0.99% for 72 months, Bad experience

[nyseman]

Has anyone ever been approved for financing at 0.99% but only at 60 instead of 72 months? This is for a loan of 10% down.

I placed a custom order for a Model X 100D (Fully loaded) at the beginning of the month (September 4th). When I placed the order for my specific build, the Design page showed 0.99% at 72 months.

<Drama left out for another time>

Fast forward to the day before delivery, I'm told they can only do 0.99% at 60 months. The Design page still shows 0.99% for 72 months. (My FICO is over 800)

 

[dailo]

Which bank? Didn't have any issues with TD.

 

[boaterva]

No issues with Alliant and this sort of thing was why I got approved separately before I ordered. Know it doesn’t help your issue, and weird it changed at the last minute. I believe Alliant’s criteria for 0.99 and 72 are FICO over 750.

 

[nyseman]

Which bank? Didn't have any issues with TD.

One of the banks that quoted was TD.

 

[Tuanrx]

No issues with Alliant here. Just got approved yesterday for 72 months .99% on a new model x 75D. 5k down only.

 

[cantbechanged]

+1 for Alliant here too.

 

[NewTMSMan]

Been approved twice (Model S and Model X) in the past 4 weeks for 72 months, but put decent chunks down on both ($74k on the S and $88k on the X).

 

[Bonlaw]

Alliant .99% for 72 months. Small down and got the gap insurance. Second Tesla purchase with Alliant. Approval in minutes and very easy to work with.

 

[cwerdna]

Fast forward to the day before delivery, I'm told they can only do 0.99% at 60 months. The Design page still shows 0.99% for 72 months. (My FICO is over 800)

While I agree that bait & switch is annoying, but if there are affordability issues w/the 60 month loan vs. a 72 month, then (don't mean to offend, BTW) perhaps it's a sign you can't afford the vehicle?

 

[modamoda]

Note: they adjusts interest rate each quarter. So you probably not able to get 0.99% if you order today.

 

[PARNY]

Alliant will pre approve and lock in for 60 days. i dealt with Andres Torres . His contact is [email protected] D: 773.462.2168

 

[boaterva]

Note: they adjusts interest rate each quarter. So you probably not able to get 0.99% if you order today.

Actually if you applied *today* you could. You could apply on September 30 and it’s good for 60 days.

Beyond that be interesting to see what happens starting in October!

 

[sbportech]

I also was only able to get the .99 for 60mo, I have a 800 score also, only bumped the payment a few hundred so not a big deal. .99% is still cheap money on a $100k loan

 

[nyseman]

No issues with Alliant here. Just got approved yesterday for 72 months .99% on a new model x 75D. 5k down only.

While I agree that bait & switch is annoying, but if there are affordability issues w/the 60 month loan vs. a 72 month, then (don't mean to offend, BTW) perhaps it's a sign you can't afford the vehicle?

There are plenty of reasons why 72 makes more sense than 60 months without regard to affordability. I'm sure there are owners who can by a fleet of Tesla's in cash but they're still inclined to finance, especially at 0.99% because their cash earns more interest elsewhere.

My reason is that Tesla Finance informed me they don't offer gap. My car insurance offers new vehicle replacement but not gap coverage for only the first 3 years. Without having to explain too much, it's more beneficial to spread out the loan over 6 years instead of 5.

 

[nyseman]

I also was only able to get the .99 for 60mo, I have a 800 score also, only bumped the payment a few hundred so not a big deal. .99% is still cheap money on a $100k loan

My biggest problem is that given our high FICO, we should have qualified for their best advertised terms. In this case, we should have gotten 0.99% at 72 months. Otherwise, Tesla should have posted 60 instead of 72 months on their Design page.

I'm sure plenty of owners here can relate to the multitude of things Tesla advertises versus what they actually got. In some cases, the owner got the shorter end of the stick.

 

[Product_Guy]

I was approved for .99% at 60 months but 3.39% at 72 months. I opted for 60 months.

 

[doctheseus]

I actually got turned down for 0.99% insurance with 10% down, then they emailed me an hour later that I got approved for for 0.99% for 60 months and 3.64% for 72 months. my score has been 800+ and got a Volvo XC 90 for 1.49% for 72 months without any problems 2 years ago..

 

[GaryW]

I had no problems. I was offered .99, I accepted it, I signed and closed the deal at .99. I did not plan to get a car loan, but Carol told me not to sell any Tesla stock.

 

[boaterva]

Hm.. Alliant also offers Gap protection. Another reason to use them directly perhaps and not whoever Tesla picks when you go through them. Very weird how you all got declined for the best deal with good FICO.

 

[tllt]

I was recently able to get the 0.99% for 72 months at 100% financing with US Bank through Tesla.