Model 3 Credit Application Disclosure

[jester6642]

Moderator note: This thread was moved from the Model S forum.

Hi all. First time poster here. I'm looking to get a Model 3, and want to finance it (not lease). I'm a bit of an over researcher, and I was hoping to get a credit application disclosure distributed in the last 6-12 months so I can look it over before I go through the steps of purchasing a vehicle. Does anyone have a credit app disclosure they can share with me? Thanks in advance!

 

[DayTrippin]

Well you posted in the Model S forum for a Model 3 so not really sure you have much attention to detail. So not sure if you would find what you are looking for in a credit app.

You need to be more specific as well. Each financing company would have its own disclosure. You can easily reach out to each lender and get that info, especially since you didn't specify which one you want to focus on.

 

[jester6642]

Ugh not a good look for me on my first post, sorry! I'm also considering a Model S, if that helps...

Tesla provides a credit application disclosure at the time of purchase and will send your credit application to a list of preferred lenders on your behalf. I'm told that customers receive this after they put down the $250 nonrefundable down payment and go through certain steps on the app.

I found one from 2015, but I'm looking for something more recent, as I don't think the list of lenders is current. See here: https://www.tesla.com/sites/default...cation_terms_and_conditions_jc_01-22-2015.pdf

Wondering if anyone has one that's more recent. I've had a couple very bad experiences with certain lenders over the years, and I don't want to pay the down payment if my application will only be sent to the lenders listed in this 2015 disclosure.

Thanks again! Appreciate any guidance the community can provide.
-J

 

[DayTrippin]

I would look for other lenders than the captive Tesla ones and work with them. I've always been able to get better rates than the ones Tesla uses. I don't know what specific clauses you are looking for but generally the T&C's have been pretty simple. I found I get much better rates to go with a CU than Tesla by far.

Unlike other car companies where they might have their own finance arm and offer some incentives to use them. Tesla isn't worth the hassle. Even more so in the past when your delivery date would fluctuate wildly, sometimes resulting in an extra credit pull. I saved almost 1% on my last loan when I actually shopped Tesla by not going with Tesla.

At the time, that was going from 2.25% to 1.29% so the actual % in interest saved was substantial, especially on the amount financed. I wish those interest rates were back. The last one I financed Tesla wasn't on the table and it was 4.99% about 6 months ago for 72 months.

 

[jjrandorin]

Ugh not a good look for me on my first post, sorry! I'm also considering a Model S, if that helps...

Tesla provides a credit application disclosure at the time of purchase and will send your credit application to a list of preferred lenders on your behalf. I'm told that customers receive this after they put down the $250 nonrefundable down payment and go through certain steps on the app.

I found one from 2015, but I'm looking for something more recent, as I don't think the list of lenders is current. See here: https://www.tesla.com/sites/default...cation_terms_and_conditions_jc_01-22-2015.pdf

Wondering if anyone has one that's more recent. I've had a couple very bad experiences with certain lenders over the years, and I don't want to pay the down payment if my application will only be sent to the lenders listed in this 2015 disclosure.

Thanks again! Appreciate any guidance the community can provide.
-J

Since there is no real benefit on going through Tesla financing as it relates to interest rates etc (its not a captive finance arm), you are much better off in finding your own financing for the vehicle with a finance company you feel comfortable doing business with.

There is no guarantee that the list of companies "now" is going to be the list of companies whenever you decide to buy. Just use your own outside financing with whomever you feel comfortable with.

The difference between Tesla and other companies with Captive finance arms, is there is normally a financial reason presented to go with the captive finance arm (Toyota motor credit, BMW Financial, etc) in the form of either sales incentives, or interest rate incentives. Those dont exist in this case, so there is no reason to seek out Tesla specific financing, other than "ease of purchase online".

TL ; DR = Use your own financing, and you dont need to dig for, or worry about Teslas disclosures.

Hope that helps.

 

[ucmndd]

Agree with the above. If this is a big concern to you then secure your own financing with the lender of your choice.