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Model S - Financing & Fees

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ggr

Expert in Dunning-Kruger Effect!
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Mar 24, 2011
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I wonder if that means I will have to front another $5,000 when I want to order my Model S? I wasn't planning on doing that.

From the contract: "No Cancellation. Once you execute this Agreement, the deposit in item 4.E above (if any) becomes nonrefundable (not to exceed $10,000), and this Agreement is binding and you may not cancel [...]. If you fail or refuse to accept delivery of the Vehicle, we may retain as liquidated damages any cash downpayment or deposit made by you, to the extend not prohibited by law. We may reimburse ourselves for any expenses and losses we incur or suffer as a result of your failure or refusal. Such expenses may include our reasonable attorneys' fees, reasonable collections fees, and court costs."

My (IANAL) reading of this is that if all you gave them as a deposit was $5k, that's pretty much all you can lose. I don't think they necessarily would ask for more.
 
Not sure if this came up or if it's a factor for you, but, did Tesla bring up Financing at all during this exchange? i.e. did they say they could offer financing at such and such terms if you needed it?

Should in theory be no different from any other car, I suppose, come delivery time but, just wondering... (I know Tesla works with Bank of America in general)...

I didn't ask. But part of what I quoted above, where I had put the [...], was "We do not offer installment financing. This agreement is not conditioned on you obtaining financing from other sources."
 
Just received an email from Tesla announcing that Wells Fargo will be working together to provide financing for the Model S. The announcement goes on to state: 'While the relationship is not exclusive, Wells Fargo is the first financial institution to back financing for the Model S.'

Being that this is the first official announcement of Model S financing from Tesla, I suspect if you rush out to your local Wells Fargo branch tomorrow, you may be greeted with blank stares as the person at the branch scrambles around to see if the above is indeed true...
 
Just received an email from Tesla announcing that Wells Fargo will be working together to provide financing for the Model S. The announcement goes on to state: 'While the relationship is not exclusive, Wells Fargo is the first financial institution to back financing for the Model S.'

Being that this is the first official announcement of Model S financing from Tesla, I suspect if you rush out to your local Wells Fargo branch tomorrow, you may be greeted with blank stares as the person at the branch scrambles around to see if the above is indeed true...

I'm not getting any of these e-mails! Is there any mention of Leasing?
 
PALO ALTO, CA -- (Marketwire) -- 06/21/12 -- Tesla Motors (NASDAQ: TSLA) and Wells Fargo (NYSE: WFC) are working together to provide competitive retail financing options to Model S reservation holders in the United States, increasing the number of ways a customer can purchase Model S, the world's first premium electric sedan. While the relationship is not exclusive, Wells Fargo is the first financial institution to back financing for the Model S.

"Affordable financing for electric vehicles is incredibly important as it provides our customers the ability to combine their monthly payment with monthly operating costs and realize the economic benefits of an electric vehicle from day one," said Elon Musk, Tesla Motors co-founder, CEO and Chief Product Architect. "Because the cost of electricity is significantly less than the cost of gasoline, the value proposition to customers on a purely economic level is going to be much more compelling than an internal-combustion powered vehicle."

Availability of retail financing broadens the customer base for Model S. The actual rate, term and down payment requirements for any loan will be based on each customer's credit profile and financing is subject to approval. Model S customers who obtain retail financing may also qualify for state tax credits, rebates, sales tax exemptions, free parking, commuter-lane passes and other perks.

"We're proud to support the deployment of Model S as part of our efforts to accelerate a transition to a 'greener' economy via finance," said John Adams, Wells Fargo's executive vice president of Commercial Banking. "Together, through our actions and everyday decisions we can make a difference."

I added the emphasis.
 
I'm not getting any of these e-mails! Is there any mention of Leasing?

This was an email pushed through their investor relations department. I signed up through the investors section of their website to receive announcements, so it wasn't pushed through the retail side of Tesla. No mention of leasing in the email.
 
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