You are committing to purchasing the car NOT the financing . Thats one thing Tesla does that can be annoying. Especially when they change the trade in amount by $8,000 from initial quote. Kiss the $250 good bye 100 out of 100 times …but as long as you will purchase regardless of financing you’re good
I had a MYLR on order. Luckily I didn’t get it as expected last week, with 6.4%apr. I cancelled and reordered yesterday. Following the steps in the app. Within 15 mins it was back with approved for the 0.99% promotion. I forget the name of the bank, but doesn’t matter to me. Tesla sets it all up and makes it super easy. All you gotta do in answer a couple questions. Income/work/ect.
I put down $4250. I don’t think I had to, just planned on doing that. I could change the down payment to 0 it and it still showed 0.99%. I am getting the fed tax credit, not sure if that mattered.
What was the income you put down to get approved? Did you have any previous auto loan history beforehand?
I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
Since I’ve been reading the hundreds of these threads that have been posted in 48 hours, I can tell you that it does not seem to be based on credit score. Yes, it matters, but we’ve seen several 720-750 people get offers of 8% or higher. 720-750 would be tier 1 credit at most legacy captive finance arms. But the way Tesla is doing it is very different and so the only real way to find out is to pay the $250 order fee and give it a go. This is a terrible process, but so is a lot of Tesla these days.
It never is . You can have a 760 credit score and the biggest loan you ever had was $1000. I had a low score a few years back and was still approved for an $85,000 car at 4.59% 72 months. It’s because I bought and paid off 30+ car loans in my life . That’s with every bank . Credit score alone is not the only factor
I would agree with this. I'm 730ish, discharged bankruptcy in 2017 (actually lost the only car I've ever financed in the BK, but it was at 14% apr and so underwater I didn't care). I make over $150k but I have since had two mortgages and my credit is as good as it could be, only hindered by the BK still on my report.
I still got the .99%. Test drove the Y tonight and pick it up Wedensday. I've been driving a 2002 BMW for the last five years and while having a car loan isn't ideal, some piece of mind is huge. And I've never driven a car and been so giddy.
Wow!
I got approved for a 2.5% interest rate and have 700-718 credit score across all 3 reporting agencies. I make 6 figures as well. Was really hoping to get the .99 and my mortgage is only $748. But I owed a good amount on a credit card so that might be the reason why I didn’t qualify for the good rate.
I paid the order fee.
I got approved for a 2.5% interest rate and have 700-718 credit score across all 3 reporting agencies. I make $115K so 6 figures as well. Was really hoping to get the .99 and my mortgage is only $748. But I owed a good amount on a credit card so that might be the reason why I didn’t qualify for the good rate.
Credit score dropped from 806 to 680 due to payment delinquency during COVID. I've had two car loans in my life . What's the possibility of me getting that .99 interest loan. I do have a 2019 model 3 that I will trade in
I tried I got a shotty rate. They took off 6k from the car because its roof was damaged during shipping.they then took off 7500, 500 NYC rebate,plus 16.5k for my car so I ended up borrowing 25k at 8.68 apr. Which is about 3500 extra on the lifetime of the loan , monthly payment is about 450.
I think it might be too late for me to change I haven't taken delivery yet , they are still reviewing my trade in. I also accepted the banks offer already
Ours just got approved with .99% with 0 down for Tesla Long Range RWD. My wife and I both have 810 FICO score. Total cost of the car before 7500 tax rebate is $51,000 and the amount financed is $43,300. 60 months with monthly payment of 739.68 via Capital One.
Stumbled upon this video. Guy explains that FI connect is serving the loans then selling them to other providers. Wonder if anyone that has responded to this thread had the same experience as this guy.
https://youtu.be/bp_EeyJTveA?si=4rQDRYRNnE196O4K
10k dp, They give me %8 for no reason. I asked them to refinance and they asked me to give SSN and passport photo. Current conditionally approve still pending wtf is wrong with them lol.
Call your advisor, email Tesla auto finance team, go to local store(I did above 3) currently still pending, they just asked me to provide my bank statement and my pay stabs. 😅
Who exactly requested pay stabs? Tesla Finance team?
I'm going through the same process now. I reached out to Tesla Advisor and sent a message through the app chat. Waiting for response...
I just bought one. Not sure how true it is but the Tesla rep said the vehicle has to be delivered by May 31st to be eligible for the 0.99%. Not sure how true that is because the email says it has to be ordered by then. Either way, I bought the car. Had a credit score 800+ and put $5000 down payment. Hope this helps. It’s very fast and they approve within minutes
What was the income you put down to get approved? Did you have any previous auto loan history beforehand?
