Financing Tesla vehicles in Canada

[Tony_YYZ]

Could you share what was your EDD window (4 day with dates) before submitting the financing application? And after how long and how they reached you for delivery appointment once you finished the financing application. Thanks

Yesterday my EDD changed from May 25-June 8 to May 23-27. I got the final payment e-mail when that happened. I didn’t see a VIN yet but I logged into my account and checked the source code and found the VIN there.

Once I saw all that I called Tesla and asked them to switch me from cash to financing in my account. They opened that up right away and I then applied. I was approved within around 30 seconds. The rep at Tesla I spoke to told me the car is already in transit and should land here on the weekend. He said I should be able to take delivery next week.

Then later that evening I received a text asking me to click a link to schedule my delivery. It only had two dates for next week so i picked one and a timeslot. Now I’m all confirmed…..for now.

Let me know if you have any other questions.

 

[vsg055]

Yesterday my EDD changed from May 25-June 8 to May 23-27. I got the final payment e-mail when that happened. I didn’t see a VIN yet but I logged into my account and checked the source code and found the VIN there.

Once I saw all that I called Tesla and asked them to switch me from cash to financing in my account. They opened that up right away and I then applied. I was approved within around 30 seconds. The rep at Tesla I spoke to told me the car is already in transit and should land here on the weekend. He said I should be able to take delivery next week.

Then later that evening I received a text asking me to click a link to schedule my delivery. It only had two dates for next week so i picked one and a timeslot. Now I’m all confirmed…..for now.

Let me know if you have any other questions.

I have the same EDD as yours (May 23-27). I did the financing application yesterday at around evening time. Haven’t got the delivery text yet. Let’s see

 

[Tony_YYZ]

I have the same EDD as yours (May 23-27). I did the financing application yesterday at around evening time. Haven’t got the delivery text yet. Let’s see

You can call a local Tesla store and ask them to check where your car is and when it’s scheduled to at your delivery center.

 

[SucreDeCanne]

Yesterday my EDD changed from May 25-June 8 to May 23-27. I got the final payment e-mail when that happened. I didn’t see a VIN yet but I logged into my account and checked the source code and found the VIN there.

Once I saw all that I called Tesla and asked them to switch me from cash to financing in my account. They opened that up right away and I then applied. I was approved within around 30 seconds. The rep at Tesla I spoke to told me the car is already in transit and should land here on the weekend. He said I should be able to take delivery next week.

Then later that evening I received a text asking me to click a link to schedule my delivery. It only had two dates for next week so i picked one and a timeslot. Now I’m all confirmed…..for now.

Let me know if you have any other questions.

Very similar to your experience but picking the car up in Vancouver. I did apply for my financing on order date, and in my account it still says RBC approved financing rate at 3.6%@72 months since OD.

OD: 2022.03.08
OD-EDD: April
1st EDD [March 09]: May 03-31
[May 01] went to the store to chat with a SA, they confirmed my factory gate date in their system is May 17th.
2nd EDD [May 04]: May 15-29
3rd EDD: [May 07]: May 10-22
4th EDD: [May 10]: May 13-17 Source code VIN: 254***
DD: [May 11]: Booked appointment for May 15th, only 15th and 16th available in the scheduling webpage. VIN now appears in the app

 

[PastMem]

Indeed today was the day and my finance rate + conditions didn’t change at all from when I applied at the beginning of March. 3.98% for 96 months with $15K down. So if you have a rate fixed you should be fine if you are within your 90 days. I did not email Tesla Finance regarding my rate either.

Thanks for this info. I want to share my ongoing experience. I'm scheduled to pick up May 15. I have a 3.68% for 96 months Scotiabank from late Feb. I spoke with Tesla and they inform that this rate won't be applicable and it has to be renewed in the final contract to 5.12%, or I can change to RBC with 4.9%. However, I emailed them to provide final contract for my review and they are replying that the document is only going to be available same day on-site where all the loan terms are already set in my Tesla account. I checked and it is still 3.68%.

Now the question is, Will you wait to see if 3.68% ends up in the contract or to be on the safe side to apply for RBC 4.9%? Anybody got similar experience here?

 

[sokhangoo]

Thanks for this info. I want to share my ongoing experience. I'm scheduled to pick up May 15. I have a 3.68% for 96 months Scotiabank from late Feb. I spoke with Tesla and they inform that this rate won't be applicable and it has to be renewed in the final contract to 5.12%, or I can change to RBC with 4.9%. However, I emailed them to provide final contract for my review and they are replying that the document is only going to be available same day on-site where all the loan terms are already set in my Tesla account. I checked and it is still 3.68%.

Now the question is, Will you wait to see if 3.68% ends up in the contract or to be on the safe side to apply for RBC 4.9%? Anybody got similar experience here?

My 3.98% for 96 months from early March stayed the same when I took delivery on May 10. I did not talk to Tesla about my rate but in the "final payment" email from Tesla my rate was the one above and that appeared on my contract when I was on-site to take delivery as well.

