Tesla Offered Financing options?

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#1
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!!!
 

MelindaV

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#2
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.
 

SoFlaModel3

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#3
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

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#4
Don't you think you could make money with the $20k invested that sitting in your depreciating asset?
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.
 

SoFlaModel3

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#5
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.
Yes that's exactly what I meant. Sorry it wasn't clear.
 

JBsC6

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#6
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...
 

SoFlaModel3

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#7
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...
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

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#8
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.
 

SoFlaModel3

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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.
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

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#10
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

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#11
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.
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.