Tesla Starts Asking for Canadian Model Y Registration, Trade-In, Payment Details
Last week we told you Tesla Model Y deliveries in Canada would begin this month, as confirmed by the company’s store in West Vancouver, British Columbia.
Ahead of the first Tesla Model Y deliveries, Tesla has started asking Canadians for registration, trade-in and payment details for their Model Y reservations.
When logging into your Tesla account and clicking on ‘Manage’ for your Model Y, there are now prompts to fill in details ahead of deliveries.
Under Registration, Tesla asks for Registrant Type (one or two people or a company) and address details, driver’s license number and expiry, an uploaded image of the front of a driver’s license and also asks if you’ll be transferring license plates.
For Trade-in details, Tesla asks if you are planning to trade-in your current car or not (it’s a yes or no question).
For Payment Method, Tesla gives three options that current customers are probably familiar with: cash; loan arranged through Tesla; and self-arranged loan.
If you’re choosing to arrange a loan through Tesla, loan terms can be up to 96 months and reservation holders can finance from $10,000 to your Model Y price minus your original deposit (for most it was a $3,200 CAD deposit).
As for the annual percentage rate (APR) through a Tesla arranged loan for Model Y, the website lists it currently at 4.6%. Tesla’s website has a monthly payment slider where soon-to-be customers can enter what they want to pay each month and their finance amount will adjust accordingly.
As for APR, Tesla’s fine print says 4.6% “is the best available APR for well-qualified applications”, while after reviewing pricing details, one will need to submit a credit application for accurate rates.
It’s worth noting users from the TMC Forums have seen APR rates from Tesla at the following rates (RBC or Scotiabank are some of the lenders), as of last week for their upcoming deliveries, to put rates into real-life examples (not necessarily for Model Y, however):
- 96 months @ 3.3%
- 84 months @ 3.3%
- 72 months @ 2.8%
If you haven’t logged into your Tesla account lately, and you have a Model Y reservation, depending on when you placed your order, you should similarly be prompted for the information detail above for your upcoming purchase.