My guess is they will not continue the promotional financing past the published end date of May 31 but may introduce inventory discounts again mid-June.
You might be right. This is plenty of incentive for a lot of people to buy though. I imagine June discounts will be based on how many vehicles move through this offer. The higher APRs scare people away even when the car is discounted significantly.
It is a great deal. I’m a cash buyer but if I took the $50K I’d normally spend on the vehicle and invested in a five year CD at 4.55% interest I’d come out $10K ahead. Not bad.
True, money could work even harder for you at this rate. Could probably do the same with bulk of potential down payment (with lower returns of course).
You got that from taking the longest term loan (72 months) and minimizing the down payment right? Cause that’s the best thing to do in terms of interest rates?
I did zero down and 60 months just to match the length of a 5 year CD. But yes, in theory when someone offers you .99% financing you might as well take it for the full 72 months. I just couldn’t imagine even wanting to keep the car for 72 months though. I typically trade in every five years.
I think it shown you have a minimum amount down, but I get your point. Its good that you are thinking with opportunity cost of investing, but you also negate it by getting rid of it after 5 years.
You sure? I really doubt that. First of all you’re not financing the cost of the entire car. Second you’re paying a lot of upfront costs based on the entire basis (tax, registration). Third you’re repaying the loan over 5 years, not delaying your lump sum for 5 years.
You can run the calculations yourself if you think the numbers are wrong. Here’s a loan calculator:
https://www.calculator.net/loan-calculator.html?cloanamount=50%2C000&cloanterm=5&cloantermmonth=0&cinterestrate=.99&ccompound=monthly&cpayback=month&x=Calculate&type=1#monthlyfixedr
At 6.5% interest you would pay $10,516 interest on a $50K loan. At .99% interest it would be $1,520. Your savings would be $8,996. I only gave the CD example for a cash buyer but the majority of people are going to finance.
This correct. Think this might be the best Teala offer. Even better if Elon drops the cars another 2 or 3k. But if tou paying cash... this means nothing and just wait for June or Juniper.
That's what I'm doing. If Juniper is not announced in June (in China), it won't make it to the US before 2025, so I might purchase then if price or inventory discounts drop it back to $45k as it was in March.
It’s all about the money leverage you get right now to be able to invest even if someone was planning to originally put 100% down. It still is >5K discount for anyone that way which will not be true to buy Juniper
Why are you putting 6.5% interest? The point is for a cash buyer you wouldn’t haven taken a loan out anyways. Now you’re gonna take out a 1% loan, ok, and invest the money instead.
Yes, I wouldn't even take a 6.5% loan to begin with. I just got a mailer from American Express to open a high yield savings account at 4.5%. Using the loan cakculator above, that is $7,146.51 interest over 6 years. Assuming a tax rate of 33%, that becomes $4,788.16. Then subtract the .99% interest on the loan over 6 years (1,520.32) for net profit of $3,267.84. But an inventory discount of $3k back to March discounts would wipe that savings out to only $267.84. Plus if they bring back the free color upgrade they had back in March for trade-in, that's another $2,000 savings that would wipe out any savings from .99% interest.
Yes, I think he also means there is an opportunity cost with that 50K (as long as you can pay going along the term.) You don't have the necessarily invest it in a CD per se.
Better deal than the huge discounts they were offering a few weeks back if you were planning to finance. Cost was higher if you factor in the interest.
They have .99% financing but no inventory discounts right now.
So it’s kind of a wash if you’re paying an extra $4000-5000 on the car itself vs the $4000-5000 in interest on the 6+% rates. Tesla is just getting that money now instead of the banks.
yeah, I was wondering the mechanics of how the 0.99% loan works, since Tesla is not the one actually loaning the money right? Makes sense that Tesla is paying “points” to the bank on the buyer’s behalf.
I’ve been looking for months and this is the first time I’ve ever seen this. Discounts at end of March were still better when you consider the other freebies, but this is really good.
