Lease question

[JustinXx]

So, I’m ordering my first ever Tesla and was excited for the delivery date which was supposed to be Tuesday the 11th. Apparently, it won’t be that day anymore.

I applied for the lease and was approved for it. No issues and hasn’t been an issue for the month I’ve waited. Now they’re saying that they can’t match me to the leasing company I was matched to. They’re also saying that they won’t know when it’ll be fixed or if it’ll be fixed and their opinion is to get a “co-signer”. My question is, if that was the case, why approve me in the first place? Why all of a sudden now this is an issue when I got approved? Only guess is I did ask to switch to a black interior because I didn’t want to wait for the whit anymore but I asked them if I would have to re-apply and they said no and switched it for me. But that shouldn’t really affect much since it’s cheaper—at least I hope it didn’t. I called customer service and someone picked up—which surprised me—and he said he doesn’t even know what’s going on. He also said he submitted a ticket to the finance department but it can take up to 3 days—which sucks.

Has this happened to anyone else? Or do I have really bad luck? Guess at this rate I should’ve just waited for the white seats lol.

 

[jjrandorin]

So, No idea on the "state not allowing them to register with the leasing company you are matched to" but the rest of that about needing a co-signer for them to get you matched to a different leasing company means that your profile is not great for getting approved for the lease, at least as they see it.

By "your profile" I mean some combination of your Age, credit score, credit history, income, and debt to income ratio. All of that is your personal business and I am not suggesting in any way, shape, or form that you should be discussing any of that here (or anywhere) online. I am just telling you that if they cant move your lease to another company, the only reasons would be because your leasing profile is making it hard to get you approved at more than one company.

If the choice is either get a co-signer or wait till they hopefully get the issue sorted out with whomever they used for your lease, it would be better to wait to get it sorted out, at least in my opinion. I am extremely (extremely extremely) against the "co-signer to get loan approved" situation, unless its between a married couple (because marriage already ties peoples finances together).

Anyway, If you dont know why your lease cant be moved (what in your profile I mentioned above is keeping them from using another company), you should already know what this is (whether its your age, your credit score, your debt to income ratio etc.)

Again I am not suggesting you discuss this online, its personal and no ones business, but YOU should know what this reason is, and if you dont already know, you should find out by getting your own credit report (the real one) from one of the credit bureaus and looking through it. Perhaps there is a mistake there that shouldnt be there.

If you do know, and its legit, then, you will likely need to do what they mentioned, either wait or get a co-signer.

 

[JustinXx]

So, No idea on the "state not allowing them to register with the leasing company you are matched to" but the rest of that about needing a co-signer for them to get you matched to a different leasing company means that your profile is not great for getting approved for the lease, at least as they see it.

By "your profile" I mean some combination of your Age, credit score, credit history, income, and debt to income ratio. All of that is your personal business and I am not suggesting in any way, shape, or form that you should be discussing any of that here (or anywhere) online. I am just telling you that if they cant move your lease to another company, the only reasons would be because your leasing profile is making it hard to get you approved at more than one company.

If the choice is either get a co-signer or wait till they hopefully get the issue sorted out with whomever they used for your lease, it would be better to wait to get it sorted out, at least in my opinion. I am extremely (extremely extremely) against the "co-signer to get loan approved" situation, unless its between a married couple (because marriage already ties peoples finances together).

Anyway, If you dont know why your lease cant be moved (what in your profile I mentioned above is keeping them from using another company), you should already know what this is (whether its your age, your credit score, your debt to income ratio etc.)

Again I am not suggesting you discuss this online, its personal and no ones business, but YOU should know what this reason is, and if you dont already know, you should find out by getting your own credit report (the real one) from one of the credit bureaus and looking through it. Perhaps there is a mistake there that shouldnt be there.

If you do know, and its legit, then, you will likely need to do what they mentioned, either wait or get a co-signer.

My thing is, how was I approved all the way up until I was about to pick up the car? That’s the part that I’m missing. If they would’ve said this from the beginning when I originally submitted a credit app, then this would be different. But the fact that it’s been a month and some change since I’ve applied for a lease app it’s just weird to me that they’re doing this 3 days before I was originally scheduled to pick up the car. And when I called customer service, he couldn’t even figure it out and couldn’t figure out what’s going on lol

If the co-signer was an issue why not say that from the jump? That’s kinda where I’m thrown off. Only thing that changed is my order and if anything it was cheaper since it was as base as you can get lol. We’ll see in three days whenever they get back to me I guess lol.

