Tesla Will Now Let You Finance Your EV Repairs… With Interest Rates as High as 36% APR
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With Tesla, you can turn a $2,442 windshield installation into a $3,174 windshield installation through the power of interest.
This is being reported by the Teslasphere as an "excellent option" to restore affordability to a car market that desperately needs more affordability.
Only, neither of those numbers is even in the same ballpark as affordable.
Oh goody. It's damn CareCredit for cars.
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A sane society would ban interest rates beyond 2x the Fed. 12% is plenty to make profit.
wrote last edited by [email protected]If this was done in the USA, a lot of airlines would struggle or even collapse if they couldn't figure out how to adapt.
The four biggest airlines in the US (United, Delta, American and Southwest) all lose money on flights. The way they make a profit is through their co-branded credit cards. The banks pay the airlines to purchase miles from them to use as points, and one of the primary ways the bank makes the money to do that is from interest payments.
I'm not saying that interest rates shouldn't be limited, just that there'd be some major impact since a lot of the financial industry is funded by interest payments.
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A sane society would ban interest rates beyond 2x the Fed. 12% is plenty to make profit.
A sane society wouldn't create a currency based on debt
Our entire economy is balancing on infinite growth, because it's all made up of chains of debt that all siphon off money upwards, at every step
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With Tesla, you can turn a $2,442 windshield installation into a $3,174 windshield installation through the power of interest.
This is being reported by the Teslasphere as an "excellent option" to restore affordability to a car market that desperately needs more affordability.
Only, neither of those numbers is even in the same ballpark as affordable.
from what I understand, Tesla's are fucking garbage so you're going have to finance a bunch of repairs for your expensive piece of shit
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With Tesla, you can turn a $2,442 windshield installation into a $3,174 windshield installation through the power of interest.
This is being reported by the Teslasphere as an "excellent option" to restore affordability to a car market that desperately needs more affordability.
Only, neither of those numbers is even in the same ballpark as affordable.
This was always the case for poor individuals... We've been forced to finance our car repairs for decades now.
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from what I understand, Tesla's are fucking garbage so you're going have to finance a bunch of repairs for your expensive piece of shit
Yeah. Insane. Like taking out a mortgage on a house of cards.
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If this was done in the USA, a lot of airlines would struggle or even collapse if they couldn't figure out how to adapt.
The four biggest airlines in the US (United, Delta, American and Southwest) all lose money on flights. The way they make a profit is through their co-branded credit cards. The banks pay the airlines to purchase miles from them to use as points, and one of the primary ways the bank makes the money to do that is from interest payments.
I'm not saying that interest rates shouldn't be limited, just that there'd be some major impact since a lot of the financial industry is funded by interest payments.
I have one of their cards but I pay my balance off every month. They have got to hate me.
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I have one of their cards but I pay my balance off every month. They have got to hate me.
Even when you pay off your balance every time, they still make money charging merchants for every transaction. But yeah, they make shit tons more from people carrying balances.
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Even when you pay off your balance every time, they still make money charging merchants for every transaction. But yeah, they make shit tons more from people carrying balances.
I mean that’s credit cards in general. The alternative would be to switch to a debit card, but as a consumer there’s quite a few protections I’d lose out on like charge backs and fraud protection.
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from what I understand, Tesla's are fucking garbage so you're going have to finance a bunch of repairs for your expensive piece of shit
When I had mine, the back seat started rattling one time so I took it in for service. A week later, I finally got it back with a piece of electrical tape stopping the rattle and an invoice for $160.
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I mean that’s credit cards in general. The alternative would be to switch to a debit card, but as a consumer there’s quite a few protections I’d lose out on like charge backs and fraud protection.
Oh don’t get me wrong, I use credit cards for everything and pay it off in full every month. I get extra benefits over using cash or debit. Gotta play the game
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Drive to your local LKQ distribution center with stock and an extra $100. You won't make it past the 3rd installer you see show up in a van before someone will take your $100 with a new windshield installed within 30 minutes. Never buy a car unless LKQ makes reproduction parts. That is where 90% of auto body repair parts come from in the USA. Anyone can walk in and pay cash too.
idk .. i can get the auto glass people to come to me and I don't pay anything, it's covered by insurance
I've had to replace 2 windshields in the last 5 years
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Insurance premiums for Teslas have been skyrocketing because of this.
another reason it's not worth buying a Tesla
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If this was done in the USA, a lot of airlines would struggle or even collapse if they couldn't figure out how to adapt.
The four biggest airlines in the US (United, Delta, American and Southwest) all lose money on flights. The way they make a profit is through their co-branded credit cards. The banks pay the airlines to purchase miles from them to use as points, and one of the primary ways the bank makes the money to do that is from interest payments.
