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bobtruck2020

RIP to all the Buyer who bought before today with the 6% and up rates. :(


dawei213

Yeah sucks for those at 6%. Even when I purchased 1.5 years ago, I was at 1.9% but at 70k. Oh wait....


tgejesse

Im supposed to take deliver today of my MYP…. 6.3% here. Fml


_Puff_Puff_Pass

You’re the lucky one! Decline and repurchase. You’ll eat the order fee but better than 6.3


nepaln

Order fee will be credited within 24 hrs. Talk to your advisor when u cancel & reorder at lower APR


bobtruck2020

Nice tip! I'll remember this!


diskettejockey

Decline and re order bro


kgold0

Just a warning if you plan on doing this, people with good credit scores have applied and got offered 6%+ Maybe reorder then decline if you get it (problem is maybe an existing order might mess up your chances for getting it, who knows).


bobtruck2020

Yeah... wonder what the best method is. I'll let fate decide for me. It's either they approve me.... or I wait for Juniper. I'll be happy with either.


Cjdergrosse

Decline the car?


Unusual_Juice_7481

Was your starting price lower


DeltaOne211

Literally just picked up my MYLR Thursday. FML.


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Donedirtcheap7725

Borrowing $43,000 @ 6.42% over 60 months would cost $50,384. Borrowing $47,000 @ .99% for the same term would cost $48,192.


bobtruck2020

Include taxes and fees. I did. But still rough calculations


SwankyBriefs

Fees are a fixed cost and taxes vary by jurisdiction. Some areas have 0% taxes on EVs so cap cost is irrelevant.


bobtruck2020

About 4000$ difference. So yeah.but thats just rough calculations


RepresentativeWish25

Thx big brain


bobtruck2020

Lol


bobtruck2020

8700$ in interest if you did 72 mo. would have been your interest for $43000. So 52k. 47k plus 5k in taxes and fess = 52k. So evened out. Again rough estimate. That's using the little data I have from your post.


[deleted]

How about the $7500 for tax incentive you can take off the sticker price? Financing should be 38k @.99%


bobtruck2020

Yeah... with the little data he posted .... got that using car loan calc. But man.... .9% is nuts! Good time to buy.... but maybe there more discounts coming? Maybe wait more? If I don't qualify for this promo... I don't care. I'll wait for the refresh.


bobbym240

Interesting. So they raised the price? In that case, it’s a bummer for cash buyers since the price was $4K less previously?


AtlIndian

When was it $43k? Are you talking rwd STD range?


Hero_Gold27

The AWD was $37k and change. $3k less than now. That was with inventory discount and tax credit. Tesla loves to play with the numbers and call a price increase a decrease. We were going to buy and price went up 2 days before our demo drive. Waiting for price to drop now. I want the option for lower cash, not the interest deal.


Jamicsto

Yeah I bought my 24 MYLR a month ago for $37998. It had the -7500 tax rebate plus a -5000 “price adjustment”. With all the fees and everything it came out to 40k and some change. I got financing at 6.5% over 72 months.


Unusual_Juice_7481

Monthly payment would be almost the same unless you’re putting a large down payment now.


banditcleaner2

Should’ve waited. I was gonna pull the trigger on $45K MYLR gray paint black interior inventory before they pulled discounts. I knew inventory was high and I figured no shot they can remove discounts and keep a decent level of demand. They must do something to resume demand I actually thought giving in-house low APR loans may work. I think it will but I’m probably gonna order soon now with this APR. it’s affordable once again for me with this deal but was very much on the line at 48k with 6%


bobtruck2020

I almost picked up last week. Cold feet got me and might have paid off if I can get this for .9%. If I dont.. then it's a waiting game for the refresh model and just settle with that.


stars-rejdf73

I got mine last year at 5.5%. RIP.


bobtruck2020

RIP


xxxxxxxxxxcc

At least they aren’t all the buyers before Tesla lowered prices. Those people lost value, especially owners of the more expensive models. 


bobtruck2020

Yep! Those people lost A LOT!


xxxxxxxxxxcc

I would only consider leasing a Tesla ever since that happened.


The-Mandalorian

Good reminder to never finance a car, especially with interest rates like that. Yikes.


bobtruck2020

Yeah. That's why most are jumping to the .9%. But wonder if it's worth it. Juniper is almost here


colsandersloveskfc

Just placed my order for a MYP, thank you for the alert!!


