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Please note guys! I'm picking up my X 90D in a few hours in Toronto, and I'm getting a 2.99% rate through Scotiabank. The promotion is not yet advertised, but my DS called me yesterday and gave me the good news.
Welp, Scotiabank essentially said "you aren't in debt, so we're not going to lend you any money". 90k in stocks, 42k down payment, and they're saying no..........
Thankfully, Tesla has reached out to RBC and is getting 2.49% over 96 months, so lets see if they'll play ball.
Thankfully, Tesla has reached out to RBC and is getting 2.49% over 96 months, so lets see if they'll play ball.
iKhalid
Member
You reminded me of their response to me 3 years ago, that I didn't have any experience with big purchases although I had a mortgage, which was obviously a larger purchase/loan than the Tesla, but it wasn't showing on my credit profile. CIBC, however, approved me within an hour without any issues for a good rate (at the time).
Scotia is often weird, so expect to hear some good news from RBC.
TomatoOne
Member
mknox
Well-Known Member
I don't deal with Scotia (other than my Tesla loan) but 4 years ago, I was approved on the spot and I don't think I've received any spam calls or mail either. The only anomaly I had was that right at the beginning, they made an error with my banking info (for the payments) and nothing was withdrawn for several months. They called and were very apologetic and said they'd "waive" any late payment fees. We both laughed at that on the phone. So far, so good.
Jaff
Active Member
I've had the same result with Scotia...I wouldn't say I've been bombarded with calls, but I probably get a call at home every other month...which annually, is six calls too many imo.
mknox
Well-Known Member
I must have ticked the right box or something when I filled out the application. I don't believe Scotia has called me once in 4 years.
Jaff
Active Member
I'm not sure it's new...I financed my first Tesla back in 2010, and started hearing from them sometime in the first year.
mknox
Well-Known Member
It must be some sort of opt out / opt in issue. As I mentioned, I have not been bothered at all. I believe Ontario's privacy laws enable you to opt out of this type of communication at any time, and the "offender" has to comply. Scotia is a big company and I'm sure they would respect and obey the law. Just give them a call or send them an email and opt out if it's a problem.
Help needed!
I have come to a dead end. I ordered my MX in March. Talked to the sales rep and said I would need financing. He said that Tesla will somehow make it work. I have excellent credit and I am willing to put $100K down yet, the banks still deny me credit. The issue is that I have some foreign income and non-taxable income. Everything legit but the banks just will not take that in consideration! Even with huge collateral.
I have never experienced anything like this. Even Scotiabank denied me despite I am a long term customer of them and even hold a mortgage with them. My foreign and non-taxable income was not an issue when applying for a mortgage.
I am in dire straits. The car is ready and all I need is a loan of about $50K for about a year. I made down payment of $2500 and my garage is all ready for charging. I don't know how Tesla is going about with my down payment in this case when I cannot get a loan, as I have been trying every where to get the loan and the sales rep assured me that it would be no problem with such a large down payment. I still got hope as my application with Vancity is still goin but any suggestion is welcome!
I have come to a dead end. I ordered my MX in March. Talked to the sales rep and said I would need financing. He said that Tesla will somehow make it work. I have excellent credit and I am willing to put $100K down yet, the banks still deny me credit. The issue is that I have some foreign income and non-taxable income. Everything legit but the banks just will not take that in consideration! Even with huge collateral.
I have never experienced anything like this. Even Scotiabank denied me despite I am a long term customer of them and even hold a mortgage with them. My foreign and non-taxable income was not an issue when applying for a mortgage.
I am in dire straits. The car is ready and all I need is a loan of about $50K for about a year. I made down payment of $2500 and my garage is all ready for charging. I don't know how Tesla is going about with my down payment in this case when I cannot get a loan, as I have been trying every where to get the loan and the sales rep assured me that it would be no problem with such a large down payment. I still got hope as my application with Vancity is still goin but any suggestion is welcome!
Help needed!
I have come to a dead-end. I ordered my MX in March. Talked to the sales rep and said I would need financing. He said that Tesla will somehow make it work. I have excellent credit and I am willing to put $100K down yet, the banks still deny me credit. The issue is that I have some foreign income and non-taxable income. Everything legit but the banks just will not take that in consideration! Even with huge collateral.
I have never experienced anything like this. Even Scotiabank denied me despite I am a long term customer of them and even hold a mortgage with them. My foreign and non-taxable income was not an issue when applying for a mortgage.
I am in dire straits. The car is ready and all I need is a loan of about $50K for about a year. I made down payment of $2500 and my garage is all ready for charging. I don't know how Tesla is going about with my down payment in this case when I cannot get a loan, as I have been trying every where to get the loan and the sales rep assured me that it would be no problem with such a large down payment. I still got hope as my application with Vancity is still on going but any suggestion is welcome!
I have come to a dead-end. I ordered my MX in March. Talked to the sales rep and said I would need financing. He said that Tesla will somehow make it work. I have excellent credit and I am willing to put $100K down yet, the banks still deny me credit. The issue is that I have some foreign income and non-taxable income. Everything legit but the banks just will not take that in consideration! Even with huge collateral.
I have never experienced anything like this. Even Scotiabank denied me despite I am a long term customer of them and even hold a mortgage with them. My foreign and non-taxable income was not an issue when applying for a mortgage.
I am in dire straits. The car is ready and all I need is a loan of about $50K for about a year. I made down payment of $2500 and my garage is all ready for charging. I don't know how Tesla is going about with my down payment in this case when I cannot get a loan, as I have been trying every where to get the loan and the sales rep assured me that it would be no problem with such a large down payment. I still got hope as my application with Vancity is still on going but any suggestion is welcome!
Drone Flyer
Active Member
Take out a new loan on your house which includes the price of the car. Should have no problem doing it that way!
He mentions putting 100k down and needing to borrow 50k. Maybe fhe banks believe the FUD and think the X will lose 90% of its value in one year?
I can manage $130K cash. The car is including taxes $185K. It is so strange. I am in disability and the benefit I get from the Insurance company is non-taxable as I paid premiums net. Besides that there is a social security agreement with the Netherlands so I get government disability benefit from Canada and from the Netherlands. They just don't take disbility benefit from the Netherlands in consideration as it is foreign..
We are expecting a settlement later this year and from my wife next year. So we can pay the loan back then. A second mortgage is something that is also out of the question now as my wife has not two years of work history.
Yes, the bank can take the car when I don't pay but I have put such a huge down payment. Besides, there is more than $600K equity in the house. If I can't pay for the car I cannot pay for the mortgage as wel so I really don't know why they are so stringent. Very frustrating...
We are expecting a settlement later this year and from my wife next year. So we can pay the loan back then. A second mortgage is something that is also out of the question now as my wife has not two years of work history.
Yes, the bank can take the car when I don't pay but I have put such a huge down payment. Besides, there is more than $600K equity in the house. If I can't pay for the car I cannot pay for the mortgage as wel so I really don't know why they are so stringent. Very frustrating...
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