Thank you for your kind and detailed sharing. I was curious when you shared in your earlier post that "Tesla ran your credit again", did you refer to that you "did not accept/reject" their first offer then re-apply through Tesla app again? Thanks
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Model X Financing
- Thread starter FloridaSun
- Start date
The problem is if the car doesn’t come in before your financing expires then you will get another hard inquiry. You never apply for credit without a vin and a scheduled pickup date and time. We did Navy Federal CU, 2.49% with $0 down. Got the check the same day.
You can call and tell them to run it again with less money down. They have a list of partners so they’ll just keep running it through the next company up. We got close to what we wanted but ended up going outside of Tesla financing. Also, if you stack your inquiries close together it’ll have minimal impact on your credit score.
I did not re-apply online. I called Tesla customer support and asked why the original offer required $60k down. They told me that that they will look into it and they system came back with a lower down payment and a higher interest rate. I actually increased the down payment from $8600 to $20k and accepted the offer as I can get 2.49% at my credit union. I won't get the original financing with them as their procedures are not acceptable to most new dealers. They want to see the paperwork that they are added as the lienholder before they issue the cashiers check.. So, I will get the higher interest loan first and then refinance the car with my credit union after 1 month.
The problem is the sequence of events. I doubt that Telsa will add them as a lien holder BEFORE receiving the cashiers check. At this point, I'm still locked in with the credit offer I accepted.. It does expire 7/4..
I finally got the approval on my refinance with my credit union. Unfortunately, rate went up due to the Fed rate hike but it's still over a percent less than the rate I'm paying with Tesla Finance, pretty much I'm now getting the same as the best rate available with Tesla preferred banks (3.74%). This lowers my monthly payment by just under $100 for the same 72 months term. Rate is good for 30 days. However, still have to wait for my loan number and for Tesla paying off my Model Y trade in before I can complete the refinance with my Credit Union. I do understand now why I had the initial problem with other banks asking for a huge down payment. As over 1/3 of my income is from rental income, most banks do NOT auto approve that application. My credit union initially declined me too but then asked me for my tax returns to confirm that my rental income shows on my tax returns and after I presented my tax returns, they approved my application as their underwriter approved it after seeing my tax returns. It appears that nobody takes your word on how much rental income you make. Credit score was no problem. I got an 847 on the 850 scale on their credit pull..
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Glad to hear that you could refinance at a better rate with your credit union. Thanks for your kind sharing.
It's based on the original balance of the loan. I don't have the new loan yet as I don't even have my Tesla Finance Account number yet and they have not paid off my trade in yet. My new loan will only start once I have the loan number with payoff quote as also evidence that my Model Y was paid off by Tesla.
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