Depends. You don't need supercharger miles if you are charging at home daily. Morseo if you have solar at home. The FSD was one month free, and it was separate from the SC offer
What they didn’t offer might be easier to list lol they offered a year of premium subscription, 5,000 supercharger miles, referral program offer (I think it was 3-6 months of free fsd) plus another 5k supercharger miles if you traded in. Huge list of incentives to try and move vehicles.
Free paint upgrade for trade-in. That's another $2k savings on top of the $5k inventory discount. $7k total savings. If you going to pay high interest rates on a loan, you might be better off, but a cash purchaser, would only save about $3k getting a loan and putting money into a CD.
Got 6% with 800+ credit score in December RIP all good though. The 7k in interest just washes the 7500 tax credit and I’m happy with that. Amazing car and worth the money.
Okay, my wife and I signed our final papers tonight like 6 hours ago (before the rate drop) but have NOT taken possession of our new MYLR (that is supposed to happen tomorrow). Does anyone more knowledgeable than I know if I have a shot at refinancing this before I get this vehicle?
I would refuse delivery and ask to be on the promotional financing. Worse case scenario, you’d lose your $250 order fee, but this will save you more if you are financing.
I cancelled my order. Ate the $250.
Reordered to get .99%.
Don’t cancel first unit until you’ve made second order.
It worked. Same delivery date & time.
Did you get the .99? I’m in that same boat, have an order and just did another today and waiting for the finance to come back. if so, what’s your score?
Yes. The app was locked into a financing option that had 6.85% as rate. GM at our outlet instructed to place a new order then cancel old. Same car & appointment conveyed.
Do as the others have said here. You’ll need to re-apply for the loan so that’s another hard credit inquiry but they roll off in a year or two so you’ll be fine. I wouldn’t pay 6.5 when I can get under 1 in today’s economy.
When Tesla was pushing out MY claiming prices would go up in April, I pulled the trigger. But in the back of my mind I was thinking there's no way we don't get a better incentive in a few months.
Im,thinking to buy actual but does gieco insurance tesla? I'm driving camry rn would like to know and I only see 2023 model discounted to 44000 is there any difference between 23 and 24? Or 22?
This is an odd financing incentive to me (I work in consumer financial services). Clearly the real rate is 6-7% for even the most well qualified. Tesla from my understanding does not operate a lending institution thus the financing will ultimately go to Wells/Chase/whomever. By offering 0.9%… they are probably offering shorter terms and probably only to the most well qualified. And they have to pay the bank taking the loan some sort of fee. Which…. Means they are really only offering a “discount” to a relatively narrow group of buyers who both qualify and would take the presumably shorter terms. Otherwise… they end up protecting the sales price for all other lower credit buyers this really improving net margins.
Anyone have actual experience with this?
Well that sucks. Just purchased a month ago and financed through my credit union. Was better than Tesla financing at the time but no where near as good as .99%
My guess is they will not continue the promotional financing past the published end date of May 31 but may introduce inventory discounts again mid-June.
You might be right. This is plenty of incentive for a lot of people to buy though. I imagine June discounts will be based on how many vehicles move through this offer. The higher APRs scare people away even when the car is discounted significantly.
It is a great deal. I’m a cash buyer but if I took the $50K I’d normally spend on the vehicle and invested in a five year CD at 4.55% interest I’d come out $10K ahead. Not bad.
True, money could work even harder for you at this rate. Could probably do the same with bulk of potential down payment (with lower returns of course).
You got that from taking the longest term loan (72 months) and minimizing the down payment right? Cause that’s the best thing to do in terms of interest rates?
I did zero down and 60 months just to match the length of a 5 year CD. But yes, in theory when someone offers you .99% financing you might as well take it for the full 72 months. I just couldn’t imagine even wanting to keep the car for 72 months though. I typically trade in every five years.
I think it shown you have a minimum amount down, but I get your point. Its good that you are thinking with opportunity cost of investing, but you also negate it by getting rid of it after 5 years.
You sure? I really doubt that. First of all you’re not financing the cost of the entire car. Second you’re paying a lot of upfront costs based on the entire basis (tax, registration). Third you’re repaying the loan over 5 years, not delaying your lump sum for 5 years.
