CPO financing questions

[hmmm]

I've reached out to Tesla with the questions below over a week ago. I'm still waiting for an answer however, so I'm hoping someone can help:

1- Does Tesla care about a co-signer when making a financing decision, ie does a co-signer help?
2- Has anyone qualified on assets rather than Income (excellent credit) using Tesla/one of their partners?

For both questions above, if you've used a different credit union or bank which can do 1 and/or 2, would you mind sharing their info as well as the terms you were able to get and when?

 

[Isaac]

1. No the bank cares, Tesla does not. But if both people are on the loan and registration both people need to be at pick up.
2. Individual experiences may vary bank to bank.

I used Digital Federal Credit Union at the suggestion of my CPO rep. I was able to get 2.99% base because they offer an EV discount. If I moved my direct deposits to DCU they would have done 2.5%.

 

[rplace1021]

I've reached out to Tesla with the questions below over a week ago. I'm still waiting for an answer however, so I'm hoping someone can help:

1- Does Tesla care about a co-signer when making a financing decision, ie does a co-signer help?
2- Has anyone qualified on assets rather than Income (excellent credit) using Tesla/one of their partners?

For both questions above, if you've used a different credit union or bank which can do 1 and/or 2, would you mind sharing their info as well as the terms you were able to get and when?

Everyone on loan/title has to be at delivery so keep that in mind. I left my wife off the loan for that reason. I just had a great experience with Sharonview credit union. They said credit score is main factor is the rate (1.99 for 60 mos) but I’m not sure on the assets vs income analysis. They’re really friendly on the phone so probably worth a call before applying online.

 

[ewoodrick]

I've reached out to Tesla with the questions below over a week ago. I'm still waiting for an answer however, so I'm hoping someone can help:

1- Does Tesla care about a co-signer when making a financing decision, ie does a co-signer help?
2- Has anyone qualified on assets rather than Income (excellent credit) using Tesla/one of their partners?

For both questions above, if you've used a different credit union or bank which can do 1 and/or 2, would you mind sharing their info as well as the terms you were able to get and when?

I don't think that I would suggest a co-signer, that, to me, is an indication that the primary isn't capable of passing credit check.
It's been awhile, but I think that you just fill out a basic form online. The bank probably does a credit check and that's about it.

 

[aroundlsu]

I went with Digital Credit Union. They just pulled my credit (perfect credit in the 720s) and instant approved me up to $50k with no proof of income. I have had several car loans before but this was by far my biggest. They offered 3.75% for 65 months. Great to deal with. They overnighted a check to Tesla and car was ready to go 7 days after placing my deposit and getting the approval.

Also got an approval from Navy Federal with no proof on income but they wanted 8.5% for 72 months.

 

[Ostrichsak]

Actually, the way Tesla doe the online application, you can have a single signer and then add the income for the spouse w/o having them as a guarantor on the loan.

Source: We bought two CPO cars within the last few months and financed both (briefly) as to not travel with a drug dealer suit case of cash to pay for the cars at delivery.

 

[hmmm]

I went with Digital Credit Union. They just pulled my credit (perfect credit in the 720s) and instant approved me up to $50k with no proof of income. I have had several car loans before but this was by far my biggest. They offered 3.75% for 65 months. Great to deal with. They overnighted a check to Tesla and car was ready to go 7 days after placing my deposit and getting the approval.

Also got an approval from Navy Federal with no proof on income but they wanted 8.5% for 72 months.

That is great to know, I will definitely reach out to them. Do you recall if they did a pre-approval step with only a soft credit pull and then a hard pull when you decided to move forward? or did they do a hard pull only?

 

[hmmm]

Actually, the way Tesla doe the online application, you can have a single signer and then add the income for the spouse w/o having them as a guarantor on the loan.

Source: We bought two CPO cars within the last few months and financed both (briefly) as to not travel with a drug dealer suit case of cash to pay for the cars at delivery.

Awesome, thanks for the insight. Now I just need to find someone at Tesla who will return my emails.

@all: if you had a great CPO advisor/contact, can you PM me their contact? Mine is MIA...

 

[rplace1021]

Awesome, thanks for the insight. Now I just need to find someone at Tesla who will return my emails.

@all: if you had a great CPO advisor/contact, can you PM me their contact? Mine is MIA...

Unfortunately, I don't think there are any great advisors unless you can find someone at a local service center. The advisors from the home office aren't particularly helpful or responsive.