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Test drive and Financing

When will we be able to test drive the Model S local? And what is our financing option?

I think for financing, you need to contact your own bank etc.
As for test drives, probably not until the car is in production and early purchasers have received theirs.

I am almost certain that at one point, the Model S facts page (http://www.teslamotors.com/models/facts) stated that the official financing option would be provided by Bank of America (bleh), but that info is not there anymore.

As for test drives, in store reps have stated that there will be test drives, but so far there have been no details about how exactly they will take place.

My customer representative at the factory replied to my same question a month ago:

"With regards to test drives, our program will begin near the time of production, likely mid-summer 2012. Model S reservation holders such as yourselves will have first priority, with general public test drives opening up afterwards. Obviously we would like to get the program kicked off sooner, however we are still awaiting certification on the vehicle before we can officially let customers behind the wheel. Stay tuned, as we will definitely make it well known once they start happening!"

This rep has been very responsive and typicaly a bit conservative, but generally accurate. His responce of test drives in July (mid summer month) fits with TESLA's other remarks about production and now we even know the first Sigs are scheduled for on or about July 15.

I've said this before, but it can stand repeating. Talk to your lender early. I called mine but they had never heard of Tesla. I was shocked. We have two locations right here in town. So it takes some work and some time. I consider myself not just a driver but an advocate for the technology. Sure we'll be cool rolling quietly, but we're also beta testers and we'll eat the early adopter pricing, and yeah... We're gonna have to go promote to our lenders and insurers. And our employers... And hotel chains.

The Bank of America stuff was for the Roadster if memory serves. There WAS an announcement for leasing with Model S but I forget the name, and I can't find the link on my iPhone.

@Vawlkus Leasing is with Athlon, but for the moment that's only in Europe as far I know.

@olanmills,

Financing information from BofA is here http://www.teslamotors.com/own/financing. But, I am with you, not fond of BofA (Bleh). I will go with a local credit union. I haven't started calling anyone yet as I have quite a long wait P 6806.

~ Prash.

FYI - for any veterans out there, I checked with USAA today and they will finance the Model S and insure it.

Liz;
Wow, that looks like a great setup!
https://www.usaa.com/inet/pages/bank_loan_auto

" We offer low member-only rates as low as 1.79% APR for new cars and 3.25% APR for used cars, and up to 100% financing on cars, trucks, vans and SUVs.1
There are no application fees, hidden closing costs or early-payoff penalties.
...
Protect your investment online and save with USAA Total Loss Protection for only $299, USAA Debt ProtectionSM 2 and the USAA Extended Vehicle Protection Program3 from Assurant Solutions to provide peace of mind for you and your family."

Beats BofA's 3% for a new car loan! Even my Credit Union is 2.5%!

That 1.79% is for 12-36 months. Only 3.19% for 72 months. USAA is awesome. Been banking there exclusively for over 10 years now.

Are there any pre-requisites to get a loan from USAA? Are they reserved for military members and families? Or can general public get loans from USAA? What about non-citizens?

I know I can go through their website. But, I do not have the time. So, any information is appreciated.

~ Prash.

Yep, former US military only: http://en.wikipedia.org/wiki/USAA

Current and honorably discharged former military and families, although they have relaxed some of the restrictions as of late. For instance, you used to have to be an officer, but now they have expanded to support enlisted as well. You used to have to have been the one that served, but now if your parents have served (and maybe grandparents as well?) you can also join.

USAA already insures a number of Roadsters, so they are already familiar with Tesla.

Thanks guys.

Check out your local or national credit unions for financing options.. They routinely blow USAA out of the water.(Used to use them till I discoved credit unions.) Navy Federal Credit Union for instance will give me a 1.79% loan up to $100,000 for 60 months for any car sold in the USA. They don't care which car you want to buy, they just send you the draft check that you and the dealer then fill out together. Gap protection is also less expensive at $249. Almost everybody is eligible for a credit union since they loosened the membership rules a few years ago.


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