Appreciate the input!

 

[jjrandorin]

My thing is, how was I approved all the way up until I was about to pick up the car? That’s the part that I’m missing. If they would’ve said this from the beginning when I originally submitted a credit app, then this would be different. But the fact that it’s been a month and some change since I’ve applied for a lease app it’s just weird to me that they’re doing this 3 days before I was originally scheduled to pick up the car. And when I called customer service, he couldn’t even figure it out and couldn’t figure out what’s going on lol

If the co-signer was an issue why not say that from the jump? That’s kinda where I’m thrown off. Only thing that changed is my order and if anything it was cheaper since it was as base as you can get lol. We’ll see in three days whenever they get back to me I guess lol.

Appreciate the input!

Im not there (and I dont work in the credit industry, I just did a lot of research on how credit works back when I was much younger and trying to recover financially from the fallout from being laid off).

With that out of the way, it looks like they got you approved with a company that will approve you, but something with that company, Tesla and the state you are in is preventing Tesla from using that particular company, that it appears they have used in the past.

So, they would have submitted your application to that company, that company approved you, everyone moved on... till it was time to execute the lease. When it was time to execute the lease, "some technicality" stopped the execution of the lease. Tesla (the company) is trying to sort this out with whatever company they tried to place your lease with, but has no ETA on that.

Normally, they would just place you with another company they do business with (and perhaps buy down the rate or something to match what they offered you already), but it sounds like they either cant place you with another company or havent tried.

You can ask them "have you tried placing me with another financial company for the lease?" and see where that gets you. Leasing requires a better credit profile than getting a loan, in general (with a loan they can just ask you for more down payment and offer a higher interest rate so on a loan there is usually some way to get approved).

 

[JustinXx]

Im not there (and I dont work in the credit industry, I just did a lot of research on how credit works back when I was much younger and trying to recover financially from the fallout from being laid off).

With that out of the way, it looks like they got you approved with a company that will approve you, but something with that company, Tesla and the state you are in is preventing Tesla from using that particular company, that it appears they have used in the past.

So, they would have submitted your application to that company, that company approved you, everyone moved on... till it was time to execute the lease. When it was time to execute the lease, "some technicality" stopped the execution of the lease. Tesla (the company) is trying to sort this out with whatever company they tried to place your lease with, but has no ETA on that.

Normally, they would just place you with another company they do business with (and perhaps buy down the rate or something to match what they offered you already), but it sounds like they either cant place you with another company or havent tried.

You can ask them "have you tried placing me with another financial company for the lease?" and see where that gets you. Leasing requires a better credit profile than getting a loan, in general (with a loan they can just ask you for more down payment and offer a higher interest rate so on a loan there is usually some way to get approved).

Now if they would’ve explained it like this, that is all I wanted to know lol. It’s just hard to get an answer from Tesla. And like I said, when I did call customer service, he said they only brought it to one bank, so my guess is they haven’t tried anywhere else except that one that originally said yes but changed their mind lol.

 

[MikeRTX]

I get the impression Tesla is pretty hinky when it comes to financing. I was quoted an interest rate to buy mine, and then it changed a couple times ... UPwards. I finally got a decent rate and the sale went through. And it ain't because of my credit rating - I'm well into the highest tier.

 

[JustinXx]

I get the impression Tesla is pretty hinky when it comes to financing. I was quoted an interest rate to buy mine, and then it changed a couple times ... UPwards. I finally got a decent rate and the sale went through. And it ain't because of my credit rating - I'm well into the highest tier.

Hoping it pulls through cause I really want the car and it was right there at my finger tips lol. Hopefully it’s something that just went wrong that they can fix…fingers crossed

 

[JustinXx]

Now I’m even more confused…I got a message from them…I guess the deals back on?

 

[JustinXx]

And no I’m back to square one lol. Delivery appointment was scheduled for tomorrow and now they want to move it to next week. Maybe they do need a dealership after all to handle this I just want my damn tessy lol

 

[afadeev]

I applied for the lease and was approved for it. No issues and hasn’t been an issue for the month I’ve waited. Now they’re saying that they can’t match me to the leasing company I was matched to.

