Who here financed through Tesla without verifiable income?

[1LE McQueen]

Dude you still have the Squirrel? You don't have your car yet?

No I have the car now, I just never got around to changing the squirrel

 

[ronos5000]

Just went through Tesla financing. I was approved for a 72 month 2.49 apr loan through Chase. Words can't express how excited I am. They never asked for proof of income.

This'll be the longest 7-11 weeks in my life.

so they never asked you for proof of income, (may I ask what credit score) you had at the time which may have affected their lack of need for proof..? That way I have an idea where I might need to be at least score wise. Thanks!!

 

[ronos5000]

I was wondering how many members here had been approved for Tesla finance without being required to show verifiable income..? If so, how much did you put down and what was the total cost of your car?

I'm about to apply for a preapproval online, but unfortunately I don't have any proper form of verifiable income. Called my local Tesla showroom and they said it wasn't necessarily required. I told them my exact situation, which is this:

Above 710 Credit Score

Over $20k to put down (from TSLA, thank you fellow TSLA investors)

Currently owe 20k on my Veloster, but can sell for 31k according to KBB. I would post for sell immediately upon preapproval from Tesla finance.

Also have mortgage which should be considered.

Tesla salesperson said I shouldn't have any trouble. I'm hesitant on applying because I don't want a hard pull on my credit if the chances are good I'd get denied. I would love to hear what you all have experienced if you were in a similar situation. I'd get a red or white model 3 AWD with the white interior. Thanks all!

@McQueen: Curious what happened McQueen?? I have similar credit score as you did (720's), but less down (15k) but wondering if by now you applied with Tesla (or other bank) and what happened...were you approved and did they ever ask for proof? What docs or proof did they wind up needing from you after all? Dying to know. I'm in similar boat. Thanks McQueen!!

 

[jjrandorin]

@McQueen: Curious what happened McQueen?? I have similar credit score as you did (720's), but less down (15k) but wondering if by now you applied with Tesla (or other bank) and what happened...were you approved and did they ever ask for proof? What docs or proof did they wind up needing from you after all? Dying to know. I'm in similar boat. Thanks McQueen!!

@1LE McQueen said what happened, in this thread:

They never asked for it. I put down 22k or 24k and was instantly approved, no proof necessary.

No I have the car now, I just never got around to changing the squirrel

 

[potam]

Just wanted to add my own experience for anyone else who might be curious:

Was approved through Tesla for $30k @ 5.49% with no job/income. ~$24800 down. Wife and I quit our jobs a few months ago and are living off savings while we look for new ones, so securing a loan from a third party was pretty much impossible. APR is higher than I’d have liked, but compared to 2.5% it’s less than $3000 difference over 6 years…so it’s not the end of the world.

 

[MrFusion]

Was approved for 2.49% through Tesla no questions asked. I’ve actually never been asked for proof of income for any car loan or credit card. I assume they just trust whatever you put down and go by your credit score. I ended up going through a local credit union for 1.49% instead.

 

[BigNick]

Just wanted to add my own experience for anyone else who might be curious:

Was approved through Tesla for $30k @ 5.49% with no job/income. ~$24800 down. Wife and I quit our jobs a few months ago and are living off savings while we look for new ones, so securing a loan from a third party was pretty much impossible. APR is higher than I’d have liked, but compared to 2.5% it’s less than $3000 difference over 6 years…so it’s not the end of the world.

5.49%, yikes, even with almost 50% down! That's pretty bad for a brand new car.

 

[potam]

5.49%, yikes, even with almost 50% down! That's pretty bad for a brand new car.

Yeah, I wasn’t personally excited about that either. I had (wrongly) assumed that with the cash in the bank, securing an auto loan wouldn’t be much of an issue, especially as it wasn’t as if we lost our jobs, we just decided to take some time off while finding new ones.

The backup plan was to have my parents co-sign, but that turned into a whole issue since they forgot to mention they were in the middle of refinancing their mortgage.

So, yeah the APR isn’t ideal, but as I mentioned the cost difference over the term of the loan is slightly under $3000 compared to a 2.5% APR. I’m just looking at it as a small premium for being an impatient kid wanting a new toy.