Finance and Insurance

Newk · Jul 15, 2014

When I placed my order TM promised to have finance packages and insurance companies on side. Of-course this hasn't happened yet. Has anyone got any contacts for finance and insurance? I have info from the Wing Hang Bank at 2%.

Any leads would be most welcome.

sonywong · Jul 15, 2014

For my car
Finance: Hitachi Capital, interest rate similar to Wing Hang Bank

Insurance: Liberty, Around 9000 for my Sig with 60% NCD. You can find Liberty's quotation in this forum

DITB · Jul 15, 2014

Finance: Hitachi Capital (100% finance, 5 years, not sure this is open to anyone)

Insurance: Liberty, I am paying full dough as I don't have a HK record to boast (my first car in Hong Kong)

lx3h · Jul 15, 2014

DITB said:
Finance: Hitachi Capital (100% finance, 5 years, not sure this is open to anyone)

Insurance: Liberty, I am paying full dough as I don't have a HK record to boast (my first car in Hong Kong)

Can we start dealing with finance and insurance even when it is "sourcing parts for your Model S"?

Alipapa · Jul 15, 2014

It takes 3 days the max to get the financing done.

So there is no need to hurry.

DITB · Jul 15, 2014

lx3h said:
Can we start dealing with finance and insurance even when it is "sourcing parts for your Model S"?

I have had both approved many months ago. For both, I just need to update when I know more precisely what the delivery date is. Looks like mid- or end September for me at this stage, with the latest rumours. The latest emails I have sent to multiple contacts in Tesla Motors, have so far all gone un-replied. I am sure they are busy, especially when the Signature event is only a WEEK away now.

Lerxt · Jul 15, 2014

Not answering emails, even with a holding reply, is unacceptable.

Captain_Kong · Jul 15, 2014

Newk said:
When I placed my order TM promised to have finance packages and insurance companies on side. Of-course this hasn't happened yet. Has anyone got any contacts for finance and insurance? I have info from the Wing Hang Bank at 2%.

Any leads would be most welcome.[/QUOTE

Believe these car financing quotes are based on a “flat” interest rate; i.e., the repayment’s interest calculation is fixed upfront based on the unamortising principal amount and doesn’t go down as you pay off the principal amount o/s over time. Hence, the 2% p.a. “flat” rate translate to around 4.2% p.a. “effective” rate assuming a 3 years repayment period. The mortgage rate is usually quoted as an “effective” rate in HK for example.
In case you’re wondering, these banks / NBFIs can borrow at around 1-1.5% at today’s market rate and make a spread on funding your car purchase. Though there is a maturity mis-match risk carried by the banks / NBFIs, this could be a separate essay in itself…

philipyau78 · Jul 17, 2014

I have gotten an insurance quote and it said only named drivers are insured as tesla is not a "normal" car. And maximum number of named drivers is 3. Did any one have same terms?

Vmax · Jul 17, 2014

Which insurance has such terms?
Would mean no insurance for valet parking at hotels and restaurant. That would be quite bad.

sonywong · Jul 17, 2014

Guys, please use search function or Moderator can merge these threads:

Financing and insurance in Hong Kong - Page 4

philipyau78 · Jul 22, 2014

Can you pm me the contact of your insurance? Thanks

sonywong said:
For my car
Finance: Hitachi Capital, interest rate similar to Wing Hang Bank

Insurance: Liberty, Around 9000 for my Sig with 60% NCD. You can find Liberty's quotation in this forum

AppleFan · Jul 22, 2014

philipyau78 said:
Can you pm me the contact of your insurance? Thanks

Will you be at the launch event tonight? My friend from Liberty will be there with me, so you can talk directly to him then.

Search

Finance and Insurance

Newk

Member

sonywong

Member

DITB

Charged.hk co-founder

lx3h

Charged.hk's Director of Education

Alipapa

Member

DITB

Charged.hk co-founder

Lerxt

Active Member

Captain_Kong

Member

philipyau78

Member

Vmax

Member

sonywong

Member

philipyau78

Member

AppleFan

Member

Similar threads