-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
.99% APR Financing Promotion (May 10 - May 31 2024)
- Thread starter Zer0Her0
- Start date
Down roughly 35% since the promo started and lowest since January.
But this is fraudulent advertising. Tesla originally said the 72 month rate of 0,99% wa through the end of May with no caveats it could change. Probably a class action lawsuit.
Sorry, but no they didn't. They clearly said the promotional rate was through the end of May. You may have assumed it would stay at 0.99 on all terms but that wasn't what they said.
I think Tesla is as sneaky as every other car company but there is nothing fraudulent here.
This is a good data point but Tesla doesn't disclose how many of these models dies it have. This could mean more or less than 35%.
ucmndd
Well-Known Member
* Available for qualified buyers with term lengths up to 72 months. Must order between May 10, 2024 and May 31, 2024. Promotional rates are subject to credit approval and may change at any time. See Tesla.com for applicable terms and conditions
Doesn't really matter IMO that we know what is sitting at the factory without a VIN yet. There is a pretty consistent pattern at least this year since I have been following. When a promo has success, numbers drop. When a promo fails, numbers go up. The "price drop" that we know was a price increase a month or so ago failed and inventory creeped up. Interest promo that has obviously been successful and the number drops 35%.
Due to this, I'm not as convinced as I was that June will bring something better, or at least not significantly so. It may, or they could just extend the current promo and let inventory levels continue to drop while keeping production where it is. Heck at the current rate of drop the end of year inventory levels are very obtainable. Pretty fascinating to watch. I love supply chain stuff.
We were discussing this on the podcast.. this .99% is one of the least offensive knobs Tesla can turn to move cars. Unlike cutting prices which annoys the recent/past buyers, this keeps the "value" of the car the same. It gives the used car market a serious case of heartburn tho.. I've seen several used Ys with a 8-10K price drop to stay competitive with their 8% interest rates. The best was a local dealer who has had a 23 Y on the lot for 25 days.. and a day after the .99% came out, they dropped the price 9K. Still not a bargain compared to the new ones with 7,500 credit and .99%
LOL they never said that the 72 month rate term of 0.99% had to stay through the end of May. It is your assumption that things wouldn't change. ROFL on the class action lawsuit. It is not false advertising if they are still offering the 0.99% financing options.
I'm so on the fence with this. I have a 2020 Model Y LR AWD with just 35,000 miles on it but I really want the upgraded features like the improved suspension, much-improved cabin noise, etc... but I also want the redesign that is likely coming on January 1. But that will come at a 7%+ interest rate. Is anyone else on the fence for similar reasons?
Redesign will most definitely not have any financing offers. I don't think interest rates will be higher than so more likely 6 than 7
It might have a price increase.
We may not have the same available Federal and State incentives in 2025 that you may qualify for today*
Will likely have delays in getting them delivered (look at the Model 3 performance current mess but multiple it by many times over) ; parts may be problematic at first (current problem on the Highland remodeled 3)
There are many good reasons to wait for the refresh but also an equal number of good reasons to buy the 2024 model.
* the Federal and State incentives was the biggest thing that pushed me not to wait until next year but is pure speculation on my part. The .99% offer just moved my decision date up by a few weeks/months as I intended to look for a good end of quarter offer in late June or late Sept on existing inventory Y's.
This is what I found on the Tesla order page:
The current promotional rates are: 0.99% for up to 60 months, 1.99% for 72 months, and 2.99% for 84 months. Nothing about promotional rates possibly changing before May 31, 2024. Not sure what the terms were before Tesla did away with 0.99% for 72 months though.
The current promotional rates are: 0.99% for up to 60 months, 1.99% for 72 months, and 2.99% for 84 months. Nothing about promotional rates possibly changing before May 31, 2024. Not sure what the terms were before Tesla did away with 0.99% for 72 months though.
From an email sent to me announcing the program on 5/11/24. I bolded the important bit
Get 0.99% APR financing* when you order any new Model Y by May 31, 2024.
Get 0.99% APR financing* when you order any new Model Y by May 31, 2024.
| *Available for qualified buyers with term lengths up to 72 months. Must order between May 10, 2024 and May 31, 2024. Promotional rates are subject to credit approval and may change at any time. See Tesla.com for applicable terms and conditions. |
ucmndd
Well-Known Member
Similar threads
