Its for new model Y orders from May 10th to May 31st. No, you cant refinance through tesla for this rate.
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.99% APR Financing Promotion (May 10 - May 31 2024)
- Thread starter Zer0Her0
- Start date
Its for new model Y orders from May 10th to May 31st. No, you cant refinance through tesla for this rate.
Does anyone how much I need to put down with this offer? In the downpayment field I put $0, but then it shows XXX due at signing. I qualify for the Federal Tax Credit.
| Financing Payment | $789 /mo |
|---|---|
| Vehicle Price | $53,490 |
| Destination Fee | $1,390 |
| Order Fee | $250 |
| Est. Non-Tesla Fees | |
| Registration Amount | $312 |
| Tire Fee | $7 |
| Electronic Reg/Title Filing Fee | $33 |
| License Fee | $357 |
| Sales Tax | $5,513 |
| Est. Total Vehicle Price | $61,352 |
| Est. Amount Financed | $55,130 |
| Est. Due at Signing | $6,222 |
| Federal Tax Credit1 | -$7,500 |
| Est. gas savings | $100 /mo |
| After Probable Savings | $585 /mo |
|---|---|
| After Federal Tax Credit1 | $685 /mo |
It is a good deal if you are financing most of the payment. For cash or mostly cash buyers not so much (even if cash buyers can get 5%+ using treasury/savings/cd, they still have to pay tax on interest etc.).
Additionally, Tesla typically have much higher discounts closer to end of quarter. Nothing is guaranteed but don't see how they can make deal worst closer to end of June.
If you notice they put May31st as deadline to get as many sales as they can. They will come up with something Different in late June. Likely better, but no guarantee.
Inventory discounts, preferably on top of some sort if financing offer.
But who knows what Tesla will do, it a guessing game. If they sale a lot with 0.99%, they may not do much more. But history says end of quarter is typically best deal.
Yeah it does (tend to come at the end of a quarter), especially since Tesla has, for quite some time now (years), completely ignored the "everyone pays the same price" stuff that was part of the sales pitch in 2018 when I bought my car.
ucmndd
Well-Known Member
Doing the math: At current prevailing auto loan interest rates (about 6.5%) this incentive is worth approximately $9,000 if you finance $50k for 72 months.
For those keeping score, that’s roughly the same discount we’ve seen every quarter now for the past 2-3 quarters.
In other words - same is same. This is just a different flavor of discount trying to incentivize a different subset of fence sitters, but the bottom line hasn’t really changed.
For those keeping score, that’s roughly the same discount we’ve seen every quarter now for the past 2-3 quarters.
In other words - same is same. This is just a different flavor of discount trying to incentivize a different subset of fence sitters, but the bottom line hasn’t really changed.
Note that the deeply discounted model shown in posts 3 and 4, above, are 2023’s, not 2024’s
Correct. Saw that after looking at the details. Not sure why they still have those.
I’m seeing inventory discounts of over $4000 right now, with the 1% financing. Seems like a good deal.
To be clear, the discounts seem to only be on 2023 vehicles. Any downside besides a little worse resale in the future?
ucmndd
Well-Known Member
The leftover 2023 RWDs are not eligible for the tax credit, so look carefully if that’s important to you.
You said "posts 3 and 4" and post #4 is mine. The car in post #4 is a 2024 model Y from Teslas website, and the purpose of that picture is not pricing, but the verbiage around the financing offer.
WHAT THE HELL?!?!?
We are very senior citizens - fully retired. Our FICO is 842 and we have huge surplus income from pensions plus a substantial investment portfolio. I've been thinking of buying for cash, but we see about 6% net from investments so actually make money from the 1% financing option.
However, when I tried to prequalify for a MYRWD today, I was declined!
AGE?
We are very senior citizens - fully retired. Our FICO is 842 and we have huge surplus income from pensions plus a substantial investment portfolio. I've been thinking of buying for cash, but we see about 6% net from investments so actually make money from the 1% financing option.
However, when I tried to prequalify for a MYRWD today, I was declined!
AGE?
That is crazy to think someone with significant assets (assuming), would get declined. My guess would be that they are looking at regular income? But again you do have pensions... no clue.
You dont expect any of us to know why this is... right? This is a Tesla fan site, but no one has inside information on Teslas credit approval process here.
Credit rating doesn’t really make a difference once you’re past their threshold. Technically illegal to deny purely on advanced age (but legal to do for young age), but they are allowed to deny based on correlated factors. If I had to guess it would be income and employment status triggering the denial.
Did you put a freeze on your credit? That's what happened to me. I was getting denied on the pre-qualification form until I did a thaw on my credit (Equifax, TransUnion, Experian)
I forgot about that, but yeah that has happened to me too. I have had my credit frozen for years, and I dont apply for credit much. Whenever I do, invariably it gets declined, or, the vendor will get "declined, credit frozen) or something like that. I have to go in and do a temp unfreeze.
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