I just locked in a 2.49% from Alliant Credit Union for 72 months on a 2013 P85 CPO (above 780 credit rating). Tesla came back with 2.7% and 2.8% from their partners. If not financing 100% you will need a 10% downpayment. My trade in covered more than that. You will also have to pay Tax, Title, and doc fee the day you pick it up. So I did the math wrong initially by adding in the tax to my financing. You are only financing the price of the vehicle. The $1000 deposit just goes towards these at pickup. You must also use a check for the Tax/Lic/Doc fees - no credit card (unlike the initial deposit)
1. One you make the deposit on a CPO, you get access to MyTesla. You then can apply for Tesla financing. You must contact other lenders and give them your VIN/Mileage details to get a loan estimate. The VIN/Mileage can all be found on MyTesla right away.
2. Once I figured out what rate I would qualify for and how much, we had an Alliant/Tesla Financing call to come up with a purchase agreement. The Tesla Finance rep will forward the purchase agreement and also upload it to your MyTesla portal. The tax numbers will probably be wrong (tax is where you register the vehicle), but it will be in a format where you can easily change some variables and come up with exactly what is owed upon pickup.
3. I just finalized the Loan with Alliant and the are sending over the DocuSign via email. Once signed Alliant will send out a check to Tesla financing directly overnight. You can reference the Fedex package number, which contains all the Tesla checks for the country
My car will be ready tomorrow, so everything fall into place nicely!! :biggrin: Cool stuff, hope this helps someone else looking at a CPO.
I worked with Brenita and she knew exactly how the process with Tesla CPOs works.
Brenita Norwood | Loan Consultant
Alliant Credit Union | 11545 W. Touhy Ave. | Chicago, IL 60666
Ph#: 773-462-2179 | Fax#: 773.462.2179 | NMLS 1379755
[email protected]
