Ordering LR after I get approved for CVAP

[pure9]

I placed an order for a Model 3 SR+ a week ago and found out that I qualify for the Clean Vehicle Assistance Program after that. I just applied for CVAP and turns out that they take at least 60 days to approve the loan and by that time my loan will expire (I think its only good for ~2 months). I'm also thinking of upgrading to Model 3 LR if I get approved for the 5k CVAP grant. Will there be another hard inquiry on my credit when I re-apply for another loan? Is it better to just keep my SR+ which is scheduled for delivery in March and avoid applying for the loan and also possibly lose the 5k grant or is it worth risking a later delivery date for Model 3 LR (a better model) and also possibly get another hard inquiry on my credit which will probably affect my credit score? My credit score is good so I don't think they will deny me the loan if I apply a second time.

Appreciate your guys' help!

 

[jjrandorin]

in 2 months time you will get another hard pull on your credit. Unless your score is borderline between one thresshold and the next, it shouldnt make that much difference. This is an expensive purchase and you should get the one you want (and can afford, and qualify for).

If you have to wait (and can do so) then thats the best option.

 

[Slate]

I’m confused by some of your language. When you say “loan”, do you mean the clean vehicle assistance program grant? Because that is an outright grant that will be applied to your final purchase price. If you have been approved for that, you can apply it to either the SR+ or the LR AWD: the CVAP program makes no distinctions beyond “2021 Tesla Model 3”. They qualify you, the purchaser, not the car: they just want to make sure you’re buying a full-fledged EV, not a hybrid.

Many people have, and will, use the $5K grant to upgrade their order from an SR+ to an LR AWD.

If you qualify, I wouldn’t pass up applying. You can change your order, and apply for modified financing (your loan provider will probably be happy to oblige, as they’ll be holding a lien on a car that’s $9,000 more valuable for only $5,000 more financing).

It may take a couple of months to get the grant approved. If that runs up against your current delivery schedule, you can always tell your Tesla sales associate you want a later delivery schedule. They will happily push back your schedule upwards of a year.

Worst comes to worst, you give up your $100 deposit and start afresh. Better than giving up $5,000.

 

[pure9]

I’m confused by some of your language. When you say “loan”, do you mean the clean vehicle assistance program grant? Because that is an outright grant that will be applied to your final purchase price. If you have been approved for that, you can apply it to either the SR+ or the LR AWD: the CVAP program makes no distinctions beyond “2021 Tesla Model 3”. They qualify you, the purchaser, not the car: they just want to make sure you’re buying a full-fledged EV, not a hybrid.

Many people have, and will, use the $5K grant to upgrade their order from an SR+ to an LR AWD.

If you qualify, I wouldn’t pass up applying. You can change your order, and apply for modified financing (your loan provider will probably be happy to oblige, as they’ll be holding a lien on a car that’s $9,000 more valuable for only $5,000 more financing).

It may take a couple of months to get the grant approved. If that runs up against your current delivery schedule, you can always tell your Tesla sales associate you want a later delivery schedule. They will happily push back your schedule upwards of a year.

Worst comes to worst, you give up your $100 deposit and start afresh. Better than giving up $5,000.

thank you for your response guys! My bad, I meant that the grant takes at least 60 days to approve, not the loan.

I think that answers most of my questions. The only thing I’m worried about is another hard inquiry on my credit. Although I have a good credit, my credit history is short so idk if it’s okay to keep having hard checks every so often.

 

[Slate]

Don’t worry about “hard pulls” on your credit, if they’re for essentially the same reason. You’re just trying to buy a car—from the same manufacturer, and the same model number. That’s a decision with room for options and optimizations.

If you were triggering hard pulls because you were trying to buy a car, a boat, a house, and a Shetland Pony all in the same year...yeah, that might send up some flags. But you’re on a familiar track, and should probably stay there.

 

[pure9]

Don’t worry about “hard pulls” on your credit, if they’re for essentially the same reason. You’re just trying to buy a car—from the same manufacturer, and the same model number. That’s a decision with room for options and optimizations.

If you were triggering hard pulls because you were trying to buy a car, a boat, a house, and a Shetland Pony all in the same year...yeah, that might send up some flags. But you’re on a familiar track, and should probably stay there.

Thank you for your response and answering my questions. At this point I guess it’s just a waiting game till I hear back from CVAP. They seem to be still working on November applications so I’m just hoping I don’t get pushed to June delivery.