Polestar Forum banner

1 - 18 of 18 Posts

·
Registered
Joined
·
141 Posts
Discussion Starter #1
Can others confirm interest rate changes on financing options?

I know that it was always stated as subject to change, but....I am glad I had a backup plan for financing that is a slightly better rate than what is listed now.

Edit: my credit score is in the 'excellent' range....so not sure if this is individualized to me or others are seeing the same.

Screenshot_20201101-112102_Chrome.jpg
 

·
Registered
Joined
·
296 Posts
One thing that was interesting on the original posted financing is that the 0% option was only for 60 months - all others had finance charges. So I had been planning on signing up for the 0% 60-month option, even though I only needed financing for 12 months. I had assumed that I could prepay the loan early, but had never looked closely.

If these are indeed the new terms, I will likely just finance the amount I need externally to avoid any additional hassles with the Polestar website.
 

·
Registered
Joined
·
296 Posts
1572



Here's what I currently see on the website. FWIW, my credit score is in the "Outstanding" range, but I can't believe that it is impacting what I see on the website since I haven't done a credit check with Polestar yet so I don't think they would have access to my credit score. Right?

Edit: Just checked and this (2.86%) is essentially identical to what I would get through USAA. And I know that USAA would be hassle-free, so I would likely go that route now.
 

·
Registered
'21 2 | Palo Alto, CA
Joined
·
926 Posts
I put zero faith in their online $$ calculators and have zero expectation that the rates listed are accurate, final, or in any way personalized and taking into account credit scores, etc.
The only reliable infomation here will be the terms sheets that are meant to come from the Space personnel.

It does seem worth getting backup financing to see how that might compare and agree that the less you need to set up with Polestar ops folks the more likely it would be a smooth process.
 

·
Registered
Joined
·
296 Posts
I put zero faith in their online $$ calculators and have zero expectation that the rates listed are accurate, final, or in any way personalized and taking into account credit scores, etc.
The only reliable infomation here will be the terms sheets that are meant to come from the Space personnel.

It does seem worth getting backup financing to see how that might compare and agree that the less you need to set up with Polestar ops folks the more likely it would be a smooth process.
Yeah, agreed. But interesting that they did suddenly change. For y to hose trying to read the tea leaves...
 

·
Registered
Joined
·
40 Posts
I just can't see financing over leasing. These cars are going to depreciate rapidly, and in three years who knows what shiny new toy will be out... If you finance, in three years, you'll be upside down. Same with the lease, but you can return it without any further loss.
 

·
Registered
Joined
·
141 Posts
Discussion Starter #8 (Edited)
If leasing works better for you great, but a vehicle is a sunk cost 99.9% of the time and leasing you do not get the $7500 tax credit.

If the financing stayed at 0% I was going to finance the car and invest the money vs buying it outright.

The dealer has the choice of keeping the credit or passing it onto you as part of the lease....how often do you anticipate that happening??

I also tend to hold onto cars for 10 years + vs reselling every 2 or 3. I would have gone model 3 or Y if I was looking short term and quality of build would not be as worrisome
 

·
Registered
Joined
·
68 Posts
The leasing company gets the tax credit so it should be factored into your lease rate. It certainly doesn’t disappear.
 

·
Registered
Joined
·
141 Posts
Discussion Starter #11
I just received confirmation from the Polestar Space that if your credit report was run with 0% 60 months and your score qualified they will grandfather that rate in, but sales going forward will be at the new rate. Glad to hear it!!
 

·
Registered
Joined
·
296 Posts
I just received confirmation from the Polestar Space that if your credit report was run with 0% 60 months and your score qualified they will grandfather that rate in, but sales going forward will be at the new rate. Glad to hear it!!
Ha. I've been trying to get through the financing step for months. So no luck for me, I guess.
 

·
Registered
Joined
·
129 Posts
Ah the old lease versus buy debate. Is particularly tough when it is a new vehicle/brand without history to look at the depreciation curve. I'll just buy the car, if it materializes.
 

·
Registered
California | 2
Joined
·
65 Posts
I just received confirmation from the Polestar Space that if your credit report was run with 0% 60 months and your score qualified they will grandfather that rate in, but sales going forward will be at the new rate. Glad to hear it!!
Oh my god. They told me to not run the credit report form on the web site until closer to delivery, so I never ran it. Sheesh.
 

·
Registered
Joined
·
158 Posts
I still am not able to access my order AT ALL (week 6 maybe? I’ve stopped counting), so I will raise holy hell if 0% is no longer available through the end of November as (still) advertised on their site. It could actually be the straw that breaks the camel’s back for me: Polestar couldn’t deliver and now I have to pay for it? Eff that.
 

·
Registered
Joined
·
134 Posts
And... you have to take delivery of the car by Nov 30 based on their terms 🤣

*% APR applies to any new 2021 Polestar 2. Offer available to qualified customers that meet Polestar Car Financial Services (PFS) credit standards at authorized Polestar Spaces. 0% APR Financing for 60 months at $16.67 per month per $1,000 financed. Down payment will vary with APR and credit qualifications. Not everyone will qualify for credit approval or advertised APR. Advertised financing does not include taxes, title, registration, and license fees. All offers are subject to vehicle availability. Must take delivery of vehicle between now and November 30, 2020. See your participating Polestar Space for details.
 

·
Registered
Joined
·
158 Posts
I still am not able to access my order AT ALL (week 6 maybe? I’ve stopped counting), so I will raise holy hell if 0% is no longer available through the end of November as (still) advertised on their site. It could actually be the straw that breaks the camel’s back for me: Polestar couldn’t deliver and now I have to pay for it? Eff that.
Following up on my own post, Polestar resolved the issue today that was preventing me from viewing my order. Mike assured me that they’d honor the 0% financing option I had selected, and I was able to officially submit the financing application today. All things considered, this is the resolution I needed to stay happy and looking forward to completing the process.
 

·
Registered
Joined
·
147 Posts
Following up on my own post, Polestar resolved the issue today that was preventing me from viewing my order. Mike assured me that they’d honor the 0% financing option I had selected, and I was able to officially submit the financing application today. All things considered, this is the resolution I needed to stay happy and looking forward to completing the process.
Great news @PolestarMG exactly the result you needed. I get the feeling Polestar are becoming more communicative and better at customer support 👍
 
1 - 18 of 18 Posts
Top