Tesla Finance Nightmare

[TMSfanatic]

So my last car was returned to Tesla (paint defects and misalignments) and they're getting me a new replacement car. The owner advisor was understanding and was fast acting. When I returned the car, they said somebody will contact me 1 day later to notify me of the refund. So far nothing. In fact, I had to pay another $2500 to reserve the replacement car.

Not only that but they've been running multiple credit pulls on my credit history. Does this adversely impact my credit? It took about 2 months to get the original car so naturally they had to rerun my credit at the beginning of this month. Then at delivery, they didn't tell us that my wife and I had to sign (joint loan) since my wife was traveling for several weeks I had to resubmit my loan application (another credit pull), then after placing the deposit for the replacement car, I was told I need to submit another loan application (you guessed it, another credit pull). To make things worse, it seems like Tesla has added additional financing partners (BMO, TD, Chase, US Bank, Wells), so my credit monitoring app is flashing like christmas lights. Are these pulls adverse to your credit score? (similar to credit card applications?).

I'm not too happy with this, and are they trying to pump 2 sales from this replacement?? Was thinking getting a model 3 for my wife in a few months but seriously regretting this purchase...love the car but feels very sketchy

 

[Lasttoy]

Every hit on credit score, reduces your score. if someone sees its the same firm, maybe they will think its a mistake. U should tell them to stop. It does count.

 

[TMSfanatic]

Thank you, that's exactly what I'm thinking yet these guys seem really green. There are way too many handoffs (I had 5 people do delivery of the first car, and now my finance app is processed by another person). I was assured it would not be run again but to my surprise, my app tells me otherwise. I hope this warns others in the same boat. I'm also worried I'll get two bills from the bank down the road.

 

[JasJ]

Put in a free credit freeze and then unfreeze once when they are really ready. Yes, each pull hurts the score.

 

[iCharge]

So my last car was returned to Tesla (paint defects and misalignments) and they're getting me a new replacement car. The owner advisor was understanding and was fast acting. When I returned the car, they said somebody will contact me 1 day later to notify me of the refund. So far nothing. In fact, I had to pay another $2500 to reserve the replacement car.

Not only that but they've been running multiple credit pulls on my credit history. Does this adversely impact my credit? It took about 2 months to get the original car so naturally they had to rerun my credit at the beginning of this month. Then at delivery, they didn't tell us that my wife and I had to sign (joint loan) since my wife was traveling for several weeks I had to resubmit my loan application (another credit pull), then after placing the deposit for the replacement car, I was told I need to submit another loan application (you guessed it, another credit pull). To make things worse, it seems like Tesla has added additional financing partners (BMO, TD, Chase, US Bank, Wells), so my credit monitoring app is flashing like christmas lights. Are these pulls adverse to your credit score? (similar to credit card applications?).

I'm not too happy with this, and are they trying to pump 2 sales from this replacement?? Was thinking getting a model 3 for my wife in a few months but seriously regretting this purchase...love the car but feels very sketchy

I feel they would have adjusted your initial $ into the next car. I called Tesla and they said my $1K down can certainly be adjusted into any new / inventory / CPO car I order.

 

[BIG ACH]

I thought I read somewhere that if you are car shopping and your credit is pulled multiple times by the same dealer or different dealers, it usually not treated as multiple hits by the credit entities, since its for a specific objective and shouldn't impact you as bad as you think it would.

Now if you were getting your credit pulled to buy a house, a car, a plane, a boat, all at the same time. That would be a different story


Don't quote me on the above.

 

[TMSfanatic]

I feel they would have adjusted your initial $ into the next car. I called Tesla and they said my $1K down can certainly be adjusted into any new / inventory / CPO car I order.

Yes, this is why I'm suspecting they're trying to push it as another sale... I've heard"end of quarter" a few times by different staff already

 

[TMSfanatic]

I thought I read somewhere that if you are car shopping and your credit is pulled multiple times by the same dealer or different dealers, it usually not treated as multiple hits by the credit entities, since its for a specific objective and shouldn't impact you as bad as you think it would.

Now if you were getting your credit pulled to buy a house, a car, a plane, a boat, all at the same time. That would be a different story


Don't quote me on the above.

Yes if it's reviewed by humans... Score being calculated automatic would not factor that I suppose?