Bank/Credit Union/Financing/Leasing Requirements?

[Guy SKEER]

Has anybody investigated Requirements for Purchase or Insurance of an APTERA?

We’re gonna be buying them in Nine Months!!!! (Fingers crossed)

[Andy Keck]

We are looking at using a credit union (https://www.ufcu.org/personal/loans/auto). As long as it has collateral value, they don’t really care if it’s a dune buggy, a motorcycle, or an Aptera.

Insurance is regulated at a state level and for some, may be based on a motorcycle. Insurance rates will follow the finalized and approved vehicle.

Andy

[Shaun Davis]

Hey Andy,

I also use UFCU so you must be in or near central Texas! So awesome to see!

[Anna Plamann]

In the FAQ it states “We will contact customers who have preorder reservations for Aptera with more information about financing and shipping options once production is underway.”

I’m interested to see what banks Aptera is partnering with. In the meantime I’m saving up as much cash as I can for my down payment.

[Aaron Redus]

I contacted NFCU and asked them. Here is what they wrote:

“We can definitely finance that vehicle type, but we will need to finance it as a Personal Loan with Collateral. Currently, our rates start as low as 7.99% for up to 60 months (the maximum term offered). If you are interested in applying, we will be happy to help you with that! Just make sure to have the VIN and mileage (if applicable). If you have further questions, please let us know. Thank you for your 10 years of membership, and we hope you have a nice day!

I really hope Aptera comes up with something better because 8% for a new “car” loan is terrible.

[George Hughes]

I suspect in the IPO there will be provisions for a financial arm of the company similar to what we knew as GMAC or Ford Credit. Loaning money is basically a profitable operation for an auto manufacturer.

I’m also curious about the Electric Vehicle Association which apparently is already in the business of providing financing for its memberships as ‘advertised’ on Transportation Evolved channel. I have no idea of the nature or specifics of the offering but I would figure its sponsorship of TE and Nikki and her crew would make that offer worth exploring if for no other reasons, vehicle insurance is largely regulated on a state-by-state basis.

It may also point to organizational opportunities.

[Kayleigh Venne]

Hi there! We plan on offering financing options to our customers. We are still working on partnerships with financial institutions in this area but you are always welcome to find your own if you have a favorite bank or credit union. More details to come as we get closer to deliveries.

We are also working to qualify for the EV tax credit which could be up to $7,500 for the purchase of your Aptera. Please stay tuned for announcements.

[Patrick Liebknecht]

A tax “credit” only helps people who “owe” taxes at the end of the year , a tax “rebate” would be better. Or make sure the actual tax “credit” is “refundable” if it’s not. It’s useless to the average joe who gets a refund anyway

As for insurance. I sent the link to the aptera website to statefarm. They showed it to their under writers and they said they would cover it as an “enclosed auto cycle “ and it would run around $1500 a year for full coverage in Maryland

Teslas actually cost more to a insure than a standard ice car due to the cost of repairs

[Oz (It’s Oz, just Oz)]

Patrick, I’m not trying to be a jerk here, but you don’t seem to get the concept of what a tax liability for a tax year is. You might want to confer with an accountant, or just go in to a tax assistance place and talk to them in person.

[John Malcom]

For those that qualify for USAA membership Aptera can be financed at the new car rate of 2.24% APR. Insurance is still out to the Jury. Will wait until production specs and safety testing results are published