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How Do I Lock Down Financing Before Committing?

I'm ready to commit to getting a P85, but I really need to know if I can finance 100% including sales tax before I commit. I have contacted a few lenders and the response is vague at best. Anything from I have to put up sales tax in cash to they will finance 110%. Is anyone aware of a lender that will give me a firm commitment so I can order my S?

I'm financing through Alliant Credit Union. They're offering as low as 1.49% and they approved me for 90% of the purchase amount within about 2 days after I filled out the online application. You have to be a member, though, but you can get a membership by making a donation to the adoption charity they partner with. 20 minutes of work and you should be all set. They're pleasant to deal with, too, IME.

+1 for Alliant. Hassle-free, and I bet if you call them, they will give you as much of a commitment as you need.

I got my loan via ACU as well. They offer the loweest rate at 1.49% for up to 6 years. I believe they do finance up to 100% based on credit history. Call them for details.

Just be aware that once you apply, you will have 30 days for the fund to disperse or the application will be dropped. So apply only after the delivery specialist contact you. It'll only take them two days to approve the loan.

I thought that financing had to go through Tesla to be eligible for 3 year buyback?

Yes, financing has to go through Tesla if you want to have the option of the 3-year guaranteed buy-back program. Personally, I'm hoping to keep my MS far longer than that, so I opted to take some nearly free money from ACU.

You will probably get 70 - 80% of car value before tax if you apply through Tesla. Financing 110% with 3 year guarantee buyback is out of the question.

"There ain't no such thing as a free lunch."

USAA will finance over 100% depending on your credit. Rate is 2.25% for five years.

Assuming an $80,000 loan amount, you are paying about $1,800 more over 3 years for that buyback guarantee at 2.95% versus 1.5% available elsewhere. The buyback guarantees "50% of the original base purchase price of the 60 kWh Model S plus 43% of the original purchase price for all of the options, including the upgrade to the 85 kWh battery pack (exclusive of taxes, fees, and accessories)." Guarantee as stated is only good for 15,000 miles per year driving - any mileage over that will incur a 25¢ per mile reduction in the guaranteed value. So if you drive like me (20,000 miles per year), the buyback guarantee will actually cost $1,800 in additional interest plus another $3,750 in mileage penalties for an actual cost of $5,550. So in my case it would cost over $5,000 for Tesla to give me back less than 50% of the value of my car in 3 years. That doesn't sound like a good deal to me.

In my opinion, you are better off putting that money into Tesla stock or spending half of it on an extended warranty (Tesla calls it the "Extended Service Agreement" or ESA) which will buy you an 8 year or 100,000 mile warranty. Given the newness of this technology, I think that's a better use of the funds.


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