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.
BOA, funding up to 90% of car, less taxes and fees, 60m @ 2.93 and 72m @ 2.87%. Pretty easy, response in less than 24 hours, online application. One big question, no one has brought up or able to answer, are we able to roll in the service package to the cars final price?
PenFed requires that you join one of their affliated associates, but usually on costs about $15 and $5 to join the credit untion and you can get the 1.49 rate.
Financed $98000 with USAA for 60 months at 2.18%. If you can get USAA they are the best. Took less than 2 hours.
Approved with Alliant- can live anywhere as long as you're a member of one of their affiliates. Donated to foster care organization (low as $10) to become a member of one of their affiliates. Got approved to join the organization after two days. Called this morning to their loan officer and received approval this afternoon after sending in appropriate documentation. 10% down, $90000 loan, 1.99% for 72 months. They noted I don't have a history with them so they needed some down payment. They will send payment to Tesla directly after purchase agreement sent.
Finalized paperwork with PenFed and provided VIN for issuance of check. Rate might of 1.49 for $70k max is due to expire at the end of 2012.
Amplify Credit Union was awesome. I picked up the tip from this forum and it paid off - literally. They financed the entire cost over 60 months and at a great rate 2.89% - even lower for better credit scores. The total cost of financing is too good to pass up -10k over the life of the loan. Rather than pay cash, invest the money and you'll be better off. I can't recommend them enough. You just have to figure out how to link yourself to Austin, TX. Family members with an account, maybe you work for a company with offices in Austin, etc.
PenFed experience was awful. Had an underwriter who was anti-Tesla and stated that they didn't finance these "experimental toys". She did everything to kill my loan app.
I hope others had better experiences b/c when I pointed out that they had apparently approved other Tesla loans, I had to escalate to her manager and she was none too pleased and sat on my loan.
Ended up going w/ Johns Hopkins Federal Credit Union. 100k at 1.7%
No problem with Penfed. Fast and helpful. Very positive and aware of Tesla.
Ditto. Penfed was awesome and a breeze. Loan rep was extremely helpful. my check was mailed overnight after a 1 day approval. In the car now. 1.49% for 5 years - Wow!!
Borrow more and invest in TSLA?
I am financing my car thru USAA. They will finance 100% of the cost of the vehicle at 2.19% for 60 months. So if your military, a vet, or a military relative this is not a bad option.
Ditto PenFed. 1.49% for 60 months. They asked for at least 15-20% down. You've got to be a member and unless you have some military ties(family or company) you'll need to give a donation to one of two military charities for about $25. Once you are a member, they approve the 1.49% loan pretty quickly. about a 24 hour turnaround. they will require all of the MVPA information from tesla.
Penfed came through for me. It was more difficult than I would have liked compared to walking into a dealer and having all the financing done for you. However, 1.49% for 60 months for a 70000 loan was pretty good. I would recommend them.
Ditto Vern110 above...Bank of America could not have been easier, 90% financing at just under 3% (I'd rather have a slightly higher rate and be able to put less cash down)...They even FedEx'ed our check for Saturday delivery so we could finalize our payment before the end of the year and quality for the $7,500 federal tax credit this year. A joy to work with, highly recommended.
PenFed still has 1.49% for January. Good news for all.
PenFed wouldn't do the full amount that I wanted at first, and then I went with BECU and they made it happen, but then, several days later, I randomly got an email from PenFed saying that they would finance the amount I originally requested, but they were too slow.
Rates get low when there's a shortage of borrowers. Just sayin' ...
I originally was referrer to Wells Fargo by Telsa, they only offered 70% financing, then late in the game B of A popped up for 90% but no taxes, fees, etc. I am also staring a 10-15K shortfall in my roadster to take deliver of my Model S. I have read this entire thread, seems PenFed might be an option. Can anyone chime in with opinion for someone needing 100% financing with excellent credit score?
I applied online for the PenFed 1.49% loan on a Wednesday and received the check for $70k that Monday via regular mail. For $15 could have had it FedEx sooner.
The Tesla was not on the drop down menu on the online application and the system did not accept my VIN. I called PenFed Thursday and customer service said they do finance Tesla cars and she manually entered my VIN. I was not asked for a copy of the MVPA. The whole process was fast and easy. Two thumbs up.
Penfed approved mine over the new years. Best rate so far as we know. 1.49
I financed with San Francisco Federal Credit Union (sanfranciscofcu.org). I applied online and was approved within 24 hours. They offer up to 120% loan to value @ 2.39%. PenFed is a better rate, but maxes out at $70k loan. My Tesla rep didn't complete the Purchase Agreement quite correctly for SFCU, but other than that hiccup, the process has been smooth and they were very easy to work with. So for SF residents, I can highly recommend SFCU. Lisa Hendrix helped me and was very good.
For a $70,000 loan, it is about $17/mo more for 2.39% vs. 1.49%. Not nothing, but also not terrible considering what looks like a big difference in APR.
@jeffreygcannon, if you have any connection to Austin, Amplify FCU does 100%+ taxes, etc at 1.69%
I am in process with PenFed.
Completed online up to the "no model S" in the make drop down.
At that point, called for assistance.
They "completed the application for me pending the VIN", which I have not received.
They did not take into account the cost of battery upgrade (85kW) in the estimation of car value (but did ask a litany of feature questions).
I do not know how much they are going to approve, but they acted as if it is all done pending VIN.
I will update in the coming weeks.
@jeffreygcannon. Try navy federal credit union. Much easier to work with than pen fed. And I am pretty sure they will do 100% financing. And rates the same as pen fed.
Or Alliant Credit Union - 1.99% for 72 months, 2.99% for 84 months. Usually, they require a bit of a downpayment due to large loan amounts; however, 100% financing, including taxes, may be possible.
Used PenFed today and financed a portion of the price. From start to finish I was approved in 2 hours. Amazing service! 1.49% for 60 months.
Just completed my loan process through Scott Credit Union. They have 1.74% for up to 63 months.
I went with them because there was no donation to anything, no account to open or anything. The only requirement,
Anyone living or working in Monroe, Madison, St. Clair, Randolph, Perry, Franklin, Jefferson, Washington, Clinton, Marion, Bond, Macoupin, Montgomery, Fayette, Effingham, Williamson, or Jackson counties in Illinois.
Anyone living or working in St. Louis County, Missouri.
Extremely fast and easy. I called 1-800-888-4728 and everything was done over the phone in 15 minutes. They did not have the Model S in their system so I got a call back with final approval about an hour later.
Map of their area:
The site says it requires you to open a $5 savings account. A deal-breaker.
Lots of others qualify; Scott AFB serving members, retired, civs, and more.
Hey Brian H. I HAVE MY LOAN. I DO NOT HAVE A SAVINGS ACCOUNT.
All a person has to do is call and ask.... even so if you don't have $5 you can't afford the car.
Heh. Just repeating what the site says! Maybe you do have a savings account now, and don't know it. Call and ask! ;)
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