Foundation Series purchase using Tesla Finance?

[TwiztOG43]

interesting. Is there a reason why one wouldn’t wait to hear from Tesla first before advising if one is going with cash or finance?
Does waiting somehow knock you back in line?

Not sure, but this is an ongoing problem with Tesla’s online ordering. During the beginning 2022, I had an order in for a Performance Y and and existing MYLR7 order from 2021.

Put both down as cash since I did not receive a VIN and the estimated delivery was months away. Had a co-worker put in an order as well, but they put down finance. Lo and behold they were approved. However, their delivery date estimate was more than 4-6-months out. Their initial approval expired, and had to reapply for financing once they were called by a local Tesla representative that their vehicle was ready for delivery.

When I was informed my vehicles were ready, in both instances, it was not a problem changing last minute. Honestly, your car is pretty much earmarked to you once a VIN is assigned, irregardless of paying full price of the car in cash, having financing ready or not.

It will just go to the next person who is in the Tesla service center area with the same build as you if everything falls through financially.

Again. How do you know this?

Tesla does not provide financing. They use other banks such as Wells Fargo. It is also noted on their FAQ.

https://www.tesla.com/support/financing-your-vehicle#third-party-financing

“Obtain financing approval. As your delivery date approaches, we will prompt you to apply for financing. Approvals are typically valid for 30-60 days depending on your lienholder’s policy”

My first house was $72,000 at 6.5 percent on a VA loan. Financing a Cybertruck would be more than that. That blows my mind a little bit. At one point I had 65k in carloans and was shelling out $1,500/month in payments. It was painful but it didn't hit that magic $72k threshold. I know that many of you make scads more than I ever will. But a 90k loan for a car makes my stomach hurt.

It’s all relative, in some parts of the country, there are 70k homes, where others your median is close to 500k. Also, some people just have expensive taste or just bad with money.

Personally, I do not have the cash to pay for the truck up front, but having excellent credit helps with a sizable down payment. However, cars are my hobby. Before owning Teslas, I would be modifying cars left and right, spending way more money than I should. Was it financially smart? No, but it made me happy. As long as I could still afford the other things in life I made it work.

Transitioning to EVs, even though the monthly payment were higher, all the other expenses were much less such as running costs. And considering there is not much left to modify besides the basic stuff you see overly done on YouTube such as wraps, wheels and useless accessories that were essentially rebranded from Chinese sellers on Alibaba.

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[Woodrick]

Tesla financing and trade-ins make the whole process easier.
You can go ahead and do everything now. Financing may only take minutes to approve. Trade-ins a little longer.
They both may expire before the vehicle is ready, it's a simple process to refresh.
If you get everything completed, then your car gets marked as ready for assignment, which means that a VIN can be assigned to you.

Also know the number needed to call your insurance to get a vehicle added, you will need to do this day of delivery, at the delivery center.

Yes there are other ways, but this is the easiest and focused on getting that vehicle to you ASAP.

AFAIK, if you don't answer the questions in the app, you will not be marked as ready for assignment.

This process isn't new, it's used for the other cars as well.

 

[CyberJerry]

Tesla financing and trade-ins make the whole process easier.
You can go ahead and do everything now. Financing may only take minutes to approve. Trade-ins a little longer.
They both may expire before the vehicle is ready, it's a simple process to refresh.
If you get everything completed, then your car gets marked as ready for assignment, which means that a VIN can be assigned to you.

Also know the number needed to call your insurance to get a vehicle added, you will need to do this day of delivery, at the delivery center.

Yes there are other ways, but this is the easiest and focused on getting that vehicle to you ASAP.

AFAIK, if you don't answer the questions in the app, you will not be marked as ready for assignment.

This process isn't new, it's used for the other cars as well.

Agreed, that’s why I did Tesla finance and got approved, now app tells me to wait for the next steps

 

[Tmoney]

Tesla financing and trade-ins make the whole process easier.
You can go ahead and do everything now. Financing may only take minutes to approve. Trade-ins a little longer.
They both may expire before the vehicle is ready, it's a simple process to refresh.
If you get everything completed, then your car gets marked as ready for assignment, which means that a VIN can be assigned to you.

Also know the number needed to call your insurance to get a vehicle added, you will need to do this day of delivery, at the delivery center.

Yes there are other ways, but this is the easiest and focused on getting that vehicle to you ASAP.

