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What happens after $100 deposit?

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I can only answer to your first question so far.
I placed a Model 3 LR white, FSD on 1/7/20. I received VIN 1/14/20. Delivery (Maryland) date of 2/1/20 appeared in my Tesla Account on 1//16/20. My advisor said he was able to trace the car to Richmond, CA currently. So far the experience has been great.
/Steven40955
That's encouraging, I placed my order for M3P black on 01/08/2020 and I'm still waiting to hear something.
 
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That's encouraging, I placed my order for M3P black on 01/08/2020 and I'm still waiting to hear something.

Timing will be affected by what run order they do when of the various model trims. Less popular versions/colors may have a longer wait and they will want to have firm orders for the cars in that run so they know the cars are all pretty much sold already (albeit people have been known to change up their order while waiting, leaving a car otherwise as inventory unless it can be matched to someone else ordering). I know some people who wanted a silver car (back when it was offered) had a longer wait from what I recall if they didn't order close to the time the run was being done. Wait also will be factored into to where the car is being delivered and if they have room on the transport being used headed that way. If they can get a car to a waiting buyer sooner, they will be matched to that car, something we have seen at quarter end when they push to get as many cars delivered as produced. Wall Street only cares about cars delivered during the quarter and Tesla only counts cars actually delivered to a buyer in their sales figures. Some manufacturers (like in electronics) will count sales as units going to a store for resale but not actually purchased, so those actual delivery numbers do matter to Tesla and to Wall Street and influence I'm sure car delivery logistics.

I will say Tesla works very hard to be very lean in their deliveries unlike legacy manufacturers who pump out cars in excess and get their cars to dealership lots that sit there waiting to be sold. That lot holding space costs money too.

Hope your wait isn't too long for you. If you are going to be charging at home, don't wait too long for getting quotes and getting a solution installed. Nice to already have some things lined up like all weather floor mats and if thinking about PPF and/or ceramic checking out detailers and what their schedule is. In our area when I got my car, the better installers were booked out sometimes months in advance.
 
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On the " how likely am I to get approved" question, that depends on your debt to income ratio, but you will drastically improve your chances with that proposed 20k down payment. Just about anyone can get financed for anything, with enough down payment.

High 600s is not a bad credit score. Usually, lenders offer their "best / lowest" rates for people over 720, but high 600s is usually fine for getting approved for a loan in general... keeping in mind things like debt to income ratio, etc.

As far as "hits to your credit" for applications, certain types of credit applications are lumped together as 1 "hit" to your credit score, because its acknowledged and expected that you will apply multiple times for that loan, but only take one. All applications over a specific time period show up on your credit report, but the reduction that happens for applying for credit only happens once. Home loans and car loans are the two that come to mind that work this way, and I believe the period is 2 weeks.

Meaning, you can apply at 6 places for a car loan and as long as you do so over a compressed 2 week period, the hit to your credit score will only be once for those 6 applications. Credit cards dont work this way, they hit your credit for each one applied.

Since, as was mentioned, many credit approvals only last for X amount of time, its best to apply "closer" to the pickup of your car. I would recommend that you identify the financial institutions you want to apply for a loan with (your bank, maybe a credit union, maybe tesla), and just keep your "ducks in a row". Dont apply for any credit anywhere while you are prepping to get your car. Dont apply for any new credit cards, any furniture store credit, nothing. Keep your balances on your credit card(s) stable, and dont pay the minimum payment on them (this is good general advice but more important if you are trying to make yourself look "better" from a credit perspective).

If you dont have your down payment now, and put down your deposit now, you run the risk of them possibly matching you to a car and you having to say you are not ready. You could go to a tesla location and order with a person, they may be able to note your account that you are looking for pickup around XXX date, I dont know.

You will have time to execute (apply for loans) when they tell you the car is ready. You wont have to come up with any additional money until you go to pick up the car.

Just keep your credit in line, get your down payment together, pick your preferred financial institutions to apply at, and apply close to when you are ready to get the car at all of the places you identified you would accept a loan from. Applying for a car loan takes almost no time, almost all places do it online now, and you get decisions either instantly online or within 24 hours. You will have time, and approval will likely be no problem, with a down payment that large.

***I am not in the credit industry at all, I just learned a lot about it previously when going through rebuilding my own credit 10-15 years ago.

Howdy jjrandorin,

Great post, thanks so much. All of these responses have been amazingly helpful, from the fellow who just put a deposit down on the 7th of this month to those who have some experience with credit-building or what Tesla and other lenders might want to see.

