 2
          • Like Like x 1
          • SoFlaModel3

            Impatiently Waiting
            Moderator
            Expand Collapse

            Joined:
            Apr 15, 2017
            Messages:
            2,765
            Likes Received:
            1,278
            Trophy Points:
            113
            Gender:
            Male
            City & State/Province:
            South Florida
            Tesla Owner:
            Reservation
            Country:
            Country
            I don't think @JBsC6 had the right numbers. Financing $45k wouldn't be over 45 months. 60 months is typical on an auto loan.

            At 2% interest the monthly payment would be $789.

            Further assuming you get the $7,500 tax credit. Divide that by 60 and for "math purposes" you save another $125/month.

            $664/month is a far cry from $1,000/month.

            Yes I know that's not how the tax credit works, which is why I said for "math purposes" :)
             
          • MelindaV

            ☰ > 3
            Moderator
            Expand Collapse

            Joined:
            Apr 2, 2016
            Messages:
            3,225
            Likes Received:
            2,213
            Trophy Points:
            113
            Gender:
            Female
            City & State/Province:
            Vancouver, WA
            Tesla Owner:
            Reservation
            Country:
            Country
            i am not factoring in the $7500 - while I do expect to get it (or at the minimum $3750), if I take delivery in January it will be more than a year before I see that money.
             
          • SoFlaModel3

            Impatiently Waiting
            Moderator
            Expand Collapse

            Joined:
            Apr 15, 2017
            Messages:
            2,765
            Likes Received:
            1,278
            Trophy Points:
            113
            Gender:
            Male
            City & State/Province:
            South Florida
            Tesla Owner:
            Reservation
            Country:
            Country
            Once you buy the car and know where you stand with the credit you can adjust your withholdings on your paycheck to get the money faster rather than waiting until filing your taxes.
             
            • Like Like x 1
            • Agree Agree x 1

            Share This Page

            Model 3 Owners Club © 2017. All rights reserved.
            Model 3 Owners Club (M3OC) is an enthusiast club and is not affiliated with Tesla Motors or the Tesla Motors Club Forum (TMC).
            All Tesla logos are trademarks or registered trademarks of Tesla Motors.