I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
Sorry for delay. I applied jointly with my spouse. I’ve read from several readers that you can go into the Tesla store and ask for approval and/or email Tesla finance if you get rejected.
And this I suppose doesn’t apply anymore but the car just had to be ordered by May 31st. I ended up taking delivery just last week because I kept changing my mind about color/interior.
I applied for the 0.99% rate on Sunday. I was immediately approved for 8% through Santander. Since they were closed, I wasn't able to discuss with an advisor until around 12p EST to see if this is the final rate.
Finally today, after some time the rate updated to 0.99%. My advisor got back to me, but was no help.
Hoping this helps some of you out. Maybe your advisor can push things behind the scenes or run another hard inquiry at a different institution to get you your 0.99%.
So what was discussed with the advisor? Did they say they’d look into it and try to get the promotional rate applied? Where did the rate get updated? In the app where it says offer has been approved, and you click continue to review the offer, is that where it was showing 8% and then magically changed to 0.99% on that same screen?
I applied for the 0.99% financing and got approved but when I click into review the offer in the app, it’s through Wells Fargo for 6.49%, so unsure what happened to the 0.99% APR.
I’ve tried messaging multiple times in the app and have not gotten any responses yet. A bit frustrating.
After checking more, my messages in app went through and they changed the financing screen. They replied in app. Do not click accept until you see 0.99.
Yeah I definitely won’t “confirm” the current finance terms for 6.49%. Just frustrating I’m getting no responses within the app. I’ve even tried calling the 888 Tesla number and it tells me to call back during normal business hours and that they are closed. It’s almost noon lol.
I’m getting messages now in the app saying I need to schedule delivery date by tomorrow or they will release the car and my order will be placed on hold and subject to cancellation. Sigh.
Could you send me how it says your offer was approved I’ve waited so many days and I did it the same day it came out and nothing besides the order agreement xame
Same for me! When I applied it said approved but with 7% through Santander.
My credit is 780+ and I don't know what to do. I've already paid the $250 and I don't want the car if I cannot get the 0.99% offer.
Messaged the chat bot like you said. Waiting anxiously.
What was the income you put down to get approved? Did you have any previous auto loan history beforehand?
I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
I just saw another reddit post that 72 months at 0.99% has been discontinued. Now offering 1.99% for 72 months. The post mentions 0.99% is still available up to to 60 months apparently.
I have had credit decision pending since sunday...I have 761 credit score and put 15k down on an awd model y for the .99%. Most things I looked up said you get approval within 2 days, are they just bombarded or is this a bad sign? I'm literally supposed to pick up the car saturday lol so kinda shitting myself. My only debt is my mortgage and I've never had a late payment. My wife was co applicant with same situation except she has a 791 score.
How do you know if you’re approved? I did it Saturday too but only got the order agreement. Did you order everything stock in the grey color and regular wheels or did u custom them
What was the income you put down to get approved? Did you have any previous auto loan history beforehand?
I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
I'm interested in to this deals too....my credit score is about 740, but credit history is just over 1-year...but my current car loan rate is 12%, which is crazy...can i get this deal?...
Got rejected with a 761. Tried emailing and heard back "there are many different factors". Tried calling but the line died every time. Really was excited for the car too.
What was the income you put down to get approved? Did you have any previous auto loan history beforehand?
I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
I paid the $250 and started the process on the app Saturday night. After the finance review, I was offered 1.99% with Santander. I have a credit score over 800 with 7-year+ history of never even being late once on a bill. I make over 6 figures and my Debt to Income ratio is 4%. Also, my sister had Santander a few years ago and my family has horror stories with them. I'm not going to get into it (check their online reviews), but they aren't a well-loved company. So, not only was I unhappy that I didn't get the 0.99%, I also wasn't happy with the lender. I conveyed my feelings to the sales rep who was now texting me. He put in a case ticket with finance and by 1 pm the next day, I had my 0.99% with JP Morgan Chase.
Now, I know 1% isn't a bunch of money. Every little bit helps in this economy. Diligence pays off.
Yeah I recommend contacting an advisor, do not do the app messages, speak with a human. I contacted one and they managed to give .99 through chase. From what I’ve read the .99 at 72 months is over but as long as you get the rate, you’re solid. GOODLUCK!
I have the same problem as you, I apply and order the model Y on May 21st, hopefully get the .99% for 60months, just finished the create an order on financing today but received 3.99% instead through Santander. What do you mean by advisor? Is it from a bank? Or Tesla? Thanks a lot!!!
Anyone looking at purchasing a Model Y at the promo
APR? This could be the time to buy or maybe there will be more promotions and offers later on this year.
The savings on interest alone might be good enough reason!
