So I bit the bullet and ordered a P3D+ blue on black. I started filling out studff and they already want me to do a credit app. Im a bit of a credit report hawk and dont want to do the credit app until I accept the car. Do they require the credit app before signing paperwork or can that be put off till delivery?
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Delay Credit App Till I See the Car
- Thread starter AdamVIP
- Start date
You're not going to be able to see the car until your delivery appointment, but you won't get a delivery appointment until you pay for the car. You won't be able to fill out a credit app during delivery because it takes several days to go through the process of getting a loan. This is not the same process as walking up to a "normal" car dealership and finding a car and spending a whole day there messing with getting a credit app done and all the BS that comes along with that.
You don't actually sign papers dispersing the loan funds until you accept the car and sign the final paperwork. If a car comes in, and its condition isn't acceptable to you, you reject the car and just go back to the waiting period of waiting for another car for you to accept/reject. You're under no obligation to be responsible for the loan until you actually sign the dotted line accepting the car.
So if you reject a car, you just simply go back to the same status you were in before you rejected the car.
JasJ
Member
Be glad you live in California. In Texas, you pay BEFORE delivery. Stupid Texas dealership association cartel blocking Tesla.
Yup, exactly. : )
I got pre-approved for a loan by my credit union nearly 30 days ago. That gave me the ability to shop around and be able to purchase a vehicle on the spot if necessary. The process you're going through with Tesla is essentially the same thing... you're just getting pre-approved so that when a vehicle comes along that you can actually accept, you're ready to continue the loan process to the actual funds dispersal point, negating the need to go through the (sometimes lengthy) loan approval process.
@AdamVIP , btw, I think you're being *very* smart to be so careful with your credit. It's very important that you make absolutely sure you know what's going on before allowing someone to pull your credit. So kudos for asking questions and getting all the details figured out.
Hope you end up getting the car of your dreams, my friend.
Hope you end up getting the car of your dreams, my friend.
I was worried about the initial wait which turned out okay for me but I worry if I have to reject this car what might happen. My main issue is that we bought a new house last year so there were like 5 credit checks in that time so it sorta looks bad in the algorithm until they drop off next year.
Multiple credit pulls within a window of either 14 or 30 days can't remember which actually get scored as 1 pull if you're loan shopping. Personally I recommend going with an outside/third party lender with better rates and more flexibility. When I picked up my car last week, I got my loan through a credit union in about a day, they sent the check to the delivery center, and everything was ready to go when I got there. I imagine if I rejected the car on the spot the check would have either been sent back, destroyed, or held until I took delivery of the "right" car. The car was perfect as is, and the entire delivery process took 15 minutes and definitely could have been much shorter if I wasn't having a nice conversation with the delivery specialist.
Tesla dealers occasionally now have some stock, so if you insist you could buy a car like that where you do get to see the exact car first.
Otherwise, you are ordering what you want and they won't do that until you are fully approved for any loan needed.
It would be the same at any other dealer/brand if they did not have the car in stock you wanted and have to order it.
If you reject the car and they order you another one you likely would need to get another Hard Credit Pull done due to the time lapsed.
That is worst case. Honestly your score is unlikely to be majorly affected by having 2 more pulls as opposed to 1. You already have a mortgage so all that likely matters to you score wise is getting approved for the Tesla. I cannot imagine you could be approved and then weeks later not approved for the identical loan if nothing changed but an extra credit pull.
More likely you will get a perfect car or a car that you accept noting some minor things that you want corrected ; in those cases you still accept the car.
Otherwise, you are ordering what you want and they won't do that until you are fully approved for any loan needed.
It would be the same at any other dealer/brand if they did not have the car in stock you wanted and have to order it.
If you reject the car and they order you another one you likely would need to get another Hard Credit Pull done due to the time lapsed.
That is worst case. Honestly your score is unlikely to be majorly affected by having 2 more pulls as opposed to 1. You already have a mortgage so all that likely matters to you score wise is getting approved for the Tesla. I cannot imagine you could be approved and then weeks later not approved for the identical loan if nothing changed but an extra credit pull.
More likely you will get a perfect car or a car that you accept noting some minor things that you want corrected ; in those cases you still accept the car.
The rate Tesla offered was pretty competitive. I did the usual internet checks and the only big player that beat my rate was BofA and it wasn't by much. My credit union for my mortgage is just under the Tesla rate as well but not enough for me to go through the paperwork.
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