I know I read somewhere that some that went with Tesla's financing were able to further reduce their rate from 2.49% down another .10-.15%. I just don't remember who they called or spoke to. Anyone have that experience?
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Re: Financing. How again do I get 2.49% reduced?
- Thread starter Johnstac
- Start date
Some people had luck just emailing [email protected] and flat out asking if they could get a lower rate. I did try this today and was unsuccessful. They ran against Chase and got me 2.49%, which matched my US Bank 2.49%
Black306
Active Member
Here's my exp on how I got 1.86%.
I ordered MY late July 2020. Tesla offered me 2.5% and I accept it from Wells Fargo. A couple weeks later, Watching some youtube videos on MY. This couple mention about EECU and they were offering 1.86% for a new auto loan. So I email my SA and she said, just get a full approval by them and Tesla will match it. Ok, I google EECU and went on their site. I called them and apply. They submit my info and got approved for 1.86. They mail me a membership package and I need to return it for a $5 Check (Checking account deposit) and another $10 donation fee to be a member. Then I had to email them my pay stub, current mortgage info and Tesla invoice. After I did all they ask me to do, they email me my pre approval letter stating 1.86% and I met all requirement. I email my SA that info and a day later on my Tesla account, 2.5% drop to 1.86 from Wells Fargo. Took a good week to finish the process but I got it to 1.86.
FYI, 1.86 is aug rate. SEPT rate is 1.99. If you willing to go thru these trouble. GL. I tried emailing my SA but she told me this is the only way for Wells to match it. Maybe your SA is more willing to help and not needing u go do what I did.
hope this help.
I ordered MY late July 2020. Tesla offered me 2.5% and I accept it from Wells Fargo. A couple weeks later, Watching some youtube videos on MY. This couple mention about EECU and they were offering 1.86% for a new auto loan. So I email my SA and she said, just get a full approval by them and Tesla will match it. Ok, I google EECU and went on their site. I called them and apply. They submit my info and got approved for 1.86. They mail me a membership package and I need to return it for a $5 Check (Checking account deposit) and another $10 donation fee to be a member. Then I had to email them my pay stub, current mortgage info and Tesla invoice. After I did all they ask me to do, they email me my pre approval letter stating 1.86% and I met all requirement. I email my SA that info and a day later on my Tesla account, 2.5% drop to 1.86 from Wells Fargo. Took a good week to finish the process but I got it to 1.86.
FYI, 1.86 is aug rate. SEPT rate is 1.99. If you willing to go thru these trouble. GL. I tried emailing my SA but she told me this is the only way for Wells to match it. Maybe your SA is more willing to help and not needing u go do what I did.
hope this help.
Out of curiosity, those of you who got a second quote after the initial Tesla rate, did that cost you another credit inquiry?
Not saying you are wrong, but hmm that's interesting since the credit inquiry is bank specific (or at least it was for me). For example, my inquiry reflects on my equifax report as "Wells Fargo Auto Finance".
Assuming that I declined that rate offer from WF or asked tesla finance to check with another lender, I would assume that the next bank would perform a credit inquiry of their own for underwriting.
M3BlueGeorgia
Active Member
Tesla don't seem to care where you finance the purchase.
Shop around. Usually Credit Unions have the best rates and if you aren't already banking at a CU, this is a good time to switch.
Darweeezy
Member
When i asked tesla if it would require another credit pull, they said they could use the first pull with other banks so no additional pulls are needed. They checked 3 banks for me and only 1 pull showed up on my credit report.
Great information. Thank you for sharing. Definitely a unique process tesla has compared to traditional lending practices where your credit gets ran a number of times through different lenders by the dealer.