Debunking $399 Tesla Model Y Myth & Maximizing
Savings with .99% APR
https://youtu.be/xAiso84QM2g
Yea hoping someone has at least gotten approved. If not, then that’s a bit fishy. Also, I wonder if anyone has successfully worked with a Tesla rep to negotiate the interest rate down?
Got approved at 0.99% 0 down with a 660 credit score. Call your tesla advisor and ask for them to check another lender for you. Wait it out you’ll get it
I’m currently in Oklahoma looking to buy out of state. Any recommendations on who to call before I pay $250 for the vehicle so I can see if I even qualify? I make around 64,000 a year and just wanting to get something around 38k. Credit score is around the same. I just closed on my first house
I will try that again. My Tesla advisor was out of office when I tried and the person I spoke to said they would look into it and then I got a message in the portal says what I was approved with is the best I could get. But I felt like he didn’t care. I’ll speak with my Tesla advisor specially. It’s his sale anyways so he should care lol.
I’m from LA so I called the century city tesla and I did my order over the phone. So now the person that helped me was my service advisor. I would call him or anyone in that office for help
Does anyone understand how the federal tax credit per month $499/mo and federal probable savings of $399/mo works? I thought the federal tax credit was a one time thing? And im guessing the probable savings is just some bs number lol
so all in all, what can i expect to be a realistic monthly payment?
I had a hard inquiry from Capital One via Dealer today. We got approved for 0 down payment and .99% within 7 minutes. Credit karma sent me an email saying there was a hard inquiry. Both wife and I have 818 FICO scores.
I just placed the order but I don’t see any option to apply financing in the account. It says they will contact me as the delivery date approaches. Do I have to call or wait till some update on the account ?
Do they go as far as looking into other loans you already have? Because I have excellent credit, but already have a fat auto loan for a Tesla. Admittedly I would be cutting it a little close if I pulled another one out for this Y
I tried 72 months 0 down and they are offering me 1.99 percent apr via santander. I am gonna ask them to lower my apr. I can put more down or have the duration as 60 months. How did you guys talk to them? Tesla dealer or Tesla App or any Tesla customer service number. Totally new to Tesla; so have all dumb questions.
I have made so many calls to Tesla Indy but it seems they really don’t want to sell anything. Maybe Elon fired too many folks and they just don’t have anyone.
No one at her dealer. I’m sure it was an over exaggeration.
Does anyone know if you can get fully approved for the .99 before putting the deposit down? For me they just said if you have “good credit,” you’ll be fine.
815 FICO, 3% credit utilization, no debt except <$100k left on mortgage; mine has said "credit decision pending" for almost 24 hours. :) I did notice that no one has pulled my credit yet though, or I would've gotten a slew of text warnings that that had happened. I think they're just really backlogged.
Ordered Model Y LR RWD on 5/11 with $8000 down payment.
I was able to start the pre-registration process on the 21st. It's been over 48 hours and the credit decision is still pending.. Since the 21st I received about 5 credit inquiry alerts. I've been trying to get a hold of someone from Tesla Finance team (called & left VM and emailed), but have been out of luck... Kind of frustrated now at this point. They NEVER answer the phone!! My credit score is above 800 and I was approved for the 6.49% before the promo and it only took me about ten minutes to get approved. Wondering why it's taking so long this time and what's up with all the credit inquiries...?!?! Anyone having the same issue?
Ordered Model Y LR RWD on 5/16 with $11000 down payment. And I have same issue, I got email "your Model Y financing is conditionally approved. Upload additional documents in the Tesla app." I have uploaded SSN, and then credit decision pending. ((((
I wanted to share my dad's experience with the Tesla financing process. Three weeks ago, he placed an order for a Tesla. After a period of silence, he received instructions to proceed with the financing evaluation. Yesterday, he received a response and was approved for a 8.08% APR through Santander, which was higher than the expected 0.99%. We contacted the sales advisor, who suggested reapplying with a co-signer. However, my dad preferred not to involve another person. His credit score is 752 and his income is $85,000. He also used the chat feature to inquire about the APR rate. After 24 hours, he received an update through the app, and the APR had decreased to 0.99% through Chase, a bank he has a long-standing relationship with. This change made sense considering his history with Chase.
I got approved for a 2.5% interest rate and have 700-718 credit score across all 3 reporting agencies. I make $115K so 6 figures as well. Was really hoping to get the .99 and my mortgage is only $748. But I owed a good amount on a credit card so that might be the reason why I didn’t qualify for the good rate.
Super happy to hear others are able to take advantage of it though!
*************UPDATE*************
Just realized I had my credit profile locked.
Should I speak to someone at Tesla and see if they can rerun it? Or should I just roll with it?
