• Jul 6th 2009 at 2:06PM
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Tesla Roadster - Click above for high-res image gallery

Since Tesla doesn't release the names of most of the people who purchase one of its electric Roadsters, we can only speculate about the financial wherewithal of most of them. However, it's probably reasonably safe to assume that most of them have considerable means and are mostly paying in cash. After all, the average working stiff can't afford a $100,000+ sports car no matter how low the operating costs might be. For those that can't quite swing an upfront cash payment, Tesla is now teaming up with Bank of America to offer financing on the Roadster.

Of course, being able to get a monthly payment plan on the Roadster still doesn't make it inexpensive. Assuming an absolutely baseline Roadster at $109K, the $7,500 federal tax credit, a substantial $20,000 down payment and 7.7 percent financing, the payments on a 60-month loan would amount to $1,650 every month. Bank of America isn't specifying any terms, but you can apply online or at a Tesla store.

[Source: Tesla]


Tesla announces Roadster financing by Bank of America

Qualified Roadster customers can get lower total monthly cost than comparable gasoline sports cars.

July 6, 2009

SAN CARLOS, Calif.--(BUSINESS WIRE) -Tesla Motors announces Roadster financing by Bank of America, significantly expanding the number of U.S. customers who can experience the all-electric Roadster.

Owning a Roadster can result in a lower total monthly cost than a gas-guzzling sports car with a similar sticker price. Thanks to the low cost of electricity vs. gasoline, the Roadster costs roughly $4 to fully recharge – a bargain even when gasoline costs less than $1 per gallon.

The Roadster is twice as energy-efficient as a Toyota Prius and six times as efficient as comparable sports cars – yet it does not require routine oil changes or exhaust system work. Roadsters have far fewer moving (and breakable) parts than internal combustion engine sports cars, which need replacement such as spark plugs, pistons, hoses, belts and clutches.

Roadsters also qualify for federal and state tax credits, rebates, free parking, commuter-lane passes and other perks. Teslas get a 100 percent waiver on sales, luxury and use taxes in at least four states.

Tesla has delivered more than 500 Roadsters to customers nationwide. Tesla will soon begin delivering a new model of the Roadster and Roadster Sport, an even higher-performance vehicle.

Bank of America will directly finance, document, and service vehicle loans for customers, providing a very easy online interface for these services. All agreements and payments will be between the customer and Bank of America.

Roadster financing is available to customers who meet Bank of America's underwriting criteria. Customers are offered a competitive loan-to-value ratio, interest rate, and term. Prospective customers may complete loan documents in Tesla's showrooms or online, including electronic signature and customer verification. If required, Tesla customer service can assist with the initial online application for loan approval.

Tesla has showrooms in California and London and is opening U.S. stores in New York, Chicago, Seattle, Miami and Washington DC.

This announcement affects Roadsters in the United States only. Tesla plans to offer financing for the Model S sedan closer to the anticipated start of production in late 2011.

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    • 1 Second Ago
      • 6 Years Ago
      They are using "YOUR" taxpayer money to make money and they will pay it back. Rich people are the lowest risk of default. That 100,000 will likely make 20-30 thousand in 60 months, and that is a 30,000 that goes right back to the government to pay off the loans.
        • 6 Years Ago

        Your taxes go to supporting the quality of life in America, it may be spent by idiots, but they usually have good intentions doing it. BofA will pay back those taxes with interest. Most of the bailouts will be paid back with interest. You can't save your way out of a recession, you are obviously a kid with little to no knowledge of economics. Stop watching the rating focused CNN and start looking long term,
        • 6 Years Ago
        @ shaunney cakes
        "Stop watching the rating focused CNN and start looking long term"
        i believe you are wrong here shaunney. if anything, cnn is one of the biggest supporters of this non-sense socialism move America is taking. America was created and has long believed in small goverment intervention and a free market, yet, we take 60% control of a public company. there's definately something with that picture.
        • 6 Years Ago
        So what you are saying is that they can afford to pay for it themselves?

        "They are using "YOUR" taxpayer money"

        You better f-in believe it's my money. Sorry, I don't live to support the state. I don't work to support the state.
      • 6 Years Ago
      This is great. Most expensive machinery can be financed. Why not an electric car?

      I don't think it would make sense for Tesla to get into the rental business (GM had to pull back from that last year), but bank financing is a great way to expend their client pool.

      Plus, they are laying the foundation for offering financing to Model-S buyers. That's one advantage GM had over them.
      • 6 Years Ago
      Just to knit-pick your title, "Get your Tesla Roadster with monthly payments from Bank of America" should be "...with monthly payments TO Bank of America"! You had my hopes up at first...

      (or of course "Get your Tesla Roadster with FINANCING from Bank of America")
      • 6 Years Ago
      I thought the US Government was loaning Tesla half-a-$bil? What to they need BofA for?

      It's good to know they have a couple of customers, anyway.
      • 6 Years Ago
      "Your taxes go to supporting the quality of life in America"

      Not my job to do so. It's my job to support my quality of life, and in turn, that will support the quality of life of others.

      "You can't save your way out of a recession, you are obviously a kid with little to no knowledge of economics. Stop watching the rating focused CNN and start looking long term,"

      Wrong, wrong, wrong, and wrong. On all points.

      You cannot tax your way out of a recession.

      Nor can you subsidize your way out of a recession.
        • 6 Years Ago
        "If you don't like how our taxes are spent, then leave..."

        Great solution. I either agree in lockstep with the gov't, or I should get out of the country, right?

        "You are just someone with an opinion and no economic knowledge to back it up."

        According to you.

        "You have to spend money to improve the economy"

        Was I complaining that people were buying things? No. I was complaining that people were buying things WITH MY MONEY.

        You seem to think it's ok that I am being forced at gunpoint to give the money that I earned, that I worked for is going to people to buy a new car. I should be under no obligation to help you buy things.

        It sounds more to me like you're the one who needs to grow up. You're the one arguing that we should all go back to mommy and daddy so we can buy new toys.

        But fine, be done with arguing with me. No sweat off my back.
        • 6 Years Ago
        If you don't like how our taxes are spent, then leave... if you want to sit around and see what happens then there is no talking to you. You are just someone with an opinion and no economic knowledge to back it up. You have to spend money to improve the economy... PERIOD. If no one spent ANYTHING... then the economy would get worse. I am through with arguing with you. I estimate you are around the age of 21 or so... maybe. Learn a little about economics before make comments that make you look like a fool.
        • 6 Years Ago
        "You can not tax your way out of a recession"

        Considering taxes were lowered, I do not even know where this comment came from...?
      • 6 Years Ago
      I'm pretty surprised that they went of Bank of America of all banks. Why not something more stable like, what the heck, a Canadian bank?
        • 6 Years Ago
        I hate to break this to you... but as far as banks go, Bank of America is actually one of the most stable in the world. Ignore the nonsense losses you see on TV, banking is not a capital game, it is a assets game. The bad numbers you see on CNN from Bank of America are mostly related to out-dated regulations on how a bank must write down its investments.
      • 6 Years Ago
      Wait, your are telling me that I can get a Tesla Roadster for 1700 a month?!?!? Crap, I am wasting about the same amount on my house every month. I should sell the house and live in the car...LOL.
      • 6 Years Ago
      Boy, am I glad that my tax money is going to people buying $100k+ limited use sports cars.
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