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Thanks, Markwj, also got the email from the club mailing list.
I have quotes from Wing Hang Insurance as well as Liberty now. I get zero credit from previous driving experience (overseas), so I am paying up full.
Wing Hang and Liberty both have be paying nearly 20,000 HKD a year, however Wing Hangs excess amounts are ridiculously high, general excess and theft both above 50K, the rest at 20K. And it's not like I'm a teenager with a wet license!
Thank you, Liberty and Hitachi Capital, for being realistic with one of the safest production cars made!
Has anyone been able to reach this Mr. Mark Ma? I emailed him last Thursday, haven't heard back, followed up today again but still no avail.
AppleFan
I am eager to know about the same - we shall see!
Or maybe ask Tesla reps directly?
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Did you email him as well?
Hitachi Capital is EV friendly!
They are seeking more customers, and want to support EVs. While some other financing bodies might be scared away by a new type of vehicle, Hitachi is not.
Here is what I got from Hitachi Capital:
I changed the @ to help avoid at least some spam messages (and my emphasis)
They are seeking more customers, and want to support EVs. While some other financing bodies might be scared away by a new type of vehicle, Hitachi is not.
Here is what I got from Hitachi Capital:
I changed the @ to help avoid at least some spam messages (and my emphasis)
On car financing quotes – thought you guys should know this and I believe the financing companies are quoting you a “flat” notional interest rate; i.e., the repayment’s interest calculation is fixed upfront based on the unamortising / unchanging principal amount that you borrowed, and this principal for calculation purpose doesn’t go down as you pay off the principal amount outstanding over time, say 3 years. Hence, the 2% p.a. “flat” rate they quoted translates to around 4.2% p.a. “effective” rate assuming a 3 years repayment period for example. The mortgage rate in HK is usually quoted as an “effective” rate in HK, for example.
To compare apple-to-apple (so you know how much the financing companies are making vs. what you get from a bank deposit), just ask them what’s the effective interest rate or APR of the quote, and you’ll be “pleasantly” surprised.
Based on the APR, am sure it makes a lot more sense to consider other and lower cost financing options.
Just arranged insurance for my upcoming Model S through Liberty. Very simple and very helpful people. I've got my cover note (Tesla want coverage starting from the day you finalise the paperwork, a week or so before delivery, so the transport department process is smooth). 9 days to go before delivery...
Tesla just release their financial arrangement for us, please check email guys.
| Flexible Financing | |
| ORIX offers tailor-made financial solutions with terms up to 60 months exclusively to Model S customers at a very competitive 1.49% rate. Both a hire purchase and a financial lease are available. |
Tesla Hong Kong Financing Offer
Financing offer has just been announced by Tesla Hong Kong:
The website has also been updated to show this.
My spec is now showing HK$750,100 CASH, or HK$10,747/month (5 years financing, 20% down payment). They've also got the fudge-factor-calculator to show HK$1,001/month fuel savings and HK$562/month license fee savings, for an effective HK$9,184/month.
Financing offer has just been announced by Tesla Hong Kong:
The website has also been updated to show this.
My spec is now showing HK$750,100 CASH, or HK$10,747/month (5 years financing, 20% down payment). They've also got the fudge-factor-calculator to show HK$1,001/month fuel savings and HK$562/month license fee savings, for an effective HK$9,184/month.
Great timing. My car is due to be delivered any day now and I had arranged finance through Hitachi at 0.61% more. I wonder who else is in this boat. Have asked my DS if I can cancel my Hitachi finance and go with the Tesla option. Amazing that the DS had no clue that this finance package was on the way. Another example of poor communication!
lx3h
Charged.hk's Director of Education
Competitions on financing are all welcome!
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Competitions on financing are all welcome!
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Competitions on financing are all welcome!
I’ve checked with Liberty for an insurance quote on the MS. Super helpful and responsive, and very reasonably priced.
Just wondering if anyone has got quotes for a comprehensive coverage from other insurers for their MS? Apart from the quotes already highlighted earlier in this thread.
I’ve asked a couple other insurers, the MS isn’t even in their underwriting database… and my usual insurer can only provide 3rd party coverage on the MS and no comprehensive, and quoted around $45k (before NCD) for a new M5 or a new 991, which would be in similar in performance, though much more expensive given the tax.
Disclaimer: I don't have any vested commercial interest in any of the insurers.
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While on the car financing:
Getting money out of a mortgage (of a house) to finance the MS is usually cheaper, provided you’re disciplined in repaying the car / additional mortgaged amount every month over a period of say 36-48 months. This carries an APR of around 1.2-2.2% (vs. 4% APR on a traditional car loan)
If you’ve TSLA shares in an US brokerage account for example, drawing down USD equity on margin from the brokerage account also works. Since USD is basically HKD as they’re pegged, it’s then a matter of converting USD into HKD to buy the car. The current USD margin interest rate is about APR 1-1.5% (vs. 4% APR on a traditional car loan). Again, provided you’re disciplined in paying back the margin loan over a period of time
Hope this helps, please also consult your financial adviser (or spreadsheet) before making a financial decision.