I will definitely wait until I have cash-in-hand before applying for financing, and for sure I'll be putting down 20k. You're right, the last thing I want is to have to refuse the car because it was ready to deliver early or before I'm ready.

Good advice on the cards. I'm not gonna apply for anything new. My card has a very low balance...like $25 or so and usually I keep it to zero and I never just make the minimum payment.

Good to know I'll have time for loans when they tell me the car is ready. I'm in California so I have a feeling that I could even pick it up in person if I want to.
 
Space, Question 2: I was a finance manager (car dealership) in another life in another time so I'll tell you what I used to see with the banks and cu's. They wanna see good time on the job which you have : Check! They want to see good debt to income, so 60% of your income free after that mortgage and revolving credit balance is paid. Your score is strong enough at 650 (much better if almost 700) depending on your credit history. Since your applying for an auto loan, they wanna see how you have paid for autos in the past. Any late payments? Any repos? Bankruptcy more recent than 7 years? I'll let you answer those to yourself but if you have on time auto payments and good history you are golden. Putting money down so that they can repo your car (if they had to) and not lose any money on resale goes a long way too, so you are also sitting well there.

Long story short, without seeing your credit history and assuming you have some good auto history, I could have gotten you really competitive rates and I'd encourage you to shop for the best.

Question 1: Delivery times are all over the place. Some people get surprised a bad way, some in a good way but the general consensus currently is expect at least a two month wait. I am in that boat too and my SA told me to wait till we get a VIN to apply for financing. My CU told me that my approval will last for 30 days but they won't have to re-pull credit as long as it's within 60 days of the initial pull. BTW, don't go crazy having every bank in the world pulling your credit, it can completely tank your score. You do get a break if you do it within the same month but I've seen peoples score drop 100 points cause they had it pulled at 8 different dealerships over a 2 month period. I say research and pick a CU or two or just apply and let Tesla shoot it out to all their financing as that will only be one credit pull.

Hope that helps!

In early 2017 I had a repo (major money problems, which is why I am rebuilding credit now) and yes I had a car repo. However, my record for paying car payments generally is near perfect. Even the car that got repo'd was 4 years in to a 5-year loan. Unfortunate situation, as I got stiffed by a client and was behind enough on car payments where I had no safety net and lost the car. Ya live ya learn. Things are more stable now. No bankruptcies, and no debt apart from a mortgage since 2004 so even that is 13 years in to a 30-year loan.

It's encouraging to hear that my chances are good. That's another reason I'm putting 20k down...I may want a shorter term if my rate isn't the best and I can try to pre-pay the loan as long as there's no pre-payment penalty (most financial institutions seem to allow pre-pay with no penalty).

Great advice, thanks!
 
There are lendors that will do pre-approvals that don't impact your score unless you actually follow through with it. I used Capital One for one of my cars' and was able to see my interest rate according to down payment and how much I gave down. Something to look at to give you an idea.

I'm in the same boat as you. I ordered my LR AWD on 1/10/20 and I'm hoping mine comes mid to late March since my credit will improve greatly and I need the auto loan I just paid off to get off my credit report.

Another credit took I'll suggest that doesn't hurt your credit but isn't free is Experian. It has a free version/trial to see your score to know where you could stand with other lenders (not just capital one like I suggested earlier). Also has a score planner (this isn't free) so you can find out exactly what it would take to get to a certain score.

I'll end with an insurance comment. Insurance companies also base their rates on how much the car costs. If it gets stolen, and you have comprehensive, they have to shell out more money the more the car costs. The same goes for collision, if the car cost $$$ they'll need $$$ should you get into an accident. Just shop around, but don't cheap out either; should you need coverage you want the company to do right by you

Excellent! Sounds like we're in a similar boat here. I have a Cap one credit card so maybe I'll look at their finance calculator too.

I do track my credit extremely closely, and I've been paying for the Experian monitoring service. I also pull my free credit report once a year as well.

For insurance, I want really good insurance but without breaking the bank. I have an idea of which companies to check, including Tesla themselves. :) Thanks much!
 
I can only answer to your first question so far.
I placed a Model 3 LR white, FSD on 1/7/20. I received VIN 1/14/20. Delivery (Maryland) date of 2/1/20 appeared in my Tesla Account on 1//16/20. My advisor said he was able to trace the car to Richmond, CA currently. So far the experience has been great.
/Steven40955

Woot! Exciting times! Hope you get the car safe and sound! :)
 
Hello there Tesla owners and fans!

