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Loan help: Am I about to get repo'd????

TysY

Member
Nov 11, 2020
5
0
VA
Hey all! I have a 2021 Tesla MY that I bought through my business. It is a pretty new business but has done enough revenue to easily clear this loan IMO. It was approved after I applied within about 10 minutes. I've now had my MY for about 2 or 3 weeks and just got something in the mail from US Bank saying after carefully reviewing my application they cannot give me an auto loan. LOL. Obviously, I'm confused by this because I thought it was going to be with TD Bank (according to my application), not US Bank...not to mention I currently have the car in my possession...which you would think if there was an issue with the bank approving my loan they would let me know.

Any idea what this is about? I haven't received anything from Tesla, or TD Bank....this is the first piece of mail I've received regarding my purchase.

Am I about to get repo'd????? LOL I have an 835 credit score, I really don't want that to give me my first ding in several years.
 

qdeathstar

Completely Serious
May 17, 2019
3,145
2,174
VB
There is not enough information. I think you should contact Tesla. If your loan is bad they’d be the first to know since they would not have gotten their money.
 

JohnSnowNW

Active Member
Feb 13, 2015
2,644
2,769
Minnesota
Hey all! I have a 2021 Tesla MY that I bought through my business. It is a pretty new business but has done enough revenue to easily clear this loan IMO. It was approved after I applied within about 10 minutes. I've now had my MY for about 2 or 3 weeks and just got something in the mail from US Bank saying after carefully reviewing my application they cannot give me an auto loan. LOL. Obviously, I'm confused by this because I thought it was going to be with TD Bank (according to my application), not US Bank...not to mention I currently have the car in my possession...which you would think if there was an issue with the bank approving my loan they would let me know.

Any idea what this is about? I haven't received anything from Tesla, or TD Bank....this is the first piece of mail I've received regarding my purchase.

Am I about to get repo'd????? LOL I have an 835 credit score, I really don't want that to give me my first ding in several years.

My understanding is that Tesla shops your loan around for the best deal. If you signed a contract with TD Ameritrade then I think you can just ignore that.

FWIW, US Bank just sent us a refund check, today, for overpayment of our Model X lease, after telling us we didn't overpay.
 

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