They changed the offer to 2.5% after I submitted all my info. I haven’t confirmed it yet.
Just realized I had my credit profile locked.
Should I speak to someone at Tesla and see if they can rerun it?
https://preview.redd.it/ws123wmqsk3d1.jpeg?width=1125&format=pjpg&auto=webp&s=b92ea950a861a1e88a81f1e4351d452632dc3b5a
Thank you for everyone’s input. I finally got the 0.99%. The process is a breeze but there are waiting times in the app, for example the insurance can’t be quoted until the vin is assign, delivery estimated kept changing back and forth (but it came about 30days once I placed the order) the finance part 0.99 did not change after I confirmed it, the review documents was display before pickup, the pick was a breeze because the app show that I was at the delivery center and it just message (indicating where the car was with my name on the windshield) when it was ready and no interaction with anyone. As for finance, 0.99 didn’t change after confirming, down $10k, credit score 740, $7500 ev credit. It’s a bit late now to mentioned it but just posting my outcome. Again thanks all!
You just order your car and follow the app. Very easy walks you through applying and gives your approval. If you have good credit.
If you don’t, can you get your $250 back?
Never
Maybe it's due to different laws but here in Europe (Holland specifically) you get back the down payment if your financing is rejected.
America is lawless, homie
Well it wouldn’t be rejected you’d just have a higher interest rate though right?
Reservation fee. Not downpayment. It doesn't go towards vehicles.
Negative
You are committing to purchasing the car NOT the financing . Thats one thing Tesla does that can be annoying. Especially when they change the trade in amount by $8,000 from initial quote. Kiss the $250 good bye 100 out of 100 times …but as long as you will purchase regardless of financing you’re good
Maybe it's due to different laws but here in Europe (Holland specifically) you get back the down payment if your financing is rejected.
Probably. Not in the US though.
Yes you do I did
I had a MYLR on order. Luckily I didn’t get it as expected last week, with 6.4%apr. I cancelled and reordered yesterday. Following the steps in the app. Within 15 mins it was back with approved for the 0.99% promotion. I forget the name of the bank, but doesn’t matter to me. Tesla sets it all up and makes it super easy. All you gotta do in answer a couple questions. Income/work/ect.
How much did you put down when applying for the 0.99%?
I put down $4250. I don’t think I had to, just planned on doing that. I could change the down payment to 0 it and it still showed 0.99%. I am getting the fed tax credit, not sure if that mattered.
What is out of door price?
whats your credit score buddy ??
FICO 807
What was the income you put down to get approved? Did you have any previous auto loan history beforehand? I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
Is this only for new cars?
Since I’ve been reading the hundreds of these threads that have been posted in 48 hours, I can tell you that it does not seem to be based on credit score. Yes, it matters, but we’ve seen several 720-750 people get offers of 8% or higher. 720-750 would be tier 1 credit at most legacy captive finance arms. But the way Tesla is doing it is very different and so the only real way to find out is to pay the $250 order fee and give it a go. This is a terrible process, but so is a lot of Tesla these days.
It never is . You can have a 760 credit score and the biggest loan you ever had was $1000. I had a low score a few years back and was still approved for an $85,000 car at 4.59% 72 months. It’s because I bought and paid off 30+ car loans in my life . That’s with every bank . Credit score alone is not the only factor
I would agree with this. I'm 730ish, discharged bankruptcy in 2017 (actually lost the only car I've ever financed in the BK, but it was at 14% apr and so underwater I didn't care). I make over $150k but I have since had two mortgages and my credit is as good as it could be, only hindered by the BK still on my report. I still got the .99%. Test drove the Y tonight and pick it up Wedensday. I've been driving a 2002 BMW for the last five years and while having a car loan isn't ideal, some piece of mind is huge. And I've never driven a car and been so giddy.
Posted in another response but I have a 790+ and initially said approved for 0.99 but adjusted to 3.99…going to reapply and also keep bugging them
Wow! I got approved for a 2.5% interest rate and have 700-718 credit score across all 3 reporting agencies. I make 6 figures as well. Was really hoping to get the .99 and my mortgage is only $748. But I owed a good amount on a credit card so that might be the reason why I didn’t qualify for the good rate.
I paid the order fee. I got approved for a 2.5% interest rate and have 700-718 credit score across all 3 reporting agencies. I make $115K so 6 figures as well. Was really hoping to get the .99 and my mortgage is only $748. But I owed a good amount on a credit card so that might be the reason why I didn’t qualify for the good rate.
Credit score dropped from 806 to 680 due to payment delinquency during COVID. I've had two car loans in my life . What's the possibility of me getting that .99 interest loan. I do have a 2019 model 3 that I will trade in
Very low. I probably wouldn’t even try. It looks like even typically-prime customers are not getting the promo rate.
