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?
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It sounds to me like your in over your head with this high price of a car. Once your credit is damaged, it won't be fixed overnight, or in a matter of months. It takes the passage of time, with a good payment history, to show the lenders that you are a good risk. If the unfortunate circumstance was a job change, then keep in mind we are in a recession, and it's getting worse. I'd wager you are better off keeping the vehicle you have, and building up an emergency fund as a buffer & future down payment.
However if you're set on going ahead, there are several high risk lenders available. Just be ready to be raked over the coals, and refinance as soon as it's an option for you.
However if you're set on going ahead, there are several high risk lenders available. Just be ready to be raked over the coals, and refinance as soon as it's an option for you.
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Yeah crazy right? Qualified with their best advertised rate but for some reason they want 36k down. I’ll just need to reject delivery and wait it out.
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Both are valid solutions, FLRifleman. I don’t have a vehicle of my own and this would’ve been an addition to the one we have. Since it’s used for another member of the family to goto work in a totally opposite area. Anyways, if nothing works out now then I’ll just have to wait it out like others have mentioned. Smarter play no matter how you look at it.
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If you need a car, you need a car. If I was in your spot, I'd consider a leasing something cheaper for now, and then buy what you want afterwards. Lease approvals are usually easier to obtain. I don't know of any banks offering leases for Tesla's, however maybe someone else will chime in. If so, just ensure the terms allow you buy it at the end of the lease.
The trend in the auto financing space has been a tightening over the past 12 weeks or so. Delinquencies are on a significant rise, especially in the sub-prime space, and the lenders are reacting accordingly. It is a result of the combination of people paying inflated prices during the auto shortage, inflation which is squeezing everyone's budget, and the recession.
The trend in the auto financing space has been a tightening over the past 12 weeks or so. Delinquencies are on a significant rise, especially in the sub-prime space, and the lenders are reacting accordingly. It is a result of the combination of people paying inflated prices during the auto shortage, inflation which is squeezing everyone's budget, and the recession.
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a was
In turn, I hope whoever else reads all this can learn something as well through my experience!
I didn’t even know you can goto banks to obtain leases on vehicles. I’ll definitely take a look right and report back on my findings. Otherwise, I’ll just have to stay seated for a while and try again some other time. To all the people who replied in this discussion, thanks so so much for all your help and advice! It made things far less scarier than they actually were and it helped out a lot!
In turn, I hope whoever else reads all this can learn something as well through my experience!
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I have a suggestion you might not like... Can you look into other cars if you desperately NEED a car? Do you currently have a car that you were trading in?? Leasing any car is not good as the rate is too high and even for Tesla you cannot buy out your lease.
I would look into something less expensive like a..okay here I go, maybe a Bolt or a Leaf if you want an EV or get an ICE car that is cheap for the next year or 2 then get your Tesla...
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I didn’t mean to sound desperate, Happy Hippo, I do need a car just one of my choices ended up being a Tesla so I tried for it. Unfortunately it didn’t work out so for the time being, I’ll see my options in ICE cars as well and roll with it till later on. Thank you so much for your suggestion!
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Actually an honest suggestion. If you can’t afford it now and based on a suggested 36k down even They are not comfortable with this loan. Best to come back when you have a better foundation of finance capital. There will always be more.
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