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.

Previous posts on this thread got financing through PenFed.

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

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?!

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

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.

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.


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.


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!


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.

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.

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.

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

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?

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!!!!

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

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!!!

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.

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

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.

@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.

@ 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.

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.

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

@ 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.

Thanks guys...very helpful!

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!


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!

Cash :)

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!!!

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?

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