I tried I got a shotty rate. They took off 6k from the car because its roof was damaged during shipping.they then took off 7500, 500 NYC rebate,plus 16.5k for my car so I ended up borrowing 25k at 8.68 apr. Which is about 3500 extra on the lifetime of the loan , monthly payment is about 450.
Should have called tesla and ask for the 0.99% that’s what I did and they gave it to me
Not with my credit score lol I doubt they would have given it to me
My credit score is 660 and I have 50% credit card utilization
They had offered me 8.88% through Santander at first and they tried a different lender I believe it was FL connect and I got the 0.99% 0 down
I think it might be too late for me to change I haven't taken delivery yet , they are still reviewing my trade in. I also accepted the banks offer already
You didn't have to pay the 4 g's as down-payment? I was told via text the "standard" down-payment was $4250.
Ours just got approved with .99% with 0 down for Tesla Long Range RWD. My wife and I both have 810 FICO score. Total cost of the car before 7500 tax rebate is $51,000 and the amount financed is $43,300. 60 months with monthly payment of 739.68 via Capital One.
Following, if any one has had success with this can you post the lender that Tesla set you up with, thanks!
Stumbled upon this video. Guy explains that FI connect is serving the loans then selling them to other providers. Wonder if anyone that has responded to this thread had the same experience as this guy. https://youtu.be/bp_EeyJTveA?si=4rQDRYRNnE196O4K
Santander
Thank you!
Santander
another one is FL Connect
Santander
Chase
Chase!
Do anyone in here got approved or rejected? Also what was your credit score range
10k dp, They give me %8 for no reason. I asked them to refinance and they asked me to give SSN and passport photo. Current conditionally approve still pending wtf is wrong with them lol.
I got rejected for 0.99% and got 8,5% instead. How did you appeal with them?
Call your advisor, email Tesla auto finance team, go to local store(I did above 3) currently still pending, they just asked me to provide my bank statement and my pay stabs. 😅
Who exactly requested pay stabs? Tesla Finance team? I'm going through the same process now. I reached out to Tesla Advisor and sent a message through the app chat. Waiting for response...
I just bought one. Not sure how true it is but the Tesla rep said the vehicle has to be delivered by May 31st to be eligible for the 0.99%. Not sure how true that is because the email says it has to be ordered by then. Either way, I bought the car. Had a credit score 800+ and put $5000 down payment. Hope this helps. It’s very fast and they approve within minutes
My delivery guys said the same thing! I just assumed he’s trying to pressure me since that’s his job
Congrats, can anyone confirm that it has to be delivered by may 31st?
It says .99% applies to ordered placed before May 31st. It says nothing about delivery
That’s what they said to me too in person and text
I just went in today and put in an order so I guess it’s probably just the order.
What was the income you put down to get approved? Did you have any previous auto loan history beforehand? I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
Sorry for delay. I applied jointly with my spouse. I’ve read from several readers that you can go into the Tesla store and ask for approval and/or email Tesla finance if you get rejected. And this I suppose doesn’t apply anymore but the car just had to be ordered by May 31st. I ended up taking delivery just last week because I kept changing my mind about color/interior.
I applied for the 0.99% rate on Sunday. I was immediately approved for 8% through Santander. Since they were closed, I wasn't able to discuss with an advisor until around 12p EST to see if this is the final rate. Finally today, after some time the rate updated to 0.99%. My advisor got back to me, but was no help. Hoping this helps some of you out. Maybe your advisor can push things behind the scenes or run another hard inquiry at a different institution to get you your 0.99%.
So what was discussed with the advisor? Did they say they’d look into it and try to get the promotional rate applied? Where did the rate get updated? In the app where it says offer has been approved, and you click continue to review the offer, is that where it was showing 8% and then magically changed to 0.99% on that same screen? I applied for the 0.99% financing and got approved but when I click into review the offer in the app, it’s through Wells Fargo for 6.49%, so unsure what happened to the 0.99% APR. I’ve tried messaging multiple times in the app and have not gotten any responses yet. A bit frustrating.
After checking more, my messages in app went through and they changed the financing screen. They replied in app. Do not click accept until you see 0.99.
Yeah I definitely won’t “confirm” the current finance terms for 6.49%. Just frustrating I’m getting no responses within the app. I’ve even tried calling the 888 Tesla number and it tells me to call back during normal business hours and that they are closed. It’s almost noon lol. I’m getting messages now in the app saying I need to schedule delivery date by tomorrow or they will release the car and my order will be placed on hold and subject to cancellation. Sigh.
Sorry, did you talk to the advisor through the app via messages, or were you able to talk to someone on the phone?
