Financing Tesla vehicles in Canada

[whimsical]

Hey guys,
What does it mean when an appx date of June 2022 EDD changes to a April xx to May xx date range?

I know its non finance related but hoping someone might have the answer.

Thanks

I am not entirely sure, but i have heard the below. Since its not verified, take it with a pinch of salt. But hopefully you get a better clarity.

"majority of tesla deliveries happens during the last month of the quarter. So if you ordered your car at any month throughout the year, look at which month comes after be it March, June, September or December"

 

[whimsical]

Got a rate of 2.85% with RBC for 72 months, $0 down. HSBC's offer at 1.99% is tempting, but given that it's a variable rate and the potential increase to prime, need to make sure it makes sense in the long term.

with $0 down, that's a decent rate !!

 

[DasTasla]

Anyone know if you work for one of the lending banks -do you get a lower/staff rate?

 

[Bluecrush]

Anyone know if you work for one of the lending banks -do you get a lower/staff rate?

I think that's an apt question for internal HR. I am sure banks/lenders have their own staff discount policies.

 

[Intentt]

Warning anyone trying to finance through HSBC to take advantage of their 1.99% variable rate.

THEY ARE SLOWWWW.

Submitted my application on January 7th and returned all required documents the same day they were requested. Even with excellent credit, they told me that I shouldn't expect approval until next week at the earliest. Big problem since my delivery is scheduled for Saturday.

 

[Torontom]

LOL soo some updates:

The EDD changed from June 2022 to the April 19 - May xx date.
And now ( i beleive it changed today) its showing Jan 27 to Jan 31...

10mins ago, i get a text from the Tesla Advisor @ Tesla Toronto on Lawrence Ave saying my car is gonna be in this Saturday the 29th of Jan....

I honestly didnt want it to be thsi early cus tbh I wanted the salt and stuff to be gone first from teh road and the first place I was gonna take it to was a detail show to put on a paint film wrap. I was gonna baby it for real LOL

I still dont see a VIN number on my Tesla account.

I believe i read somewhere that if the SA reaches out and there is no VIN on your account still, its probably a reject from someone elses order with the exact same spec I had. Can someone confirm my thinking here?


What should I do?
I honestly do not mind waiting a bit more....

 

[Bluecrush]

Got a rate of 2.85% with RBC for 72 months, $0 down. HSBC's offer at 1.99% is tempting, but given that it's a variable rate and the potential increase to prime, need to make sure it makes sense in the long term.

Just received a lower rate of 2.7% for 72 months with $0 down, automatically. Completely unexpected, as I've heard stories of the rate jumping higher after approval, but not lower.

 

[auto]

Anyone know if you work for one of the lending banks -do you get a lower/staff rate?

I can confirm no lower rate/discount is available to staff, not for Tesla at least.

Just received a lower rate of 2.7% for 72 months with $0 down, automatically. Completely unexpected, as I've heard stories of the rate jumping higher after approval, but not lower.

I received 2.85% (72 months, $65K down) through RBC. Did you get an email re. the lower rate being available or just appeared in the financing details under completed steps?

 

[Bluecrush]

I can confirm no lower rate/discount is available to staff, not for Tesla at least.


I received 2.85% (72 months, $65K down) through RBC. Did you get an email re. the lower rate being available or just appeared in the financing details under completed steps?

Received an email that said--
`

Review Your Updated Tesla Loan Offer​

RN1156*****​

There's been an update made to your Tesla Loan Offer. View the change in your Tesla Account.​

`

My delivery is tomorrow, so not sure if this is next month's rate being applied ahead of time, automatically.

 

[auto]

Received an email that said--
`

Review Your Updated Tesla Loan Offer​

RN1156*****​

There's been an update made to your Tesla Loan Offer. View the change in your Tesla Account.​

`

My delivery is tomorrow, so not sure if this is next month's rate being applied ahead of time, automatically.

Congratulations on the lower rate and delivery tomorrow! Let us know how the process goes.

 

[Choncho]

Just curious if I change from a LR to a Performance does a new credit report need to be completed or would it just be amended on my current approval?

 

[Bluecrush]

Just curious if I change from a LR to a Performance does a new credit report need to be completed or would it just be amended on my current approval?

