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Thread: Financing

  1. #1
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    Financing

    I am expected to take a of Model S in next two to three weeks. Is there other options our there then just two banks Tesla is recommending? Also I am Indian residence, I was wondering how does the $7,500 tax credit works?

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    Please search these forums and also use volkerize.com to search the Tesla Motors site--lots of pre-existing great info. No shortage of financing options from banks & credit unions.
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  3. #3
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    Quote Originally Posted by sam46217 View Post
    I am expected to take a of Model S in next two to three weeks. Is there other options our there then just two banks Tesla is recommending?
    Also I am Indian residence, I was wondering how does the $7,500 tax credit works?
    The tax credit works only if you are filing US taxes. ("Indian residence"? Does that mean India or what?)
    You will also have to owe at least $7500 in US federal taxes for the year you purchase the Model S in order to get the credit.
    You will have to pay out the full amount of the car's price (including the $7500, which Tesla misleadingly subtracts from its advertised prices). You get the $7500 when you file your taxes on April 15 the next year.
    I take "Electro", my amazing Model S, to the train station: yes, it's a station wagon

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    @neroden is right but it's not an all or nothing game. If you have very low tax liability, say you owe $2000 in federal tax, you get a $2000 credit to offset it. The remaining $5500 of available tax credit is lost and can't be rolled over in to next year. It's just gone. It's a NON-refundable tax credit and that's the way they work.

    Unfortunately it's not a refundable tax credit where if you owe less than the credit amount, you get a check for the rest! Oh well. I'll have a Tesla to make me feel better.

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    Tesla offering 1.73%

    Just locked in my loan with Tesla Finance today and got a great rate. Chase through Tesla is offering 1.73% for a 36 month loan.
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    Quote Originally Posted by LV2SF View Post
    @neroden is right but it's not an all or nothing game. If you have very low tax liability, say you owe $2000 in federal tax, you get a $2000 credit to offset it. The remaining $5500 of available tax credit is lost and can't be rolled over in to next year. It's just gone. It's a NON-refundable tax credit and that's the way they work.

    Unfortunately it's not a refundable tax credit where if you owe less than the credit amount, you get a check for the rest! Oh well. I'll have a Tesla to make me feel better.
    So lets say I will be getting money back from the federal. Lets just say for a one child credit, witch I think is 2,500.00 and do not pay in will I still receive the 7,500 back also?

  7. #7
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    Quote Originally Posted by MattMDK View Post
    Just locked in my loan with Tesla Finance today and got a great rate. Chase through Tesla is offering 1.73% for a 36 month loan.
    I don't see Chase listed as a finance partner? How did you engage Chase through Tesla?

  8. #8
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    Quote Originally Posted by Atebit View Post
    I don't see Chase listed as a finance partner? How did you engage Chase through Tesla?
    At teslamotors.com click on My Tesla tab, go to your dashboard and click on Finance now. I did this on Monday, answered a few questions and within 2 hours was approved through CHASE. I confirmed that this was part of the Tesla 3 year buy back program. You can also call Tesla finance. They were very helpful.
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  9. #9
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    Quote Originally Posted by MattMDK View Post
    Just locked in my loan with Tesla Finance today and got a great rate. Chase through Tesla is offering 1.73% for a 36 month loan.
    Did you have excellent credit?

  10. #10
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    Alliant Credit Union will financed for 1.74% for 72 months 95% of MSRP.
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