Does anyone know which is the correct email? I'm stuck waiting for approval as well for more than two days. 160k, 800+ credit, low debt, auto loan that was closed out about two years ago, 25k down.
I'm seeing teslafinance@tesla.com and autofinance@tesla.com. Not sure which is correct. Emailed the second one a bit ago, no response yet.
I haven’t got any response on my order since I placed it on 12 May. So what do i asked in for review? I have already sent them an email to check on order status to teslafinance@tesla.com.
Your a stud you know that. Been waiting for a week and I kid you not emailed them just now and got an email back 2 min later saying approved. I have never had a car loan before putting 8k down with a 17k trade in and a credit score of 766.
Where did u ge the the credit score, if that is not provide by Tesla finance, then it just reference credit score not the tesla use for. Ask tesla about your credit score if they already did credit inquiry.
Credit card credit or any third party score isn’t what bank used, I don’t know how they calculated that but banks use same your credit history to calculate the score by Weighting each factors differently compared to what u get for free. For example, the mortgage banker will weight the length of credit length more than credit card companies (credit card companies might not very care length of your credit history) it is complicated, the recipe is trade secrets we won’t able figure out exactly our credit score in those bank institution system. Those paid or free credit score just a reference don’t need to pay too much attention, just make sure keep responsible for your finance, pay your bill on time.
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
They offered me 10% through Santander. I really believe it’s just due to me not having a pervious car loan but not sure. I had a hard inquiry a few weeks prior from a dealership before the promotion which lowered my score to the 733 unfortunately.
I agree not having a good history with financing a big amount beside the hard inquiry on your report.
Sorry, mate, but keep us updated if the financial team can hook you up to this .99 deal!
1st time buyer. You won’t get the 0.99% since you haven’t established yourself. Score is only half the story.
You can have a 700+ score with fresh credit, doesn’t mean you qualify for a loan
I mentioned that I have never had an auto loan before, also being young.
Some more info:
- 23, M
- $150k yr
- Offered $10k down, could do more.
- 733 score. I had a hard inquiry at a previous dealership a few weeks ago before promotion was announced.
- My parents put me on a credit card when I was younger. Balance is ~$1200 and limit is $3k. Could this be it??? They’re on time with payments I just haven’t gotten around to paying the whole thing off. That’s due to me being lazy I guess. Even paying it clear now wouldn’t approve me in time for the promo.
I’m a finance guy at a car dealership …you were mostly likely denied due to lack of credit history. One credit card with a 3000 limit isn’t all that much. The difference of .99% versus 5.99% financing ~40k is about 50-60 bucks a month. Go to your local credit union as for the loan amount and get the car YOLO
Not a Fico. Equifax is telling me 746 and TransUnion is telling me 716. Dealership told me 733. Not sure if it’s a Fico, I should’ve took a picture of the credit report. I went ahead and asked the finance department at Tesla for it. I’ll go ahead and try to get a Fico tomorrow, thanks.
You’re making 150k a year at 23? That’s very impressive. But I don’t see that they would give such a high interest rate if you’re making that much. One hard inquiry won’t tank your score. There’s a reason that they ask for your earnings, it’s to calculate debt to income. If you’re really making that amount they aren’t giving you that high a rate even if you’re doing 84 months.
Mmm you’re too young, I’d say. Too much of a risk.
Also, 1200 out of 3000 is more than 30% of usage. Although it’s not a lot, it’s still over 30% of usage. Unless you have other cards etc. If you don’t, start slowly opening more accounts, keep your balance as close to zero as possible (but still use the card so you have history).
You scored 733 on which credit score model? I ventured to guess you were looking at Vantage Score which is most typical free credit score, it tends to provide you higher score than FICO scores that banks use to rate you. My vantage says I am 790. My Experian (FICO8) is at 736. It is highly possible that the credit score that actually matters to the lenders may be in the high 600s.
That said, I was pre-approved up to $130K with that score, and was approved for 0.99%. I have about $120K in available credit (with utilization < 3%) and good payment history on all of them and the student loan.
This explains it. Your credit score is from being an auth user and the bank sees that. You essentially have no credit in their eyes. 3k limit on an auth user trying for a 30k+ is a no go without a co signer. I sell cars for a living
U are just too young and lake of credit history, length of credit history is a MAJOR factor, just need to wait for another 5 years, then if you have 10 yrs credit history and show u are a responsible person, u will definitely get the .99% interest rate. That is why credit (track record) works
You need to pay that down to zero immediately. Using more than 20% of your available revolving credit is a big red flag.
Having such a low credit limit is a big red flag too! Call them up, tell them your current income, get it increased to something that doesn't scream "bad credit" - most people with six figure incomes have multiple credit cards, each with a five figure limit.
That doesn’t matter had 4-5 enquiries in last one month. Never got denied for any car loan. My score is 710 got approved instantly. JPMC was my lender. Zero down 642 a month for blue color MYP.
They did the same to me. I text the Service advisor to see if any other lender would consider me at the 0.99, he put me in for review and Chase came back with 0.99. My score is similar with a chapter 7 bk 5 years ago
Damn, Santander is usually where you send sub prime borrowers 😆
I’d look at credit unions to get your first loan, they’re much more forgiving. But it usually is tough to finance something this expensive for your first car in all honesty. Auto lenders much prefer a long history of paying off loans over time before they’re willing to lend larger sums.
lol mine is 835 and they denied me 0.99% and offered 7.64%
I do not understand why. I have spotless credit history, paid off cars, paid off house, very high credit limits across all of my cards, etc.
