Downside was the payments were astronomical because it was a three year term.ī. They initially allowed out of state members and maybe there’s still a work around. I originally financed my Model 3 in 2019 with some ridiculous sub 1% rate from Fairwinds CU (Florida). either way, it has great resources for competitive car loan rates from across the country.Ī. I added it to my google drive and now it’s just there but I don’t have permission to share it from there. But you still may want gap insurance depending on the loan term.Cross posted at teslamotors and modely subreddits:įirst off, thank you to the multiple posts that provided pieces of this strategy.ġ) Find the “Tesla car Financing” google sheet that has been passed around on this forum over the past 2-3 years. Putting 20% or more down on a Tesla Model 3 reduces the risk of being underwater on your loan. While gap coverage is recommended for most buyers, here are a few alternatives: Put Down a Large Down Payment Alternatives to Gap Insurance for a Tesla Model 3 Want maximum protection – Peace of mind in case of total lossĮvaluate your specific situation, but gap insurance provides valuable financial protection for many Tesla Model 3 owners. Live in areas with high accident rates – More likely to get totaled Lease luxury vehicles – Very high depreciationĭrive a lot of miles – Quickly reduces trade-in and resale value Took out long auto loans – Gives more time for the car to depreciate Put less than 20% down – You likely owe more than the car is worth Gap insurance makes the most sense for Tesla Model 3 owners that: When Do You Need Gap Insurance for a Tesla Model 3? Financing gap coverage through Tesla Finance is typically the most expensive option long-term due to interest fees. It just slightly increases your monthly premium.īuying a separate gap policy costs more upfront but may be the better option if your insurer doesn’t offer gap insurance. So you’ll pay the least overall by adding gap coverage to your existing car insurance policy. $700 – $900 in total fees if added to your auto loan financing $300 – $500 one-time when purchased separately from a third-party provider $4 – $8 per month when added to your car insurance policy Gap insurance for a purchased Tesla Model 3 typically costs: How Much Does Tesla Model 3 Gap Insurance Cost? But compare quotes from different sources. Going through your car insurance provider is usually the cheapest option. It’s a one-time fee rolled into your loan.Ĭompanies like Warranty Solutions let you buy a standalone gap policy for around $300-$500 total. You can add gap coverage through Tesla Finance when purchasing a Model 3. This costs around $5 extra per month added to your regular premium. Most major insurance companies like Geico, Allstate, and State Farm offer gap insurance add-on policies. If purchasing a Tesla Model 3, you have three main options for gap coverage: If you purchase a Model 3, gap insurance is optional and must be added separately to your auto policy or loan/lease. So you don’t need to purchase additional gap coverage when leasing a Model 3. Tesla includes gap insurance with all leased vehicles for the entire lease term. Yes, gap coverage is automatically included with a Tesla Model 3 lease at no extra cost. Is Gap Insurance Included With a Tesla Model 3 Lease? This creates a large gap between its worth and remaining auto loan balance. The Model 3 can lose 50% of value in just the first 3 years. It provides important protection because cars depreciate quickly. Gap coverage pays this difference so you don’t end up owing. Without gap insurance, you would owe $10,000 extra to the lender. Insurance only pays out the ACV of $30,000.You owe $40,000 still on your Model 3 loan.Gap insurance covers the “gap” between the actual cash value (ACV) of your Tesla Model 3 and the remaining loan or lease balance if it’s totaled or stolen. What Is Gap Insurance for a Tesla Model 3? Understanding gap coverage helps Tesla owners make the right choices to protect their investment. When you need gap insurance for a Model 3.Where to buy Tesla Model 3 gap insurance.Is it included with a Tesla Model 3 lease?.What is gap insurance for a Tesla Model 3?.It pays the difference between what your Model 3 is worth and what you still owe if it’s totaled. Gap insurance is valuable protection for Tesla Model 3 owners.
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