I'm not saying that interest rates shouldn't be limited, just that there'd be some major impact since a lot of the financial industry is funded by interest payments.
wrote last edited by [email protected]So making money zero-sum would kill off parasitic business models. The horror!
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With Tesla, you can turn a $2,442 windshield installation into a $3,174 windshield installation through the power of interest.
This is being reported by the Teslasphere as an "excellent option" to restore affordability to a car market that desperately needs more affordability.
Only, neither of those numbers is even in the same ballpark as affordable.
I could see battery packs and motors being financable at a sensible interest rate being a good thing for people who can't afford such expenses out of pocket - it would make it possible for slightly less well off people to buy used EVs instead of used ICE cars.
This though? Fuck everything about this.
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When I had mine, the back seat started rattling one time so I took it in for service. A week later, I finally got it back with a piece of electrical tape stopping the rattle and an invoice for $160.
Glad you no longer have it, but next time, regardless of manufacturer, if you have a minor issue that isn't covered by warranty, don't bother taking it to the dealer. They all scam you based on the hourly pricing (not competitive to independent shops, even specialists of the marque) and replacement policy (replace as big a part as possible because more money + less chance of customer coming back. Example for ICE based cars: Friend did his apprenticeship at a Toyota dealer. Car came in with a bad alternator voltage regulator (probably 20-30 euros for an aftermarket part, Toyota would obviously ask more for a genuine Toyota branded part), his boss told him it's going to have to be a full alternator replacement, they won't replace the regulator itself. This policy is great under warranty (you get more parts renewed, yay), but not so much when it's an out of pocket repair.
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How much of this expense is because Tesla is a small auto manufacturer? I imagine they don't have the economies of scale that others do.
And I'm not even thinking about the stupid wankpanzer with all it's custom BS...
I feel like a competent CEO would have merged with a large auto manufacturer and maintained an independent leadership.
Tesla still makes the best EVs out of the American manufacturers I believe. They make really horrible cars though.
The big 3 are no better, but if Tesla had merged with a Japanese or European manufacturer that actually knows how to build great cars, it could've been something spectacular. A ridiculous market advantage.
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Tesla still makes the best EVs out of the American manufacturers I believe. They make really horrible cars though.
The big 3 are no better, but if Tesla had merged with a Japanese or European manufacturer that actually knows how to build great cars, it could've been something spectacular. A ridiculous market advantage.
It's a cautionary tale for any (sane, rational) business now. For crypto, very inspire. Much yoink.
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Glad you no longer have it, but next time, regardless of manufacturer, if you have a minor issue that isn't covered by warranty, don't bother taking it to the dealer. They all scam you based on the hourly pricing (not competitive to independent shops, even specialists of the marque) and replacement policy (replace as big a part as possible because more money + less chance of customer coming back. Example for ICE based cars: Friend did his apprenticeship at a Toyota dealer. Car came in with a bad alternator voltage regulator (probably 20-30 euros for an aftermarket part, Toyota would obviously ask more for a genuine Toyota branded part), his boss told him it's going to have to be a full alternator replacement, they won't replace the regulator itself. This policy is great under warranty (you get more parts renewed, yay), but not so much when it's an out of pocket repair.
I know, I was assuming they would maybe have to replace a latch or something. Tesla doesn’t sell parts to repair shops, so getting the right one would have been difficult or impossible. Tesla’s service used to be white-glove when I first had the car, and rapidly declined to a shit-covered dumpster fire.
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I could see battery packs and motors being financable at a sensible interest rate being a good thing for people who can't afford such expenses out of pocket - it would make it possible for slightly less well off people to buy used EVs instead of used ICE cars.
This though? Fuck everything about this.
wrote last edited by [email protected]tl;dr: financing regular maintenance parts for any vehicle is a bad idea. Avoid money pits.
Car depreciation is a thing and those prices are insane to finance. It doesn't make sense to buy a part that's worth more than the entire vehicle. This was an issue with Prius's when they first rolled out. When the battery pack died, the car still ran, but it was in the range of 10k to the battery replaced. It did not make sense to replace it on a vehicle that was probably well into 5 or 6 years. You could also sell the Prius because it was still held value as a running vehicle. Thankfully, aftermarket products have been created to significantly reduce the cost to make it reasonable to replace a battery on a Prius; somewhere between $2k to $3k with DIY kit.
It's a stupid idea to finance parts for a vehicle when the value exceeds financing a whole new / used vehicle. If you end up totaling your vehicle, you're still out the cost for just the financed parts. You've essentially put yourself way upside down on a depreciating asset. Pretty sure insurance isn't going to cover the financed parts when they total a vehicle out. Tesla should have allowed right to repair and manuals to fix their wastes of space like Toyota did for the Prius. I know it's a hybrid, but hybrids are looking to be less of a hassle to maintain and best of both worlds. It's a trend to keep milking people for every last penny with financing every damn thing.