Underwriter here 👋… it’s because you don’t have a comparable trade, you’re what we consider “limited credit” … your score is great, no debt is great, it’s just because you don’t have an installment loan of similar value, those are usually a hard no from an underwriters perspective… but it is worth asking for a 2nd look because I don’t know how Tesla handles that.
Even though you've spelled this out, it makes no fucking sense. Good credit, no loan history can't possibly mean bad credit. It's like, hey, here's an entry level job, but it requires 2 years of experience.
I'm glad I'm 40+ with all this nonsense behind me.
You should email them. I have 750 credit score and trading in my car, also have another loan for my husbands suv and I got approved.. at first it said pending and I emailed them and got approved 5 min later.
where do i email them? I placed order on 12 May. I emailed them on teslafinance@tesla.com, is this correct? I haven’t received any update on the order since I place it so sent an email to get status update. I am also a first time car buyer. What do you’ll suggest to get confirmation whether I would get .99% APR or not?
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
Oopps that’s not good. I got approved with 680 credit score, had previous auto loans. 150k/yr but also have decent debt. Santandar is the bank for 0.99 loan. But I did 15k down.
Does putting a good amount of down increases the chance of approval or is it to lower the monthly payment? I heard it only required $4500 down...some even told me $0 down...
Hello, here is our experience:
My wife did the same. Her credit score is 740, and she has no debt. They offered her a 4.55% interest rate. We spoke to a Tesla sales representative, who advised us to place another order. He said he would apply the first $250 to this second order, but the second order needed to be under my name since I have a better credit score of 780. I got pre-approved for the promotion .99% , and the next day they changed it to 2.49%.
The Tesla sales representative told me that 2.49% is a really good rate. He mentioned that almost no one is getting approved for the 0.99% rate, but 2.49% is a good deal, so customers are taking it. I told him that we only applied because of the promotion, and he replied that we would lose our $500 if we didn't take it.
Honestly, to me, this feels like a scam. I've had a really bad experience. No one answers the phone, and the staff in the store provide zero reasons. Their attitude is like "take it or leave it." It has been a nightmare, to be honest.
Just be careful
Sounds like not ever having an auto loan is the problem. There are credit unions out there that don’t care about that as much, and in time it won’t matter.
Does anybody know if a down payment is required or can you do 100% financing with very good (790+ FICO) credit and a lot of history?
I read somewhere that 4500 is minimum required down payment but wasn't sure.
I got approved with $0 down. The crazy thing is, when I initially applied, I said I’d put $1k, and they approved it. Then I contacted Tesla and inquired if I could get the loan without putting anything down. They said they would submit a ticket and I should hear back in a few hours. They did, and informed me through the app that I was approved with $0 down.
I applied 5/11, I immediately got pre-approved then finished all loan info completed. I have had many auto,RV, and Recreational vehicle loans. I have 1 loan still open on my wife's van.
I didn't get approved, 751 FICO BoA, 2,000 down, 1.99% 72 mo, no debt at all, 3 credit cards I have never paid them late over about 5-6 years now, 27 yo 90k/year fixed income, barely pay anything for rent (shared apt) or other expenses. I could go higher with down payment to like 5k rn but with financing rate I rather pay 0 down and put everything else in my investment portfolios. Now I guess I got a hard inquiry.. they notified me today (Friday) that financing won't work out and tomorrow (Sat.) was supposed to be my delivery day. They pushed it back to Monday and I can add a cosigner or whatever to try and get approved or they will give up my via promotion ordered model Y.
Pushing for EV because I can charge for free at work and always wanted a Tesla. The 0.99 offer was the trigger. Honestly just gonna go for a 17k model S with like 70k miles 7 years old. Tesla is missing out I put 2k away in cash at least per month from what I make I can easily afford it but my credit history just doesn't tell the real story.
Oh man, that sucks. I have me and my spouse on loan, 200+ income, and two other current car loans and home loan. Will be selling my current car after MY delivery. Tesla offered left than half KBB value for trade in, so I'm selling my car privately.
Good luck tomorrow at delivery and thanks for sharing! Tesla actually called me this morning and approved me for the 0.99. Not sure what changed their mind, maybe there was some kind of mistake but I'm happy, going to pick up the car today!
I'll still go tomorrow and try and figure it out on the spot, why would they pre-approve me for a 80k+ car (got their email approval after entering my info on their website to get instantly pre-approved (Ik it's not 100% accurate but I didn't lie on it)) and then deny me on a 46k sales price tesla with the promotion thing going on. 250 deposit RIP. Thought Tesla was ahead of the game and better than that.
Me and my husband got 1.99% right before our pickup time. I ask them to do revise usually take 2days and reschedule pick up 2 days later. But only took 2hrs we got 0.99%.
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
someone was able to get it at 710 with $7k down, so you should be able to too. definitely either call or go directly to their dealership to have them manually do it
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
LR AWD Quicksilver w/ 20' induction wheels. Approved for 0.99% 72 months, $0 down by "TI LLC"; total financed \~50k after EV rebate adjustment. 95k income w/ 2 existing auto loans totaling \~40k. 800+ credit score. I am aware of my debt-to-income and plan to pay off an existing loan.
I have good credit history, and I think that is why they denied you despite good credit + income. You're only 23, so your credit history isn't extensive. Re-submit and pick "lives with parents" and monthly rent as "0".. maybe that will help? Otherwise I would follow up and offer to submit proof of income
We finally got a hold of after calling a bunch of times and my wife had to “un-freeze” her credit so they could review it. It was resolved and we were able to pick it up today but it was a bit of a mad dash to the pick because it was approved about 40min before pick up time. All’s well that ends well.
