Let’s Talk Finance

[Ward L]

I ordered the FSCT AWD on 12/31. I’ve filled out all the paperwork and have been approved for financing on 1/12/24. My terms are 6.59%, $18k down, 72 months, $1,555/month through Chase Bank. I completed everything fairly quickly to avoid the possibility of delays. The original offer was $8k down. I’m curious what other’s finance offers are. I don’t want to show up to pick up my FSCT and find out my interest rate is a little higher. Did others experience a similar increase in down payment? I plan to call Tesla today and see what the salesperson knows, but don’t expect much. There are hopes of interest rates declining but doubt that will change much this year.

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[Celiboy]

I’m not sure why your down payment amount would change. I have gone through my credit union for the three I’ve had so far and never had the agreed upon terms change. Did you do Tesla financing who sent you through to Chase Bank? Either way that’s a significant difference. Good luck.

 

[edc]

One thing I can say don't do financing till you get a VIN. If you don't get it in time you'll have to reapply and they pull credit again so you get a worse rate.

They also use wells fargo, chase bank, etc. Check out the private banks like DCU. There's another one that offers lower rates as well as discounts on ev purchases.

If you go through tesla finance you can put more down and pay off whenever you want without any penalty

 

[Ward L]

I’m not sure why your down payment amount would change. I have gone through my credit union for the three I’ve had so far and never had the agreed upon terms change. Did you do Tesla financing who sent you through to Chase Bank? Either way that’s a significant difference. Good luck.

Yes, this financing is with Tesla

 

[Celiboy]

Yes, this financing is with Tesla

Ok. Hopefully some of the other people who financed through them can respond. Sounds unusual.

 

[Ward L]

One thing I can say don't do financing till you get a VIN. If you don't get it in time you'll have to reapply and they pull credit again so you get a worse rate.

They also use wells fargo, chase bank, etc. Check out the private banks like DCU. There's another one that offers lower rates as well as discounts on ev purchases.

If you go through tesla finance you can put more down and pay off whenever you want without any penalty

I would certainly want the ability to pay off anytime without penalty. Maybe I should start reading the fine print. WILMA! WHERE ARE MY GLASSES????

 

[hridge2020]

Does IOU work anymore??

 

[jookyone]

I just financed my Model X thru Tesla (it went to Chase) and terms were similar. The down payment changes because Tesla finance has a max loan limit on what they will finance. Taxes and all that crap make the price $XXX,XXX and they ask for the required down payment to get to whatever amount the sub lender is willing to loan (and a rate you are willing to accept).

 

[Ward L]

Does IOU work anymore??

Maybe with the bank of Mom and Dad!

 

[Darth abbott]

One thing I can say don't do financing till you get a VIN. If you don't get it in time you'll have to reapply and they pull credit again so you get a worse rate.

They also use wells fargo, chase bank, etc. Check out the private banks like DCU. There's another one that offers lower rates as well as discounts on ev purchases.

If you go through tesla finance you can put more down and pay off whenever you want without any penalty

Can confirm Tesla corporate confirmed this to me that you should not fill out financing until VIN is assigned. And that doing so will not cause any delays in delivery. Hopefully we all get them before 60 days but that's unlikely.

 

[SolarWizard]

The best Rates will be in the mid 5s in a few months. If thats really a pain point for you the best strategy is to wait

 

[Ward L]

I’ll have to check my credit score since the application. If Tesla thinks you should not apply for a loan until u get your VIN, the app should not allow loan application before they have your VIN.

This is good to know. are any others willing to share their finance info?

 

[Ward L]

Checked credit score just now dated after the FSCT loan credit check and my score went up 1 point. I think they like me. It updates again on 1/20.

 

[CyberNickOH]

I did Tesla just for ease of moving along. Doing another credit pull is just a soft pull, doesn’t impact rating. 6.59 for 72 with 50k down. I will almost certainly refinance to my bank, which I did on my Bronco a few months ago and got 5.5x%. I didn’t even make a payment on that Bronco before I refinanced. 2 months after I picked it up before I made a payment.

 

[Ward L]

I did Tesla just for ease of moving along. Doing another credit pull is just a soft pull, doesn’t impact rating. 6.59 for 72 with 50k down. I will almost certainly refinance to my bank, which I did on my Bronco a few months ago and got 5.5x%. I didn’t even make a payment on that Bronco before I refinanced. 2 months after I picked it up before I made a payment.

This is really interesting to me. Even though I am pretty old, I have financed a new vehicle only once and it was paid off 3 months later. Never occurred to me to refinance a car. I suppose u need to do it quickly before it depreciates too much.

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