Tesla China Halts 0% Minimum Downpayment Program Due to Surge in Orders
Tesla’s ambitious 0% minimum downpayment program for China has been canceled just three days after the option was introduced on Monday. The U.S. EV maker’s official website in China shows that customers from China interested in buying a vehicle would now be required to put down a 10% minimum downpayment instead.
Citing one member of staff in charge of financing and vehicle rental from Tesla China, Caijing.com noted that the 0% minimum downpayment program resulted in a massive surge of vehicle orders, which then raised concerns about potential delays for its estimated delivery dates. Users who had previously placed orders with the 0%-down payment offer would not affected by the new policy.
Monday’s financial plan caused some discussion online as most netizens focused on how to collect the interest of installment payments. In view of this, Tesla has not yet announced the installment interest calculation plan nor if it would be interest-free.
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If consumers choose a 0% down payment, they can then select a lease term of 1 to 5 years, pay the in monthly installments while using the vehicle and, as soon as the lease expires, they would own the vehicle.