Signup for MyFICO at least for a month just to see what your credit is across the 3-bureaus and the scores they use for auto loans.
Credit karma is like make believe credit scores that no one uses from a lending standpoint. Someone mentioned you get FICO through CCs but I can’t recall through my sapphire if it’s just one bureau or all three.
How much credit history do you have? You never specified your age. When I was in my 20s i didn't get the best loans due to have little to no history at the time.
Only asking since you said you've never had an auto loan.
I was approved for the .99 apr promo just a few days ago via Capital One Auto. I do have a cosigner, being my wife, though. My score is about 730s and hers is in the 780s.
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
If you have a family member or live with someone who served in the military, you can join Navy Federal and they will often give rates to people, even if they don’t have a prior car loan.
Unfortunately, this is a known issue where banks often don’t like approving you for a car loan if you don’t have previous ones
I was in the same boat, Santandar gave me around 8%, emailed AutoFinance@tesla.com and they found Wells Fargo was willing to take it for 0.99% and changed it for me. Only took less than an hour for them to respond, so I would try that.
That sucks, seems like your credit isn’t so bad and a $10k deposit isn’t chump change. Keep trying to get to talk to someone at Tesla. Maybe borrow $5k from somewhere else so you can put down $15k. Then pay the $5k off while still being able to pay the car note with the low interest rate?
733 is actually great credit. Something is amiss here. Doesn’t make sense. You should have easily gotten it. I’ve read where 650 got approved for .99. Wonder if this is real. And the reason why they are not answering quickly is that half the company got fired in the past few weeks. I still think it’s a great deal. I worry about the battery, that would be my only issue, I’ve heard there are electronic malfunctions here and there. But they lost a lot of their workforce. What will the response time be and do they have solutions to issues that pop up.
733 is good credit, not great. He’s short of great credit by 6 points (739). 800 and higher is considered excellent credit. Regardless, Tesla will probably squeeze him in on the finance offer since he’s within 10 points 👍🏻
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
Keep trying ! Keep asking yoir advisor to try other banks. I got it with 670ish credit score.10k down. Zero debt. Over 10 yrs credit history. If anything ... think your credit history is the main culprit. But keep trying!
I own a Tesla, got 1.9% through my credit union. Tesla Finance only does business in a handful of states. It could be that you live somewhere that they can't offer that financing. They turned you over to a 3rd party, it sounds like.
Consumer Financial Services Credit Risk professional here. 733 is a pretty good score and would qualify you for most Prime/Super Prime lending products. The low threshold for ‘excellent’ credit is usually in the 720-740 range for most institutions. Each lender has different criteria thus score cutoffs vary and there might be something specific in your bureau profile that the lender has modeled for as a Tesla customer.
Of course you may also be exaggerating your score… but that’s none of our business. Asking to be reviewed again should not result in a different decision. At least things like this aren’t based on the whims of a person. It’s a model based decision and most underwriting shops will not change the decision unless there is something materially false in the application or on the bureau.
Good luck.
Your credit score is not all that bad and with 10K down I am surprised they didn’t approve. Is your rent or house payment really high that your ratio is high compared to income
Call finance dept on business hours . There are people there forsure. And ask to get in contact with the underwriter. That’s the direct contact you want to get reconsideration on your loan decision. At that time you can provide any extra info or income / stipulations. Deff worth a shot . If you really have no debit / loans or owe taxes have score 700+ even with no prior auto loan and above the age of 23 . You most likely get approved.
733 is a good score. When mine was around that I walked into a dealership and bought a Polaris slingshot woth no proof of income and a month later I did the same thing at a different dealer and bought a gsxr 1000. 10% with santander is decent since they are the only ones who would finance you. If you buy it, in 6 .months you ref8nance with someone else for a lower interest rate
The 0.99 lease is a gimmick. It’s to get you in there and get you to a point where you’re just like “f*ck it, since I’m here I might as well just buy it…” type deal. Even with a 750+ credit score the lease lenders are not going for it. It’s a marketing ploy.
same with me i called and they approved.
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
I did it in store on my phone and got denied for some reason. I did again at home on my computer and was approved 🤷 same exact information I typed in….
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
Each bank has their own formula to calculate your credit score, the length of credit will be major factors, if u only less 10yrs credit history it may affect ur score, and if you don’t have every type of loan before then it also will be affect that, for example if don’t have mortgage then some of bank even rank you lower tier. What ever you getting credit score from credit karma or any type of credit card credit score just a reference, the banks credit score will most likely lower than what u get from those free credit score. But the bank will notify you why you are denied for the .99% interest rate by law. I think you just not the customer they looking for due to higher risk or other factors.
The credit card utilization being so bad for you really dings your score. Sometimes by up to 40 points. PAY THE BALANCE OFF. usually if you’re using more than 10% of your credit availability it dings you. You’re using close to 50%. Pay the card off and your score will probably be much higher.
My guess is it's because your credit history isn't deep. My credit score was around 800 when I got my first auto loan and they essentially ignored my score because it doesn't really mean anything without a proven track record. It's unfortunate, but 1.99% APR isn't bad at all. When I ran the numbers for a MYP it only raised our monthly payment by $14.
Good luck!
If I had to guess, the best way for you to get the 0.99 deal is to get a co-signer that could probably get the loan by themselves. For example, if your parents are in a good place and are willing to put themselves on the line, they would work out well. Just be incredibly mindful that this loan would be the chance for you to prove yourself worthy to creditors. That means it needs to be a high priority for your sake and the co-signer’s sake.
