Loan Application Pending For Weeks...

[alex067]

Hey everyone! First time posting, and I absolutely cannot wait to finally join the Tesla community.

I had ordered my model 3 two months ago. For our loan application, it was approved within like 24/48 hours. Great, no issues so far.

A couple weeks ago, I got an email from Tesla saying that more documents were required. Tesla had changed the loan, requiring a larger down payment, and required some documentation for income proof. Although the larger down payment was unexpected, it's not a big deal.

However, my loan application has now been in a pending state for 2-3 weeks, where my income proof documents are "verified" but:

Application Pending
Your documents are pending review

I've left various voice mails to Tesla support for loan financing, left a couple of emails from their customer support contact page. Of course, no one has gotten back to me.

Is this normal? It seems odd that its pending for so long. We had just purchased a home so we know it's not an issue with the income or credit.

 

[jjrandorin]

I dont have an answer to your question, but unless your car is due to be delivered during the approval period, you will have to re apply again anyway.

Also, its entirely possible "I just bought a house" is why your approval is taking longer. You just added a sizable debt to your debt to income ratio, and it takes like 60-90 days for that to show up on most credit reports as a new debt (but anyone pulling your credit will see the application for the mortgage).

If I were you, unless you were completely expecting it, "Tesla changed the loan, requiring a larger down payment and documentation for income proof" is a red flag that the underwriters didnt like something they found in your credit file / history.

If you know what that might be, then thats fine, but if you dont have any idea why someone would basically categorize you as higher risk (needing more money down, requiring income proof), you really need to look into that because you could be victim to identity theft or something. Again, the advice to look into that is only if you dont know why they would be asking for these things, if you do, then ignore it (and no need to share any of that here, its none of our business).

 

[alex067]

Thank you for the response. That does make sense, that a home purchase would affect the debt to income ratio.

Today, Tesla changed my delivery date to be closer rather than further away, which is interesting. I'm assuming this is a good thing and our loan application is going to be approved soon.

Thanks again for the insight

 

[Randy-12]

Thank you for the response. That does make sense, that a home purchase would affect the debt to income ratio.

Today, Tesla changed my delivery date to be closer rather than further away, which is interesting. I'm assuming this is a good thing and our loan application is going to be approved soon.

Thanks again for the insight

Have you tried emailing [email protected]

 

[Not That M3]

Have you received your VIN yet? When is your car going to be delivered?