 

[SucreDeCanne]

Thanks for this info. I want to share my ongoing experience. I'm scheduled to pick up May 15. I have a 3.68% for 96 months Scotiabank from late Feb. I spoke with Tesla and they inform that this rate won't be applicable and it has to be renewed in the final contract to 5.12%, or I can change to RBC with 4.9%. However, I emailed them to provide final contract for my review and they are replying that the document is only going to be available same day on-site where all the loan terms are already set in my Tesla account. I checked and it is still 3.68%.

Now the question is, Will you wait to see if 3.68% ends up in the contract or to be on the safe side to apply for RBC 4.9%? Anybody got similar experience here?

Application takes 30 seconds why not wait till 3.68% is for sure not an option and just apply for RBC on the spot when you take delivery. I guess 15th is a Sunday so you might run into bank draft problem? But if you are bringing a set amount of downpayment let say 20k, rates will just change your monthly right

 

[SucreDeCanne]

My 3.98% for 96 months from early March stayed the same when I took delivery on May 10. I did not talk to Tesla about my rate but in the "final payment" email from Tesla my rate was the one above and that appeared on my contract when I was on-site to take delivery as well.

I called them just now asking how much I should bring for my downpayment, They told me its the same that appears on my account calculated using the march rate I applied for.
I needed to know what this number is exactly because I opt for a fix amount of monthly instead of a fix amount of downpayment, for example, I wouldn't be looking at a strange number like 845.27 every month but a easy to remember 850, I just have an ugly downpayment amount of let say 21573.29 .

 

[KWC_Diu]

EDD July to Aug, just applied finance and got this with 7.5k down. Thinking of using Heloc or not..
Bank of Montreal
72 months, 4.85% APR

 

[vsg055]

You can call a local Tesla store and ask them to check where your car is and when it’s scheduled to at your delivery center.

So did you submit your new tesla insurance docs to them already? I have uploaded my current car insurance docs when I submitted my profile at the time of order creation.

 

[Tony_YYZ]

So did you submit your new tesla insurance docs to them already? I have uploaded my current car insurance docs when I submitted my profile at the time of order creation.

I still have my old insurance slip uploaded. I'm going to wait until next week to call my insurance company and add the car/get the temporary slip. Tesla still has not emailed me the financing bank details which the insurance company may want.

With my previous Tesla cars I just came with the insurance info at the time of pickup. This is the first time I'm seeing it asking for me to upload an updated slip.

 

[PastMem]

Application takes 30 seconds why not wait till 3.68% is for sure not an option and just apply for RBC on the spot when you take delivery. I guess 15th is a Sunday so you might run into bank draft problem? But if you are bringing a set amount of downpayment let say 20k, rates will just change your monthly right

In theory they say you can't make modification to the contract on the same day. But yes you're right, I set fixed Downpayment so APR only changes my monthly.

 

[PastMem]

My 3.98% for 96 months from early March stayed the same when I took delivery on May 10. I did not talk to Tesla about my rate but in the "final payment" email from Tesla my rate was the one above and that appeared on my contract when I was on-site to take delivery as well.

When did you receive the final payment email?

 

[sokhangoo]

When did you receive the final payment email?

About 4-5 days before my delivery date.

 

[Randy-12]

My pick up is for today.

Received the final payment due email last night. Terms changed in my account from 3.65% to 3.99%

I was told 2 weeks ago by Tesla finance that my rate was supposed to hold till the 15th (90 day mark). Guess they were mistaken.

Just like everything I’ve asked of my S/A’s or finance no 2 answers are the same or constant.

The only contact that has been constant and that replies swiftly has been the delivery centre.

Oh well I’m not going to fight this, I’m just going to breath and get this part of the experience over with!

 

[PastMem]

About 4-5 days before my delivery date.

Thanks. It sounds like YVR has different timeline than YUL then. I still haven't got that email. Glad you got your rate fixed!

 

[PastMem]

My pick up is for today.

Received the final payment due email last night. Terms changed in my account from 3.65% to 3.99%

I was told 2 weeks ago by Tesla finance that my rate was supposed to hold till the 15th (90 day mark). Guess they were mistaken.

Just like everything I’ve asked of my S/A’s or finance no 2 answers are the same or constant.

The only contact that has been constant and that replies swiftly has been the delivery centre.

Oh well I’m not going to fight this, I’m just going to breath and get this part of the experience over with!

Thanks for this info. 3.99 is not bad already, and imagine getting a car that appreciates the moment you drive off the dealer I would be happy if I can get that rate as well, fingers crossed.

 

[PastMem]

Just wanted to provide an update. I picked up today and the rate with 96 months terms remained the same at 3.68 from what I got in late-Feb. It was on the official signed documents with Scotiabank.

It's still a mystery to me why we are getting such inconsistent results and messages, but hope you all get to keep rates from March if you are getting delivered soon!

 

[ledge01]

EDD July to Aug, just applied finance and got this with 7.5k down. Thinking of using Heloc or not..
Bank of Montreal
72 months, 4.85% APR

I just reapplied and I got the same rate as this (also 72 month with 15k down). This is an increase from 4.35%@96m I had previousy (figured with the rates increasing it was worth reducing the financing).

 

[SucreDeCanne]

Picked up my car on Sunday. Was able to sign the 3.6%@72months that we got approved on in March.