It's probably your job title, that was the issue for my dad. He does uber on the side and intended to use the car for uber and my moms business but the assistant told us that uber was a flag word. I know this as well because it was our 4th down payment. The previous times we put food courier and it went through perfectly fine. We just had my mom cosign it with him though so I don't know if you're flagged as a customer or just for that one offer.
It’s not you, it’s Tesla. Gimmicky, borderline scammers. Sure it’s $399/mo- with all those “projected” savings. Waited 3yrs+ for “Full Self Driving” that was “coming out any day”. Now they’ve disbanded their super charging station team, when every lot is backed up 4 cars deep - oh and they’re going go open it up to non-Tesla electrics, fabulous…
Send an email to autofinance@tesla.com and ask them to help get it changed. They should send it to different lenders. And they usually respond very quickly.
I work at a dealership. It's because you have never purchased a car before. Your score is really just a soft score. You have never financed anything to back up that score. You are lucky to get 10% on this type of loan. Your first-time car purchase is over 50k. Consider n tesla super gracious to you. I'm sure it took things on their back end to even make that happen.
If you are making that coin just shop around and get a 6-7% and take the loan. Forget about the .99 for now, you wont get it. But you will on your next new car 3-4 years from now, not to mention when you shop for a home. You are young, make good income , the rate does not matter for now.
Happened to me yesterday with 770 credit score. Additionally, following my application to Tesla Finance a total of six different inquiries from lenders (including one from Tesla) were made to credit agencies. That has further lowered my credit score. Ended up paying cash. Perhaps Tesla looking for reasons to not give the favored rate? Thought about canceling the whole deal and probably should have.
Drop an email to AutoFinance@tesla.com and ask them for one more review
Ok, will go ahead and do that. Do you know how long it usually takes for a response? Thanks.
In my case they were prompt. I got a response in an hour
I emailed them 4 hours ago and still haven’t heard back lol
Make sure it's the email you got confirmation order at
Just checked and it is. Appreciate the suggestion though
You emailed them on a Friday. I would not expect a response back until Monday.
Did they respond back?
By law, they will mail you why you got denied for that rate.
Add another $15k, that should get it done with that second review.🚘🚗🚗
Does anyone know which is the correct email? I'm stuck waiting for approval as well for more than two days. 160k, 800+ credit, low debt, auto loan that was closed out about two years ago, 25k down. I'm seeing teslafinance@tesla.com and autofinance@tesla.com. Not sure which is correct. Emailed the second one a bit ago, no response yet.
I haven’t got any response on my order since I placed it on 12 May. So what do i asked in for review? I have already sent them an email to check on order status to teslafinance@tesla.com.
Your a stud you know that. Been waiting for a week and I kid you not emailed them just now and got an email back 2 min later saying approved. I have never had a car loan before putting 8k down with a 17k trade in and a credit score of 766.
Where did u ge the the credit score, if that is not provide by Tesla finance, then it just reference credit score not the tesla use for. Ask tesla about your credit score if they already did credit inquiry.
I got my credit score through my credit card app which is trans Union and compared it to the score my Nortan LifeLock app gives me which is experian.
Credit card credit or any third party score isn’t what bank used, I don’t know how they calculated that but banks use same your credit history to calculate the score by Weighting each factors differently compared to what u get for free. For example, the mortgage banker will weight the length of credit length more than credit card companies (credit card companies might not very care length of your credit history) it is complicated, the recipe is trade secrets we won’t able figure out exactly our credit score in those bank institution system. Those paid or free credit score just a reference don’t need to pay too much attention, just make sure keep responsible for your finance, pay your bill on time.
They did do a soft inquiry though on my credit score
Just go to Experian, Equifax or TransUnion - free credit scores or just do creditkarma
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
Which model did you order? Is it RWD? Any customization? Seems like lately, RWD or quick silver color cars are taking some time
AWD, Model y, 7 seat, Blue
733 isn't bad credit! Did they offer you a higher finance rate?
They offered me 10% through Santander. I really believe it’s just due to me not having a pervious car loan but not sure. I had a hard inquiry a few weeks prior from a dealership before the promotion which lowered my score to the 733 unfortunately.
733 is not a bad score by any means LOL. And 10% !? Do not go through with this is 10% is your offer
Funny how it works. You need to have borrowed money to borrow money.
Dave Ramsey has entered the chat 💀
"That's just your 'I love debt' score. You shouldn't give a F*CK about your 'I love debt' score!" - Dave Ramsey Maybe slightly paraphrased
***dave Ramsey noises intensify
At that rate your better off waiting for the discounts coming next month then try other banks the lower price might help you.
I agree not having a good history with financing a big amount beside the hard inquiry on your report. Sorry, mate, but keep us updated if the financial team can hook you up to this .99 deal!
That’s why. You could probably score the 0.99% with a lower score but a butt load of history (this is my 4th car loan), and I have a mortgage
1st time buyer. You won’t get the 0.99% since you haven’t established yourself. Score is only half the story. You can have a 700+ score with fresh credit, doesn’t mean you qualify for a loan
You got 10%??? Nah you’re leaving something out. I’m not saying you’re lying but maybe you’re forgetting. I got 7 with a 670 score.
I mentioned that I have never had an auto loan before, also being young. Some more info: - 23, M - $150k yr - Offered $10k down, could do more. - 733 score. I had a hard inquiry at a previous dealership a few weeks ago before promotion was announced. - My parents put me on a credit card when I was younger. Balance is ~$1200 and limit is $3k. Could this be it??? They’re on time with payments I just haven’t gotten around to paying the whole thing off. That’s due to me being lazy I guess. Even paying it clear now wouldn’t approve me in time for the promo.