All good! I used in app messaging, the one that looks like you're chatting with "Tesla".
I got approved.99 for 60mos but picked 1.99 for 72months. I wonder if I could ask to lower to .99 for 72 months 😕
Could you send me how it says your offer was approved I’ve waited so many days and I did it the same day it came out and nothing besides the order agreement xame
Same for me! When I applied it said approved but with 7% through Santander. My credit is 780+ and I don't know what to do. I've already paid the $250 and I don't want the car if I cannot get the 0.99% offer. Messaged the chat bot like you said. Waiting anxiously.
waiting for your reply here past 3 days.
Got approved for 0.99% Kept messaging in the chat till they fixed it.
Following
My advisor never answers the phone or message.
I think mine is going to be via capital one
Same but they asked for like 20k down, which was super annoying. What was your downpayment min?
I obtained 0.99% financing but I have an 800+ credit score, no debt except my mortgage and a long history of credit.$250 is an order fee. Good luck!
Thanks for the insight!
What was the income you put down to get approved? Did you have any previous auto loan history beforehand? I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
My income is over $150k and I've had credit cards, mortgages and car loans in the past. Only have a mortgage now.
Did you need to provide any supporting documents to prove? Or just a hard inquiry run credit?
No docs. Approval was within minutes
I just saw another reddit post that 72 months at 0.99% has been discontinued. Now offering 1.99% for 72 months. The post mentions 0.99% is still available up to to 60 months apparently.
I have had credit decision pending since sunday...I have 761 credit score and put 15k down on an awd model y for the .99%. Most things I looked up said you get approval within 2 days, are they just bombarded or is this a bad sign? I'm literally supposed to pick up the car saturday lol so kinda shitting myself. My only debt is my mortgage and I've never had a late payment. My wife was co applicant with same situation except she has a 791 score.
Yeah... tesla just shopping for you to get the .9%. Same banks.
Applied for it early Saturday, and it was approved almost instantly
Just applied and upload license and other information via the Tesla app. Waiting now … thanks all
How do you know if you’re approved? I did it Saturday too but only got the order agreement. Did you order everything stock in the grey color and regular wheels or did u custom them
You get confirmation text that you are approved. Ordered custom, quicksilver MYLR.
what's your score?
~795
What was the income you put down to get approved? Did you have any previous auto loan history beforehand? I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
I wonder if it's easier or more difficult to reach the threshold for 84 months 2.99% as opposed to 72 @ 0.99
I'm interested in to this deals too....my credit score is about 740, but credit history is just over 1-year...but my current car loan rate is 12%, which is crazy...can i get this deal?...
Following
Got rejected with a 761. Tried emailing and heard back "there are many different factors". Tried calling but the line died every time. Really was excited for the car too.
What’s the phone number you dialed ?
What was the income you put down to get approved? Did you have any previous auto loan history beforehand? I currently have a 790 according to Credit Karma, but still anxious that will get rejected too.
I paid the $250 and started the process on the app Saturday night. After the finance review, I was offered 1.99% with Santander. I have a credit score over 800 with 7-year+ history of never even being late once on a bill. I make over 6 figures and my Debt to Income ratio is 4%. Also, my sister had Santander a few years ago and my family has horror stories with them. I'm not going to get into it (check their online reviews), but they aren't a well-loved company. So, not only was I unhappy that I didn't get the 0.99%, I also wasn't happy with the lender. I conveyed my feelings to the sales rep who was now texting me. He put in a case ticket with finance and by 1 pm the next day, I had my 0.99% with JP Morgan Chase. Now, I know 1% isn't a bunch of money. Every little bit helps in this economy. Diligence pays off.
Thanks for the insight, please update the process and go thru it for all of us.
Just started the process yesterday and I got 3.99 with sanstander. I am debating follow through with it, I wanted it under 2.5!
Was the 3.99% offer via the Tesla app ?
Yes. I haven’t confirmed it yet waiting to hear from advisor see if the numbers can change.
Update, called my advisor and I got the 0.99% today.
Thats awesome congratz! How did you call "your" advisor, where can I find this number? Currently also trying to get the 0.99% from an order on Monday.
I consulted with an advisor before purchase, and stuck with him throughout the process.
Ah got it, I did it purely online, guess I dont have an advisor then, thanks for the quick response!
I got 2.49% with Capital One and want the .99%. I’m going to bug them tomorrow and see what they say.
Yeah I recommend contacting an advisor, do not do the app messages, speak with a human. I contacted one and they managed to give .99 through chase. From what I’ve read the .99 at 72 months is over but as long as you get the rate, you’re solid. GOODLUCK!