Most likely, a new one will need to be filled out as the financed amount will vary.

 

[Bluecrush]

Congratulations on the lower rate and delivery tomorrow! Let us know how the process goes.

Thank you, will do

 

[savage698]

Curious if anyone has had a situation similar recently and what the outcomes were.

Pulled the trigger on ordering a Model 3 LR AWD and we just applied for Financing yesterday. Based on what I've seen in this forum and in other places online, most people get approval within minutes or a couple of hours, but our application has been sitting in "Credit decision pending" since we applied yesterday. I was a little concerned at first as I haven't sold my Chevy Volt yet, but will be prior to delivery as we've had several offers that are well above what we currently owe on the car, so I reached out to the financing team to find out if there was anything I could do to help speed things up. They replied within 20 minutes saying "Looks like proof of income is needed from both applicants." So we went and sent them paystubs and an employment letter I have for good measure and received an e-mail back saying they received the documents and sent them to the lender.

Just curious if anyone's had a similar situation and what the outcome is and whether or not you think it's a positive sign that the lender is at least checking income and not flat out denying?

Household income is $180k, both credit scores are in the low 700's with one existing car loan each.

 

[_NTL]

LOL soo some updates:

The EDD changed from June 2022 to the April 19 - May xx date.
And now ( i beleive it changed today) its showing Jan 27 to Jan 31...

10mins ago, i get a text from the Tesla Advisor @ Tesla Toronto on Lawrence Ave saying my car is gonna be in this Saturday the 29th of Jan....

I honestly didnt want it to be thsi early cus tbh I wanted the salt and stuff to be gone first from teh road and the first place I was gonna take it to was a detail show to put on a paint film wrap. I was gonna baby it for real LOL

I still dont see a VIN number on my Tesla account.

I believe i read somewhere that if the SA reaches out and there is no VIN on your account still, its probably a reject from someone elses order with the exact same spec I had. Can someone confirm my thinking here?


What should I do?
I honestly do not mind waiting a bit more....

I had a similar thing happen though it was in September. Received my Model Y after being in queue only for a week rather than 5-6 months I was supposed to wait. Glad I picked mine up then, have already put the car to good use since. The VIN number should have been sent to you in an email and will be assigned to your account after you accept. I did actually pick up my Model Y from the Lawrence location also , it had no issues at all except for the smallest scratch on the bottom part of the bumper, that got repaired the week after for free.

 

[senx2660]

Curious if anyone has had a situation similar recently and what the outcomes were.

Pulled the trigger on ordering a Model 3 LR AWD and we just applied for Financing yesterday. Based on what I've seen in this forum and in other places online, most people get approval within minutes or a couple of hours, but our application has been sitting in "Credit decision pending" since we applied yesterday. I was a little concerned at first as I haven't sold my Chevy Volt yet, but will be prior to delivery as we've had several offers that are well above what we currently owe on the car, so I reached out to the financing team to find out if there was anything I could do to help speed things up. They replied within 20 minutes saying "Looks like proof of income is needed from both applicants." So we went and sent them paystubs and an employment letter I have for good measure and received an e-mail back saying they received the documents and sent them to the lender.

Just curious if anyone's had a similar situation and what the outcome is and whether or not you think it's a positive sign that the lender is at least checking income and not flat out denying?

Household income is $180k, both credit scores are in the low 700's with one existing car loan each.

You applied on the weekend. You should have a decision today.

 

[koorosh]

You applied on the weekend. You should have a decision today.

I have not heard from them since 3 weeks ago and had a hard credit hit too. Not sure where to call either.

 

[savage698]

I have not heard from them since 3 weeks ago and had a hard credit hit too. Not sure where to call either.

I wrote them at [email protected] and they responded within an hour on Sunday. Try e-mailing them there and see what they say, wouldn't mind an update after if you have one.

 

[Bluecrush]

I have not heard from them since 3 weeks ago and had a hard credit hit too. Not sure where to call either.

For all your finance related queries, email: [email protected] with your RN number in the subject line

 

[Ruffus23]

2.85% over 6 years with RBC took a few seconds for approval.