The Deferred Payment Option is an Exclusive Financing option from Tenet allowing you to defer a portion of the loan, typically up to 20% of the value of the vehicle, in exchange for lower monthly payments, making EV ownership more affordable. We've helped clients lower their monthly payments by up to $200/Month! This option is made possible due to the higher residual value of Electric Vehicles.
The Deferred Payment is part of the loan principal and accrues interest, which can then be paid off at the end of the loan term, or earlier. The most popular amount clients defer is $7,500, which matches the amount of The Federal EV Tax Credit.
By deferring this payment, you can reduce your monthly payments during your loan term and then pay that portion of the principal loan once you receive any Incentives, Income Tax Returns, Bonuses, etc., or wait until the end of your Loan Term when it is due.
You can still defer regardless of whether you apply your Incentives towards The Point of Sale, or receive it during Tax Season. Or feel free to defer even if you don't qualify for any Incentives.
Examples
This example below is based on a 2024 Tesla Cybertruck Foundation Series Cyberbeast with a Credit Score of 800+
| Standard Loan | Deferred Loan |
Loan Amount | $95,000.00 | $95,000.00 |
Loan Term | 72 months | 72 months |
Deferred Amount | $00.00 | $19,000.00 |
Monthly Payment | $1,565.02 | $1,343.69 |
Est APR* | 5.79% | 5.79% |
Total Interest | $18,973.03 | $22,235.02 |
Benefits of Tenet’s Deferred Payment Option:
Lower monthly payments, which may help you budget better.
Flexibility to prepay the deferred amount without penalties.
Potential to use Incentives, Income Tax Returns, Bonuses, etc., to pay down The Deferred Payment.
Things to consider:
Larger final payment due to deferred amount (One Monthly Payment + Deferred Amount).
Higher total interest throughout the Loan due to The Deferred accruing interest separately, unless The Deferred is paid off early.
Deferred eligibility is not available in all states.
Does the deferred portion of the loan accrue interest?
Yes, Tenet's deferred payment option does accrue interest. Due to The Deferred Amount not being paid down monthly, it's still part of your overall loan balance. And just like the rest of your loan, it accrues interest over the term of the loan.