Happy Ending - Tesla doubled my down payment at the 11th hour to $52,000

[Dietzj]

Tesla doubled my down payment at the 11th hour to $52,000.

After waiting for three years with my CyberTruck reservation, and
upgrading to a founder series to move up in line, I’m now scheduled to pick up my foundation series cyber truck in Orlando tomorrow.

Unfortunately, my iphone has been in the shop since last Tuesday so I have not been able to access my Tesla app for 5 days. Just got into the app tonight, and was shocked to find out that my $23,000 down payment has grown to over $52,000.

Enough is enough.

Even though we are already a two Tesla family, and I’m a longtime Tesla stock owner, and supporter of Elon musk as an entrepreneur, I Can’t accept their latest bait and switch.

The way this company is run now has just turned me off. Products are great, but horrible management direction at the top, and worse customer relations.

I’m gonna go tell them they can sell my Cybertruck to the next person in line. and that I’m going to stop in at the local TV news station and share my story.

Has anyone else had a down payment surprise like mine?

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[Mini2nut]

Visit your local SC and speak to someone first. You are financing through a 3rd party, not Tesla

 

[AlmostHuman]

How can they just double the down payment? Didn’t you have to put the down payment amount in when you did the loan approval part? Hope it gets worked out.

 

[Wraven]

Its more accurately the loan underwriter that Tesla partners with has reviewed your data and that was the best offer available the underwriter was willing to give. Tesla is not a bank, you are not getting a loan from "Tesla" so speaking to anyone at a Service Center as mentioned above is not going to do anything. Call and talk to their finance department if you wish, but you might want to seek a loan elsewhere to see if you are receiving the same sort of offers based on your data.

 

[jerhenderson]

Tesla doubled my down payment at the 11th hour to $52,000.

After waiting for three years with my CyberTruck reservation, and
upgrading to a founder series to move up in line, I’m now scheduled to pick up my foundation series cyber truck in Orlando tomorrow.

Unfortunately, my iphone has been in the shop since last Tuesday so I have not been able to access my Tesla app for 5 days. Just got into the app tonight, and was shocked to find out that my $23,000 down payment has grown to over $52,000.

Enough is enough.

Even though we are already a two Tesla family, and I’m a longtime Tesla stock owner, and supporter of Elon musk as an entrepreneur, I Can’t accept their latest bait and switch.

The way this company is run now has just turned me off. Products are great, but horrible management direction at the top, and worse customer relations.

I’m gonna go tell them they can sell my Cybertruck to the next person in line. and that I’m going to stop in at the local TV news station and share my story.

Has anyone else had a down payment surprise like mine?

Hahahahaha you are blaming Tesla for this? And as bait and switch ? Haha

 

[jerhenderson]

How can they just double the down payment? Didn’t you have to put the down payment amount in when you did the loan approval part? Hope it gets worked out.

They can't. This is either a screw up on his part or the bank.

 

[jf64k]

How long has it been since loan approval? Most banks are 30-60 days, then the terms can change.

Also, they can absolutely change the terms if your financial situation materially changed after approval (income, other loans taken out in the interim, credit card debt way up, etc).

Finally, Tesla isn’t lending you the money, one of their partner banks is (Chase, BofA, Wells Fargo, etc). Their partner banks have their own underwriting criteria.

Apply with a Credit Union or your own bank. They will often match or beat Tesla’s partner financing.

Good luck!! Don’t give up so easily, the CT is worth the wait.

 

[rizvend]

Tesla doubled my down payment at the 11th hour to $52,000.

After waiting for three years with my CyberTruck reservation, and
upgrading to a founder series to move up in line, I’m now scheduled to pick up my foundation series cyber truck in Orlando tomorrow.

Unfortunately, my iphone has been in the shop since last Tuesday so I have not been able to access my Tesla app for 5 days. Just got into the app tonight, and was shocked to find out that my $23,000 down payment has grown to over $52,000.

Enough is enough.

Even though we are already a two Tesla family, and I’m a longtime Tesla stock owner, and supporter of Elon musk as an entrepreneur, I Can’t accept their latest bait and switch.

The way this company is run now has just turned me off. Products are great, but horrible management direction at the top, and worse customer relations.

I’m gonna go tell them they can sell my Cybertruck to the next person in line. and that I’m going to stop in at the local TV news station and share my story.

Has anyone else had a down payment surprise like mine?

Sounds like you've had a phone mishap and are trying to blame it on the company on an impulse. Breathe, calm down and think this through or you might end up with a defamation lawsuit on your lap.

 

[Jager]

Math is math. And in this case, not particularly hard math. And even if that's too much of a stretch, there are countless online loan calculators... all of which easily describe how down payment, interest rate, and loan term relate to each other.

Just joined forum, first message, and an iPhone which has been "in the shop" for five days. I'd say there's more than a little bit suspect here.

 

[Balthezor]

Buyers remorse on that deposit!

 

[CyberTruckeeTheOne]

Tesla doubled my down payment at the 11th hour to $52,000.

After waiting for three years with my CyberTruck reservation, and
upgrading to a founder series to move up in line, I’m now scheduled to pick up my foundation series cyber truck in Orlando tomorrow.

Unfortunately, my iphone has been in the shop since last Tuesday so I have not been able to access my Tesla app for 5 days. Just got into the app tonight, and was shocked to find out that my $23,000 down payment has grown to over $52,000.

Enough is enough.

Even though we are already a two Tesla family, and I’m a longtime Tesla stock owner, and supporter of Elon musk as an entrepreneur, I Can’t accept their latest bait and switch.

The way this company is run now has just turned me off. Products are great, but horrible management direction at the top, and worse customer relations.

I’m gonna go tell them they can sell my Cybertruck to the next person in line. and that I’m going to stop in at the local TV news station and share my story.

Has anyone else had a down payment surprise like mine?

Welcome to their bait-and-switch.

My bait was $11,000 downpayment with 6.45% interest rate with my 813 to 830 credit score. I accepted and they confirmed.

When I got my CT ready, it became $30,000 downpayment with interest rate of 7.5%.

I was so pissed off I ended up paying cash.

I know it's 3rd party but Tesla should be able to police their partners and they get rebates from the financing.

But then Elon is too busy on something else.

It might not be too late to approach credit unions although I find them too bureaucratic in credit review process. I have high income with proof from my stock broker but which is not hitting my tax returns yet as I only withdraw the minimum of what I need. But their report came back that "my income is below... payables". Logic escapes them that I am meeting and paying my obligations promptly and that is why I have an outstanding credit score.

 

[carsly]

you’re not obligated to use Tesla financing. Shop around with credit unions and banks and see what they offer. Can always postpone delivery a few days while you evaluate alternatives.

 

[mark555055c]

None of this is Tesla's problem or fault.

If a bank is requesting you double your down payment, then they don't like your credit. You can either go with it or find a new lender.

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