Confirm Payment Method?

[HeyEph]

My account now says:

Payment Method
Tesla Arranged Loan
Review Your Financing Terms

Confirm if you would like to proceed with U.S. Bank N.A.'s Loan terms

1) If I accept these terms, what happens if the rate drops before I take ownership?
2) If I *don't* accept yet, will I still maintain my spot in line? Or, am I on hold until I do accept?

Thanks!

 

[Siryozha]

1) Without running a new application, your rate will not change. The lock in works both ways. You can generally e-mail Tesla within 14 days of your original application and have them run it with different providers for a better rate without it hitting your credit score. Keep in mind, unless the % drop is significant, from like 4 to 2 or something, the monthly payment will only be like 5-10 dollars different, sure that can add up but is it worth the credit hit.

2) Honestly, your place in line seems to be relative to how much they want to deliver the cars. Assuming they're going to chill out a little since it's Q2, it might hold. There are quite a few stories from members who moved as quick as they could and their cars were still given to someone else, even after having a VIN assigned.

 

[HeyEph]

My credit union is offering me basically the same rate. Seems like I should probably decline their offer, or change to self-funding, to give me more options...

 

[HeyEph]

My credit union is offering me basically the same rate. Seems like I should probably decline their offer, or change to self-funding, to give me more options...

decline Tesla's offer**, that is.

 

[tobasuyi]

My MY config is Black/Black LR AWD. Over 2 weeks ago, my Tesla account changed, stated for me to submit my payment options. I applied for Tesla financing and got approved right away. Then my account changed to "Next Steps - We are drafting up your contract and will contact you when you can make your final payment.".....and and asked that I upload my insurance info (which I did right away)......it has been over 2 weeks now, the status hasn’t changed. I thought that within a day or 2 I'll be given the option to make my downpayment, I still don't have the option to make my downpayment.
One change I noticed today (this morning) is that my delivery location is no longer listed.....Not sure what that means.

 

[max_y]

My MY config is Black/Black LR AWD. Over 2 weeks ago, my Tesla account changed, stated for me to submit my payment options. I applied for Tesla financing and got approved right away. Then my account changed to "Next Steps - We are drafting up your contract and will contact you when you can make your final payment.".....and and asked that I upload my insurance info (which I did right away)......it has been over 2 weeks now, the status hasn’t changed. I thought that within a day or 2 I'll be given the option to make my downpayment, I still don't have the option to make my downpayment.
One change I noticed today (this morning) is that my delivery location is no longer listed.....Not sure what that means.

I've been stuck on "drafting a contract" for over a month now -- unfortunately that prompt just gets you in line and let's Tesla know you are ready to buy.

Black cars have not been produced yet so you (and me -- I ordered a black/white MYP+) will be waiting until the factory opens again.

 

[tobasuyi]

I've been stuck on "drafting a contract" for over a month now -- unfortunately that prompt just gets you in line and let's Tesla know you are ready to buy.

Black cars have not been produced yet so you (and me -- I ordered a black/white MYP+) will be waiting until the factory opens again.

WOW, over a month in "drafting contract" that's nuts .
What I was trying to avoid is the banks running my credit again. The loan application is only valid for 30 days, so, if I don't have the car within the next 12 days, then they'll have to run my credit again, which probably will drop my score by 2 points because of hard inquiry. I did talk to my Advisor today and asked him to put me inline for a Midnight Silver (though my original color is black) should someone refuse/cancel delivery. I didn’t want to make a change on my order just in case (miraculously) they start delivering black MY

 

[max_y]

WOW, over a month in "drafting contract" that's nuts .
What I was trying to avoid is the banks running my credit again. The loan application is only valid for 30 days, so, if I don't have the car within the next 12 days, then they'll have to run my credit again, which probably will drop my score by 2 points because of hard inquiry. I did talk to my Advisor today and asked him to put me inline for a Midnight Silver (though my original color is black) should someone refuse/cancel delivery. I didn’t want to make a change on my order just in case (miraculously) they start delivering black MY

I would hang in there! It’s rumored (lots of rumors surrounding Y) that the black exteriors are cued in Fremont to produce next. That would mean May (possssibly June) delivery. I think the Black will be worth it!

 

[Matsayz]

WOW, over a month in "drafting contract" that's nuts .
What I was trying to avoid is the banks running my credit again. The loan application is only valid for 30 days, so, if I don't have the car within the next 12 days, then they'll have to run my credit again, which probably will drop my score by 2 points because of hard inquiry. I did talk to my Advisor today and asked him to put me inline for a Midnight Silver (though my original color is black) should someone refuse/cancel delivery. I didn’t want to make a change on my order just in case (miraculously) they start delivering black MY

At least you’ve got an advisor. I got the call a couple weeks ago to finish the online piece so we did and got our own financing (Navy Fed 1.29%!) but now it’s crickets. I’ve heard maybe it’s because they ran out of Gemini wheels and blah blah blah. I sent an email off asking if I changed to the Induction wheels (which I actually like better) if that’d change my delivery but nothing yet.

 

[tobasuyi]

I would hang in there! It’s rumored (lots of rumors surrounding Y) that the black exteriors are cued in Fremont to produce next. That would mean May (possssibly June) delivery. I think the Black will be worth it!

Yeah, you're right. I think I'll just wait for the black. I like the all blacked-out config especially now that the Model Y comes with Chrome-Delete.

 

[ilyak]

My credit union is offering me basically the same rate. Seems like I should probably decline their offer, or change to self-funding, to give me more options...

You can decline Tesla-arranged financing at a later point, the loan will not originate until delivery day or, in case of a home delivery, until they hand the car over to the carrier that'll take it to you.

Bring your new Y to the club meetup once COVID's over - we've not seen one in our parts yet!

 

[tobasuyi]

At least you’ve got an advisor. I got the call a couple weeks ago to finish the online piece so we did and got our own financing (Navy Fed 1.29%!) but now it’s crickets. I’ve heard maybe it’s because they ran out of Gemini wheels and blah blah blah. I sent an email off asking if I changed to the Induction wheels (which I actually like better) if that’d change my delivery but nothing yet.

I like the induction wheel also, but I don't think it's worth an extra $2K. I plan to change my wheels after I get mine. So, I'll have 2 set of wheels/tires, use the 19" Gemini in the winter months. Take a look at this website for some wheel ideas Tesla Model Y Wheels and Rims for Sale | AudioCityUSA.com and Tire Crawler | Shop Toyo, Cooper, Michelin, Nexen, Goodyear for tires.

 

[HeyEph]

You can decline Tesla-arranged financing at a later point, the loan will not originate until delivery day or, in case of a home delivery, until they hand the car over to the carrier that'll take it to you.

Bring your new Y to the club meetup once COVID's over - we've not seen one in our parts yet!

Will do! Thanks!