That's not exactly what they are saying.
The message elaborates that the financial company which was willing to underwrite your lease is not licensed in your state - that was a Tesla screw-up to match you with a lender you can't use.
The second part of the message might explain why they did it - no other lender in your state (MA?) was willing to accept you as a customer. For whatever combination or reasons that I suspect you know, but did not share with us.

I called customer service and someone picked up—which surprised me—and he said he doesn’t even know what’s going on. He also said he submitted a ticket to the finance department but it can take up to 3 days—which sucks.
Has this happened to anyone else? Or do I have really bad luck? Guess at this rate I should’ve just waited for the white seats lol.

Seats color has nothing to do with this.
3 days are almost up. You should hear more from Tesla soon, or not. If not, call them back.

My thing is, how was I approved all the way up until I was about to pick up the car?

Tesla screwed up, and matched you with a lender who is not licensed to underwrite loans in MA.
Not great, but not the end of the world.
FWIW, Tesla screwed up my lending arrangement when I was buying the car ~5 years ago. I brought in my own lender to side-step Tesla incompetence.
Then it took them ~2 months to process the paperwork, so I was driving with expire temporary paper tags for about a month.
I would have hoped that they got their back-office processes figured out in the intervening years, but probably not.

That’s the part that I’m missing. If they would’ve said this from the beginning when I originally submitted a credit app, then this would be different. But the fact that it’s been a month and some change since I’ve applied for a lease app it’s just weird to me that they’re doing this 3 days before I was originally scheduled to pick up the car. And when I called customer service, he couldn’t even figure it out and couldn’t figure out what’s going on lol
If the co-signer was an issue why not say that from the jump? That’s kinda where I’m thrown off.

It's simpler than that. And I think you know it.
Your credit is marginal.
Only one (1) vendor was willing to take you on as a customer, and Tesla overlooked the fact that that lender wasn't licensed in MA.
Now that the time has come to finalize the paperwork, they caught on to that realization, and a scrambling to find another lender for you. Maybe they will succeed, maybe they will not.

And no I’m back to square one lol. Delivery appointment was scheduled for tomorrow and now they want to move it to next week. Maybe they do need a dealership after all to handle this I just want my damn tessy lol

Yeah, but can you afford it?
The difficulty Tesla is having finding a lender for you seams to indicate otherwise.
If they are wrong, secure your own financing and close the deal!
If they are right, then what's there to complain about?

a

 

[JustinXx]

That's not exactly what they are saying.
The message elaborates that the financial company which was willing to underwrite your lease is not licensed in your state - that was a Tesla screw-up to match you with a lender you can't use.
The second part of the message might explain why they did it - no other lender in your state (MA?) was willing to accept you as a customer. For whatever combination or reasons that I suspect you know, but did not share with us.



Seats color has nothing to do with this.
3 days are almost up. You should hear more from Tesla soon, or not. If not, call them back.



Tesla screwed up, and matched you with a lender who is not licensed to underwrite loans in MA.
Not great, but not the end of the world.
FWIW, Tesla screwed up my lending arrangement when I was buying the car ~5 years ago. I brought in my own lender to side-step Tesla incompetence.
Then it took them ~2 months to process the paperwork, so I was driving with expire temporary paper tags for about a month.
I would have hoped that they got their back-office processes figured out in the intervening years, but probably not.



It's simpler than that. And I think you know it.
Your credit is marginal.
Only one (1) vendor was willing to take you on as a customer, and Tesla overlooked the fact that that lender wasn't licensed in MA.
Now that the time has come to finalize the paperwork, they caught on to that realization, and a scrambling to find another lender for you. Maybe they will succeed, maybe they will not.



Yeah, but can you afford it?
The difficulty Tesla is having finding a lender for you seams to indicate otherwise.
If they are wrong, secure your own financing and close the deal!
If they are right, then what's there to complain about?

a

Dang that was a whole essay lol. Doesn’t matter anymore cause they gave me a delivery appointment for Tuesday and called and said everything is situated and done. Not to mention they only tried with one lender is what I was told, so they didn’t even try somewhere else like normal car business would do. You don’t have to ride so hard for a company—they can get criticism and critiques when they screw up lol. Thanks for the input