I want to reserve a Tesla Model 3 Long Range (white). I know there's a $100 non-refundable deposit and a 7-10 week lead time as Tesla focuses on international orders. Here are some questions you may be able to answer;

1. What happens after I make my deposit? While the 7-10 week lead time is long, I do need about a month to get my 10k-12k down payment. When would I be asked about a down payment? How accurate is the lead time or could it be way sooner than 7 weeks?

2. I've been rebuilding my credit, and I want to finance through Tesla but am not sure if I will qualify for Tesla financing. My credit score is in the mid to high 600s (among three bureaus), I have no debt other than a mortgage on a home, and my income is pretty good. I'm a veteran 3D Artist, 30+ years experience and am being paid a competitive rate.

3. Insurance. I've checked around on this and other forums, and the companies with the best cost/benefit seem to be; Tesla Insurance, Geico, CostCo, and Mercury. Which do you recommend? I had a LEAF for a while and State Farm charged $150 a month for that. Someone else I know pays $180 a month for a Model 3 Long Range with Tesla Insurance. Does it get much better than that? I'm 51 and have a clean driving record.

All advice is appreciated. Thanks much!

Dan

1. After the order, expect little to no communication from Tesla. Any information you receive from your local Service Center (SC), take it with a gain of salt. My wait time was 8-10 weeks and I picked up my car in exactly 10 weeks to the day. I was asked for the down payment 2 days before picking up the car. However, you don't need to prepay the down payment; you can do it on delivery day.

2. I would recommend a few things here. (1) Check out this thread (Tesla loan comparison spreadsheet - auto updates hourly) and look for a low-rate financial institution. (2) Apply for an auto loan on your ~6th week of waiting; a couple hard inquiries within a short period of time right before buying a car will have a minimal impact on our credit. For me, I used EECU and their online application was very easy. (3) Take the approval letter (presumably with a lower rate than what Tesla financing offers) and email it to [email protected] with your reservation number (RN number in your Tesla.com account). More info about the rate match here: Best Rate Guarantee. You'll receive a confirmation about a rate match in 2-3 days and you should see the new rate and monthly payment in your Tesla.com account.

3. My recommendation would be to check out Wawanesa (California Auto & Renters Insurance | Free Quote | Wawanesa Insurance). Every single time I think I can get a better deal elsewhere, Wawanesa's prices have always been significantly lower for the same coverage. I've been with them for ~10 years. Unless someone else has nearly the same variables as you (age, marital status, credit rating, etc, etc.), it's pointless comparing rates. Unfortunately, everyone has to do their own legwork to find the best deal.

It'll be worth the trouble. These cars are a blast to drive! :D
 
1. After the order, expect little to no communication from Tesla. Any information you receive from your local Service Center (SC), take it with a gain of salt. My wait time was 8-10 weeks and I picked up my car in exactly 10 weeks to the day. I was asked for the down payment 2 days before picking up the car. However, you don't need to prepay the down payment; you can do it on delivery day.

2. I would recommend a few things here. (1) Check out this thread (Tesla loan comparison spreadsheet - auto updates hourly) and look for a low-rate financial institution. (2) Apply for an auto loan on your ~6th week of waiting; a couple hard inquiries within a short period of time right before buying a car will have a minimal impact on our credit. For me, I used EECU and their online application was very easy. (3) Take the approval letter (presumably with a lower rate than what Tesla financing offers) and email it to [email protected] with your reservation number (RN number in your Tesla.com account). More info about the rate match here: Best Rate Guarantee. You'll receive a confirmation about a rate match in 2-3 days and you should see the new rate and monthly payment in your Tesla.com account.

3. My recommendation would be to check out Wawanesa (California Auto & Renters Insurance | Free Quote | Wawanesa Insurance). Every single time I think I can get a better deal elsewhere, Wawanesa's prices have always been significantly lower for the same coverage. I've been with them for ~10 years. Unless someone else has nearly the same variables as you (age, marital status, credit rating, etc, etc.), it's pointless comparing rates. Unfortunately, everyone has to do their own legwork to find the best deal.

It'll be worth the trouble. These cars are a blast to drive! :D

Awesome post, thank you! I'm in SoCal (which I think is listed under my avatar picture) and yeah I will for sure check out Wawanesa and Tesla too. Looks like I'm committed to putting 20k down so that should really help. Good notes on the credit inquiry timing too, especially how a few inquiries in a short time won't hurt my credit.

Also, thanks for explaining your experience with the Tesla timeline with respect to comms and down payment.
 
