Tesla Forcing me for Multiple Credit Checks, Please help!

[imajhere]

Fellow Tesla Fans,
I'm really in need of help right now. Wanted to reach out to you guys and see if I can get some advice. I will try to keep this post short so I might skip a few unimportant details.
I ordered my Model 3 in July with an expected delivery between Sep-Nov. Surprisingly, I received an email from my DA in just 2 days saying the car was ready. I said I can't take the delivery at that time because I still had to get my financing sorted out. I asked for a VIN reassignment for November and the DA said he processed the request. And then in early September I received a text from a delivery person in Tesla saying there is a car ready and I can pick it up. I asked her if I can at least hold it until October so I can get my finances sorted to which she said I could just text her once October comes and she'll put me down for delivery. With that in mind I applied for auto loans and got it approved through my local CU but then Tesla went completely silent with no one responding to my emails and texts. Unfortunately, my loan approval expired. And in the end of October my DA responded back to me saying we can do late October to which I said ok and applied for Tesla Financing to be safe. The loan got approved and then the whole drama started again with no one responding to me. When this loan approval was about to expire I managed to get my DA's Manager's contact details and emailed her. She basically called me and said it is what it is, I can't help. With a lot of struggle, I got her manager's (he is non public-facing) contact details and started emailing him to help me. After a couple of emails he said he spoke to her and she will get everything sorted. She finally called me and said she has a solution - get the contract generated immediately before the loan approval expires and push delivery for end of November which was my initial request date. I said perfect!
Fast forward to November, I got the delivery and signed all the papers. Towards the end of one month after my delivery I have a lady from Tesla Financing call me asking to unfreeze my credit reports so they could run a credit check! So I'm back to square one. I reached out to my DA who is as usual very busy and can't talk to me. His manager is now like just talk to financing and get this sorted, I can't do anything. She is also kind of threatening me to accept to this because my temp registration is going to expire. Her manager is not even responding to any emails.
If I agree to get my credit run again, this will be the third time I'm doing this so my credit score is going to get hurt very badly and the interest rate will go up for this loan and other loans in near future. And it will be basically accepting the way Tesla is treating me.
Please advise. Any leads will be appreciated.
Thanks

 

[drj3]

According to FICO, running a credit report should not change your score much (<5 points). Credit Checks: How Credit Report Inquiries Affect Your Credit Score| myFICO
I would just let them run the report and enjoy your car.

 

[imajhere]

According to FICO, running a credit report should not change your score much (<5 points). Credit Checks: How Credit Report Inquiries Affect Your Credit Score| myFICO
I would just let them run the report and enjoy your car.

On one hand I feel like just doing that but on the other hand I feel like if I let this happen they will keep being careless with other customers and that is not how I want this great company to be I really love Tesla!

 

[Oldschool496]

lease advise. Any leads will be appreciated.

If your credit it good, Tesla can see who is checking it and they may factor in any affect they had on it by all their checks. If your WORTHY by credit terms all should be good.

 

[imajhere]

If your credit it good, Tesla can see who is checking it and they may factor in any affect they had on it by all their checks. If your WORTHY by credit terms all should be good.

Hopefully they do.

 

[Oldschool496]

Hopefully they do.

Your stuck way back here in Financing, you have a lot to do, Inspections, approvals, signatures. I feel for you, but somewhere you gotta get excited to get the car. Let the higher powers take control, sit back a little bit and move forward to your new car, your 7500 tax credit I hope, and years of driving electric. It will change you forever. Get ready.

 

[imajhere]

Your stuck way back here in Financing, you have a lot to do, Inspections, approvals, signatures. I feel for you, but somewhere you gotta get excited to get the car. Let the higher powers take control, sit back a little bit and move forward to your new car, your 7500 tax credit I hope, and years of driving electric. It will change you forever. Get ready.

I'm actually enjoying the car already. I had the car delivered a month ago and they are asking me for credit check's now!