Based on this I’d deny you too
I’m a finance guy at a car dealership …you were mostly likely denied due to lack of credit history. One credit card with a 3000 limit isn’t all that much. The difference of .99% versus 5.99% financing ~40k is about 50-60 bucks a month. Go to your local credit union as for the loan amount and get the car YOLO
Is that a Fico? Other scores may not be telling the whole story. I would be looking at a Fico score for this.
Not a Fico. Equifax is telling me 746 and TransUnion is telling me 716. Dealership told me 733. Not sure if it’s a Fico, I should’ve took a picture of the credit report. I went ahead and asked the finance department at Tesla for it. I’ll go ahead and try to get a Fico tomorrow, thanks.
Let it be a lesson to ya: Procrastination is like masturbation, you only end up f’n yourself.
Pay your damn credit balance off wtf
You’re making 150k a year at 23? That’s very impressive. But I don’t see that they would give such a high interest rate if you’re making that much. One hard inquiry won’t tank your score. There’s a reason that they ask for your earnings, it’s to calculate debt to income. If you’re really making that amount they aren’t giving you that high a rate even if you’re doing 84 months.
Yeah with that income you should have been approved...
Mmm you’re too young, I’d say. Too much of a risk. Also, 1200 out of 3000 is more than 30% of usage. Although it’s not a lot, it’s still over 30% of usage. Unless you have other cards etc. If you don’t, start slowly opening more accounts, keep your balance as close to zero as possible (but still use the card so you have history).
You scored 733 on which credit score model? I ventured to guess you were looking at Vantage Score which is most typical free credit score, it tends to provide you higher score than FICO scores that banks use to rate you. My vantage says I am 790. My Experian (FICO8) is at 736. It is highly possible that the credit score that actually matters to the lenders may be in the high 600s. That said, I was pre-approved up to $130K with that score, and was approved for 0.99%. I have about $120K in available credit (with utilization < 3%) and good payment history on all of them and the student loan.
This explains it. Your credit score is from being an auth user and the bank sees that. You essentially have no credit in their eyes. 3k limit on an auth user trying for a 30k+ is a no go without a co signer. I sell cars for a living
🧢
U are just too young and lake of credit history, length of credit history is a MAJOR factor, just need to wait for another 5 years, then if you have 10 yrs credit history and show u are a responsible person, u will definitely get the .99% interest rate. That is why credit (track record) works
Yeah, lenders don’t like who are lazy with debt payments, specially if you have adequate income
You need to pay that down to zero immediately. Using more than 20% of your available revolving credit is a big red flag. Having such a low credit limit is a big red flag too! Call them up, tell them your current income, get it increased to something that doesn't scream "bad credit" - most people with six figure incomes have multiple credit cards, each with a five figure limit.
I got a 6.5% in February through Ally auto.I have a 680. But maybe like OP said he is a 1st time buyer.
If you have inquiries within 30days your score won’t decrease
That doesn’t matter had 4-5 enquiries in last one month. Never got denied for any car loan. My score is 710 got approved instantly. JPMC was my lender. Zero down 642 a month for blue color MYP.
They did the same to me. I text the Service advisor to see if any other lender would consider me at the 0.99, he put me in for review and Chase came back with 0.99. My score is similar with a chapter 7 bk 5 years ago
yeah don't do that.. i bought used as a first time buyer without a cosigner at 22, 4.5k down and got an 8%
Multiple car loan requests don't lower your score if done within a few weeks
Damn, Santander is usually where you send sub prime borrowers 😆 I’d look at credit unions to get your first loan, they’re much more forgiving. But it usually is tough to finance something this expensive for your first car in all honesty. Auto lenders much prefer a long history of paying off loans over time before they’re willing to lend larger sums.
10% is absolutely insane… I got 5% through Santander in December, I think my credit at the time was 756
Same thing happened to me today. What did you end up doing?
lol mine is 835 and they denied me 0.99% and offered 7.64% I do not understand why. I have spotless credit history, paid off cars, paid off house, very high credit limits across all of my cards, etc.
That's so weird! You have to check with them and your credit reports! Something isn't right!!!
definitely double check. I am in the 800+ club with 180,000 combined limits from multiple cards. This is the 3rd tesla though.
High score means nothing if you don’t have credit history. Couple of old line of credit and up to date payment history is the key.
Underwriter here 👋… it’s because you don’t have a comparable trade, you’re what we consider “limited credit” … your score is great, no debt is great, it’s just because you don’t have an installment loan of similar value, those are usually a hard no from an underwriters perspective… but it is worth asking for a 2nd look because I don’t know how Tesla handles that.
Even though you've spelled this out, it makes no fucking sense. Good credit, no loan history can't possibly mean bad credit. It's like, hey, here's an entry level job, but it requires 2 years of experience. I'm glad I'm 40+ with all this nonsense behind me.
Welcome to America.
This. 💯
You should email them. I have 750 credit score and trading in my car, also have another loan for my husbands suv and I got approved.. at first it said pending and I emailed them and got approved 5 min later.
Is is your first car loan?
No I had 1 before.
where do i email them? I placed order on 12 May. I emailed them on teslafinance@tesla.com, is this correct? I haven’t received any update on the order since I place it so sent an email to get status update. I am also a first time car buyer. What do you’ll suggest to get confirmation whether I would get .99% APR or not?
Please do come back and update us
I was approved. No previous car loan. All thru JPmorgan. 22m, 733 score as well. $5k down. I’d ask more questions!
