PSA - Tesla Financing: Resubmitting application pulls new hard credit inquiries

[CacsTech]

Had my original credit application expire with Tesla Financing last week. The team assured me that resubmitting the application would not be a “hard hit” to my credit, but that ended up not being true. Tesla ran my credit through three banks when they resubmitted my application. Just wanted to put this PSA out there for anyone not to be fooled by them.

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[UberNoob]

Well clearly one didn’t read this part on the start finance application button..

 

[CacsTech]

Well clearly one didn’t read this part on the start finance application button..

That prompt doesn’t state whether the credit checks would be hard or soft inquiries. I was okay with the additional credit checks, especially since the team stated it would not be a “hard hit” to my credit. That’s clearly not the case here. Also, it’s interesting how you don’t really know when the offer will expire, you just know it’s sometime between 30 and 60 days. There’s no confirmed date of expiration or warning.

 

[UberNoob]

Oh yea the expire part is bank dependent based on the terms of that bank. Tesla uses multiple banks and we will never know where the interest market is going to be week to week.

Sucks for the extra credit hits bc score drops each time and with insurance being partially based of that score, doubly whammy.

Best of luck brother.

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