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Near-misses apart, Tesla is in electric driving seat

JacksinPA

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Near-misses apart, Tesla is in electric driving seat | Business | The Times

Elon Musk’s pioneering business knows it faces a fierce battle to keep its lead over giant car firms, reports Tom Knowles

uring an earnings call for Tesla in October 2018, Elon Musk struggled to hold back tears as he spoke to analysts and journalists on the phone.

The company had just defied all expectations by delivering its first profit in two years as it emerged from what Mr Musk called “production hell”. The mass assembly of its Model 3, Tesla’s cheapest vehicle, finally had been achieved, with 4,300 being delivered a week — and the emotion of what the business had done appeared to be getting to its chief executive.

The South African billionaire was recounting how existing customers had volunteered at Tesla delivery centres to help new owners to get to grips with their cars. Mr Musk, 48, his voice cracking, said: “I’ve never heard…
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Musk is an incredible person, everything from rockets, electric cars to tunnel boring. I'd give one of my testicles to own a Model 3. I don't know of any dealers in my area but I'd like to check out leasing one or buying a refurbed low-mileage lease return.
 



Apparently, nuts left and right have been given to Tesla stock to make it the biggest car company in the world. And no profit. Far from it. Anyway, no one will take one of your testicles in exchange for a Tesla 3. But for 15 - $18K, you can get a few years-old S Tesla model 3 theft recovery. You just won't be able to get a loan for a salvage vehicle.
 

Why would that be, if you owned it with a clear title? Anyone will loan money against a car as collateral. The interest rates will vary as will the loan term.
 
I just visited my Bank of America branch, where a senior manager was present. He answered that BOA will not issue car loans for autos that have been involved in legal actions such a forfeitures & seizures. Other companies will but at high interest rates in order to protect themselves.
 
I'd sell a kidney for a new Model 3.
 
Why would that be, if you owned it with a clear title? Anyone will loan money against a car as collateral. The interest rates will vary as will the loan term.



As I understood from going through the procedure yrs before, the great majority of auto loan money out there is not allowed for salvage vehicles, period. Obviously, those that might lend, like smaller banks and credit unions, will require physical damage insurance, which is not easily given on a salvage vehicle, and still charge a higher rate. I got a sweet loan on mine by sweet-talking the branch credit union manager, who I knew. I gave good reason, though, and didn't make anything up, but knew she was making an exception. Got my loan and she got fired. That was a long time ago. Maybe it's different now.
 

Trump is a fan as well:

Aaron Rupar on Twitter: "Trump on Elon Musk: "He's also doing the rockets. He likes rockets, and he does good at rockets, by the way." https://t.co/re6CyRi6HY"


Protect the inventors of light bulbs and the wheel, Yabba-Dabba-Doo!
 
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