02 Apr '13, 9pm

Tesla announces new way to finance its electric cars, a hybrid between leasing and owning

Introducing 'Tesla Financing(TM)' Tesla Motors has never been a company that did things like everybody else, from its electric cars to its stores to its charging stations . Today, they're innovating on financing: How does it work? US Bank and Wells Fargo have agreed to provide 10% down financing for purchase of a Model S (on approved credit). The 10% down payment is covered or more than covered by US Federal and state tax credits ranging from $7,500 to $15,000 . New Jersey , Washington and DC also have no sales tax for electric vehicles. These advantages are not available when leasing. When considering the savings from using electricity instead of gasoline, depreciation benefits and other factors, the true net out of pocket cost to own a mid-range Model S drops to less than $500 per month. After 36 months, you have the right, but not the obligation to sell your Model S to ...

Full article: http://www.treehugger.com/cars/tesla-announces-new-way-fi...

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Working with some of the largest and most respected banks in the country, Tesla has been able to create a financing produc...

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