Tesla Financing Just Lowered Cybertruck Interest Rates

[cyberos]

What’s the best way to do this? I’ve heard mixed stories. Is it best to just not schedule pickup on the app or can you reach out to Tesla and make a request?

I have successfully changed my delivery date several times, using the following methods (in order of convenience):

1. Text (510) 662-6378, very responsive but will ignore you if you abuse it
2. Call (888) ‍518-3752, 1, 1, your zip code. Coin toss if they will pick up the phone
3. The chat icon in the Tesla app, almost useless for appointment changes

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[cyberos]

Cheapest I found with Credit Unions so far. 08/09/24

https://www.tdfcu.org/loans/rates/lending-rates/

New Vehicle (Auto, Trucks and SUVs)
Up to 80% financing	4.49%	Up to 60 months
	4.75%	61 to 72 months*
	4.99%	73 to 84 months*
Up to 100% financing	4.75%	Up to 60 months
	4.99%	61 to 72 months*
	5.25%	73 to 84 months*

They also have three discounts on the base rates shown above
1. Direct Deposit (-.25%)
2. Existing Loan with them (-.25%)
3. $5000 in their Checking (-.25%)

I personally did 20% down, 84 months, for rate of 4.49% (discount 1 & 3)

Awesome info. I checked multiple lenders, have a top credit score and did over 30% down. Still nobody could beat Tesla’s rate. It’s because I’m in Texas and maybe other individual factors

 

[2blentendre]

I have successfully changed my delivery date several times, using the following methods (in order of convenience):

1. Text (510) 662-6378, very responsive but will ignore you if you abuse it
2. Call (888) ‍518-3752, 1, 1, your zip code. Coin toss if they will pick up the phone
3. The chat icon in the Tesla app, almost useless for appointment changes

Very helpful! Thank you

 

[ZeusDreamz]

Would appreciate some input from those who financed with third party lender and completed their CT purchase with Tesla:

I have been approved for Cyberbeast loan, but PenFed said they will only send a check made out to Tesla (and maybe jointly to me?).

My concerns:

1. If third-party lender sends a check by mail and it takes 5-7 days,

Does Tesla wait for buyer to receive the loan funds check? Do you need to make any special arrangements to confirm Tesla will accept the process (days of delay, and third-party check instead of Cashier’s check)?

2. Tesla’s app says upon delivery they will accept only Cashier’s check (made out to Tesla, with RN and buyer’s name in memo). I suppose that’s just for an all-cash purchase – is that right?

3. If buyer is purchasing with some cash (down payment) and third-party loan funds, how does that process work with Tesla?

Does the cash down payment portion need to be in the form of a Cashier’s check (or can that down payment portion be a direct debit from Tesla app to your bank account, or Cashier’s check, with the balance from third-party loan check?, or?)

4. Any other thoughts, advise or information regarding how this process works and how to make it as smooth and simple as possible will be much appreciated!

Many thanks!

 

[Late_Refustration]

Cheapest I found with Credit Unions so far. 08/09/24

https://www.tdfcu.org/loans/rates/lending-rates/

New Vehicle (Auto, Trucks and SUVs)
Up to 80% financing	4.49%	Up to 60 months
	4.75%	61 to 72 months*
	4.99%	73 to 84 months*
Up to 100% financing	4.75%	Up to 60 months
	4.99%	61 to 72 months*
	5.25%	73 to 84 months*

They also have three discounts on the base rates shown above
1. Direct Deposit (-.25%)
2. Existing Loan with them (-.25%)
3. $5000 in their Checking (-.25%)

I personally did 20% down, 84 months, for rate of 4.49% (discount 1 & 3)

Seven Year Auto Loan - is this norm now?

 

[cyberos]

Would appreciate some input from those who financed with third party lender and completed their CT purchase with Tesla:

I have been approved for Cyberbeast loan, but PenFed said they will only send a check made out to Tesla (and maybe jointly to me?).

My concerns:

1. If third-party lender sends a check by mail and it takes 5-7 days,

Does Tesla wait for buyer to receive the loan funds check? Do you need to make any special arrangements to confirm Tesla will accept the process (days of delay, and third-party check instead of Cashier’s check)?

2. Tesla’s app says upon delivery they will accept only Cashier’s check (made out to Tesla, with RN and buyer’s name in memo). I suppose that’s just for an all-cash purchase – is that right?

3. If buyer is purchasing with some cash (down payment) and third-party loan funds, how does that process work with Tesla?

Does the cash down payment portion need to be in the form of a Cashier’s check (or can that down payment portion be a direct debit from Tesla app to your bank account, or Cashier’s check, with the balance from third-party loan check?, or?)

4. Any other thoughts, advise or information regarding how this process works and how to make it as smooth and simple as possible will be much appreciated!

Many thanks!

Tesla will push back your delivery date until the PenFed check clears. The process is you have to send Tesla a photo of the check and the UPS / FedEX receipt with the tracking number

If you're making a cash down payment, then you can pay through the Tesla app with Plaid on delivery day. Frustratingly the Plaid option did become available for my downpayment until 12 hours before my pick up time

General advise is to be willing and prepared to push back your delivery day, in order to get the best deal financially. It sucks but is worth the inconvenience

 

[cyberos]

Seven Year Auto Loan - is this norm now?

Yes but not for the reasons you think

The strategy we're doing is minimizing the monthly payment amount but then making extra principle payments to lower the total amount of interest paid

In the past I would always try to minimize the interest rate, but you end up reducing your capital too much if the monthly payments are too high. If your financial situation allows it, pick the term that gives you the lowest monthly payment then just make extra principle payments along the way

Typically I try to pay off luxury vehicles within 1-3 years, so that I can still sell them before major depreciation

 

[Gatec77]

Cheapest I found with Credit Unions so far. 08/09/24

https://www.tdfcu.org/loans/rates/lending-rates/

New Vehicle (Auto, Trucks and SUVs)
Up to 80% financing	4.49%	Up to 60 months
	4.75%	61 to 72 months*
	4.99%	73 to 84 months*
Up to 100% financing	4.75%	Up to 60 months
	4.99%	61 to 72 months*
	5.25%	73 to 84 months*

They also have three discounts on the base rates shown above
1. Direct Deposit (-.25%)
2. Existing Loan with them (-.25%)
3. $5000 in their Checking (-.25%)

I personally did 20% down, 84 months, for rate of 4.49% (discount 1 & 3)

Any ideas how can I join TDFCU. I live on west coast.

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