 

[Oldschool496]

Give them they keys to the kingdom. Otherwise they are coming to pick her up.

 

[Hardy]

I had a situation where I used my credit card to pay for initial 2500$ deposit for ordering M3 at the end of November. I have my credit card on auto pay so when it generated monthly statement, it showed that more than usual amount. which dropped my credit by 25 points. So I paid off my credit card right away. and applied for Tesla financing thinking I will get the rate that they offer. But after some time that approved rate on the account showed up as 7.77%. So I called my DA about providing my VIN so I can try getting loan through a credit union hoping for a better rate. I left the message in a voicemail. He has not called me back yet, but I noticed yesterday that the approved rate has dropped to 3.85%. I hope that they stick to it otherwise there is no way I am paying a higher interest.

 

[Oldschool496]

Wow, rates are going up! THE FED is moving pretty fast.

 

[Knightshade]

I'm actually enjoying the car already. I had the car delivered a month ago and they are asking me for credit check's now!

...what?

How do you have the car already without an approved loan (and without paying cash)? You said you signed all the papers and took delivery- which implies the loan closed and funded when you got the car.

Why would they need to run your credit for a loan that already exists?

 

[jbcarioca]

According to FICO, running a credit report should not change your score much (<5 points). Credit Checks: How Credit Report Inquiries Affect Your Credit Score| myFICO
I would just let them run the report and enjoy your car.

True if it only one however multiple pulls will cause more impact. In addition not everyone uses generic FICO and that public facing information is really not very likely to be accurate in a specfic case. Were i the OP I'd try to get whichever gave you better terms to extend the approval period, in which case they'll pull a CB update, not a new inquiry. That will have zero impact on any generic credit score. As a general rule almost all risk algorithms count multiple inquiries from the same party for the same loan as a single inquiry. However, that is a general rule. YMMV. Most credit unions do an update rather than a new inquiry.

FWIW, if your credit score on generic FICO is at or above 760, inquiries will not have much harm. If your credit score is <720 every inquiry will have negative consequence, If you're above 760 now ignore it and go where you prefer the deal without regard to how they inquire. Sorry this stuff becomes very arcane. At one time I used to develop these algorithms for a living.

 

[Shateam]

So you were able to take delivery before you finalized your financing?

 

[SMAlset]

On one hand I feel like just doing that but on the other hand I feel like if I let this happen they will keep being careless with other customers and that is not how I want this great company to be I really love Tesla!

Technically you should not have had your car delivered to you. I guess you might call that being careless. But if your credit report expired before you got delivery, then they probably need to have the current info at the time of delivery. You said you postponed delivery twice so I can see where this has been a long process for you. My advice is grant the approval so they can close out your paperwork. You don't need any more entanglements with your purchase if the finance end needs this. I'd want to make sure my loan was approved. My guess is someone stuck their neck out for you by releasing the car for delivery after the car would arrive after the expiration. They probably did that based on your past report/s and probably never thought you'd be resisting providing an updated report. Likely some manager isn't happy with the account person who was involved with this. I could see them possibly losing their job over this if a car was delivered and they don't have all the approved documents. Also if you ever run into any issues with your financing down the road, don't think it would be good to have it on your record that you were holding this up.

I'd say worry about yourself and forget trying to look out for other people. Everyone's situation will be different anyway. I'm sure the finance department has to follow procedures and you got a break getting your car before all the necessary paperwork had been received.

No doubt until all the financing is finalized that you will NOT receive your title. No title and no license plates being processed. Technically you don't own the car. Many people went through a rough paperwork/approval/delivery period and some had to reapply for an expired loan commitment. Since your loan hasn't been "approved" yet hopefully you won't run into higher interest rates due to the delay in finalizing everything. Fed just raised rates today that will affect loans and credit card interest. Should have finalized everything yesterday in hindsight.