AFAIK, if you don't answer the questions in the app, you will not be marked as ready for assignment.

This process isn't new, it's used for the other cars as well.

This somewhat makes sense, but your mentioning of The simple process to “refresh” means another ding on your credit profile which I’m not a fan of.
It just doesn’t make sense to me to have your credit take a hit when a vin has yet to be assigned just because people say “it may” push you ahead in line.
Seems more of a theory than facts.

I’m just going to hold off and only apply for financing when I get additional movement on the app.

 

[rizvend]

I submitted it, but all my credit scores are locked, so they can’t check it now anyway. The app still says pending. Maybe they don’t even try to run credit until closer to your delivery?

Sounds like a gamble in retaining your spot but if it works, let us know.

 

[CTFS2024]

From what I learned when ordered MYP, we marked as cash, when your EDD is getting close, you can apply for financing. If you don’t finish the process, your order stays in limbo. My 2cent advise, put as cash for now.

 

[Derektsla]

From what I learned when ordered MYP, we marked as cash, when your EDD is getting close, you can apply for financing. If you don’t finish the process, your order stays in limbo. My 2cent advise, put as cash for now.

Thanks, that makes sense. It sat at pending for a while, so it was probably holding things up. I changed to cash and the message went from “finish to avoid delays…” to “We’ll notify you when it’s time…”

I appreciate the helpful advice! Back when I ordered my X, 5 years ago, you didn’t do anything in the app.

 

[Tmoney]

From what I learned when ordered MYP, we marked as cash, when your EDD is getting close, you can apply for financing. If you don’t finish the process, your order stays in limbo. My 2cent advise, put as cash for now.

smart move! I’m going to follow suit.
thx for the tip.

 

[Woodrick]

This somewhat makes sense, but your mentioning of The simple process to “refresh” means another ding on your credit profile which I’m not a fan of.
It just doesn’t make sense to me to have your credit take a hit when a vin has yet to be assigned just because people say “it may” push you ahead in line.
Seems more of a theory than facts.

I’m just going to hold off and only apply for financing when I get additional movement on the app.

Something tells me that the effectively identical request won't make a ding on your credit.

 

[swengl]

Just curious: for anyone paying "cash" what method(s) did Tesla allow for payment? (i.e. wire transfer, Zelle, cashier's check, etc) I'm trying to get ready for the CT payment and need to make sure my money is in the right place before getting the final notification that payment is due. Thanks!

 

[Sjohnson20]

Tesla has a way to enter the bank info into their site if I remember correctly and you can send them the down payment or full amount

 

[Woodrick]

Just curious: for anyone paying "cash" what method(s) did Tesla allow for payment? (i.e. wire transfer, Zelle, cashier's check, etc) I'm trying to get ready for the CT payment and need to make sure my money is in the right place before getting the final notification that payment is due. Thanks!

Bank transfer or cashier's check or probably the most common.

If you are getting loan from third party, ask them how they do it, they've probably worked with Tesla before.

 

[Ward L]

I applied for a Tesla loan and Chase Bank called to get details some time ago. I was approved the next day on the Tesla app, but had to put down more money. I bank at Chase. When I look at my Chase account, there is no mention of my car loan offer. Couple of days ago I received two strange letters from Chase that were nearly duplicates. They both start off saying "we're unable to approve an account for you at this time". It goes on to say "our decision was based on the following reasons: insufficient down payment or negative equity". The next paragraph says "We can offer you credit on the following terms: $92k and 72 months." The approved loan matches the offer I was given on my phone. They wanted more down payment. The declined loan had a $8k down, the second, approved loan has a $18k down payment. THEN, the letters say this offer expires 10 days after the date of this letter, January 22. The loan offer expires February 1. Hey Elon, please deliver my truck tomorrow!

Another funny thing about the two letters, one letter said my credit rating was 853 and the other letter says 854. When I go on my Chase app, it says my credit rating is only 829. No matter, I found a credit union that offers better interest rates anyway.

Two more letters today from TD Auto Finance, one to wifey and one to me. My credit rating was 853 and wifey was 857! Then there is a list of key factors that adversely affected your credit score. One of the problems was "Lack of recent auto loan information". TD Auto Finance declined my application because "Insufficient Comparable Auto Credit". Yeah, I've never had an auto loan. Not quite true. In 1991 I had an auto loan for 3 months, my bad.... What happened to that old joke you couldn't get a loan unless you could prove to the bank you didn't need it?

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