Financing Tesla vehicles in Canada

[electronoob]

I emailed them asking why i am not getting 5.89%, they said it's because the rate only good for February.
I then told them to check when I applied, and they confirmed it's on February.
I asked them why I am not getting 5.89%.
Their response, and I am quoting:

You applied in February, however your application sent to RBC for review and they approved. When that happens, we do not manually send it to the other lenders to avoid additional credit inquiries.

When i checked how much difference between 6.19% (what my rate is) and 5.89% over 72 months, it's about 600 dollar difference.
Wondering if i should throw a fit, but there's no way i could get that rate again now, I'm just gonna have to eat the difference quietly =(

 

[ghostlyport]

I emailed them asking why i am not getting 5.89%, they said it's because the rate only good for February.
I then told them to check when I applied, and they confirmed it's on February.
I asked them why I am not getting 5.89%.
Their response, and I am quoting:

When i checked how much difference between 6.19% (what my rate is) and 5.89% over 72 months, it's about 600 dollar difference.
Wondering if i should throw a fit, but there's no way i could get that rate again now, I'm just gonna have to eat the difference quietly =(

That's weird, since doing my credit app after I ordered on Jan 24, 2023, I've emailed tesla finance twice. I think I've seen all 3 banks' rate offers and on the latest email, I was able to get the Scotiabank 5.89%.

 

[electronoob]

too add more complication, the finance person went ahead and hard enquire my credit to scotia without confirming to me i shouldve told him in advance not to do that, but hey i guess without him doing that there’s no way to find out if they can still get 5.89% for me

and he put the wrong terms too (originally 72 mths, he put it at 96, again without asking)

i feel like the more i struggle the deeper the hole i’m in…sigh

 

[Sskoh]

Has anyone heard of YNCU in Ontario? They're a credit union and are offering a 5.59% interest on 2019-2022 EVs for 6-8 year financing. I think that's a good rate compared to what Tesla is able to get from RBC/Scotiabank.

 

[Esan na]

What are the rates looking like in March for 96 months

 

[Sskoh]

What are the rates looking like in March for 96 months

You should apply for financing after April 12th because that’s when theres a BOC meeting and the prime rate is expected to go down 0.25%

 

[Esan na]

You should apply for financing after April 12th because that’s when theres a BOC meeting and the prime rate is expected to go down 0.25%

That’s great to hear, I assumed it was gonna go up and wanted to get it done before that. Thank you

 

[Colsla]

You should apply for financing after April 12th because that’s when theres a BOC meeting and the prime rate is expected to go down 0.25%

most likely they will hold imo. CPI is trending down but still high.

 

[Sskoh]

An update for all, Got an initial offer for 96 months at 6.04% from Scotiabank. Emailed the Tesla Finance dept ([email protected]) and they brought in a new loan offer from RBC at 5.74 for 96 months.

 

[hirtaza]

Can you tell me what you messaged? Hey ive my order number RNxxx would like you to find a better rate? Did you wait to schedule delivery or you emailed them once you placed an order? (Since april orders showing April delivery anyway) very curious to know..thankd

 

[Esan na]

Can you tell me what you messaged? Hey ive my order number RNxxx would like you to find a better rate? Did you wait to schedule delivery or you emailed them once you placed an order? (Since april orders showing April delivery anyway) very curious to know..thankd

The April delivery is false and seems to be used to lure you in, a bunch of people including me are reporting an updated delivery window of end of May to end of June for rwd model 3, while new orders are still showing April. I called Tesla and they said their website's estimated delivery for new orders hasn't updated and that people who ordered end of March are put on the 2nd batch of production which correlates to the window I got. So in other words they are luring people in with the short delivery and then breaking the news to them after they complete all the pre delivery steps. Also in terms of emailing them I pretty much sent something similar to what you said, right after applying for financing and getting approved, without a delivery date (since I assume it would be delivered in April 2023).

 

[Esan na]

An update for all, Got an initial offer for 96 months at 6.04% from Scotiabank. Emailed the Tesla Finance dept ([email protected]) and they brought in a new loan offer from RBC at 5.74 for 96 months.

I wonder what’s gonna happen with the rate tomorrow though

 

[Sskoh]

Can you tell me what you messaged? Hey ive my order number RNxxx would like you to find a better rate? Did you wait to schedule delivery or you emailed them once you placed an order? (Since april orders showing April delivery anyway) very curious to know..thankd

Wait for delivery date to be scheduled and then apply for financing. Like others said, the dates are not very accurate so you don’t want credit checks done and lose your financing rates as they’re only valid for 30 days.

 

[Sskoh]

I wonder what’s gonna happen with the rate tomorrow though

If it goes up, I would still have my 5.74 but if it does come down, then I can always ask them to re-apply.

 

[Esan na]

Just read the announcement and the rate is unchanged

 

[Sskoh]

Did anyone get a better rate than 5.74%? I have my delivery scheduled for Tuesday coming week and wanted to see if I can ask for a better rate.

 

[Jck2tam]

Did anyone get a better rate than 5.74%? I have my delivery scheduled for Tuesday coming week and wanted to see if I can ask for a better rate.

I actually just heard back from Tesla today and they dropped me from 6.04% with Scotiabank to 5.74% with RBC.

I'm guessing the next set of monthly rate changes will be in May

 

[Sskoh]

I actually just heard back from Tesla today and they dropped me from 6.04% with Scotiabank to 5.74% with RBC.

I'm guessing the next set of monthly rate changes will be in May

Yeah I guess so too. Looks like we should be happy with the 5.74% as of now. Much better than the 6.64% offered in March.

 

[Jck2tam]

Did anyone else notice their amount due is different than their selected downpayment amount?

I chose to put $7.5k down but my amount due is $6.6k on the Tesla page.

Has this happened to anyone else?

 

[Sskoh]

Did anyone else notice their amount due is different than their selected downpayment amount?

I chose to put $7.5k down but my amount due is $6.6k on the Tesla page.

Has this happened to anyone else?

Happened to me too when they shift you from one loan vendor to another. Just let your Tesla rep know and he/she will update it on your account.