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DIMO Partners with Revolutionary EV Financing Company, Tenet

November 2, 2022
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Summary

  • Lower Your Monthly Payments on your EV. Users see average payment reductions of $150+/month compared to traditional vehicle financing. How? Tenet’s EV-specific financing takes advantage of your car’s superior value retention and tax credits to offer a deferred down payment.

  • Exclusive Early Access. As an early DIMO user, you have exclusive access to one of our ecosystem partners: Tenet.

  • Earn More Testnet Points! Users who convert with Tenet will earn 50,000 testnet points - the equivalent of ~4-5 weeks of EV driving data.

  • Learn More! DIMO is hosting a community call with Tenet for users to hear how they can reduce their EV monthly payment by hundreds. Register for the event here!

EVs are changing auto financing

A lot is changing in the auto industry. Electric vehicles are rapidly becoming the preferred choice of many new vehicle shoppers, and the various EVs on the market are growing exponentially year-over-year.

But even most casual observers have noticed something about EVs: they’re expensive! According to Electrek, the average price of a new EV is $66,000. So while switching to an EV is advantageous for many reasons, the accessibility of these vehicles is still limited. Why?

The high cost is not just because EVs are luxury vehicles — the total cost of ownership is amplified by traditional vehicle commerce products and practices. From archaic dealership models, to predatory lending products, the automotive industry is taking advantage of these highly desirable electric vehicles, at the consumer’s expense.

Tenet + DIMO: two forces for users

What’s needed are new platforms and services which take advantage of the technological changes at the vehicle level but are built to ensure that power remains in the hands of consumers. OEMs, financial institutions, and tech companies don’t have driver interests at their core, and that’s a problem in the second largest category of consumer spending: consumers lose out.

DIMO is building a platform that is engineered to be aligned with drivers. Key to the platform are separate applications that offer new products and services, and Tenet is one of the first such partners. Tenet is a financing platform whose mission is to make climate investment a no-brainer (read more here). By taking advantage of the strong resale value of EVs and their associated tax credits, Tenet will allow DIMO users the option to finance/refinance their EV with a drastically lower monthly payment compared to traditional automotive financing methods1.

For DIMO users, there are two pathways to using Tenet: 1) refinance your existing vehicle or 2) obtain an EV-tailored loan to switch from gas to electric. Between the upcoming EV tax credits (read more here) and Tenet’s unique financing structure, it could be cheaper than you think to go electric, making some of these amazing new vehicles more accessible to everyone.

This partnership is just the first of many in the DIMOverse. When you connect your car to DIMO, you not only start collecting that data, but you turn your vehicle data into a digital asset that can stored or shared, and there are many service providers eager to read your data and provide you a better service. Keep your eye out for ecosystem partners here.

The details on the deal

The Tenet product saves you money, is easy to get started with, and rewards you for being a member of DIMO.

  • Lower Monthly Payments: Payment reductions of more than $150 / month. Tenet acknowledges the EV’s unique value retention and available tax credits by offering a deferred payment loan which reduces monthly payments. Drivers can lock in low monthly payments by selecting up to 25% of their principal as a deferred down payment until the very last month of their loan. They can later use Federal and State tax credits to pay down their deferred payment.

  • Easy Application & Process: Applications take less than 5 minutes. Customers automatically see their loan offers after entering basic personal and vehicle information.

  • DIMO Rewards: DIMO users who successfully finance with Tenet will earn 50,000 testnet points for themselves. As a part of the agreement with Tenet, $200 for each user who converts will be paid to the DIMO treasury and distributed to users wallets upon DIMO network launch.

How to get started

Head to Tenet's website and create an account to start the process of saving money on your EV. From there, you’ll be able to use their interactive calculator to see how much you can save, and start the approval process in as little as 5 minutes.

If you’re still interested in learning more before diving in, we’ll jointly host a community event on Wednesday, 11/9 to hear from Tenet representatives, Orion Despo and Anand Prabhu, on what sets Tenet apart from other financing companies. Register here.

Here’s an example of how you can get a new Tesla Model 3 for less each month. See Tenet for more examples.


About DIMO

DIMO is a connected vehicle platform that doesn't come from your car maker, meaning it's on your side, helping you get access to the products and services that can actually save you money and improve your vehicle ownership experience. Connect your car today with the DIMO Mobile App or learn more at http://dimo.zone/.

About Tenet

Tenet is the leading climate financing platform, starting with electric vehicles. Tenet’s electric vehicle financing provides substantial savings by lowering monthly payments that lead to sustainable home electrification. Founded in 2021, Tenet is backed by Human Capital, Giant Ventures, Breyer Capital, Global Founders Capital, Firstminute Capital and additional angel investors. The company’s headquarters are in New York. For more information, visit www.tenet.com.

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FAQ - Full FAQ available here




  1. Final pricing and credit approval may be subject to additional terms, conditions and limitations. APR is the Annual Percentage Rate. Any rates and/or terms that are stated or quoted are dependent upon the applicant(s) excellent credit history and requested loan characteristics, including but not limited to Loan Amount, Term, collateral characteristics, and state of residence. Your final credit decision, interest rate and term will be based upon your credit profile, term of loan, your verified income and debt ratios, and the valuation of the vehicle being financed. Your final payment will be based on the amount you borrow, interest rate and term of the loan. Advertised and/or posted rates and credit decision criteria are subject to change without notice.

  2. Applicants who voluntarily choose the deferred payment option may defer up to 25% of the Loan Amount to the final payment period of the loan. The deferred amount will accrue interest according to a simple interest method at the stated APR. The total lifetime interest of a loan with a deferred option will be greater than the lifetime interest without the deferred option. A representative example and comparison between a 4.49% APR standard loan and deferred loan of $45,000 with an $11,250 (25%) deferred option and 60-month term are as follows: standard loan will have 60 payments of $838.73 with lifetime interest of $5,323.88. A deferred loan will have 60 payments of $671.14 with an additional $11,250 due at the time of the final payment, with lifetime interest of $6,518.53.

  3. Actual rates and terms will depend on the applicant’s credit quality, verified income, and the collateral being financed. For those with excellent credit, a Loan Amount of $55,000.00 with an Annual Percentage Rate (APR) of 4.50% with a 84-month Term will have a Monthly Payment of $764.51 with Total Finance Charges of $9,218.84 and Total Payments of $64,218.84 over the life of the loan. If the Deferred Payment Option is chosen, and the Deferred Amount is $13,750.00, there would be 84 Monthly Payments of $624.94 with a Final Payment of $13,750.00 at the end of the Term, with Total Finance Charges of $11,244.96 and Total Payments of $66,244.96 over the life of the loan.

Colin
Written by: Colin Knudsen

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