-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Financing options
- Thread starter chmod a+wrx
- Start date
my understanding for the penfed one is that your "quote" is good for 90 days. I'm trying to figure out when to pull the trigger myself - don't want to miss out, but i'm uncertain if i'm within 3 months at this point.
gg_got_a_tesla
Model S: VIN 65513, Model 3: VIN 1913
Yeah, I pulled the trigger too early (in early September). Am not going to get my car by early December so, am hoping that PenFed can extend it (with an additional credit pull, maybe) for another 60-90 days from then.
Also note that the window starts from the day that you apply initially rather than the subsequent date that the loan actually gets approved (two weeks later in my case, after I sent in the MVPA and such).
mlascano
S Sig #722
Same here. The loan kicks in the day they send you the check, and the check is good for 90 days from that point (so don't go to this last step until you are fairly certain your car is completing production and coming to you).
Last edited:
spatterso911
P100DL - Raven
Above comments mirror everything I was told as well by PenFed. Will have to re-apply in late December to take advantage of the extended period for the 1.49% rate offer. I'm hoping I have a VIN by mid March at least!
I've got a VIN... but now I'm still stuck trying to figure out if it makes sense to get the 1.49% and dump most of the money in Franklin Templeton or just pay it off. Any financial gurus wanna chime in?
mlascano
S Sig #722
Not a financial expert but I say finance the balance at 1.49%. Unless you have an aversion against debt, financing at such low rates (taking inflation into account), is like getting an interest free loan.
Congrats on finally getting a VIN!
Congrats on finally getting a VIN!
strider
Active Member
With the current global economic uncertainty I would not be in debt if at all possible. The stock market is in the process of rolling over so doing better than 1.5% without a ton of risk is not easy IMO. If you can pay off the car and still have 6 months of living expenses I would pay it off. Otherwise pay as much off until you're at 6 months of living expenses and then just stick it in a bank like ING and be ready for anything.
I say take the financing. I would put cash in a checking account and take the 1.5% over paying it off. That is unless you already have too much in your checking account.
Don't be afraid of debt, just because it is 'debt'.
teslasguy
MSP P#1117
I called Penfed last week and a young lady took my info over the phone and approved the loan on the spot.
Two days later I had a packet from Penfed that included a blank check good for up to $20k and valid for 90 days.
It says the loan becomes active when they receive the draft back through their system (clears from Tesla) with the Vin info on it.
It also says that the interest rate will be whatever is in effect when the draft clears.
I have been planning to just pay cash, but at this low interest rate I just feel a little better having a little more cash cushion in our savings after the purchase.
heh, opinions definitely vary. 1.4 is REALLY nice, but I think I'll just go ahead and pay for it. Maybe illogical, but I hate adding debt over my head.
gg_got_a_tesla
Model S: VIN 65513, Model 3: VIN 1913
Or, you can take the loan and give me the cash. I'll make your monthly car payments but, will invest the dough! :tongue:
Bamashrink
Member
Just got the 1.49 for 60 months at pen fed on a roadster, i applied also with bank of america and when that was approved the lady interrogated me to make sure i wasnt financing a model S....she repeated several times they dont finance a model s, i asked why and she couldnt say. Very odd phone call. Do you think this is because the model s is so new or something more nefarious?
marc
marc
Bamashrink
Member
Similar threads
