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sonrantos
Member
I have delivery scheduled for Saturday and today I got an email to confirm my Loan Offer again. I was approved for 2.95 from RBC on April 21st. New rate of 2.8 was on the new offer.
Same for me
Approved for 2.95% for 96 months at the end of a April. Scheduled to pick up the car tomorrow and got he updated offer today at 2.8% for 96 months.
rBajwa
Member
Damn 2.4 at 96 that has to be a mistake! Good luck, I hope you get to keep that!!!
Yes I got it, I take delivery tomorrow. Ended up being 20 cents less a month than approval, which equates to a reduction on my license fee line, I assume because 2 months have passed since my original approval and I’m paying for 2 months less licensing.
TheRFMan
Member
If more than 30 days has elapsed since approval, they will revise the rate a few days before delivery. This might coincide with a delivery appointment being set. They also adjust other fees at that time.
When my delivery appointment was set, the amount for licence fee was reduced by $20. As mentioned above, this is likely because they are paying for fewer month of the licence. My rate has not changed, but I'm pretty sure BMO is still offering 2.3% for 72 months, so there would be no change anyways.
Interestingly enough, my payment has not changed, but the account page shows the Amount Due as -$20.00. (I'm not doing any downpayment outside the $2500 order deposit, not worth putting more cash down at 2.3%. As a result, my amount due had always been $0 beforehand.)
I've heard that if your Amount Due decreases at the last minute and you already have your bank draft issues, Tesla will just mail you a cheque for the difference afterwards.
Did you get an update yet? What's the new rate if you don't mind? Also I noticed you said your amount due went down in your other post. Do you mean they adjusted your downpayment without you asking for it?
Rates are still 2.8 for 96 and 2.35 for 72
My rate was lowered without permission, I still don’t get what happened. They apaolgized and said it was a mistake on their side. Explained the financing had issues and one day showed lower rates
Sucks for me
TheRFMan
Member
As expected, my financing was updated this morning, 24 hours before tomorrow's delivery (I got the email asking to review and accept terms). No change in rate, still the same 2.30% for 72 months from BMO that I had gotten in early April when I applied.
The only change was a slight adjustment in the total amount, because my licence fees went down $20 in the time that had elapsed since I placed the order.
So for those getting 2.35% with Scotia, it looks like you can save a little through BMO. I have no idea how you would go about requesting BMO however; it was the first option offered to me.
The only change was a slight adjustment in the total amount, because my licence fees went down $20 in the time that had elapsed since I placed the order.
So for those getting 2.35% with Scotia, it looks like you can save a little through BMO. I have no idea how you would go about requesting BMO however; it was the first option offered to me.
Hopefully someone can help me with this. I am planning on ordering a M3 SR+ in the next week or so and my wife has native status so like with our last vehicle we bought, which was a Dodge, we didn't have to pay any tax on it. So if the vehicle is delivered to the Reservation then there is no tax at all but if not then you pay the 5% on it. We don't live on a reservation and just picked it up at the dealership and still paid no tax. Just wondering if anyone else purchased a Tesla with native status and whether or not you paid taxes.
Canada_dude
Member
2.35% for 72 months with Scotia. Originally I had a BMO 2.30% approved when I first did the online process but by the time I went for pickup, the conditions all changed and I was signing papers from Scotia. Based on my experience, here is what I found.
1 - When you do all the online ordering process and you received an "approved" message, it isn't really approved until you do your delivery acceptance and you are signing the paperwork on that day. Make sure you check everything because whatever you thought you had when you first order it could have changed. The entire process for me was within 3 days from ordering and picking up (I bought from inventory).
2 - Assume you won't get emails or notifications of changes even when the approval is 'retracted' between the time of ordering and the time of picking up the delivery of your vehicle. If you do happen to get the notifications then you are luckier than me. By the way, Tesla folks don't know why this happens, I've asked multiple times and they keep pointing to our Canadian financial systems as the cause. Tesla staff are great and they did try to figure things out and help you as best they can.
3 - The majority of the time you will get a better rate from this Tesla process than you will have the major banks for new car loans. It seems that Tesla has the banks 'bid' for your loan and tries to give you the best rate.
As I know everyone's situation is different including their credit scores, etc. I wanted to share with you all what I experienced and what my understanding of the situation is, right or wrong.
Good luck and don't worry about it too much, enjoy the car!
My two cents
1 - When you do all the online ordering process and you received an "approved" message, it isn't really approved until you do your delivery acceptance and you are signing the paperwork on that day. Make sure you check everything because whatever you thought you had when you first order it could have changed. The entire process for me was within 3 days from ordering and picking up (I bought from inventory).
2 - Assume you won't get emails or notifications of changes even when the approval is 'retracted' between the time of ordering and the time of picking up the delivery of your vehicle. If you do happen to get the notifications then you are luckier than me. By the way, Tesla folks don't know why this happens, I've asked multiple times and they keep pointing to our Canadian financial systems as the cause. Tesla staff are great and they did try to figure things out and help you as best they can.
3 - The majority of the time you will get a better rate from this Tesla process than you will have the major banks for new car loans. It seems that Tesla has the banks 'bid' for your loan and tries to give you the best rate.
As I know everyone's situation is different including their credit scores, etc. I wanted to share with you all what I experienced and what my understanding of the situation is, right or wrong.
Good luck and don't worry about it too much, enjoy the car!
My two cents
TheRFMan
Member
2.35% for 72 months with Scotia. Originally I had a BMO 2.30% approved when I first did the online process but by the time I went for pickup, the conditions all changed and I was signing papers from Scotia. Based on my experience, here is what I found.
1 - When you do all the online ordering process and you received an "approved" message, it isn't really approved until you do your delivery acceptance and you are signing the paperwork on that day. Make sure you check everything because whatever you thought you had when you first order it could have changed. The entire process for me was within 3 days from ordering and picking up (I bought from inventory).
2 - Assume you won't get emails or notifications of changes even when the approval is 'retracted' between the time of ordering and the time of picking up the delivery of your vehicle. If you do happen to get the notifications then you are luckier than me. By the way, Tesla folks don't know why this happens, I've asked multiple times and they keep pointing to our Canadian financial systems as the cause. Tesla staff are great and they did try to figure things out and help you as best they can.
3 - The majority of the time you will get a better rate from this Tesla process than you will have the major banks for new car loans. It seems that Tesla has the banks 'bid' for your loan and tries to give you the best rate.
As I know everyone's situation is different including their credit scores, etc. I wanted to share with you all what I experienced and what my understanding of the situation is, right or wrong.
Good luck and don't worry about it too much, enjoy the car!
My two cents
That's interesting. I had been approved with the 2.30% from BMO almost three months before delivery. Just over 36 hours before delivery, My tesla account reverted back to "Credit Decision Pending". The next morning, I received an email saying that I had a financing offer to review, and it was identical to the original one.
So you go no notice that something changed, and I got notice, but nothing had changed...
TheRFMan
Member
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