TomServo
Active Member
As others have said, take delivery then shop around for a better rate and re-fi.
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As others have said, take delivery then shop around for a better rate and re-fi.
If you stopped paying on your loan and the buyer hasn’t paid off your lender then it may have tanked your credit rating.Tesla loan approvals are only valid up to 60 days they says. Last time it was 4 % with wells fargo. But yesterday after set the delivery date Tesla sent me 3 emails regarding loan application those lead me to Tesla account page and I found bank and rate is changed. I don't know maybe because still didn't pay off my model 3 loan? I'm selling it through Vroom and waiting they pay off my loan balance.
That really depends how long it’s taken vroom to pay off their current loan.If you stopped paying on your loan and the buyer hasn’t paid off your lender then it may have tanked your credit rating.
I’d take a look at that. If that’s the case, you might not be able to refinance at a better rate.
Vroom told me I have to make payment until all things are done. And if I overpay loaner will pay me b ack. So I did. Here is answer from TeslaIf you stopped paying on your loan and the buyer hasn’t paid off your lender then it may have tanked your credit rating.
I’d take a look at that. If that’s the case, you might not be able to refinance at a better rate.
dont you end up paying fees to re-finance?
You may not be able to get a better rate. As others pointed out, 4% was still high. It sounds like your credit isn't great. Are you able to maintain 7%? If not, I'd shop it now.Vroom told me I have to make payment until all things are done. And if I overpay loaner will pay me b ack. So I did. Here is answer from Tesla
'Tesla does not exert any control over our partner lenders. Rates have changed over time, and if anything changed with your situation, you may see changes in any approval after your old approval expired.'
I don't want to delay delivery date any more. So I will accept ridiculously high rate for now and check if I can find loaner who can give me reasonable rate. Thank you for your advices everyone!
I agree with this. Sure, you can refi right after taking delivery too, I don’t see a problem with that. But with five business days available, that’s plenty of time to get approved by your bank or credit union, even an out-of-state institution, and have them overnight a check. I am in California and used an out-of-State credit union for our Model S and everything was done in three days. Well, technically I didn’t receive the check until the fourth day. But yea, if your credit is excellent then there’s still time to get your own financing done and have everything ready before Sunday’s delivery. Refi later is a good backup plan.Why use Tesla finance at all? Other banks should be able to beat the rate and expedite the process.
Right, I can go down to my credit union right now and be out of there in a half hour with a check in hand. Seems like there's more to this. You can pick any bank in a 20mi radius and do better than 7%!I agree with this. Sure, you can refi right after taking delivery too, I don’t see a problem with that. But with five business days available, that’s plenty of time to get approved by your bank or credit union, even an out-of-state institution, and have them overnight a check. I am in California and used an out-of-State credit union for our Model S and everything was done in three days. Well, technically I didn’t receive the check until the fourth day. But yea, if your credit is excellent then there’s still time to get your own financing done and have everything ready before Sunday’s delivery. Refi later is a good backup plan.
If nothing changed in his financial situation I would recommend you refuse this rate. Tesla will go back and check other Financial Partners for a lower interest. Tesla has an entire financial dept located in Palo Alto. I have refused Tesla rates in the past and called Palo Alto / emailed and requested they do better. Remember Financial institutions frequently compete with each other for your business and Tesla as a Manufacturer also benefits by selling at higher interest rates. PS your vehicle will be a used car loan if you attempt to refinance a day after you take possession and your used car rates are always higher than new car rates........Take the loan and refinance it immediately after the delivery
What you may lose is GAP insurance.I didn't...not sure why you would.
How long ago?I recently went through AdelFi Credit Union. When I went through them they had a 60 mo purchase financing as low as 2.20%. I refinanced my Model 3 @2.65%.
not sure why one would add GAP insurance to a car that appreciates in the first two years off the lot. GAP insurance on these cars is a waste of money right now.What you may lose is GAP insurance.
Because that’s not typically what happens.not sure why one would add GAP insurance to a car that appreciates in the first two years off the lot. GAP insurance on these cars is a waste of money right now.
I think GAP insurance is basically a bad idea anyways. They wouldn't be selling it to you if it wasn't profitable for them. I'd only buy it if I absolutely had no ability to cover that gap myself.Because that’s not typically what happens.
Just like everything else in clown world we’ve been in for the last 30 months.
That's outrageous..I got mine @ 1.2 but now they are offering 1.9.Yeah right now rate is 7.49. Should I press the confirm button? Delivery date is this Sunday.
I think there’s interest rates rise you will see a use for gap insurance again.I think GAP insurance is basically a bad idea anyways. They wouldn't be selling it to you if it wasn't profitable for them. I'd only buy it if I absolutely had no ability to cover that gap myself.
If you put about 10% down, and pay off over 5 years, you should be fine and will save significant money over buying GAP insurance. It's just a bad product to buy when buying a car.I think there’s interest rates rise you will see a use for gap insurance again.
And you can tell people to not buy more car than they can afford to pay off in 36 months but you and I both know most people clearly don’t heed that advice.