Looks like the Canadian website has slightly changed: http://www.teslamotors.com/en_CA/financing-and-true-cost-of-ownership
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fcharland
Member
Mayhemm
Model S P85+ "Lola"
Please note that, according to the Tesla guys in Vancouver, you must be financing between 60 and 85 percent of the vehicle's value to qualify for this. For example, I don't qualify because my down payment is too big.
This also resulted in the interest rate increasing from 3.99 to 4.29 percent
This also resulted in the interest rate increasing from 3.99 to 4.29 percent
fcharland
Member
I have two guesses:
1) Tesla quite logically would prefer to keep the number of people/cars subject to the RVG as low as possible, and putting fairly strict criteria for eligibility in place serves that end, and/or;
2) Tesla has an agreement with the banks that are providing financing to drive a certain amount of revenue to the banks, and does not want to create an arbitrage incentive for owners to use the bank financing for a short period just to become eligible for the RVG.
1) Tesla quite logically would prefer to keep the number of people/cars subject to the RVG as low as possible, and putting fairly strict criteria for eligibility in place serves that end, and/or;
2) Tesla has an agreement with the banks that are providing financing to drive a certain amount of revenue to the banks, and does not want to create an arbitrage incentive for owners to use the bank financing for a short period just to become eligible for the RVG.
The banks doing the loans are corporate partners. jPM Chase and US Bank were underwriters of the bond notes that Tesla issued recently and back in 2013. They are "throwing them a bone" in terms of partnering up for business. One more thing is to get the buy back to occur, the loan must be paid off and title obtained by the car owner. Until then, the bank is the true owner of the title. You must do this in order to sell the car back to Tesla. Read the details on this in the terms of the agreement. Kind of a hassle and the hope probably is you don't want to bother since the value probably is slightly higher than the turn in value you would get by selling it back. Kind of a feel-good promise but since it is not a lease, doesn't matter too much.