Rate is locked in whenever your loan application is approved and good for 30 days from then on. Did you get a delivery date? Your OA would send you the link to complete and submit your Tesla Financing loan application as long as they think it is within 30 days of delivery. I was just told they do not anticipate another rate hike the next two months but who knows.
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About to place an order
- Thread starter MWMiller
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Rate is locked in whenever your loan application is approved and good for 30 days from then on. Did you get a delivery date? Your OA would send you the link to complete and submit your Tesla Financing loan application as long as they think it is within 30 days of delivery. I was just told they do not anticipate another rate hike the next two months but who knows.
CBPfromTN
Member
Actually, I finally got a communication (email) from the delivery specialist today and she said that my order (placed on Dec. 11, 2017) is scheduled for production sometime between mid February to the end of February with delivery sometime between mid March to the end of March. The very first part of the email says if we are planning to finance or lease, to logon to my Tesla page and to apply under the "Payment Plan Section."
So, I'm thinking: Delivery is anywhere from 7 to 9 weeks from today so why bother to do this now? Approval should be immediate in my case (as in most cases, I would think) so I feel it's just a little premature to be applying when approval is only good for 30 days but I will go ahead and turn in my application in the next few days. What REALLY bothers me is the continued depreciation of my current trade in. The very fact that I cannot get a firm $ amount (I was advised to take my vehicle to CarMax, back in December, which I did....and for what?) By the time my Tesla arrives, who knows? I'm not terribly fond of the uncertainties. I'd like the dealership to at least give me a locked in amount for my trade since I'm having to wait for my new car.
Anyway, thanks for your message!
CBPfromTN, let me share my experience with you. I have a trade-in also and after I placed my order I got a pre-inspection value for it from Tesla. My OA advised me that the trade-in value may change and my expected delivery date is late February. I was then later told to get an appraisal from CarMax within 2 weeks of delivery and Tesla will honor the appraisal. Things changed when the DS took over customer affairs, I was told that delivery could be anytime between late February to mid March and I need to be flexible on the timeline, so if I have vacation plan I should change my plan or delay my delivery. I do have travel plan so my delivery is late March now. I was also just told by the DS that I should sell the car myself as Tesla will only try to get an auction bid for the trade-in and will pay me after they receive a bid, not when I pick up my car. I do not like the idea of selling the car myself so I may just take it to CarMax. As for applying for the loan early, I believe there is a window for rate shopping that would not negatively impact your credit score, but if you do loan application and then let it expire and apply again outside the window, you may get dinged on your credit score, but it maybe okay if you have a high enough score. I could be wrong though.
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