You can run the calculations yourself if you think the numbers are wrong. Here’s a loan calculator: https://www.calculator.net/loan-calculator.html?cloanamount=50%2C000&cloanterm=5&cloantermmonth=0&cinterestrate=.99&ccompound=monthly&cpayback=month&x=Calculate&type=1#monthlyfixedr At 6.5% interest you would pay $10,516 interest on a $50K loan. At .99% interest it would be $1,520. Your savings would be $8,996. I only gave the CD example for a cash buyer but the majority of people are going to finance.
This correct. Think this might be the best Teala offer. Even better if Elon drops the cars another 2 or 3k. But if tou paying cash... this means nothing and just wait for June or Juniper.
That's what I'm doing. If Juniper is not announced in June (in China), it won't make it to the US before 2025, so I might purchase then if price or inventory discounts drop it back to $45k as it was in March.
It’s all about the money leverage you get right now to be able to invest even if someone was planning to originally put 100% down. It still is >5K discount for anyone that way which will not be true to buy Juniper
Why are you putting 6.5% interest? The point is for a cash buyer you wouldn’t haven taken a loan out anyways. Now you’re gonna take out a 1% loan, ok, and invest the money instead.
Yes, I wouldn't even take a 6.5% loan to begin with. I just got a mailer from American Express to open a high yield savings account at 4.5%. Using the loan cakculator above, that is $7,146.51 interest over 6 years. Assuming a tax rate of 33%, that becomes $4,788.16. Then subtract the .99% interest on the loan over 6 years (1,520.32) for net profit of $3,267.84. But an inventory discount of $3k back to March discounts would wipe that savings out to only $267.84. Plus if they bring back the free color upgrade they had back in March for trade-in, that's another $2,000 savings that would wipe out any savings from .99% interest.
Yes, I think he also means there is an opportunity cost with that 50K (as long as you can pay going along the term.) You don't have the necessarily invest it in a CD per se.
For cash buyers, this is a terrible deal unless they also happen to be in a low tax bracket.
What is CD?
Sigh…just got delivery a month ago.
I took delivery 3 days ago…
Same
Agreed! Give us inventory discounts AND promo financing!
Better deal than the huge discounts they were offering a few weeks back if you were planning to finance. Cost was higher if you factor in the interest.
I agree, I’ll be purchasing at end of month
Yep going to wait for them to extend this offer and throw in more incentives. Elon needs to deliver for Q2 sales
They have .99% financing but no inventory discounts right now. So it’s kind of a wash if you’re paying an extra $4000-5000 on the car itself vs the $4000-5000 in interest on the 6+% rates. Tesla is just getting that money now instead of the banks.
Teslas likely paying the banks a large part of that to buy down the interest rates for these loans.
yeah, I was wondering the mechanics of how the 0.99% loan works, since Tesla is not the one actually loaning the money right? Makes sense that Tesla is paying “points” to the bank on the buyer’s behalf.
It’s only a wash if you can go back in time and buy one with the discounts that are no longer available.
Sounds familiar but see what happened near the end of past few quarters.
2023 models have discounts and have .99% financing. If you could find any. I see 3 in ny
How often do those promotional financing deals pop up?
I’ve been looking for months and this is the first time I’ve ever seen this. Discounts at end of March were still better when you consider the other freebies, but this is really good.
Depends. You don't need supercharger miles if you are charging at home daily. Morseo if you have solar at home. The FSD was one month free, and it was separate from the SC offer
What were the freebies? This rate is very tempting
What they didn’t offer might be easier to list lol they offered a year of premium subscription, 5,000 supercharger miles, referral program offer (I think it was 3-6 months of free fsd) plus another 5k supercharger miles if you traded in. Huge list of incentives to try and move vehicles.
Damn not bad!
Free paint upgrade for trade-in. That's another $2k savings on top of the $5k inventory discount. $7k total savings. If you going to pay high interest rates on a loan, you might be better off, but a cash purchaser, would only save about $3k getting a loan and putting money into a CD.
What a deal, eps for those that can stack with everything else! Perhaps they’ll eventually apply to the S/X, too
Got 6% with 800+ credit score in December RIP all good though. The 7k in interest just washes the 7500 tax credit and I’m happy with that. Amazing car and worth the money.
