menaknow
Member
That explains why my credit application is pending approval again.
I've been given May/June expectation for my SR+. Mind you I changed from LR => SR+ => LR => SR+
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That explains why my credit application is pending approval again.
I've been given May/June expectation for my SR+. Mind you I changed from LR => SR+ => LR => SR+
Thank you, this was very helpful!
My experience, as of April 1 2021:
Tesla Model Y LR, $20k CAD downpayment, given 2.35% for 72mo from Scotiabank. Just received the finance offer today in my inbox. Expected delivery late May/early June.
Will see if changing/reducing the DP will decrease the rate, but I doubt it, as rates have gone up recently. Still below the advertised 2.49% though.
TheRFMan
Member
Just out of curiosity, did your offer say how long it was valid for?
I asked my Tesla advisor last week, and he said it was good for 30 days. Since the car won't be ready until June, he changed the payment method to Cash for now so that the order could proceed and said he'd change it back to Finance later so I can apply then.
Quite frankly, I'd rather get the financing set up sooner and just be done with it, but I don't want to have to get re-approved multiple times while waiting for the car. My delivery estimate is now May 27th to June 16th.
Thanks for the info!
I placed my order on Mar 31st for delivery in July. I was told to place the order now as they have been informed that prices might be going up any day. Don’t know how true is that.
For credit application I was told to have that run 30 days before the car is arriving as it’s only valid for 30 days.
TheRFMan
Member
I received some clarification regarding the financing approval validity. Tesla Canada says 90 days here (Ordering a New Tesla). I reached out to the Tesla Advisor assigned to me again (he's super responsive, quite happy with that) and it turns out that both the 30-day and 90-day figures are correct in a sense. The approval is valid for 90 days, but the rate is only guaranteed for 30 days.
I'm putting in my application today, since there are only 88 days left until the end of the quarter. Would be nice though if Tesla managed to deliver at the beginning of their delivery window at the end of May
TheRFMan
Member
Update: I put in my application at just a bit before 10AM, it took an hour to get a loan offer back. It was really quick, they did not ask for proof of income or anything. Ordering process has been super smooth so far. Much better than at any dealer.
0$ down (with interest rates this low, I can put cash at hand to work elsewhere), 72 months, 2.30% from Bank of Montreal.
0$ down (with interest rates this low, I can put cash at hand to work elsewhere), 72 months, 2.30% from Bank of Montreal.
Congrats and thanks for sharing the info! That is really quick to get approved. I am hoping mine will be the same when I apply. Any idea what is the interest rate for 96 month?
TheRFMan
Member
Not sure what it is now... based on posts on this forum, it generally has been 0.4%-0.5% higher than 72 months or less.
CanadianRob
Member
Not sure how much the rates have changed, but I got 2.35% over 96 months. Loan application put in near the end of Feb, car delivered March 30th.
That makes sense. At that time, it looks like folks were getting <2% for 72months and below, so the 0.4-0.5% higher rate matches for 96mo.
That's great! I wanted to confirm with my SA before replying back to you - they suggested the same, and said I should keep the financing offer for now. If the car isn't delivered within its window, I DON'T need to reapply (since valid for 90days) but the rate MAY change at the 30 day mark. If it does, he'll keep me updated of the new rate, and I can of course see it on the "My Account" page. I'm also likely going to lower my DP. 2.3x% is too cheap to throw into one lump car, better to keep cash liquid -> even an EQBank TFSA @ 2.3% matches the rate if needed.I received some clarification regarding the financing approval validity. Tesla Canada says 90 days here (Ordering a New Tesla). I reached out to the Tesla Advisor assigned to me again (he's super responsive, quite happy with that) and it turns out that both the 30-day and 90-day figures are correct in a sense. The approval is valid for 90 days, but the rate is only guaranteed for 30 days.
I'm putting in my application today, since there are only 88 days left until the end of the quarter. Would be nice though if Tesla managed to deliver at the beginning of their delivery window at the end of May
FYI, ordered April 1, delivery date is slated for April 23-May 23. Seems...early? I won't complain if it shows up, ofc!
TheRFMan
Member
Model Y I assume? I seems the Model Y production run comes before the 3 in each quarter. That was the case in the Q1, and seems to be the case again. I ordered my 3 a few days before you and my delivery window comes after.
Ah yep! I mentioned it in my earlier post - Model Y LR
Interesting, I didn't realize/know the MY is produced before the M3 per quarter! I guess demand for the MY is higher?
First month of the quarter M3 production is shipped to europe, since they don’t sell the Fremont built MY outside of North America other than a small allocation to South Korea, all the production is kept here, this allow for deliveries throughout the quarterAh yep! I mentioned it in my earlier post - Model Y LR
Interesting, I didn't realize/know the MY is produced before the M3 per quarter! I guess demand for the MY is higher?
Ordered and submitted for financing yesterday. 2.4% RBC loan for 48 months approved today. It appears rates have gone up. Anyone else apply for financing lately?
Not that it's an issue, but interesting, Tesla MY deposits are $100 now? I paid $2500 for mine a couple weeks ago, as did a few others. Was there something special you had to do to "qualify" for the $100 deposit?
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