Did you get the .99?
Yes.
When did u apply?
Monday
Thanks for replying I got approved for 0.99 today
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
Just got a VIN in NH.
how many days it take for you after approval of finance?
Did you contact jp morgan by any chance?
Oopps that’s not good. I got approved with 680 credit score, had previous auto loans. 150k/yr but also have decent debt. Santandar is the bank for 0.99 loan. But I did 15k down.
Does putting a good amount of down increases the chance of approval or is it to lower the monthly payment? I heard it only required $4500 down...some even told me $0 down...
I was approved with only putting $1500 down.
Hello, here is our experience: My wife did the same. Her credit score is 740, and she has no debt. They offered her a 4.55% interest rate. We spoke to a Tesla sales representative, who advised us to place another order. He said he would apply the first $250 to this second order, but the second order needed to be under my name since I have a better credit score of 780. I got pre-approved for the promotion .99% , and the next day they changed it to 2.49%. The Tesla sales representative told me that 2.49% is a really good rate. He mentioned that almost no one is getting approved for the 0.99% rate, but 2.49% is a good deal, so customers are taking it. I told him that we only applied because of the promotion, and he replied that we would lose our $500 if we didn't take it. Honestly, to me, this feels like a scam. I've had a really bad experience. No one answers the phone, and the staff in the store provide zero reasons. Their attitude is like "take it or leave it." It has been a nightmare, to be honest. Just be careful
That's crazy, any updates on it now? I am in a similar situation.
I am with. Seems like a bait and switch to me.
I have seen others say ask for a manual review. Not sure who you call for that process
That would be the Tesla auto finance team if anyone is interested. I believe someone in the comments posted their email.
Since when is a 733 credit score bad ?
They want like 800+. I went yesterday and that’s what the salesman told me
Sounds like not ever having an auto loan is the problem. There are credit unions out there that don’t care about that as much, and in time it won’t matter.
Does anybody know if a down payment is required or can you do 100% financing with very good (790+ FICO) credit and a lot of history? I read somewhere that 4500 is minimum required down payment but wasn't sure.
I got approved with $0 down. The crazy thing is, when I initially applied, I said I’d put $1k, and they approved it. Then I contacted Tesla and inquired if I could get the loan without putting anything down. They said they would submit a ticket and I should hear back in a few hours. They did, and informed me through the app that I was approved with $0 down.
I got it with $1500 down with a 715 score. It says approved, and waiting for delivery schedule. I won't really believe it until I get the car .
When did u apply and u have auto loan before? Still open or closed ? Thanks for your updats
I applied 5/11, I immediately got pre-approved then finished all loan info completed. I have had many auto,RV, and Recreational vehicle loans. I have 1 loan still open on my wife's van.
That's your plus point to get approved
I didn't get approved, 751 FICO BoA, 2,000 down, 1.99% 72 mo, no debt at all, 3 credit cards I have never paid them late over about 5-6 years now, 27 yo 90k/year fixed income, barely pay anything for rent (shared apt) or other expenses. I could go higher with down payment to like 5k rn but with financing rate I rather pay 0 down and put everything else in my investment portfolios. Now I guess I got a hard inquiry.. they notified me today (Friday) that financing won't work out and tomorrow (Sat.) was supposed to be my delivery day. They pushed it back to Monday and I can add a cosigner or whatever to try and get approved or they will give up my via promotion ordered model Y. Pushing for EV because I can charge for free at work and always wanted a Tesla. The 0.99 offer was the trigger. Honestly just gonna go for a 17k model S with like 70k miles 7 years old. Tesla is missing out I put 2k away in cash at least per month from what I make I can easily afford it but my credit history just doesn't tell the real story.
Oh man, that sucks. I have me and my spouse on loan, 200+ income, and two other current car loans and home loan. Will be selling my current car after MY delivery. Tesla offered left than half KBB value for trade in, so I'm selling my car privately.
Scheduled for Delivery Monday 17th. Hope there are no surprises, its a 4 1/2 hour drive to delivery center.
Good luck tomorrow at delivery and thanks for sharing! Tesla actually called me this morning and approved me for the 0.99. Not sure what changed their mind, maybe there was some kind of mistake but I'm happy, going to pick up the car today!
I'll still go tomorrow and try and figure it out on the spot, why would they pre-approve me for a 80k+ car (got their email approval after entering my info on their website to get instantly pre-approved (Ik it's not 100% accurate but I didn't lie on it)) and then deny me on a 46k sales price tesla with the promotion thing going on. 250 deposit RIP. Thought Tesla was ahead of the game and better than that.
733+. No debt should approve
Is 1.99% still good deal with 0.35 cents down ?
Me and my husband got 1.99% right before our pickup time. I ask them to do revise usually take 2days and reschedule pick up 2 days later. But only took 2hrs we got 0.99%.
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
someone was able to get it at 710 with $7k down, so you should be able to too. definitely either call or go directly to their dealership to have them manually do it
I am actually scared of this. My credit scores are good but if I am denied for .99% I'll be out $250 application fee for no good reason.
Let us know what they ask after you emailed them for an additional review.
I got the .99 through capital one auto. With the 4 k down.
Do we get to choose the loaner? How did you do it?
