Redo loan offer

[Ckliethe]

So yesterday I logged into my app still waiting on a VIN (set up my order in the end of December) and I saw my loan offer "expired". When I redid it the apr went from 6.xx to 8.xx percent. Is this going on for others? Seems pretty shady to me. I understand the economy isn't necessarily booming with low interest rates but why would my initial offer expire and get a worse one only because I'm still waiting for my truck.

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[Gurule92]

Unfortunately the offers only last a set time. Probably for this exact reason. They don't want to get stuck giving you a better rate, when rates went up. I haven't checked the advertised rates. But 8 sounds higher than the high one.

Did your credit change?

 

[Ckliethe]

Nah. Credit has been 820 to 840 consistently.

 

[Speedr]

@Ckliethe, reach out to them. I'm sure they'll switch it to a bank with a similar interest rate. They always get multiple banks/offers, and sometimes it'll roll off one to another, which is worse.

 

[Woodrick]

So yesterday I logged into my app still waiting on a VIN (set up my order in the end of December) and I saw my loan offer "expired". When I redid it the apr went from 6.xx to 8.xx percent. Is this going on for others? Seems pretty shady to me. I understand the economy isn't necessarily booming with low interest rates but why would my initial offer expire and get a worse one only because I'm still waiting for my truck.

No conspiracy theories here. If you look at your loan offer, it does have a time limit. This is the exact same process that all Tesla vehicles have. It just seems as if the cost of money went up.

 

[jf64k]

OP, the rate/terms almost always have a lock period of 30-90 days (depending on the lender).

Now, why your rate went up now might have to do with something the new lender saw in your recent financials, or you just got a lender with higher rates than the last one.

With all that said, with good credit and income, I think 8% is too high.

I’ve heard rumors of Tesla getting ready to offer low or zero % financing (but probably not for CT, haha!!).

 

[Woodrick]

No conspiracy theories here. If you look at your loan offer, it does have a time limit. This is the exact same process that all Tesla vehicles have. It just seems as if the cost of money went up.

And if you wait until you get your VIN, you should be able to apply again. Of course you may want to check the interest rates and see if they are up or down.

 

[asriggs1987]

Don’t go through Tesla financing. Much better rates are available elsewhere. I just got 5.89 for 72 months through Pentagon Federal

 

[OUTLAW]

Navy Fed 5.29 for 72….
holding off applying for this thread topic.

 

[SmittyVegas]

My Navy offer expired as well. I will wait until I know arrival time for my CT

 

[jf64k]

University of Illinois CU has 4.99% up to 75 months (730 or higher). 110% LTV max.

Super easy to join and very friendly staff.

Auto Loans - U of I Community Credit Union (uoficreditunion.org)

 

[Ashton23]

So yesterday I logged into my app still waiting on a VIN (set up my order in the end of December) and I saw my loan offer "expired". When I redid it the apr went from 6.xx to 8.xx percent. Is this going on for others? Seems pretty shady to me. I understand the economy isn't necessarily booming with low interest rates but why would my initial offer expire and get a worse one only because I'm still waiting for my truck.

Same here-with 800 plus FICO

 

[HelfFL]

My approval also expired before I took delivery. When I reapplied, I got a ridiculously unacceptable loan approval from a different lender. I called Tesla and they processed with a different lender (Wells Fargo) and my loan and terms were actually better than my original approval. So definitely reach out to Tesla as they have several lenders that are providing the CT financing. But as others suggested, wait until closer to delivery because otherwise you risk another commitment expiration and each app is a hard pull on your credit.

 

[rbalkun]

Don’t apply for financing until you get a VIN, it doesn’t matter what your credit score is, when the bank goes to look at your credit report and sees multiple hard pulls in 6 months you are going to keep getting worse offers.

 

[Woodrick]

Don’t apply for financing until you get a VIN, it doesn’t matter what your credit score is, when the bank goes to look at your credit report and sees multiple hard pulls in 6 months you are going to keep getting worse offers.

It doesn't appear as multiple pulls.

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