Does this mean I am approved for financing?

[M3Maybe]

Sorry if it is a stupid question

If I pay the 12k, I am good to take delivery?

Thanks

 

[Bhewks]

Sorry if it is a stupid question

If I pay the 12k, I am good to take delivery?

Thanks

I believe so. When I did my financing in Canada a few weeks ago (through Tesla) I was surprised to see that it automatically defaulted to $0 for downpayment. I was expecting to pay at least $7500 CAD down... I’m not sure if it is adjustable, but I figured I’d look into it when I get the actual setup information from the bank.

 

[jjrandorin]

That looks to me like Tesla submitted your credit application to JP Morgan Chase, and Chase came back with those loan terms for you of 2.89% interest rate, along with the 12,139.56 drive offs due. So yeah, if those terms are acceptable to you, it appears to me that you are approved for the loan with those terms.

If you change the terms (under adjust terms) you may or may not be approved. My guess is, they get you approved for the largest amount of money toward the car they can (so the loan request would be for 0 Down) and then the bank either approves that, or based on their algorithms comes back with an amount they will approve (like in your case) or rejects the loan entirely.


TL ; DR version, Looks like it to me, but if you wanted to pay less drive offs (money to leave with the car, which includes down payment, taxes, fees etc.. in your case drive offs = the 12k ish figure), you may or may not get approved.

 

[M3Maybe]

So I pulled the trigger

Expecting to pick up my M3 this afternoon

 

[Mattopotamus]

That does mean you are approved. I think it is shocking because it is essentially an instant approval. You will get the paperwork the day before or day of delivery (yes, it is cut that close).