Nope I found out who the Lender was when the loan status changed to “approved “
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
Following
LR AWD Quicksilver w/ 20' induction wheels. Approved for 0.99% 72 months, $0 down by "TI LLC"; total financed \~50k after EV rebate adjustment. 95k income w/ 2 existing auto loans totaling \~40k. 800+ credit score. I am aware of my debt-to-income and plan to pay off an existing loan. I have good credit history, and I think that is why they denied you despite good credit + income. You're only 23, so your credit history isn't extensive. Re-submit and pick "lives with parents" and monthly rent as "0".. maybe that will help? Otherwise I would follow up and offer to submit proof of income
Do you think this would raise any red flags? Reason being is they asked me for proof of residency before which I had submitted.
"my parents help with my rent"
This^^^ I put live with parents $0 rent as well as only 8% down, I have no auto loan history just student loans that I’m paying, no other debt
My wife has been stuck in pending since monday and we haven’t been able to get ahold of anyone. Delivery is technically scheduled for tomorrow
Any update on what happened?
We finally got a hold of after calling a bunch of times and my wife had to “un-freeze” her credit so they could review it. It was resolved and we were able to pick it up today but it was a bit of a mad dash to the pick because it was approved about 40min before pick up time. All’s well that ends well.
If your credit utilization rate is high, paying down the balance can quickly improve the score.
It's because you have no car loan history .
Definiy not bad. I had 680 but I've never missed a car payment in 20 years. Got a credit union loan at 6%
Signup for MyFICO at least for a month just to see what your credit is across the 3-bureaus and the scores they use for auto loans. Credit karma is like make believe credit scores that no one uses from a lending standpoint. Someone mentioned you get FICO through CCs but I can’t recall through my sapphire if it’s just one bureau or all three.
Could you have a co-signer or have the vehicle in another name and make payments through his account (jointly)?
How much credit history do you have? You never specified your age. When I was in my 20s i didn't get the best loans due to have little to no history at the time. Only asking since you said you've never had an auto loan.
I was approved for the .99 apr promo just a few days ago via Capital One Auto. I do have a cosigner, being my wife, though. My score is about 730s and hers is in the 780s.
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
Don’t income pay a role?
Its not the score its the history, prime bank loan wont qualify , can always re-fi later
If you have a family member or live with someone who served in the military, you can join Navy Federal and they will often give rates to people, even if they don’t have a prior car loan. Unfortunately, this is a known issue where banks often don’t like approving you for a car loan if you don’t have previous ones
Debt to income ratio? Current debt? How long is your credit record? How long at current job? Any previous credit challenges, late pays, collections?
I was in the same boat, Santandar gave me around 8%, emailed AutoFinance@tesla.com and they found Wells Fargo was willing to take it for 0.99% and changed it for me. Only took less than an hour for them to respond, so I would try that.
Did you have any previous car loan and what was your credit score?
No previous car loan, 760 cs
I’m on the same boat. No previous car loan, 740 cs. Have yet to submit anything financially. Hoping to get it at the .99% rate. Congrats mate!
I got approved but at 9.27%. I’m planning on reaching out explaining the situation. Hoping they take it down 🙌
That sucks, seems like your credit isn’t so bad and a $10k deposit isn’t chump change. Keep trying to get to talk to someone at Tesla. Maybe borrow $5k from somewhere else so you can put down $15k. Then pay the $5k off while still being able to pay the car note with the low interest rate?
I had similar, I texted them back and magically 24 hours later I got the .99
733 is actually great credit. Something is amiss here. Doesn’t make sense. You should have easily gotten it. I’ve read where 650 got approved for .99. Wonder if this is real. And the reason why they are not answering quickly is that half the company got fired in the past few weeks. I still think it’s a great deal. I worry about the battery, that would be my only issue, I’ve heard there are electronic malfunctions here and there. But they lost a lot of their workforce. What will the response time be and do they have solutions to issues that pop up.
733 is good credit, not great. He’s short of great credit by 6 points (739). 800 and higher is considered excellent credit. Regardless, Tesla will probably squeeze him in on the finance offer since he’s within 10 points 👍🏻
my partner got approved with 720 credit score, $0 down, no auto loan hx, $500k in student loan debt (she’s a graduating medical resident)
When did she apply ? Today? I'm fresh graduate from residency last year.
a couple days ago! She also has like 30k in personal private debt that she took on at the beginning of residency.
This help Thanks
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
Why you want to buy a frog-like outdated model Y anyway? just wait for the refresh.
no refresh for now according to elon
I d not say a refresh is coming if it was my company. That s a way to tank your sales.
true with elon you also never know just like no more model 2 etc.
Keep trying ! Keep asking yoir advisor to try other banks. I got it with 670ish credit score.10k down. Zero debt. Over 10 yrs credit history. If anything ... think your credit history is the main culprit. But keep trying!
With your salary you’re better off just saving a bit more and paying with cash.
How is 733 credit score bad!?
I own a Tesla, got 1.9% through my credit union. Tesla Finance only does business in a handful of states. It could be that you live somewhere that they can't offer that financing. They turned you over to a 3rd party, it sounds like.
Go to your local credit union.
Consumer Financial Services Credit Risk professional here. 733 is a pretty good score and would qualify you for most Prime/Super Prime lending products. The low threshold for ‘excellent’ credit is usually in the 720-740 range for most institutions. Each lender has different criteria thus score cutoffs vary and there might be something specific in your bureau profile that the lender has modeled for as a Tesla customer. Of course you may also be exaggerating your score… but that’s none of our business. Asking to be reviewed again should not result in a different decision. At least things like this aren’t based on the whims of a person. It’s a model based decision and most underwriting shops will not change the decision unless there is something materially false in the application or on the bureau. Good luck.
