Best interest rate via Tesla financing?

[ChuckieCheese]

Not ChuckieCheese, but the process is usually Step 1 & 2. Step 2 offer could be with any bank (ours was US Bank). Step 3 is your Step 5 - email Tesla financing saying you appreciate the offer but believe you might qualify for a better rate and they should review offers from other banks including Chase. Then Tesla responds with Step 6, their best rate with Chase.

You don't apply separately with Chase. Hope that makes sense

Ah, thank you @BlueberryT.

So I don't have to apply separately but just email Tesla saying that I should qualify for lower rate.

However, this means that Tesla may refuse to do anything because there is no proof that I qualify for lower rate unless I actually applied with different banks.

FWIW: my FICO credit score is in upper 800's (obtained from fico.com, not credit karma).

 

[dinonugget]

Ah, thank you @BlueberryT.

So I don't have to apply separately but just email Tesla saying that I should qualify for lower rate.

However, this means that Tesla may refuse to do anything because there is no proof that I qualify for lower rate unless I actually applied with different banks.

FWIW: my FICO credit score is in upper 800's (obtained from fico.com, not credit karma).

In my case, I first applied for financing with Tesla, who set up US Bank as my lender. I then separately applied for the same loan through BofA, which required a 2nd hard credit pull. Next, I provided Tesla Financing with the BofA preapproval letter, at which point Tesla lowered the US Bank rate to be the same as BofA's. The email address to have Tesla match financing rates is [email protected]. They were very fast to respond... within 30 minutes of my emailing them the BofA preapproval letter.

Although there were two hard credit pulls, they were done within one week for the same loan; therefore, I believe the final credit score hit should be about the same as a single credit pull.

 

[hellojello]

Hi all, how are you guys getting these lower rates from other banks? Everything I see online advertises their rates higher than Tesla's 2.49% (which I got approved for with the 60-month term). My credit is 800+ and would like to lower the rate offered, if possible. I haven't shopped around yet. I understand multiple hard pulls on your credit shows that you're shopping rates, but something about it still scares me lol.

Also, would you guys happen to know which lender currently uses?

Thanks in advance, I'd appreciate anyone's input.

 

[hellojello]

I got 2.29% 60 month from Chase via Tesla

Was that the advertised rate for Chase? or did you apply directly then received that? thank you in advance.

 

[Darweeezy]

Was that the advertised rate for Chase? or did you apply directly then received that? thank you in advance.

2.49% was advertised on Tesla which I was approved for. I emailed the finance team and asked for a lower rate and got 2.29%

 

[hellojello]

2.49% was advertised on Tesla which I was approved for. I emailed the finance team and asked for a lower rate and got 2.29%

Ah, good to know. I finally applied w a credit union, and was approved for 2.29. I'm hoping Tesla is willing to lower the rate. Negotiating and asking such things gives me anxiety lol. Thanks for your response!

 

[ChuckieCheese]

In my case, I first applied for financing with Tesla, who set up US Bank as my lender. I then separately applied for the same loan through BofA, which required a 2nd hard credit pull. Next, I provided Tesla Financing with the BofA preapproval letter, at which point Tesla lowered the US Bank rate to be the same as BofA's. The email address to have Tesla match financing rates is [email protected]. They were very fast to respond... within 30 minutes of my emailing them the BofA preapproval letter.

Although there were two hard credit pulls, they were done within one week for the same loan; therefore, I believe the final credit score hit should be about the same as a single credit pull.

Out of curiosity: if you get lower rate from BofA and Tesla matched it, why not just stick with BofA?

 

[dinonugget]

Out of curiosity: if you get lower rate from BofA and Tesla matched it, why not just stick with BofA?

Because I had already applied through Tesla and it was more convenient to just provide Tesla Financing the competing preapproval letter. I would have gone with BofA if Tesla was not willing to lower their rates to match.

 

[DelCid]

How long does it normally take Tesla Finance to respond? I emailed asking them to look for a lower rate on Saturday, so they’ve been closed since then until only about an hour ago, but I’m just curious.

 

[dinonugget]

How long does it normally take Tesla Finance to respond? I emailed asking them to look for a lower rate on Saturday, so they’ve been closed since then until only about an hour ago, but I’m just curious.

Assuming you emailed [email protected], they responded to my inquiry within one hour on a weekday.

 

[DelCid]

Assuming you emailed [email protected], they responded to my inquiry within one hour on a weekday.

I emailed [email protected]. I’m not asking them to match something else, but just check other banks for a better rate.

 

[dinonugget]

I emailed [email protected]. I’m not asking them to match something else, but just check other banks for a better rate.

Have you tried the email [email protected]? They were incredibly responsive from this address.

 

[pwh1138]

Initial approval was with Wells Fargo (through Tesla) for 2.49% @ 72 months. I emailed Tesla to ask about lower rate with Chase as I have accounts with them and was given 2.34% @ 72 months. 800+ FICO with ~$10k down.

 

[DrRamen]

How long does it normally take Tesla Finance to respond? I emailed asking them to look for a lower rate on Saturday, so they’ve been closed since then until only about an hour ago, but I’m just curious.

Sometimes it also depends on the bank's response. When I emailed them TD bank gave me a quote quickly but Chase was pending further information from me and the finance person said they update the rates pretty quickly after the bank's response.

 

[DelCid]

Have you tried the email [email protected]? They were incredibly responsive from this address.

Thanks, I’ll try that one.

 

[iamec]

Initially approved with Wells Fargo (through Tesla) for 2.49% @ 72 months. I emailed and was given 2.19% with Chase for 72 months.

 

[DelCid]

Sometimes it also depends on the bank's response. When I emailed them TD bank gave me a quote quickly but Chase was pending further information from me and the finance person said they update the rates pretty quickly after the bank's response.

One more question on this: since I am asking about the possibility of a lower rate, I haven’t accepted the initial offer I got of 2.49% with US Bank. I assumed I shouldn’t accept one until I knew if I could get a lower rate offer. Is that correct?

 

[Brown1428]

One more question on this: since I am asking about the possibility of a lower rate, I haven’t accepted the initial offer I got of 2.49% with US Bank. I assumed I shouldn’t accept one until I knew if I could get a lower rate offer. Is that correct?

Correct!

 

[hellojello]

Finalized my purchase today, yay! Decided to move forward w Tesla Financing (US Bank). got approved for 2.49% @ 60 months. Shopped around w 2 credit unions: CEFCU and Everence. CEFCU offered the same as Tesla’s. Everence’s lowest rate is 2.74%, but offers a 0.5% discount for green vehicles. with the discount, rate is 2.24% @ 60 months. provided the approval letter to [email protected] — they changed the rate within an hour or so. super quick.

I actually really liked Everence. if I had more time, I probably would have went w them. Out of convenience (and since my delivery date is scheduled for tomorrow lol), finalized w Tesla financing instead.

hope this helps anyone shopping around for lower rates. Everence was the quickest way to automatically get my rate down to 2.24%

 

[hellojello]

Initially approved with Wells Fargo (through Tesla) for 2.49% @ 72 months. I emailed and was given 2.19% with Chase for 72 months.

Dang that’s awesome. I couldn’t apply w chase for some reason. During the application process (when selecting a Tesla as the type of vehicle), I received an error message to review Tesla’s terms. Couldn’t proceed any further. how were you able to bypass that? If u don’t mind me asking. thanks in advance