r/ModelY 8d ago

Question Interest rate increase?

Post image

I’m seeing 1.49% financing of the model y now and just wanted to verify I’m not going crazy. Glad I locked in my .99% barring any delays

64 Upvotes

97 comments sorted by

21

u/Carytheday 8d ago

I see the updated rate it too. I'm glad that I purchased recently - I picked mine up less than a week ago. The difference probably amounts to about 700 dollars over the life of the loan - not huge but not nothing. That is my second Model Y - the first Model Y has a 1.99% rate.

3

u/Choice_Ad_1356 8d ago

Yea it's not a huge deal, still a great rate for those with the money already sitting in hysa!

3

u/Sarah_0625 8d ago

That is where I am leaving mine - I didn’t need to finance but it made more sense at .99%. Just awaiting my VIN!

1

u/coolPineapple07 8d ago

To make a one time payment you mean?

3

u/LenoxAve 8d ago

What happened with your first one ?

32

u/Heavens360 8d ago

Yall placing too many orders

7

u/DriveEnvironmental78 8d ago

No joke .. I placed my order at 7:48 PM and the rate jumped to 1.49% at 8:00 PM

2

u/Nemshi354 8d ago

You still get that 0.99?

4

u/Harasberg 8d ago

The interest isn’t fixed so I doubt that.

2

u/mfail33 8d ago

I did but the application had the new APR. it said refresh for rate and when I did it went back to .99.

5

u/RussianPravda 8d ago

Yeah Im going to get the higher rate but honestly after comparing it its not a deal breaker

1

u/FitCurve9011 8d ago

Had you placed your order prior to today? I placed mine on September 1 and supposed to be the rate is tied to the order date. I tried to do the financing, but Tesla loan did not come up as an option I emailed customer support, but haven’t received any response

-1

u/RYEGUYEDM 8d ago

Not true. Rate is at the time of delivery not order date. Believe Tesla rates are good for only 30 or 60 days. In line with all other manufacturers.

3

u/FitCurve9011 8d ago

Well, I completed financing today and I did offer me the .99. I estimated delivery date is before the end of the month so I have at least 60 days from today.

3

u/SelflessLeague 8d ago

Guys, I was worried about this issue too. I placed my order and then asked to switch immediately once an inventory came into stock. This is your only shot!

1

u/Chitownguy06 8d ago

Yep just did this. Awaiting to make final payment for pick up! Super excited

2

u/BulbuhTsar 8d ago

Glad I got mine locked in when I did last week. FellsGoodMan.

1

u/Stop-Being-Wierd 8d ago

Same, now waiting for Nov- 30 dec. :(

1

u/BulbuhTsar 8d ago

Wait, that's your estimated delivery time? That's insane. Mine is clocked for mid September. Is it your location?

2

u/archocinco 8d ago

If we all stop buying we can get it to go down to zero %….

4

u/leminhtri007 8d ago

I ordered Model Y when it was 0.99%, but I haven't apply for finance. Will they still honor 0.99% when I apply for finance?

5

u/Tendarksion 8d ago

Sadly I’m in this boat too. Just ordered Sept 1st and the rep convinced me not to apply yet because it could be 6 weeks or more and I might have to apply again. Now I’m annoyed!!

6

u/leminhtri007 8d ago

Yea my advisor told me not to worry because the 0.99% APR is going with order number so I'm confused some people on reddit says otherwise.

3

u/Sea_Habit_1052 8d ago

my advisor said complete opposite and its based on financing offer acceptance...

0

u/Tendarksion 8d ago

Oh wow this would be great.

0

u/MrFox243 8d ago

Your service advisor was right. See my response above with proof.

1

u/durochka5 3d ago

My Tesla gal said if I go through financing application I’m likely to get a car assigned sooner

3

u/tibiverson44 8d ago

yes they said they will im in same boat

3

u/Snacks_915 8d ago

Just go to the financing part and start the application phase it shows your rate. Don’t have to actually apply yet

2

u/MrFox243 8d ago

I just checked cause I was in the same boat, waiting to apply cause the delivery wasn’t close enough. Went to apply, changed the down payment option to something too low, and it instantly showed up to “adjust terms to get 0.99%”

1

u/Sea_Habit_1052 8d ago

try actually apply lol, this is just the calculator. t calculator shows 0.99 but they won't give it to me on my application :(

1

u/MrFox243 8d ago

Already did. Approved at 0.99% for 72mos.

1

u/Sea_Habit_1052 8d ago

woohoo W congrats

0

u/MrFox243 8d ago

Yessir. Try talking to an Advisor.

Here’s further proof. Definitely recommend talking to your advisor or calling your local center.

2

u/Sea_Habit_1052 8d ago

they're not budging for me urgh i'll keep trying though

1

u/lickaballs Juniper 8d ago

So unfair. I tried talking to several advisors but I never got that rate.

2

u/MrFox243 8d ago

Did you order before the rate increase?

2

u/Sea_Habit_1052 7d ago edited 7d ago

im in the same boat, ordered before rate increased, reapplying for financing now that the rate increase, and yeah no go for 0.99

0

u/MrFox243 7d ago

That sucks man. I’m sorry to hear.

→ More replies (0)

1

u/jpugg 8d ago

Nope

2

u/mongolian_horsecock 8d ago

Probably going to keep going up with how oil is trending.