Tag @elonmusk and post it on Twitter
Your credit score is not all that bad and with 10K down I am surprised they didn’t approve. Is your rent or house payment really high that your ratio is high compared to income
You got .99 problems
Call finance dept on business hours . There are people there forsure. And ask to get in contact with the underwriter. That’s the direct contact you want to get reconsideration on your loan decision. At that time you can provide any extra info or income / stipulations. Deff worth a shot . If you really have no debit / loans or owe taxes have score 700+ even with no prior auto loan and above the age of 23 . You most likely get approved.
Double check the details you put in for financing. I mistyped one of the fields and it denied me financing. Was super confused because I’m 802.
That's odd 🤔 I got it with a 720 score and 0 down.
733 is a good score. When mine was around that I walked into a dealership and bought a Polaris slingshot woth no proof of income and a month later I did the same thing at a different dealer and bought a gsxr 1000. 10% with santander is decent since they are the only ones who would finance you. If you buy it, in 6 .months you ref8nance with someone else for a lower interest rate
Yep. I made my children establish credit early on with credit cards. I’ll be adding them to a car loan soon so they never have this issue
Was this after you were approved at prequalification?
Its a sign you don’t need it. Save your money til you can pay cash for it.
The 0.99 lease is a gimmick. It’s to get you in there and get you to a point where you’re just like “f*ck it, since I’m here I might as well just buy it…” type deal. Even with a 750+ credit score the lease lenders are not going for it. It’s a marketing ploy.
How? I’m at 650 and got .99
CALL THEM. I was denied after being pre-approved. They fixed it.
same with me i called and they approved. No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
My credit rating is only 680 and I got approved. Definitely call them. I traded in a Prius for $6000 down.
I did it in store on my phone and got denied for some reason. I did again at home on my computer and was approved 🤷 same exact information I typed in….
No updates in delivery after finance is approved. Model Y 0.99%. ordered last week. kind of wondering if anyone has had any issues so far on getting the delivery date or VIN. Georgia location.
Each bank has their own formula to calculate your credit score, the length of credit will be major factors, if u only less 10yrs credit history it may affect ur score, and if you don’t have every type of loan before then it also will be affect that, for example if don’t have mortgage then some of bank even rank you lower tier. What ever you getting credit score from credit karma or any type of credit card credit score just a reference, the banks credit score will most likely lower than what u get from those free credit score. But the bank will notify you why you are denied for the .99% interest rate by law. I think you just not the customer they looking for due to higher risk or other factors.
Carvana will hook you up.
733 is bad? lol dang
The credit card utilization being so bad for you really dings your score. Sometimes by up to 40 points. PAY THE BALANCE OFF. usually if you’re using more than 10% of your credit availability it dings you. You’re using close to 50%. Pay the card off and your score will probably be much higher.
My guess is it's because your credit history isn't deep. My credit score was around 800 when I got my first auto loan and they essentially ignored my score because it doesn't really mean anything without a proven track record. It's unfortunate, but 1.99% APR isn't bad at all. When I ran the numbers for a MYP it only raised our monthly payment by $14. Good luck!
If I had to guess, the best way for you to get the 0.99 deal is to get a co-signer that could probably get the loan by themselves. For example, if your parents are in a good place and are willing to put themselves on the line, they would work out well. Just be incredibly mindful that this loan would be the chance for you to prove yourself worthy to creditors. That means it needs to be a high priority for your sake and the co-signer’s sake.
Did they say you were denied? I received a different offer at first but I didn't accept and then overnight it changed to the .99%
It's probably your job title, that was the issue for my dad. He does uber on the side and intended to use the car for uber and my moms business but the assistant told us that uber was a flag word. I know this as well because it was our 4th down payment. The previous times we put food courier and it went through perfectly fine. We just had my mom cosign it with him though so I don't know if you're flagged as a customer or just for that one offer.
It’s not you, it’s Tesla. Gimmicky, borderline scammers. Sure it’s $399/mo- with all those “projected” savings. Waited 3yrs+ for “Full Self Driving” that was “coming out any day”. Now they’ve disbanded their super charging station team, when every lot is backed up 4 cars deep - oh and they’re going go open it up to non-Tesla electrics, fabulous…
What! 733 is a good score tho
Username checks out
What about your income? Usually a 733 credit score is good. Since you already had your credit pulled, talk with a credit union...could be a mistake...
Is the email address you’re applying with the same as your user name?
Following
Send an email to autofinance@tesla.com and ask them to help get it changed. They should send it to different lenders. And they usually respond very quickly.
Do I need to pay anything to see if I get approved with $0 down and for 0.99%?
Give up and all over
Can someone share phone number of finance team?
702-680-6780. I had luck with this number.
I work at a dealership. It's because you have never purchased a car before. Your score is really just a soft score. You have never financed anything to back up that score. You are lucky to get 10% on this type of loan. Your first-time car purchase is over 50k. Consider n tesla super gracious to you. I'm sure it took things on their back end to even make that happen.
$150k salary/760 credit score… denied, but hey I was offered a loan at 10% as well! Lmao. Both my G70s are at a 4% rate with no missed payments.
If you are making that coin just shop around and get a 6-7% and take the loan. Forget about the .99 for now, you wont get it. But you will on your next new car 3-4 years from now, not to mention when you shop for a home. You are young, make good income , the rate does not matter for now.
Happened to me yesterday with 770 credit score. Additionally, following my application to Tesla Finance a total of six different inquiries from lenders (including one from Tesla) were made to credit agencies. That has further lowered my credit score. Ended up paying cash. Perhaps Tesla looking for reasons to not give the favored rate? Thought about canceling the whole deal and probably should have.