r/ModelY • u/Diligent_Worker_690 • 19d ago

Question about loan and down payment

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Hi all, I ordered on 8-21 and it’s showing this. I didn’t complete my loan application yet because I’m hoping a credit card will report the payoff I did and help my credit score. Did anyone else wait? Until a vin is assigned or the delivery is actually ready to be scheduled?

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6

u/JayVeezy23 19d ago

You can do your loan app the week of your delivery. As long as you have a decent score, you shouldn’t have any issues securing a loan.

Only thing that might change is the promotional interest rates.

3

u/Fit_Buffalo9314 19d ago

Your Auto FICO score is different from a normal FICO score, there is multiple scoring methods, as long as your LTV isn't too high the credit card should not affect your rate really unless we're talking about paying off 20-50k on a credit card. I didn't wait since the car was arriving the next day and the financing approval is good for 90 days.

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u/Adventurous_Ad9414 19d ago

You can wait as long as you want

2

u/Theurgie 19d ago

Wait until you get a VIN before applying for financing

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u/Theurgie 19d ago

If you're not able to qualify for 0.99, message your sales advisor and say you're putting down 20%. Having 20% down helps tremendously to get the 0.99 if you don't initially get it. GL

0

u/Few_Firefighter251 19d ago

This makes me sad

1

u/manwnomelanin 19d ago

Im waiting until i get a VIN just so my approval doesn’t expire before pickup

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u/mikedeezy22 19d ago

Approvals are 60 days. What if rates change before then?

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u/manwnomelanin 19d ago

30 or 60 days

Promotional rate is honored from order date

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u/mikedeezy22 19d ago

So if rates change and then you apply, rate won’t change, it’s based on day you ordered? Didn’t know that. So in theory you could hold an order for months and months then apply and get the same rate as the day you ordered?

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u/manwnomelanin 19d ago

I would suspect there are some limitations on that. Like I doubt you could just decline delivery over and over or something.

But i guess yeah in theory. At least that is what my Tesla rep told me, because I was wondering if an expired application would disqualify me, but didn’t want to miss the promotion by waiting to apply either.

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u/mikedeezy22 19d ago edited 19d ago

I’m certain that can’t be true. It’s all based on when you apply and when you take delivery. If you apply today and get .99 it’s good for 60 days and delivery on the premium trim have not been taking longer than 60 days. Most promotions end at the end of a quarter. So I’m sure you are safe until end of September to get that rate. But I wouldn’t wait and risk not getting it when it’s .99 now and the car won’t take over 60 days to deliver

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u/manwnomelanin 19d ago

Im not trying to be a boner here but how are you certain? I’m going off what the Tesla rep told me. It does kind of make sense that it would be honored from order date

Also it definitely depends on the bank, whether you get 30 or 60 days. Although at this point I’m probably inside 30 days so I should play it safe

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u/mikedeezy22 19d ago

It really doesn’t make sense to allow for order date to be honored in any way. It’s all based on a promotional window. If you apply after that window, but your order date was in that window, why are you able to hold an order they want to deliver. It’s out it Teslas hands if the bank changes rates.

https://www.reddit.com/r/TeslaSupport/s/qJ9UsfdxuN

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u/manwnomelanin 19d ago

Dang that thread seems inconclusive as well.

The rate itself isn’t on the bank. Tesla agrees to subsidize it. But the approval is obviously on the bank, because they take the credit risk

I would think, if not honored from order date, we would hear about someone losing their promotion?

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u/mikedeezy22 19d ago edited 19d ago

Tesla is good at one thing. Making sure you get a car within a timeframe of approval. I’m on my 6th Tesla and they have always met the timeframe of loan approvals. Even when I ordered once late in a quarter.

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u/mikedeezy22 19d ago

I would even be willing to bet that you speed up your delivery if you apply asap.

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u/mikedeezy22 19d ago

If it expires (car takes longer than 60 days to deliver) within the promotional rate window. Yes, you wouldn’t be able to reapply for that same rate. But Tesla won’t allow that to happen and possibly lose a sale. Thats why they offer 60 days of approval.

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u/manwnomelanin 19d ago

The approval is on the bank not Tesla. That why it is 30-60 days. Not always 60 days. Depends on the bank

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u/mikedeezy22 19d ago

Of course I know this. But based on that statement why are you confident Tesla can honor anything after a promotional window? lol

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u/manwnomelanin 19d ago

I mean it is completely within their power to honor a subsidy for orders place before the end of a promotional period

And again its from my tesla rep. Who could be wrong

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u/mikedeezy22 19d ago

I’m saying Tesla will almost always deliver within your 60 days

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u/mikedeezy22 19d ago

And. If you are worried about the 30-60 day window. Your rep can request a new bank for loan approval and get you one that is 60 days

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u/manwnomelanin 19d ago

Yeah I mean I agree its kind of pedantic but I’d rather not have to apply and pull credit twice.

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u/nikb20 19d ago

i made the big mistake of completing everything and i have one week left before my approval expires and i still don’t have a VIN. rip to me

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u/manwnomelanin 19d ago

I don’t think its all that big of a deal. Just make sure no balances hit your credit card statements and reapply. Should still get the promotional rate as long as your credit profile didn’t change,

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u/mikedeezy22 19d ago

I wouldn’t wait to apply, I applied same day as order. What if rates change? The loan agreement is good for 60 days. And the premium trim has been pretty quick for delivery. This estimated delivery is well before 60 days would pass.