Yes, mine has the vin # filled in and it's been there since I placed the order. Don't know why I have one assigned and you do not?
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.99% APR Financing Promotion (May 10 - May 31 2024)
- Thread starter Zer0Her0
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ucmndd
Well-Known Member
Because your specific config was already available in inventory in your region. That’s not a guarantee for every order.
You should be able to replace the $4200 with $0 and proceed with your application. That is what I did if you have the Federal $7500 incentive it gets applied as a partial down payment and the rest goes to your sales tax / payment at signing.
Have you already placed the order and doing the formal application or are you just entering numbers into the Tesla website?
I say above with the caveat that your experience may vary and could depend on your location, your credit, the current terms with the lender, etc...
Santander I believe is the lender Telsa is using for this promotion ; is for me.
Have you already placed the order and doing the formal application or are you just entering numbers into the Tesla website?
I say above with the caveat that your experience may vary and could depend on your location, your credit, the current terms with the lender, etc...
Santander I believe is the lender Telsa is using for this promotion ; is for me.
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The speed in which you will get assigned a VIN is 100% dependent on them having a matching car to your config. already made or not.
There may be one local to you so then you could get a VIN very quickly ; there could be one made not yet sent anywhere, planned to be sent to your area or in a nearby area then you should get a VIN fairly quickly OR they could have nothing matching made that could be sent to your area so you will have to wait for the next batch to be made ; could be another week ; could be 12 weeks you have no way to know. Telsa does not publish any sort of schedule on what they are currently making this week in terms of model, color, interior, etc...
I would not consider the end date of your given range to be any kind of time guarantee.
Totally out of your control and nothing you can do buy impatiently wait after placing your order. Until you get a VIN you can only wait.
Tesla does like to deliver cars before end of each quarter so can have decent expectation that for a recent or new order they will try very hard to deliver that car so you can pick it up by 6/30/24.
If you need something quick instead of using the build tool use the shop New inventory section of the website which will ask you for your zip code and find options you can get very quickly.
There may be one local to you so then you could get a VIN very quickly ; there could be one made not yet sent anywhere, planned to be sent to your area or in a nearby area then you should get a VIN fairly quickly OR they could have nothing matching made that could be sent to your area so you will have to wait for the next batch to be made ; could be another week ; could be 12 weeks you have no way to know. Telsa does not publish any sort of schedule on what they are currently making this week in terms of model, color, interior, etc...
I would not consider the end date of your given range to be any kind of time guarantee.
Totally out of your control and nothing you can do buy impatiently wait after placing your order. Until you get a VIN you can only wait.
Tesla does like to deliver cars before end of each quarter so can have decent expectation that for a recent or new order they will try very hard to deliver that car so you can pick it up by 6/30/24.
If you need something quick instead of using the build tool use the shop New inventory section of the website which will ask you for your zip code and find options you can get very quickly.
I agree this will be interesting. Tomorrow will have been a week since I submitted all of the info in the app for the trade but still no offer yet. I’m thinking that may be delaying the fix to the finance issue as well since they seem to be applying the whole loan amount to the down payment plus the tax credits and some other items like the wrong sales tax number due to no trade yet. It’s quite a system they have asking for confirmations before the numbers are ready. Oh well.
For the average buyer, the promotions cost Tesla roughly the same. If you plan to carry the loan to term, interest rate discount is the most favorable promotion for you. If you plan to sell the vehicle in several years, a price discount would be more lucrative.
ucmndd
Well-Known Member
Curious why you say that? In my opinion a straight up cash discount of equivalent value like they have been offering for the past few quarters would pretty much always be the most favorable option. The money is in your pocket at that point and you maintain all the flexibility down the road to pay off early, refinance, or sell while still getting the full value.
I’m honestly surprised how well this has worked for Tesla and how many people who WOULDN’T jump for a straight up $5k discount are tripping over themselves for this finance deal…
Let's say the base price of a Model Y is $50k and the total loan amount is $55k. At 0.99% for 60 months, you're paying $1.4k in interests. At 6.99%, the amount of interests is $10.3, a difference of $9k. The highest price discount before this was 10%, or $5.5k. $9k is quite a bit more than $5.5k.
ucmndd
Well-Known Member
I made essentially this same post on the first page of the thread. It was pointed out to me, and I tend to agree, that those are very rosy best case numbers.
The great majority of buyers are purchasing MYLRs and eligible for the tax credit, so most are financing something more like $45k all said and done. Tesla’s “normal” interest rate is 6.5% right now. At those figures the interest difference is more like $5-6k - right in line with the cash on the hood discounts that we’ve seen for the past few quarters with none of the uncertainty attached or needing to carry a loan to term to receive the full value. Imagine you crash and total your new car 3 months into the loan… all of those “savings” you were banking on are gone gone gone and your outstanding principal is thousands higher than it would be had you gotten a straight MSRP discount. Lots of risk.
You’ll come out ahead if you’re financing an optioned out MYP with 0 down. Less of a deal for MY RWD buyers.
I mean, clearly they’re doing this because people place different emotional values on different sorts of promotions… and it’s obviously working.
Using the #'s you have stated above interest on a 60-month loan @ 0.99 is $1,141, at 6.5% it's $7,828. Purchaser has the choice of the guaranteed $6,687 savings now or bet the end of quarter/ year savings will be greater. Additionally, the vehicle prices could actually increase or stay the same during this time frame, or how much will interest rates possibly decrease by years end. If you think rates will drop drastically by the end of year, go invest in a bank stock and make some real money.
ucmndd
Well-Known Member
Like I said, if you value a low interest rate and don’t mind the risk, this promotion is for you. Act now supplies are limited. Me, I’d take a $5k cash discount over $6500 in possible interest savings over 5 years pretty much every time.
I see essentially zero risk that incentives get lower for the last month of the quarter because I’ve watched Tesla do this for about 30 quarters now. They’re nothing if not predictable.
I see essentially zero risk that incentives get lower for the last month of the quarter because I’ve watched Tesla do this for about 30 quarters now. They’re nothing if not predictable.
Don't think I'm that dense, but who knows! What are you talking about 5k cash discount today? Vehicle prices are the same whether you pay cash or finance. If you're talking about savings due the $ charged to borrow $45,000 at 0.99 it's $1,141 total over the 60 months. Sorry, just don't get where you're coming from with the random $5k cash discount.
ucmndd
Well-Known Member
I’m just referring to the straight ~10% end of quarter inventory car discounts that Tesla has had on Model Y for the past 3 quarters. A discount off MSRP vs. a rate buy down.
.99% APR Financing Promotion (May 10 - May 31 2024)
THANKS! Yes - I forgot about those freezes. FIXED. Now, I can't find the entry channel for prequalification.
teslamotorsclub.com
Thanks! I re-did the application and changed it to $0. Did not realize I could do that. I am at the stage of applying for the loan. I have a car that I want with the VIN. There is a lot where I live with well over 100 Teslas and there are over 10 that are exactly how I want the car. I have been going over each one trying to pick the best one.
Spending considerable time going over the cars I can see what is common with the cars in terms of build.
Wait.. so are you physically Inspecting each of those 10 cars that are same configuration? Didn't think they let anyone do that?
Sounds like a fortunate situation for this buyer that in the exact config they want they have 10 of the same vehicle already made sitting in a lot near to him. In this case I am sure he did not ask and just spent an hour of his time inspecting them and then plans on telling Telsa exactly which VIN# he wants.
Not sure what location but around me this would never be the case. Too many different centers and all are on the small side so never have that kind of inventory.
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