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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.

Penfed CU or Alliant CU. Not sure how fast Penfed turns applications around, but Alliant usually takes one day with e-docs. 1.99%.

My local credit union is offering up to 75k for 66months @ 2.74 (Credit Union of Colorado)

jd3tm,

Any idea if PenFed treats you the same if you join today and apply tomorrow, compared to members who've had deposits there for years?

@j3dtm - PenFed shows 1.49 in the calculator, but every time I tab to the continue button it switches to 3.49. Did you have this problem?

Does anyone know who is providing financing in Canada and what rates? I know that Scotiabank was providing finacing/leasing for the Roadster, but I can't find any information for the S.

@nickjhowe

1.49 is for up to 60 months, are you tring longer than 60 months?

Nope. Tried everything from 36 to 60. Everything looks good. I enter all the numbers, it says 1.49, then as soon as I tab off the last field it switches to 3.49. Will try again tomorrow.

Loan amount is under or equal to 70K?
I was hoping to use them also for 1.49%
Let us know if it goes trough for 1.49%
Thanks nickjhowe

Got a great loan from Alliant Credit Union.

1.99% for 72 months for the full amount of the car.

Should have the check tomorrow!!!

After reading this post, I refinanced my wife's 1 month old Lexus with PenFed. We live in AZ and had no problems at all. I plan to use them for the Model S as well. 1.49% on 60 months, did everything online. It did require a $20 donation to a Military Family Association to become a member if you are not part of the military.

I ended up with Amplify FCU at 1.69%, they'll finance 100% of the cost + 20% for addons, taxes, etc. Great to work with too.

@JohnFloyd
I talked to Amplify today and it sounds promising. Steve said he'd try to match the PenFed rates but if he can do $100,000 + at 1.69% I'd be happy. PenFed max out at $70k.

Key strategy. get your VIN number. with that, you can get everything done from tags, to hov, to loan. No VIN no game.

CEFCU 100k 1.95% for 72 months.

FEDPED got 1.49% for 60 months

@ P6694

What company is CEFCU? Location?

@ skysteam3.7

What company i s FEDPED? LOcation?

Merci!

Pentagon Federal Credit Union (PenFed)
https://www.penfed.org/

Is FEDPED actually PENFED? ;P

sorry spelling was bad

Canseco and Clemens have accounts at FED-PED ;)

TECHCU - 1.99% if you put 25% down for 60 months
PenFed - 1.49% internet special up to 70k for 60 months
Amplify - 1.69% 100% financing if you like.

Does anyone know if PenFed allows prepayment w/o any penalty/fees?

PenFed does have a plan that doesn't charge a prepayment penalty (Payment Saver 1.74%). The 1.49% plan however, doesn't state if it does or not. At 1.49% I would think you could invest the prepayment money and get a better return.

I'll let you know about the prepayment situation after I talk to them on Monday.

Amplify has 1.69% 125% (to cover tax, license, extended warranty,etc) for up to 66 months, but they're difficult to qualify for. The woman I spoke with was surprised I had even heard about them. You or a family member need to live in one of their branch locations (Austin area?) to qualify.

When I spoke to Pen Fed they said there is no penalty for early redemption on the 1.49 rate.

@nickjhowe,
Looks like we are up late. Does is look like Pen Fed is the way to go, I'm thinking of using them also. Thanks

PenFed is the better approach. Internet 1.49% special up to 70k
TechCU is also not bad. 1.99% you must put a 25% downpayment so about the same.

both are 60 month loans

@Chuck - am in the UK this week, hence the strange posting times. :-0

Just talked to PenFed

They don't do Teslas, SMART cars or anything with "experimental vehicles"

So, I suggest you don't apply for the membership otherwise you'll be out $40.

Wait I thought we already had confirmation that PenFed would finance the Model S? Has anyone actually financed with them?


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