0.99% for 72 months, Bad experience

[nyseman]

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

It might be that when you apply through Tesla you get 60 or 72 months depending on which bank they decide to use. For me and several other people who got 60 months, it had to do with a particular bank.

In either case, Tesla shouldn't be advertising 72 months when it's not available for everyone, irrespective of good credit scores.

 

[tllt]

Were you able to ask them to try a different bank? When I first applied through them and got the approval, they wanted 10% down, but I wanted to do 100% financing and asked if they could do that with the current or different bank. The two approvals were from two different banks.

 

[VladB]

$2500 down. Got approved for over 100K for 72 months .99%. Filled application at the end of August.
No issue at all.

 

[JCB_Arizona]

Ordering today and 0.99% still available. Good news for all!

 

[Musterion]

In either case, Tesla shouldn't be advertising 72 months when it's not available for everyone, irrespective of good credit scores.

To be fair, it does say right below on the same Design Studio page under Tesla Lending: “On approved credit. Not all customers will qualify.” They also say “Available in all states” (unlike leasing) which I interpret means the 72 month 0.99% option quoted under loan pricing tab.

EDIT: I just realized you are the OP. Did you ask them to go to another of the 4 banks? In my case the first bank they went to was US Bank who offered up to 100% financing at 0.99% for 72 mo. I asked them why the Tesla loan calculator had a “max” option that went beyond that and they said US Bank was capped at 100%, so they then went to Chase who offered 105% financing with same terms.

 

[Xtek]

I got 90% financed through Chase via Tesla @ 0.99% for 72 months. However, I'll point out after talking with their finance department that your score helps but they really prefer if you have had an "expensive" car payment in the past, they put much more weight into that. What is on the design studio does have a caveat that approval is a contingency for the stated loan.

As an aside while your FICO might be 800 note that there are a total of 9... yes 9 different Auto FICO variants. Each credit bureau has 3 variants and depending on the lender you don't know which they're going to use. Auto FICO scores have a range of 250 to 900. Not only that they can vary WILDLY from your "normal" FICO score. One of my Auto FICOs is 90 points below it's respective FICO. Another is 40 more.

 

[T3xrr]

I did a 96 month option through my local CU. nice low payment and I can make larger payments if need be.

 

[Super_Popular]

I miss the days of .99% for 84 months. How I miss 2013.

 

[iericks]

I got 90% financed through Chase via Tesla @ 0.99% for 72 months. However, I'll point out after talking with their finance department that your score helps but they really prefer if you have had an "expensive" car payment in the past, they put much more weight into that. What is on the design studio does have a caveat that approval is a contingency for the stated loan.

As an aside while your FICO might be 800 note that there are a total of 9... yes 9 different Auto FICO variants. Each credit bureau has 3 variants and depending on the lender you don't know which they're going to use. Auto FICO scores have a range of 250 to 900. Not only that they can vary WILDLY from your "normal" FICO score. One of my Auto FICOs is 90 points below it's respective FICO. Another is 40 more.

That is probably it. When i was shopping for my weekend toy car, my loan agent brought that up. She said it is a little harder for people to get a loan for an exotic if they have only had a "honda or toyota" payment. It's like they want you to work your way up to these large car notes.

For our Model X, we did 105% financing at 0.99 for 72 month.

 

[Xtek]

That is probably it. When i was shopping for my weekend toy car, my loan agent brought that up. She said it is a little harder for people to get a loan for an exotic if they have only had a "honda or toyota" payment. It's like they want you to work your way up to these large car notes.

For our Model X, we did 105% financing at 0.99 for 72 month.

Yup, probably it. I just bought a fairly expensive house in the Seattle area so my credit took quite the hit but I've had an Audi S6 payment the last 3 years so I was approved in a matter of minutes with Tesla.

 

[Itsajyaknow]

I got 72months .99 from US Bank. No issues. Got it two weeks ago.

 

[iericks]

I got 72months .99 from US Bank. No issues. Got it two weeks ago.

it seems like you've had it longer than two weeks.

 

[ahkahn]

I got .99 at 72 mos with TD. No issues at all....

 

[Itsajyaknow]

it seems like you've had it longer than two weeks.

I got it 9/22

 

[Itsajyaknow]

I got it 9/22

Time flies