Tesla guarantees resale value of Model S
Tesla sets up a financing plan for the Model S with Wells Fargo and U.S. Bank.
(Credit: Wayne Cunningham/CNET)
Last week, Tesla CEO Elon Musk tweeted of an upcoming big announcement. Despite product-oriented speculation, the details that came out today lay out a new financing plan for the Model S.
The plan could bring net payments down to $ 500 a month according to Tesla, after taking into account the savings from purchasing electricity over gasoline and other factors.
Tesla’s announcement says it developed the plan with Wells Fargo and U.S. Bank, each of which will offer loans for a 10 percent initial down payment on a Model S. That loan could be paid off with federal and state incentives to purchase electric vehicles, according to the Tesla press release.
As an addition to the plan, Tesla will guarantee a resale value of the Model S after 36 months as a percentage of the original purchase price. That percentage will be based on the resale value of the Mercedes-Benz S-class.
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