Applied/Approved For Leasing; Got a US Bank Loan Rejection Letter

[asdfasdf]

Super bizarre - I leased a Model X (picked up a few weeks ago) and just received a US Bank loan rejection letter. Is that normal? I never applied for a loan.

 

[vandacca]

I would be concerned about identity theft. Track down this loan application and figure out what happened.

 

[ithinkmac]

Most legacy car dealers will run credit report and apply with a few banks at their disposal to get the best rate (for customer or the dealer remains to be seen). During car shopping windows. I usually see a few inquiries from different banks, and it originated with the car dealer. Maybe Tesla's doing the same thing. Check with the DS and see if this is the case. If not, then as others mentioned, identity theft.

-ThinkMac-

 

[asdfasdf]

FYI tesla told me that all leases are also automatically applied for loans simultaneously.

 

[ChadS]

I got a similar letter from US Bank about 3 weeks after my car was delivered. (It looks like US Bank didn't even access my credit report until two weeks after I was originally supposed to pick up the car, so they wouldn't have been much help even if they accepted me).

I'm not completely surprised they turned me down as I had noticed that the questions on the application were about income, but I don't have much income because I am retired. There were no questions about assets, which seems to give them a rather incomplete picture. In any event, somebody else took me on, so no big deal.

 

[Electroman]

Does a rejection impact your credit rating ?

 

[chillaban]

Does a rejection impact your credit rating ?

Not any more than an approval does. It's a hard credit pull either way, and Tesla did 3 of them (against their preferred creditors and on two scenarios with one) when I bought my Tesla, which I was not expecting.

Overall I didn't care about the minor temporary ding to my credit, but some folks might be more sensitive to that (e.g. if you're about to apply for a mortgage or something).