Just wondering if anyone has got quotes for a comprehensive coverage from other insurers for their MS? Apart from the quotes already highlighted earlier in this thread.
I’ve asked a couple other insurers, the MS isn’t even in their underwriting database… and my usual insurer can only provide 3rd party coverage on the MS and no comprehensive, and quoted around $45k (before NCD) for a new M5 or a new 991, which would be in similar in performance, though much more expensive given the tax.
Disclaimer: I don't have any vested commercial interest in any of the insurers.
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While on the car financing:
Getting money out of a mortgage (of a house) to finance the MS is usually cheaper, provided you’re disciplined in repaying the car / additional mortgaged amount every month over a period of say 36-48 months. This carries an APR of around 1.2-2.2% (vs. 4% APR on a traditional car loan)
If you’ve TSLA shares in an US brokerage account for example, drawing down USD equity on margin from the brokerage account also works. Since USD is basically HKD as they’re pegged, it’s then a matter of converting USD into HKD to buy the car. The current USD margin interest rate is about APR 1-1.5% (vs. 4% APR on a traditional car loan). Again, provided you’re disciplined in paying back the margin loan over a period of time
Hope this helps, please also consult your financial adviser (or spreadsheet) before making a financial decision.
While on the car financing:
Getting money out of a mortgage (of a house) to finance the MS is usually cheaper, provided you’re disciplined in repaying the car / additional mortgaged amount every month over a period of say 36-48 months. This carries an APR of around 1.2-2.2% (vs. 4% APR on a traditional car loan)
If you’ve TSLA shares in an US brokerage account for example, drawing down USD equity on margin from the brokerage account also works. Since USD is basically HKD as they’re pegged, it’s then a matter of converting USD into HKD to buy the car. The current USD margin interest rate is about APR 1-1.5% (vs. 4% APR on a traditional car loan). Again, provided you’re disciplined in paying back the margin loan over a period of time
Hope this helps, please also consult your financial adviser (or spreadsheet) before making a financial decision.[/QUOTE]
Just spoken with Hitachi regarding finance, they will match the competition on Interest rates(obviously)! So call Mark and tell him you have a better deal or you will walk!!
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Just spoken with Hitachi regarding finance, they will match the competition on Interest rates(obviously)! So call Mark and tell him you have a better deal or you will walk!!
Getting money out of a mortgage (of a house) to finance the MS is usually cheaper, provided you’re disciplined in repaying the car / additional mortgaged amount every month over a period of say 36-48 months. This carries an APR of around 1.2-2.2% (vs. 4% APR on a traditional car loan)
If you’ve TSLA shares in an US brokerage account for example, drawing down USD equity on margin from the brokerage account also works. Since USD is basically HKD as they’re pegged, it’s then a matter of converting USD into HKD to buy the car. The current USD margin interest rate is about APR 1-1.5% (vs. 4% APR on a traditional car loan). Again, provided you’re disciplined in paying back the margin loan over a period of time
Hope this helps, please also consult your financial adviser (or spreadsheet) before making a financial decision.[/QUOTE]
Just spoken with Hitachi regarding finance, they will match the competition on Interest rates(obviously)! So call Mark and tell him you have a better deal or you will walk!!
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Just spoken with Hitachi regarding finance, they will match the competition on Interest rates(obviously)! So call Mark and tell him you have a better deal or you will walk!!
lx3h
Charged.hk's Director of Education
Just spoken with Hitachi regarding finance, they will match the competition on Interest rates(obviously)! So call Mark and tell him you have a better deal or you will walk!!
[/QUOTE]
So only on interest rate but not the 60-months?
I am also wondering if the down payment for ORIX can be more than 20%.
Regarding insurance, I'd like to recommend the service of Ms Sophie Mason of CCW. She was of great help, quick replies by email, although I ended up not using them because of prior arrangements. They can do quotations with a selection of insurance companies including Liberty so you can compare a few with a single contact.
Sophie Mason
Manager - General Insurance, CCW Global
M: 64127956
O: 21142844
[email protected]
Disclaimer: I'm not related to the insurance industry or Ms Mason in any way.
Mods: I didn't read all of the forum rules, if this is in any way a violation please delete.
Sophie Mason
Manager - General Insurance, CCW Global
M: 64127956
O: 21142844
[email protected]
Disclaimer: I'm not related to the insurance industry or Ms Mason in any way.
Mods: I didn't read all of the forum rules, if this is in any way a violation please delete.
See: Financing and insurance in Hong Kong
For Liberty's offering: Financing and insurance in Hong Kong - Page 4
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