The Deferred Payment Option is an exclusive financing option from Tenet, allowing you to defer a portion of the loan, up to 17.5% of the value of the vehicle in exchange for lower monthly payments, making vehicle 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.
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 refunds, Bonuses, etc., or wait until the end of your loan term when it is due.
You can still defer regardless of whether you apply any tax Incentives towards the Point of Sale, or receive them during Tax Season. Or feel free to defer even if you don't qualify for any incentives.
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 throughout the loan term. 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.
Call or text our main line 877-378-3638 to speak with one of our specialists or email us at support@tenet.com.