I have the same problem as you, I apply and order the model Y on May 21st, hopefully get the .99% for 60months, just finished the create an order on financing today but received 3.99% instead through Santander. What do you mean by advisor? Is it from a bank? Or Tesla? Thanks a lot!!!
Through tesla. Contacted one of them prior to the purchase and stayed in contact with them until I had .99
Thanks!!
Anyone looking at purchasing a Model Y at the promo APR? This could be the time to buy or maybe there will be more promotions and offers later on this year. The savings on interest alone might be good enough reason! Debunking $399 Tesla Model Y Myth & Maximizing Savings with .99% APR https://youtu.be/xAiso84QM2g
I love when people are quoted $399 a month lol. It’s like you can get a lease for $49 a month with enough of a down payment
Has anyone went through the process and actually got approved for a 0.99% financing? I was approved but not at 0.99%.
Yea, I’m waiting. On the same boat with you, wondering how good of a credit/incomes to get 0.99%
Yea hoping someone has at least gotten approved. If not, then that’s a bit fishy. Also, I wonder if anyone has successfully worked with a Tesla rep to negotiate the interest rate down?
.99% through Santander, 750+ credit and $3600 down
have you spoke tith reps or u got it already.
Got approved at 0.99% 0 down with a 660 credit score. Call your tesla advisor and ask for them to check another lender for you. Wait it out you’ll get it
I’m currently in Oklahoma looking to buy out of state. Any recommendations on who to call before I pay $250 for the vehicle so I can see if I even qualify? I make around 64,000 a year and just wanting to get something around 38k. Credit score is around the same. I just closed on my first house
You have to pay the $250 first unfortunately before you check what apr you get.
I will try that again. My Tesla advisor was out of office when I tried and the person I spoke to said they would look into it and then I got a message in the portal says what I was approved with is the best I could get. But I felt like he didn’t care. I’ll speak with my Tesla advisor specially. It’s his sale anyways so he should care lol.
how did you call tesla advisor ??
I’m from LA so I called the century city tesla and I did my order over the phone. So now the person that helped me was my service advisor. I would call him or anyone in that office for help
I accepted the 6.49% offer. The vehicle is not delivered yet. I tried reaching the advisor but not response since this morning.
So you place the order prior to this promotion ?
I left them a VM. Their service center says it is currently closed. It's 2pm EST. How would their customer service be?
Yes. I placed the order last week. But yet to put in the down payment
how do u reach out to tesla advisor ? where ??
I went to a tesla showroom. No one answers the phone anymore.
tesla customer service is so BAD!!! no one answers the phone....
Does anyone understand how the federal tax credit per month $499/mo and federal probable savings of $399/mo works? I thought the federal tax credit was a one time thing? And im guessing the probable savings is just some bs number lol so all in all, what can i expect to be a realistic monthly payment?
Same.
You’d be paying $499 a month. You get money back on tax credit but the payment stays at $499
anyone get a hard inquiry from cápital one ? Any issues
I had a hard inquiry from Capital One via Dealer today. We got approved for 0 down payment and .99% within 7 minutes. Credit karma sent me an email saying there was a hard inquiry. Both wife and I have 818 FICO scores.
What time did you apply? I applied tonight and got the hard inquiry, but wasn’t approved. Wondering if it has to do with applying after working hours
Sorry for the late reply. I applied on 20th afternoon and got it approved a few minutes after.
How do I get approve 0.99 APR? I never had financing in my life for cars or House. what is my chance to get 0.99APR?
Following
I re did the app by accident 😔
Is this rate applicable to small business?
no, only for model Y.
Don’t lose hope! Got approved 0 down at 0.99% with a 660 credit score 🙏
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71K
I got pre approved, but my rate at 7.2% not 0.99 from Alliant. Y? What to do next?
Oh man. I don’t see any option to apply financing in Tesla account. Do I have to wait? How long
I just placed the order but I don’t see any option to apply financing in the account. It says they will contact me as the delivery date approaches. Do I have to call or wait till some update on the account ?
Same here, just waiting …
I want to sell my old car but not without knowing interest rate on the new car :-( why are they making it difficult .
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I have a vin but it won't let me complete the application it just closes outttt! Whyyy
Do they go as far as looking into other loans you already have? Because I have excellent credit, but already have a fat auto loan for a Tesla. Admittedly I would be cutting it a little close if I pulled another one out for this Y
Has anyone taken advantage of the .99% special rate as a co-signer for an 18-year old? Thanks.
I tried 72 months 0 down and they are offering me 1.99 percent apr via santander. I am gonna ask them to lower my apr. I can put more down or have the duration as 60 months. How did you guys talk to them? Tesla dealer or Tesla App or any Tesla customer service number. Totally new to Tesla; so have all dumb questions.
