How are you paying for your Tesla MS?

I'm curious, how's everyone here paying for the MS? All cash? Financing? If so how much will you be financing? I'm considering charging the whole car on my credit card and then turning around and paying it off...we're talking about some serious credit card bonus points. ;)

Also, is anyone here buying the car who lives in an apartment and therefore doesn't have a garage? That's one of my concerns at this time.

Paid with a personal check for full amount. Tesla will not accept credit cards.

PenFed loans are 1.49%, and the loan process was painless. I really couldn't justify a large down payment, the money is so cheap...


Yeah was joking about the credit card. I'm looking at he 85 standard versus performance. Received my email to finalize, like you Kaf I'm having tough time dropping close to $100k (without the tax credit).

I second using to finance up to $70K at 1.49%
They have already financed other Model S so they are familiar with the car.

I'm using PenFed too. They pre approved me while I wait for my VIN #.

The rate is great, if you don't have a military affiliation you can make a $15 donation to become a member.

When I spoke to them, they knew right away that I was future Tesla owner. I believe the have received a good deal of business from this forum.

Hopefully Tesla will take my money in the next few weeks!

I've been epecting to pay all cash for 3 and a half years. Have the funds on hand... but I learned about Pen Fed and the rate, and literally days before expected delivery, decided to finance $70k. The rate is so cheap (1.49% I believe), and the process is pretty easy. It's clear Pen Fed knows about Teslas, and Tesla knows about Pen Fed.

Sorry for the typos -- working off a moving iPad.

$40K down during reservation of the Sig Model S ($5K charged to AMEX and $35K check). Then ~$79K new auto loan.

Financing. Using Allied CU @1.99% up to 100% and up to 72 mos. You should be aware if you live in a cold climate that many believe they are losing range by allowing their S to sit outdoors in the cold unplugged(there is another topic for that). I live in a multi-unit building without a place to plug but park inside.

Had the cash too but a local credit union, Scott Credit Union, was offering 1.79% up to 63 months. I figured it would be much better to keep the Tesla stock and get a loan.
33% cash
66% financed

Money is cheap and stocks easily return the loan rate

I could have dropped the full amount, but like the others decided to finance 70k through PenFed. It is nearly free money. I'd rather have it working for me than tied up in the car.

A big big bag of pennies. Tesla takes pennies, right?

Don't know about in the US, but no one is obligated to take more than $25 of a payment in pennies.

It's being discontinued here, btw. Prices will be rounded to the nearest 5¢. It has long cost more to make and distribute than it is worth on its face.

Apparently chris is planning to do some serious weightlifting before paying for the S as that many pennies are not light! Probably will have to rent a forklift too just to get them there. Your biggest issue will be to find that many in circulation in your area. Better start now sending out appeals to all who hold some in their penny jars. <:0>

Brian h. Where's here eliminating the penny?

I am using all the tenths that I am saving from the price of gas.... i.e. $3.49 9/10. What a dumb system that has been!!!!


I'm looking into PenFed now. I suppose I could just buy it outright but I have student loans at 3.0% With these PenFed rates I'd rather just put the money toward my principal and finance the car.

Big thing now is the garage, I live in an apartment with a multi-level outdoor garage but I wonder if someone is just going to be a prick and mess with the plug or key my car.

Who's the school principal you're paying off? Did he fudge your marks? I don't like it, on principle.

Any other fees or costs with the PenFed loan? 1.49% is fantastic.

For those paying in full outright, I was told by Tesla payment could be either in advance by wire or on delivery date by check. I would say check is better since it allows the customer to see the car in person and address any issues prior to payment in full.

I sell my services... that was my backup plan.

I put $70k down and financed the $50k left over the Navy Federal Credit Union at 1.79% for 5 years. I told management that they don't have to worry about me jumping ship for at least 5 years... :)

@BYT ... My back-up is the same as yours ... selling your services :)

You would sell mine or your own? Are you trying to Pimp me out prash.saka? :D

@Vinprof - no other fees, and no penalty for early repayment.

PenFed Pre-Approval for $70k at 1.49%. Very Easy, now waiting for a VIN.

I was under the impression that final payment upon delivery was an option but when the time came, that was not made available. After saving money for over three years we simply made an electronic transfer.

I think it varies by state. We wrote a check at the time of pick up.

How fast was the process? I sent a check FedEx yesterday but now seeing the PenFed rate I want to finance the 70K. I assume the folks at Tesla won't be happy but I am hoping they will not deposit my check (after I plead with them), so I can finance. It all depends on how fast, any positive advise with this subject would be appreciated.