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Notwithstanding that most banks seem to make decisions I would not exactly quantify as 'rational' (for instance: I literally just opened a new auto loan with my credit union a few months ago. Now every time I log in, I am seeing a pre-approved offer for another auto loan of fifty kilodollars), I would imagine that you won't have too much trouble getting offers. They won't be great offers, but you'll get offers. It sounds like you're putting down a third to a fifth of the car's sticker price forward as a down payment, which is good. If you have a good trade-in, that'll make it even better. Just be sure, when kicking numbers around to be aware of the balance between interest rate and loan terms. Extending the loan out another 6 to 12 months to lower the payment month-to-month will significantly increase the total dollars over the life of the arrangement that you are paying.

I'll be putting 20k down and possibly going for a slightly shorter term depending on the rate and payments. Even if I go for a long term, I would want to pay the car off early. :)
 
I'll be putting 20k down and possibly going for a slightly shorter term depending on the rate and payments. Even if I go for a long term, I would want to pay the car off early.

In that case, go for the longest term possible at the lowest rate possible. This keeps your monthly payment at the lowest possible amount, therefore anything you pay additionally can be put towards the principal. This is what I did and I plan to have my car paid off in ~18 months, Lord willing.
 
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In that case, go for the longest term possible at the lowest rate possible. This keeps your monthly payment at the lowest possible amount, therefore anything you pay additionally can be put towards the principal. This is what I did and I plan to have my car paid off in ~18 months, Lord willing.

Yeah, if I prepay it I'm not worried about a long-term. Good points all.
 
Waiting for a new car cranks up my anxiety.

1/4 - ordered delivery in 4 to 7 weeks would get car 2/1 thru 2/15
1/23 - txt notified delivery in 2 - 4 weeks would get car 2/6 thru 2/20
2/6 - txt notified delivery in 4 - 7 weeks would get car 3/5 thru 3/26

when will it end ?
 
Waiting for a new car cranks up my anxiety.

1/4 - ordered delivery in 4 to 7 weeks would get car 2/1 thru 2/15
1/23 - txt notified delivery in 2 - 4 weeks would get car 2/6 thru 2/20
2/6 - txt notified delivery in 4 - 7 weeks would get car 3/5 thru 3/26

when will it end ?
We are on the exact same schedule, the only difference is I got the first text 1/24... Everything else is identical. I broke down this morning and bought one out of inventory... Just to find out it hasn't actually left the factory yet.
 
Howdy DopeGhoti, yeah I'm not worried about the credit and I expect that, but I'm worried most about getting the loan in general. How do you think my chances are? Thanks for the info!

Hey there! I think you would get approved a for loan. You will be placed in the low tier of the APR rate and higher down payment will be needed. Also your front end and back end of debt matter considerably other than your credit score.

Just for reference: My score is 760
I was declined with a Logix because they wanted 15k down with a APR 2.5. Montly payment would of be 800$
I was approved through Tesla ( TD Finance) 100% financed no down payment. Just need the initial taxes to be paid with an APR 4.5. Monthly payment 950$.

In my situation, 150$ more is doable for me.

Best of luck.
 
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Hey there! I think you would get approved a for loan. You will be placed in the low tier of the APR rate and higher down payment will be needed. Also your front end and back end of debt matter considerably other than your credit score.

Just for reference: My score is 760
I was declined with a Logix because they wanted 15k down with a APR 2.5. Montly payment would of be 800$
I was approved through Tesla ( TD Finance) 100% financed no down payment. Just need the initial taxes to be paid with an APR 4.5. Monthly payment 950$.

In my situation, 150$ more is doable for me.

Best of luck.

Thanks Corona!

Current situation is this; my auto scores are 700 and 730 (been working hard on building credit, paying old chargeoffs, etc.). I have MyFico dot com for monitoring all three bureaus, and will only be financing about 26k.

My chances should be good right? I reserved my Tesla yesterday (LR Model 3) and I filled out the credit app already. Hopefully I can get a reasonable rate!
 
Thanks Corona!

Current situation is this; my auto scores are 700 and 730 (been working hard on building credit, paying old chargeoffs, etc.). I have MyFico dot com for monitoring all three bureaus, and will only be financing about 26k.

My chances should be good right? I reserved my Tesla yesterday (LR Model 3) and I filled out the credit app already. Hopefully I can get a reasonable rate!

You should be fine. Above 700 should get approved. It will come down to your debt to income ratio. Credit score is what give you the best interest rate. Debt to income is your front end of debt ( monthly bills). Back end is your total debt.