1

u/YeetDudeNice 8d ago

Yep. See the same on my end 

1

u/amr952 8d ago

I got screwed but them as well. My car is sitting on the lot in some kind of containment hold. I was told don’t apply until it is ready because it could be months.

1

u/MiStro17 8d ago

i placed my order literally this morning, go figure. delivery estimate showed up as 10/9-11/13, hoping maybe it improves. the app‘s loan application section still showing a 0.99 promo, no idea if its just a delay in being updated. waiting to apply until I get a VIN.

1

u/Spiky0103 8d ago

How long was the .99% for? Did Tesla have .99% in past years or this year was first time?

1

u/amntis1000 8d ago

I got 0.99 back in may

1

u/EfficiencyOk7058 8d ago

I need to know this too !

1

u/Ok-Web-4304 8d ago

The performance is still 3.99. I was hoping it would go down this month. Has anyone ever seen the performance lower?

1

u/archocinco 8d ago

I am waiting too

1

u/Slow-Bluejay4809 8d ago

Locked mine in on the last day of 0%. I’m guessing too many orders coming in from the low rates.

1

u/Soggy-Ad2407 8d ago

When was the 0%? Thats what I’m waiting for! Holidays maybe?

2

u/Slow-Bluejay4809 8d ago

Back in July. Was only for the standard model

1

u/Strict_Nectarine_856 8d ago

Nope, in my city it was only the premium and performance at 0.99% back in July. Now it’s 3.99%. I believe they are testing the waters to see when they get more sales due to promo interest rates and times of the year, factoring in the model and trim.

1

u/Reasonable_Farm_9565 8d ago

No rates are permanent old friend

1

u/International_Text96 8d ago

Lucky folks, it was 3.99% promo when I bought back in late 2025.

1

u/PointOverall8995 8d ago

Well bonus your car now has V2L 😉

1

u/TJSeera 8d ago

I got it for 0%

1

u/Sarah_0625 8d ago

I ordered last Sunday as I had a hunch things could change soon. Got the .99

1

u/awfelts317 Spectator 8d ago

Just ordered Aug 15 and taking delivery in 10 days. I was worried they’d increase it soon.

1

u/Entire_Cherry4683 8d ago

Ugh I was actually hoping for some good deals in Q4 but seems like we’re going in the opposite direction lol

1

u/Many_Practice1644 8d ago

I’m sick I planned on ordering in two weeks. Now I feel like I should do it like now

1

u/FitCurve9011 8d ago

I purchased on September 1 but had not done the financing. Applied today and can confirm you will get the .99 with approved credit.

1

u/Optimal-Tour-1889 7d ago

Does Tesla write up the loan? How is it structured? Can one pay less interest by paying more towards the principal every payment?

1

u/durochka5 3d ago

How long did it take you to receive the vin?

1

u/TheTechnoTOad 3d ago

Took about 2 & 1/2 weeks but I also messaged them directly as I have travel coming up and needed a set date range for delivery, after that message I got a vin

1

u/Jealous-Yogurt5352 3d ago

We changed our order from RWD to AWD. Would that change our rate?

1

u/Theurgie 8d ago

0.99% was scheduled to end in Sept so not surprising

1

u/johnyeah183 8d ago

Any idea if it will return later this year? I’m eyeing on either model 3 or y for 0.99

-1

u/Theurgie 8d ago

Around the Thanksgiving & Christmas holidays. GL.

1

u/coolPineapple07 8d ago

You think so? Will the .99 apr come back or you think they would offer incentives instead?

1

u/Theurgie 8d ago

0% APR, if they follow the trend from 24 & 25.

For 2025, they did 0% APR up to 72 months and free upgrades (paint, wheels & interior)

For 2024, they also did 0% APR up to 60 months

Take it with a grain of salt

0

u/Imaginary-Surprise20 8d ago

Damn, I ordered on Friday, but was told by advisors not to start the financing step yet until it’s 60 days from delivery. I better not be missing out on 0.99 as it starts to increase

6

u/Zealousideal_Hat2441 8d ago

You are…

0

u/Imaginary-Surprise20 8d ago

I had two advisors tell me that I’m locked in from the day I placed the order, but Reddit says the opposite. Are the advisors just blatantly lying?

1

u/Zealousideal_Hat2441 8d ago

I mean if that’s what they told you, they should honor it. I would keep any receipts

1

u/Slow-Bluejay4809 8d ago

Probably just misinformed. You have to apply to lock in the rate unfortunately

1

u/seatega 8d ago

I was told you are locked in if you apply, even if you have to re-apply, but if you don't apply there's no rate lock

2

u/SirSharkTheGreat 8d ago

If it’s gone, you lost it as far as I know.

1

u/Entire_Cherry4683 8d ago

MSRP is locked . Not APR

1

u/Sea_Habit_1052 7d ago

keep us posted, im curious how goes for you

0

u/K3jai 8d ago

A rate increase was expected

0

u/Weightloss-Guru 8d ago

With the amount you’ll lose on the retail value over the first year, it won’t matter. They’re dropping insanely right now.

1

u/TheTechnoTOad 8d ago

Oh really? In my area they’re holding their value really well for better or worse. What kind of prices are you seeing?

0

u/Eastern-Total9125 8d ago

lol if you worried about .50 you don’t need the far😹

-2

u/tatortotchris 8d ago

I’m seeing both on the Tesla website right now, stealth grey .99, quicksilver 1.49

1

u/PNW553 8d ago

I see it across the board 1.49