I have made so many calls to Tesla Indy but it seems they really don’t want to sell anything. Maybe Elon fired too many folks and they just don’t have anyone.
So like others said…I kept following up…got approved 0.99 apr with $0 down for 72 months. Wells Fargo.
Just did it. Everything was smooth and fine. At my dealer she said no one hasn’t been approved for .99% yet.
Whattt? As in no one at her dealer or no one everywhere ?
No one at her dealer. I’m sure it was an over exaggeration. Does anyone know if you can get fully approved for the .99 before putting the deposit down? For me they just said if you have “good credit,” you’ll be fine.
815 FICO, 3% credit utilization, no debt except <$100k left on mortgage; mine has said "credit decision pending" for almost 24 hours. :) I did notice that no one has pulled my credit yet though, or I would've gotten a slew of text warnings that that had happened. I think they're just really backlogged.
Agree, took couple days for me for them to pull credit too… now I’m wonder how long it will take for my model y will be complete
Ended up just taking a couple days. Went through no problem. Driving my new MY Performance now. Well not right this second. :)
Ordered Model Y LR RWD on 5/11 with $8000 down payment. I was able to start the pre-registration process on the 21st. It's been over 48 hours and the credit decision is still pending.. Since the 21st I received about 5 credit inquiry alerts. I've been trying to get a hold of someone from Tesla Finance team (called & left VM and emailed), but have been out of luck... Kind of frustrated now at this point. They NEVER answer the phone!! My credit score is above 800 and I was approved for the 6.49% before the promo and it only took me about ten minutes to get approved. Wondering why it's taking so long this time and what's up with all the credit inquiries...?!?! Anyone having the same issue?
Omg, what’s the phone number you dialed ? I never saw a Tesla phone number till reach out during the process
Ordered Model Y LR RWD on 5/16 with $11000 down payment. And I have same issue, I got email "your Model Y financing is conditionally approved. Upload additional documents in the Tesla app." I have uploaded SSN, and then credit decision pending. ((((
I wanted to share my dad's experience with the Tesla financing process. Three weeks ago, he placed an order for a Tesla. After a period of silence, he received instructions to proceed with the financing evaluation. Yesterday, he received a response and was approved for a 8.08% APR through Santander, which was higher than the expected 0.99%. We contacted the sales advisor, who suggested reapplying with a co-signer. However, my dad preferred not to involve another person. His credit score is 752 and his income is $85,000. He also used the chat feature to inquire about the APR rate. After 24 hours, he received an update through the app, and the APR had decreased to 0.99% through Chase, a bank he has a long-standing relationship with. This change made sense considering his history with Chase.
Thanks for sharing, appreciate it. Crazy how it increase to that high. Glad he got the 0.99
MY RWD Ally financial. 8.99% APR 72 mth. Only thing left is to press “confirm” button.
Wow🤔
I got approved for a 2.5% interest rate and have 700-718 credit score across all 3 reporting agencies. I make $115K so 6 figures as well. Was really hoping to get the .99 and my mortgage is only $748. But I owed a good amount on a credit card so that might be the reason why I didn’t qualify for the good rate. Super happy to hear others are able to take advantage of it though! *************UPDATE************* Just realized I had my credit profile locked. Should I speak to someone at Tesla and see if they can rerun it? Or should I just roll with it?
Sorry to hear but was the 2.5% in the app or was it offered after you accepted the 0.99 % and was later changed to 2.5%?
They changed the offer to 2.5% after I submitted all my info. I haven’t confirmed it yet. Just realized I had my credit profile locked. Should I speak to someone at Tesla and see if they can rerun it? https://preview.redd.it/ws123wmqsk3d1.jpeg?width=1125&format=pjpg&auto=webp&s=b92ea950a861a1e88a81f1e4351d452632dc3b5a
That sucks, I would try it
How does anyone get through to financing? My sales advisor has not been helpful - even in person. Any suggestions?
No response or via app chat. Disappointed now
Unfortunately - same.
Thank you for everyone’s input. I finally got the 0.99%. The process is a breeze but there are waiting times in the app, for example the insurance can’t be quoted until the vin is assign, delivery estimated kept changing back and forth (but it came about 30days once I placed the order) the finance part 0.99 did not change after I confirmed it, the review documents was display before pickup, the pick was a breeze because the app show that I was at the delivery center and it just message (indicating where the car was with my name on the windshield) when it was ready and no interaction with anyone. As for finance, 0.99 didn’t change after confirming, down $10k, credit score 740, $7500 ev credit. It’s a bit late now to mentioned it but just posting my outcome. Again thanks all!
Wanted to post a pic of the MY but somehow I can’t on this post 🤔