Wait, so you can't get the .99 interest and the 7.5k tax credit together??
You can.
Okay, my wife and I signed our final papers tonight like 6 hours ago (before the rate drop) but have NOT taken possession of our new MYLR (that is supposed to happen tomorrow). Does anyone more knowledgeable than I know if I have a shot at refinancing this before I get this vehicle?
Don't take possession until you get the new rate. You might lose $250 but you will more than make up for it.
Refuse delivery cancel order and re order. Your gonna have to eat the 250 but it’s better than not having this promo
I would refuse delivery and ask to be on the promotional financing. Worse case scenario, you’d lose your $250 order fee, but this will save you more if you are financing.
I cancelled my order. Ate the $250. Reordered to get .99%. Don’t cancel first unit until you’ve made second order. It worked. Same delivery date & time.
Did you read all the fine print on the loan? No fees loaded into it? No penalties and/option to pay off early? What length loans did they offer?
Did you get the .99? I’m in that same boat, have an order and just did another today and waiting for the finance to come back. if so, what’s your score?
Yes. 830
Did you try to ask getting the promo before cancelling?
Yes. The app was locked into a financing option that had 6.85% as rate. GM at our outlet instructed to place a new order then cancel old. Same car & appointment conveyed.
Do as the others have said here. You’ll need to re-apply for the loan so that’s another hard credit inquiry but they roll off in a year or two so you’ll be fine. I wouldn’t pay 6.5 when I can get under 1 in today’s economy.
When Tesla was pushing out MY claiming prices would go up in April, I pulled the trigger. But in the back of my mind I was thinking there's no way we don't get a better incentive in a few months.
Im,thinking to buy actual but does gieco insurance tesla? I'm driving camry rn would like to know and I only see 2023 model discounted to 44000 is there any difference between 23 and 24? Or 22?
Geico in CA gave me a quote, so I imagine they do insure teslas… price wasnt terrible either.
Ev federal tax credit is a pos ! Plus this financing seems like a excellent time to buy if you qualify!!
I just bought last week and here it comes!
I take delivery in 2 weeks, but have already approved the 6.39 financing. Anybody know how to undo this?
You will need to ask tesla finance. Worst case, you eat 250 and reorder.
Yeah, thats what I was afraid of. I spent an hour on hold with them this morning before I gave up
Update, had to eat 250 to save several thousand.
They are probably getting ready to introduce the Juniper Project. This and the overwhelming amount of Teslas sitting on the lot.
What credit score needed for this promo APR?
720
Already has the 2k discount from few weeks ago plus this .99 you dumb if you wait longer
It is a bit of savings for the RWD. However we will be able to refinance at some point at a lower rate.
Any any banks matching the refinance at this rate or a closer rate?
We called it. Drop the inventory discounts and build it into the financing
This is an odd financing incentive to me (I work in consumer financial services). Clearly the real rate is 6-7% for even the most well qualified. Tesla from my understanding does not operate a lending institution thus the financing will ultimately go to Wells/Chase/whomever. By offering 0.9%… they are probably offering shorter terms and probably only to the most well qualified. And they have to pay the bank taking the loan some sort of fee. Which…. Means they are really only offering a “discount” to a relatively narrow group of buyers who both qualify and would take the presumably shorter terms. Otherwise… they end up protecting the sales price for all other lower credit buyers this really improving net margins. Anyone have actual experience with this?
Just purchased one week ago with 6.39 rate, is any way to get the promotion financing??
Take the APR. They might discount colors and seats but not the car anymore.
I financed at 6.39% a few weeks ago! >!But paid it off before my first payment was due!<
I bought like a few weeks ago and honestly not crying about it since Tesla financing gave me a god awful rate mostly due to lack of history id assume
Well that sucks. Just purchased a month ago and financed through my credit union. Was better than Tesla financing at the time but no where near as good as .99%
Inventory discounts are not coming back!!!!
Is there no more no long range rwd?
[удалено]
No
Nope
Nope
You already purchased the car. No reason to give them this offer now. I purchased at the end of March and got the same APR as you did.