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How are you paying for your Tesla MS?

I'm curious, how's everyone here paying for the MS? All cash? Financing? If so how much will you be financing? I'm considering charging the whole car on my credit card and then turning around and paying it off...we're talking about some serious credit card bonus points. ;)

Also, is anyone here buying the car who lives in an apartment and therefore doesn't have a garage? That's one of my concerns at this time.

Simplest might be get clear title then go get the loan, have the check made out to you.

@BYT Lol!

@JNH - others have done that (immediate refi through pen fed). I gave my check to Tesla in the afternoon and the money was out of my bank account that night. If you want to intercept the check call them NOW.

On the PenFed wagon myself. Their cost of funds must be zero. Weirder than that they let you finance 100% of the amount owed (up to $70K max). I guess they send a drone to take you out if you default?

Late payment = Predator visit.

JNH2013 - i paid for the S with a check and financed w/ PenFed after. You have a lien free title and they'll finance same as before delivery. Was not what I planned, but only had 1 business day from VIN to pick-up at the factory, so PenFed easily changed the loan to post-delivery.

We electronic transfered $40,000 down, and wire transfered
$75.and change, on delivery. When TSLA reaches $40 a share Tesla will have paid for my Model S Signature Performance. Thanks twice Tesla.

stop payment. Rearrange wire transfer with PenFed.

@Douglas R
I think you are right. Here in Arizona, they can't "sell" a car here", Tesla is very particular on how the transaction occurs. They highly recommend we send our check to their CA headquarters. "It makes it much easier."


Now I think I understand why.

We placed our deposit while physically in CA in 2009; we were physically in CA on 8/24/2012 when we Finalized; we'll send our payment in full to CA.

Kinda makes sense now.

@JWH - PenFed will send a check; don't think they'll do wire transfer; but you can give the check to the DS on delivery, along with a personal check for the balance. That's what I did.

No DS in AZ.

@Brian H | JANUARY 19, 2013: No DS in AZ.

Actually that's not technically correct. Someone will come out to your house and go over the car with you in AZ - it may not happen on your delivery date, but it will happen.

@Brian H
I agree, no formal DS today. And we're still getting it done here in AZ, USA.

I think 12-20 recipients have already crossed this bridge.

(I hope to be the next one in the next 5-6 days!)

@Anthony H | JANUARY 19, 2013: I think 12-20 recipients have already crossed this bridge.

The tech told me that there about 50 Model Ss in AZ now - waiting on 12 Carbon Fiber spoilers in Tucson alone.

That's very close to the ratio of population to the % of MS deliveries, about 2%.

My signature S required the 40K down payament, then I financed the remainder thru Chase, my rate is about 2.76 so not as good as the rate PenFed seems to be offering. I also bought stock, and hope to have Tesla pay for my Tesla someday. Tesla actually shipped my car to town and held it in a storage facility while I arranged financing. They aren't allowed to "sell" Teslas here in Texas, either. So a 3rd party delivery service brought it here to town, and then once I had proof that the funding was final they arranged delivery to occur. There is nothing like seeing your Model S finally get delivered after waiting a year or more to get it! And I don't have the words to tell you how awesome it is to drive it...the instant torque just can't be bragged about enough. Someday, this model will probably seem archaic, but for right now, I am absolutely thrilled!

You could refinance with PenFed and pay off the Chase loan, and put the ~$1K/annum difference into TSLA. ;)

Bank of America at 2.09% or 2.17APR for 60 months for 60K

Stanford Credit Union: 2.49%, $70K, 84 ,months.

@h2onu...are you in Palo Alto? I'm no longer with Stanford, but just curious.

Thanks everyone who chimed in. After considering the advise, I spoke to Pen Fed and they were great! They have a "Title Loan" (sorry, I'm not from the banking sector) all you do is pay for the car, provide them with a copy of the title (cleared) and they will process the loan to me directly. Same rate of 1.49%APR, 60 months, $70 max. No one gets hurt. Thanks again.

RE: loan through PenFed
1) Does anyone know if they require a particular deductible on the car insurance (e.g. min $500)? I could get a better quote if I just went with $1000 deductible.

2) Also, sounded like there are no other hidden fees through PenFed?

kashiraja - PenFed did not ask me anything re: insurance. Since i had no military affiliation, did donate the $15 to the listed agency - and contrary to some discussion on the thread, also put $5 into a savings acct. $20 total in 'fees' was simple enough to cruise through and figure the $15 does go to a cause.

@h2onu, I have a Stanford Federal Credit Union Account as well but opted for the Navy Federal Loan as it was ~0.75% less and I went with the 5 year loan term.

I too was planning on paying all cash but thanks to this thread, I went to Penfed as well. Literally took seconds during the online application to get approved. But because Tesla was not part of the drop down, I did have to call in. Got someone within a minute and she could see all my info from the online app right up until the part where I could not go further because I did not have a VIN and there was no drop down for Tesla. She said everything else is fine and all I had to do was call in once I had the VIN and they will send a check!

Unbelievably easy.

Now to put my cash to better use and get better rate of return than 1.49% :-)

P12704 expecting delivery between Feb 2-16!!!

Hey OP,

I was considering using a CC for a down payment just to get some reward points - might as well get a new TV or something out of the deal! Sorry to see Tesla won't take a CC. I'll be financing 40 or 50 K through USAA 1.99%. I'm trying to figure out how to use their car buying service to "negotiate" a price for me and get another quarter point knocked off. They actually have the Roadster listed on the car buying service.

I'm also a Navy Fed member but have sworn to never use them again since they screwed me over on a home mortgage in 2008.

@chris Pennies are legal tender so they have to take them, they would probably bring in a machine it to count them?

I bought my first house cash, so I brought a big bag with bricks of 'small unmarked bills' to the closing pay for it, I thought it was hilarious, the sellers attorney was not amused but took the money after bringing in a counting machine, after all it was indeed legal tender for all debts private and public...

In Canada, accepting pennies is not required over $25. Don't know if the US has similar fine print. They're being discontinued in Canada, btw (no longer produced) and prices quoted to the nearest 5¢ as of some cut-off date. They will withdraw them as they come into the hands of the banks, though they will undoubtedly continue to circulate for many years.

Seems that Canada is following Europe's lead on that, I remember Nederlands rounded away its 1 cent coins in the twilight years of the Guider, now the Euro cent may follow...

Too bad, Canadian pennies are pretty with their leafy design... Used to collect coins and notes so still have some Canadian 1 and 2 dollar notes...

I have seen articles on how they should drop the penny in the US, after 1982 or so the copper got too expensive so now they are mostly zinc, but I do not think the penny is going away anytime soon. We will never give up our traditional measures either, 'give them an inch and they take a mile' or 'give them a centimetre and they take a kilometre', really now who talks like that?

Even more archaic, "In for a penny, in for a pound."

But as Yogi said, "A nickel isn't worth a thin dime any more."

Has anyone here completed the Payment Saver Auto Loan with PenFed?

I like the idea of using it to pay 1.74% (instead of the 1.49%), having a lower monthly payment on the car, and having a balloon payment (due in 5 years) which I can then pay down with the tax credits ($7500 Fed, $2500 CA).

I just called PenFed and they told me that they couldn't tell me if the Model S qualifies until after I complete the application. They weren't sure if their underwriters would consider it a Smart Car.

Thanks in advance.

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