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Tesla Financing

Tesla Financing

Tesla claims that "US Bank and Wells Fargo will provide 10% down financing on approved credit, and the down payment is covered or more than covered by US Federal and state tax credits", combined with the 36 month buy back. But when I applied (with FICO score of 800+ and plenty of income), Wells "approved" 10% cash down, plus the tax credits, with a 60 rather than a 66 month term. I just lost any benefit from the tax credits, and that's a lot of dough. Calls and emails to Tesla Finance for an explanation not yet returned.

I have been waiting for my (Red) car since June of 1999 (Order # P884). Perhaps the Tesla/Wells or USBank partnership financing that Elon announced is only available for new orders. If so, I do not feel like a treasured long time Tesla supporter.

rochec | April 12, 2013

Did you push back against Wells? When I applied for my financing through a credit union they came back with "we've approved you for $50k and 60" and I said no, I need $70k and 72 years for the car and they said ok.

They tend to be flexible and just try to get you into a better deal for them at first.

Peter J | April 12, 2013

Thanks, rochec. I am pushing for the deal Elon announced with such great excitement last month.

RonaldA | April 12, 2013

I got 10% down and 60 or 70 month from bank of america FICA 790, I chose 60 month.

Peter J | April 12, 2013

Finally spoke live with Thomas, at TeslaFinance. They do not actually have a lease. But they did offer a loan for 60 months, with a little over 10% down. I keep the tax benefits, which I will claim this time next year. And I pay an interest rate of 1.99%. That's a deal I am pleased with.

jat | April 12, 2013

@rochec - wow, 72 years seems like a long finance term for a car, even one as reliable as the Model S (hopefully).

:)

rochec | April 12, 2013

@jat ya, I'll definitely pay it off sooner, but might as well get the best deal I can. You never know what could come in the future.

L8MDL | April 12, 2013

$70,000 for 72 years @ 2% gives a payment of $15.29 per month - not bad if you can swing that term :-)

flar | April 12, 2013

@L8MDL, $15.29 per month for 72 years amounts to $13K total payments. What a deal! (Perhaps you missed a zero in the financing amount?)

Of course, $70,000 for 72 years @1.99% actually gives a payment of $152.53 for total payments of around $132K - or a financing cost of $62K. Not such a great deal, but it would take a long time to feel the hurt...

rochec | April 12, 2013

Ya, ya. We all know what I meant =)

Brian H | April 12, 2013

L8MDL fell victim to Muphry's Law.