Having someone else finance my Cybertruck Founders Series AWD

[Cybertruckster]

I have been a long time Tesla enthusiast and obtained an early Cybertruck reservation from just after the unveil event in 2019. It was an awesome thing to find an invite for the Founders Series recently in my email. I'm financially capable of making payments on a loan, but unfortunately my credit is likely not adequate to obtain one, due to some hardship I had a few years ago, after losing my job of 10 years. A relative of a close friend has offered to back the loan. However, he lives in a different state. I read in a few other posts here that mention it might be possible if one is willing to relinquish their email account and don't have any other Teslas. I don't currently have any other Teslas and am willing to give up my email account for this. However, I wasn't sure how this would work with respect to changing the name of the account (which is already just a nickname, not my legal name) and also the physical address changing to a different state.

I will ultimately be the user and owner of the vehicle once I pay it off and it would be a tremendous disappointment to not be able to purchase the Cybertruck after all this time, due to technicalities like this. Do you think this would work? I could even take delivery in the other state if need be and go through whatever hoops are necessary to get it properly registered here. Any constructive input on this would be greatly appreciated. Super excited with the potential to have a Cybertruck, looks like exactly what I've been waiting for!

 

[brkaus]

You could possibly have this person co-sign the loan.

If it’s registered in the other persons name you might have issues with insurance, etc.

 

[Watts_Up]

I'm financially capable of making payments on a loan, but unfortunately my credit is likely not adequate to obtain one...

By the time (years...) you will be able to get a CT, I imagine then that you will have been able to get and save enough money.

Note: IMO, don't risk again to ruin your life (and someone else credit ) by taking a new loan
and risking to bankrupt yourself if you need to find again a new job.

Note: You might be the driver but the owner will be the one who will be able to insure the CT and be liable in case of an accident.

There is a thread that I would recommend: What income to afford a Plaid?

 

[bruce3]

By the time (years...) you will be able to get a CT, I imagine then that you will have been able to get and save enough money.

Note: IMO, don't risk again to ruin your life (and someone else credit ) by taking a new loan
and risking to bankrupt yourself if you need to find again a new job.

Note: You might be the driver but the owner will be the one who will be able to insure the CT and be liable in case of an accident.

There is a thread that I would recommend: What income to afford a Plaid?

Good points on risk and friend's credit... I think co-ownership might solve the registration/insurance issue but like you said puts some risk/complexity between OP and co-owner.

That said, OP doesn't have to wait years as he mentioned he HAS a Foundation Series invite email already.

I just got my Foundation Series invite 2 days ago and they say delivery estimates are Feb-Apr... But I'm not sure I want to spend $20k price gouging to get mine early...

To OP : perhaps a good middle ground is don't spend the extra $20k but wait for your reservation to come up WITHOUT the gouging which might be a few months to a year, and by then maybe your situation is better not to mention $20k less to finance... Of course you'll lose some of that element of being the first one on the block with this weird beast if you do that... (I chatted with Tesla rep online and they said if I don't make the $1k non refundable deposit I will still hold my very early reservation spot for a non-Foundation Series CT when orders start being made for those)

 

[T3SLAROD]

OP the car isn’t worth jumping over hoops to get. Rent one on Turo to get your fix and then work on your credit. It just isn’t worth it.

 

[Suns_PSD]

OP the car isn’t worth jumping over hoops to get. Rent one on Turo to get your fix and then work on your credit. It just isn’t worth it.

For that matter no car is.

 

[Suns_PSD]

I have been a long time Tesla enthusiast and obtained an early Cybertruck reservation from just after the unveil event in 2019. It was an awesome thing to find an invite for the Founders Series recently in my email. I'm financially capable of making payments on a loan, but unfortunately my credit is likely not adequate to obtain one, due to some hardship I had a few years ago, after losing my job of 10 years. A relative of a close friend has offered to back the loan. However, he lives in a different state. I read in a few other posts here that mention it might be possible if one is willing to relinquish their email account and don't have any other Teslas. I don't currently have any other Teslas and am willing to give up my email account for this. However, I wasn't sure how this would work with respect to changing the name of the account (which is already just a nickname, not my legal name) and also the physical address changing to a different state.

I will ultimately be the user and owner of the vehicle once I pay it off and it would be a tremendous disappointment to not be able to purchase the Cybertruck after all this time, due to technicalities like this. Do you think this would work? I could even take delivery in the other state if need be and go through whatever hoops are necessary to get it properly registered here. Any constructive input on this would be greatly appreciated. Super excited with the potential to have a Cybertruck, looks like exactly what I've been waiting for!

This an awful idea for not only you, but also your 'relative of a close friend'.

Either way, a co-signer just puts their name/ credit on the loan docs from your financial institution. You are not transferring ownership so all that stuff about transferring the e-mail reservation is irrelevant.

If the 'relative of a close friend' is trying to put the vehicle in their name and have you make payments, well you are just paying for someone else's car and you should know better.

That said, financial institutions will lend money to practically anyone and it's certainly possible for you to get a loan all on your own if you have a good job and DP.

GL

 

[T3SLAROD]

For that matter no car is.

Agreed.

 

[carpendj]

Scratching my head as to why you would want to own an expensive Cybertruck when your credit is not good and have to do the other things you mentioned. Is a Cybertruck that important to you? Its just a vehicle.

 

[afadeev]

It was an awesome thing to find an invite for the Founders Series recently in my email. I'm financially capable of making payments on a loan, but unfortunately my credit is likely not adequate to obtain one, due to some hardship I had a few years ago, after losing my job of 10 years.

Dude,
If you have a credit history (anyone who had a job for 10+ years does). It may not be great, but you do have it. And unless you've defaulted on every loan ever in your life, you can get another one.
Even if you had declared a bankruptcy.
You may not like the rates, but as long as you have a job and steady income, there is an active sub-prime auto loan market.
Use it.

A relative of a close friend has offered to back the loan. However, he lives in a different state. I read in a few other posts here that mention it might be possible if one is willing to relinquish their email account and don't have any other Teslas. I don't currently have any other Teslas and am willing to give up my email account for this. However, I wasn't sure how this would work with respect to changing the name of the account (which is already just a nickname, not my legal name) and also the physical address changing to a different state.

CT is a terrible choice for someone on the brink of financial stability.
The whole story sounds fishy and problematic, but good luck.

I will ultimately be the user and owner of the vehicle once I pay it off and it would be a tremendous disappointment to not be able to purchase the Cybertruck after all this time, due to technicalities like this.

Technicalities?
You can't afford to buy the car outright, your credit might be too f*cked up to get a sub-prime loan, and you can't figure out how to get a co-signer on your loan.
Does any of the above look like a red flag? All of the above?

These are not technicalities.
It's a sign that you should STOP and re-evaluate your priorities in life.
A funky looking vehicle should be at the very BOTTOM of that list!

HTH,
a

 

[joeinNFLA]

Banks or finance companies consider this a straw purchase. And won’t approve such a large contract. They know the co signer lives in a different state and is not invested in your paying the loan on time. Could add more but many have given you good advice above. Just wait rebuild your credit then purchase on your own.