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Unable to get financed and can't pay for Tesla. What happens now?

So I ordered a Model Y set to delivery December 2022 but it's November now and due to many unfortunate circumstances, I most likely won't be able to finance my vehicle. What happens now? Do I just cancel the Model Y order or just wait for it to be made? I've read that once the vehicle receives a VIN# and begins being made, I'm forced to go through delivery but wont be able to accept it. Would I just get pushed back in the queue? Is there any charges or cost for canceling or being unable to take delivery?
 
Do nothing is my rec. The car might not be built for many, many months and your situation could change for the better, OR the price of your car could go down (or up, which would possibly mean you could flip the car and make a profit, maybe).

Either way, don't stress as all you'll be out is your order fee.

Happens all the time--you're hardly the first person to encounter an issue given the sometimes years long wait for a Tesla to show up . . . .
 
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So I ordered a Model Y set to delivery December 2022 but it's November now and due to many unfortunate circumstances, I most likely won't be able to finance my vehicle. What happens now? Do I just cancel the Model Y order or just wait for it to be made? I've read that once the vehicle receives a VIN# and begins being made, I'm forced to go through delivery but wont be able to accept it. Would I just get pushed back in the queue? Is there any charges or cost for canceling or being unable to take delivery?
Sent PM.
 
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strider

Active Member
Oct 20, 2010
4,245
2,186
NE Oklahoma
Do you think that you will be able to afford it or get financing in the near future? If yes, then just wait for it to be built and then reject it. IIRC you can reject twice before you have to accept or lose your order fee. So wait for it to be built, reject, wait for that to be built, reject, and then by the next one hopefully you can afford it.

But if you do not think you will be able to afford it by mid next year, go ahead and cancel now.
 
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Do you think that you will be able to afford it or get financing in the near future? If yes, then just wait for it to be built and then reject it. IIRC you can reject twice before you have to accept or lose your order fee. So wait for it to be built, reject, wait for that to be built, reject, and then by the next one hopefully you can afford it.

But if you do not think you will be able to afford it by mid next year, go ahead and cancel now.
The problem isn’t if I could not afford it, I definitely can afford the payments comfortably, it’s just I’m find it to be a hard time to get an approval from anyone for this vehicle. It’s mostly to do with my credit. I’m debt free as of writing this but it hasn’t reported to the credit bureaus yet and since just two months ago my credit took a hard hit due to multiple unfavorable circumstances.

With that being said, my credit should shoot up in the next couple months and I hope to be able to secure a loan by summer 2023. If I’m able to reject it and still keep my reservation for another vehicle, I’ll gladly hold onto it.

Another option is to see what they have on their lots brand new. A ton of Demo vehicles are available in my area for purchase immediately. Just need to get into a favorable position to reapply for auto loans.

Thanks a ton for your feedback, Strider! :)
 
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voip-ninja

Give me some sugar baby
Mar 15, 2012
4,509
5,588
Colorado
The problem isn’t if I could not afford it, I definitely can afford the payments comfortably, it’s just I’m find it to be a hard time to get an approval from anyone for this vehicle. It’s mostly to do with my credit. I’m debt free as of writing this but it hasn’t reported to the credit bureaus yet and since just two months ago my credit took a hard hit due to multiple unfavorable circumstances.

With that being said, my credit should shoot up in the next couple months and I hope to be able to secure a loan by summer 2023. If I’m able to reject it and still keep my reservation for another vehicle, I’ll gladly hold onto it.

Another option is to see what they have on their lots brand new. A ton of Demo vehicles are available in my area for purchase immediately. Just need to get into a favorable position to reapply for auto loans.

Thanks a ton for your feedback, Strider! :)

There's not much you can do if the issue is that you don't have cash to pay for the car and are not getting favorable approval terms for a new car loan. Certainly used car loans are easier to get approval for although that does sometime come with a lot of additional requirements such as a large down payment, higher % all based on credit and income.

Tesla will not hold your reservation into the summer of 2023. They will let you delay delivery one time but if you don't make arrangements to pick up the 2nd time your car is going to be delivered they will simply cancel the order and you will be out the deposit.
 