 

[Uncle Paul]

Happens all the time at regular dealerships. They will do a prefunctory credit check to see if you are worthy. Will deliver the car based on that, but it is always subject to your getting funded. If for any reason the funding falls through they will want the car back. They typically hold off filing all the paperwork to register the vehicle to you until the financing gets completed.

Tesla is going all out right now, getting cars delivered in time for the full tax credit. Not unexpected that they will make some deliveries with some details to be still sorted.

When I picked up my X they accepted a personal check for the balance due. I am sure if that check had bounced they would be contacting me to get their car back, or to arrange financing.

 

[Dana1]

On one hand I feel like just doing that but on the other hand I feel like if I let this happen they will keep being careless with other customers and that is not how I want this great company to be I really love Tesla!

The car will be repossessed and you’ll be charged for mileage and any damage. Put your big boy pants on and unfreeze your report. Alternatively, go to a bank, unfreeze your report, and finance your car.

 

[notAnExpert]

@OP
What is your current score? How bad could one more pull make it?
Although I don't know all your details, if it were me, I'd just let them do what they have to do and move on. I can't imagine one more pull dooming my creditworthiness so much. Maybe I'm being naive.

 

[jsrawa]

OP I had a vaguely similar situation it terms of a timing issue with delivery of my car and the 30 day approval window expiring. I sucked it up and took the extra credit pull hit, nothing else you can do if you want the car! It’s fair that they want to check your credit if they are lending and the hit to your score should be minimal. I even did a little rate shopping with the new “best rate guarantee” and I’ll get a good check from Tesla for it!

 

[jkoya]

I've had my credit frozen since being a victim of credit card fraud. When I decided to finance with Tesla, I asked their finance department what credit bureau they used. They told me TransUnion, so that was the only one I lifted the freeze on. My FICO score only dropped by 3 points as a result of the loan. I asked about multiple credit inquiries if my car didn't arrive within 30 days. They told me it would make only a minor impact and the credit score should return to pre-credit pull levels after about 2 or 3 payments.

Hope everything works out for you.

 

[jjrandorin]

The multiple credit pulls wont be an large issue for the OPs credit score, and the OP already has the car. I am as protective of my credit score as everyone else with an 800+ credit score (no one gets to 800+ without being diligent and protective of what they do, in my opinion), but I dont see the issue here.

OP is talking about "tesla treating others bad" or some such, but the action item OP has is to "unfreeze their credit score so tesla can run another credit check because the one they had expired".

So, they let OP leave with the car, but for some reason they are having an issue getting the loan funded (or were backed up in getting the loan funded. Any credit hit from another pull would not be that major, and unless OP is in escrow for a house right now, is a non issue.

The only things that would "matter" are buying a house or car or doing some sort of large credit purchase for a business transaction or something. OP doesnt have a choice however, OP must unfreeze credit so they can run the credit check, because the loan is not funded yet if they are still doing that. THAT means as others said, OP is running the real risk of them saying "then come bring the car back, or we will come get it", and that would be OPs fault not their own.

The only thing OP should be complaining about is, if they come back and somehow now want to change terms after OP has the car (because OPs credit dropped after purchase for some reason).

I have made a couple of car dealer Sales Manager friends online and have heard stories that people would be surprised of that people do... like getting laid off, or stopping from working a job, and IMMEDIATELY going out and buying a new car "because I better get it now because it will be hard to get it later" and filling out the credit app with the job information with the job they just left because they know it wont have hit the credit bureau yet. This is just one example of the things people do that we never hear of, when people complain of "stealerships", there are definitely dealerships that do shady things, but there are more customers that do shady things that dealers.

NOTE: I am not saying that OP is shady. I am saying that the op is complaining about a non event, unless OP was buying a house or something right now, in which case it was a poor choice to buy a home while buying a car at the same time. Otherwise the hit that happens on the credit score because of a credit pull wont matter... unless OPs credit has changed substantially in some way in the short period of time that comprises car pickup vs now which was described as one month by OP.