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also Credit scores don't really matter in Canada. Not as much as US for sure. If you're 750+ then you have great score and shouldnt have worries, though I know someone right around 700 get approved for a loan (3.2% at the time) no problem.
Thanks. We we know if they pull Equifax or Transunion? I monitor both, and the scores are different by 25 points.
Those scores typically don't matter much. There are Beacon scores that we as consumers don't have access to. Besides, credit score means very little when it comes to major purchases like a car or home. History, means (income), job stability, and debt load will be much more important.
I ordered it on September 20th, and got it delivered on October 24th. It was not built for me, I found it on October 14th (yes, that's right, I found it not the sales people at Tesla) in Montreal, called my sales guy and that was it. Apparently it was delivered on the 12 or 13 of October because I was checking every single day for new arrivals.
So, I'm confused. 2 of you have said scores don't matter as much as I the US. Someone else said that they provided the lender nothing other than an application. (no proof of income via pay stubs, notice of assessment, etc...). Unless I am already enjoying my Friday night too much, the two do not add up.
I haven't ordered my Tesla yet so I'm unsure of the process, but I can tell you that with knowledge of how banks handle lending for purchases like cars and homes, consumer credit scores mean very little. Beacan scores are much more comprehensive than the credit reports you and I have access to. Consumer credit scores, like the ones provided through Equifax and Transunion, are fantastic in providing banks with a limited scope of your financial health for products like credit cards and lines of credit.
Hello!
I have a doubt regarding the 8K CAD Quebec incentive and whether or not an M3 will qualify. My understanding is that the car price must be lower than 75k CAD.
Right now if you do a full configuration of an M3 the price reaches 81,090 CAD
Will this car still be eligible for the 8,000 CAD incentive since car price is 65,000 and the rest is add-ons?
Thanks.-
Dre
I have a doubt regarding the 8K CAD Quebec incentive and whether or not an M3 will qualify. My understanding is that the car price must be lower than 75k CAD.
Right now if you do a full configuration of an M3 the price reaches 81,090 CAD
- Model 3 Long Range Dual Motor All-Wheel Drive$65,990
- Red Multi-Coat Paint$2,600
- 19’’ Sport Wheels$2,000
- Black and White Premium Interior$1,300
- AutopilotIncluded
- Full Self-Driving Capability$9,200
- Purchase Price$81,090
Will this car still be eligible for the 8,000 CAD incentive since car price is 65,000 and the rest is add-ons?
Thanks.-
Dre
Tesla website is pretty good at identifying financial rebates. When you get to the last page click show details to see if your trim qualifies, this is how it looks on a SR+ for BC
As a FYI LR does not qualify for us in BC so assume the same $5k federal won't apply for you in Quebec, not sure about provincial.
SR+ does qualify.
iKhalid
Member
This month's rate has increased. I had to reapply as my previous approval got expired.
Scotiabank
96 months, 3.87% APR
Scotiabank
96 months, 3.87% APR
Credit scores in Canada are not a significant factor in approval. The loans are secured against the value of the asset so in theory they are less of a risk as compared to unsecured loans such as personal line of credits and credit cards. You default on your loan and they take back the car and recoup much more of the loan than if they were selling off a credit card debt to a collector.
The one area where there seems to be hard line on credit scores influencing approvals directly is a mortgage. The rest is a balance of income, existing assets, existing liabilities and past history. Ironically, this all “shows up” in a credit score anyways...
People who carry a lot of debt may have a score around 600 or even lower but if they have the means to pay for the loan and they have a good repayment history they will get an approval.
Credit scores are just the latest marketing trend in which companies now turn a cool profit off of consumers thinking they’re the be all, end all.
Almost at the end of the month so anyone who wants to lock in Nov rates, you’ll have to do so soon. For up to 72 months they are:
- 3.47% Scotia
- 3.50% RBC
These were increased from Oct where 3.42% (Scotia) was best for up to 72 months. Sep was as low as 3.3%.
I had a 30 day hold with delivery scheduled on the 31st day. Tesla Finance was able to convince the lender to extend the rate hold for +1 day so that I could keep my Oct rate.
Curious to see if Dec continues the upward trend or if it comes back down
I have placed the order on Sunday, 24th of October, got the rate from RBC on Tuesday, 26th of October but, I didn't click on the Submit button yet.
Taken into account that the Financing offer is valid for just 30 days and I'm not sure if I will get the car in 30 days, I'm holding on submitting to get the final contract and pricing.
What is your experience? When have you got the final contract and pricing?
Taken into account that the Financing offer is valid for just 30 days and I'm not sure if I will get the car in 30 days, I'm holding on submitting to get the final contract and pricing.
What is your experience? When have you got the final contract and pricing?
That makes sense if the deliveries are spaced now at 4-6 weeks...
I could not resist and I have submitted my financing. The next step is now to get the contract and they will contact me to let me know when I can make the final payment.
coconutboy84
Member
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