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strider

Active Member
Oct 20, 2010
4,245
2,186
NE Oklahoma
Tesla will not hold your reservation into the summer of 2023. They will let you delay delivery one time but if you don't make arrangements to pick up the 2nd time your car is going to be delivered they will simply cancel the order and you will be out the deposit.
My info is from March, 2022 (yes, an eternity in Tesla time) but when I was arranging to pick up my MX Plaid, I was told that you get 2 rejections before they cancel your order. So that means you must accept the 3rd car or you lose your order fee (and must re-order at current pricing).

So depending on Tesla's order backlog, the OP could wait until ready for delivery, reject the car, and go back into the production queue. Wait a few months for the next one to be built, do it again. Then hopefully their credit is repaired by then and they can accept the 3rd car.

They are going to be out the order fee anyway, so why not string it along and hope that they can qualify for the 3rd vehicle? If they can't then they're only out the order fee. If they can then they get the car they want more quickly.
 
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Resist

Active Member
Mar 24, 2019
1,219
680
California
Either way, don't stress as all you'll be out is your order fee
Tesla implementing an order fee that is non refundable if you cancel, is ridiculous! It's not like they wouldn't be able to sell the car, when they can't keep them in stock and many have to wait months to get their car. This nickel and dime thing from Tesla is getting old!
 
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voip-ninja

Give me some sugar baby
Mar 15, 2012
4,509
5,588
Colorado
My info is from March, 2022 (yes, an eternity in Tesla time) but when I was arranging to pick up my MX Plaid, I was told that you get 2 rejections before they cancel your order. So that means you must accept the 3rd car or you lose your order fee (and must re-order at current pricing).

So depending on Tesla's order backlog, the OP could wait until ready for delivery, reject the car, and go back into the production queue. Wait a few months for the next one to be built, do it again. Then hopefully their credit is repaired by then and they can accept the 3rd car.

They are going to be out the order fee anyway, so why not string it along and hope that they can qualify for the 3rd vehicle? If they can't then they're only out the order fee. If they can then they get the car they want more quickly.

My order is also March 22 and hasn't gotten a VIN.

There's been a lot of discussion on this but the latest info appears to be that right now, for Model Y reservations at least, Tesla will only allow delivery to be deferred one time before the reservation is canceled.

With many people attempting to delay delivery until 2023 for tax credit reasons it's likely Tesla will get even stricter with this policy
 
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So I ordered a Model Y set to delivery December 2022 but it's November now and due to many unfortunate circumstances, I most likely won't be able to finance my vehicle. What happens now? Do I just cancel the Model Y order or just wait for it to be made? I've read that once the vehicle receives a VIN# and begins being made, I'm forced to go through delivery but wont be able to accept it. Would I just get pushed back in the queue? Is there any charges or cost for canceling or being unable to take delivery?
What was the EDD on the configurator the day you ordered? Tesla’s current policy is to allow you to place the order on hold as far forward as the start of your initial delivery estimate. So if you ordered late March or later you should be able to delay till Jan or Feb. Except for recent orders where Tesla moved the EDD on orders to Dec-XXX. If you ordered earlier in March before the 2nd March price increase then your EDD was likely Sept or Dec so that won’t work
 
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What was the EDD on the configurator the day you ordered? Tesla’s current policy is to allow you to place the order on hold as far forward as the start of your initial delivery estimate. So if you ordered late March or later you should be able to delay till Jan or Feb. Except for recent orders where Tesla moved the EDD on orders to Dec-XXX. If you ordered earlier in March before the 2nd March price increase then your EDD was likely Sept or Dec so that won’t work
I placed an order (when I had great credit) for a Model Y long range. I’ve attached an image here. I ordered this in June 2022 and the estimated delivery went from December to February when I had placed the order. I’ll definitely have my credit fixed by summer time. In fact it’s already improving now, it’s just a matter of will the banks accept my employment history. And before anyone asks, yes I tried co-signing to help. Had someone with awesome credit but they had a high DTI and it ended up being more of a negative than a positive. Hopefully I can ride with strider’s idea for the time being. If not, then someone will be able to buy the model Y.
 

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