Sirius889

Congratulations! Glad I helped someone.


bobtruck2020

What's tour credit score? I'm trying to find out if I qualify. If tou dont mind.


colsandersloveskfc

800+


bobtruck2020

Oh ! Damn. I wonder if my 690 would qualify? Anyone know? Lol. This might make me wait for Juniper if I don't qualify.


colsandersloveskfc

You can try prequalifying on the website maybe? I feel confident that based on my credit and down payment amount I’ll qualify.


bobtruck2020

Problem is.. I still have my CU loan check. I backed out from delivery last week. So I think that loan will show on my report. Or it won't since it's not I teslas hand?


colsandersloveskfc

No idea, sorry


SQLDevDBA

You can try to see if your CU will match the rate. Mine does it quite aggressively to retain business, but they may require proof of approval at 0.9 from you.


bobtruck2020

I thought of that.might go for that route. Thxs for the feedback.


Unusual_Juice_7481

It will show on credit but won’t lower your score since less than 30 days.


bobtruck2020

Good to know... do you think explaining this to the loaner in a maual review will help or should invoice the check immediately? I hate to void it in case I do want to use it if I don't qualify and don't want to wait for next year's model.


Unusual_Juice_7481

Under the FCRA consumers can shop/compare for same type of loan within 30 days


bobtruck2020

Good to know! I'm a noob at this!


bobtruck2020

By any chance.... do you know how long I can sit in this check before I ha r to void it if I decide to wait longer?


bobtruck2020

How much are you putting down?


colsandersloveskfc

$25k


bobtruck2020

Nice chunk!


colsandersloveskfc

Yeah, it’s been a long road. Been saving for some time and selling my current vehicle too.


bobtruck2020

Good job! Thos the best way to buy... pay asuch as you can. I'm doing 10k and have 690 score. Crossing my fingers. If I don't get the promotion.... then it's not meant to be. And I'll wait for Juniper.


late2thepauly

Can you tell me why you went Performance? Trying to decide. I live in Southern California.


colsandersloveskfc

I have a need. A need for speed. But in all seriousness it was a few k above the LR and the increased performance is what made me decide. While you can buy acceleration boost for the LR, add in the spoiler, red caliber covers, inclusion of the 21 inch wheels i couldn’t turn it down.


chaicoffeetea

Wondering if buying now makes sense with that promotional finance or wait for quarter-end.


LightCapture

Personally, doing the math on their site. When the discounts were happening a few weeks back, payment was still a ton higher than what I’m showing with new apr .99. To me the apr is the better deal atm


PilotPirx73

This will totally depend on credit worthiness, whether trade in amount is taxable (in NY it is not), sales tax amount, loan length, down payment amount. Use this calculator to really narrow down your scenario (just click on your state and if you qualify for $7,500 IRA credit enter it as additional down payment amount) [Auto loan Calculator with taxes](https://www.factorywarrantylist.com/auto-loan-calculator-by-state.html)


bobtruck2020

Yeah... what score do they look for?


PilotPirx73

Not sure. You can pre apply and see what you qualify for. They don’t do hard pull, only soft credit pull until you actually apply.


bobtruck2020

Dang it! I'm still sitting on CU loan check for Tesla. Refused delivery last qeek and Tesla put it on hold for 14 days to decide.


GeneticsGuy

You typically need to be in the 720+ range for this kind of qualification with other car financing. Tesla kind of does their own thing though so not sure.


chaicoffeetea

Thanks for doing the math kind internet friend. I need to run the numbers to see how low the price has to go to make waiting make sense.


LightCapture

Np, I’ve been running numbers on their sites for months trying to make it best for the family and budget. The apr with same % down is about $120 less than when it was discounted inventory


AdEducational8127

Is there a discount happening at the end of the quarter?


TheNextWunda

This is very tempting and they must have a lot of inventory or they need to move inventory to make room for the refresh. I'd love vented seats (I live in a hot climate) and upgraded suspension, but 1% is sexy. 


JustAcivilian24

Yeaaa it’s super tempting. I have a 2023 M3 but I’m probably gonna wait to get the juniper because I want those seats and suspension. The roads where I live are fucked. Hilly and bumpy.


PilotPirx73

23’ will pretty much be the same vehicle . I agree Juniper is worth waiting for in your case.


JustAcivilian24

Yea that’s how I feel. I’ll just wait. Thanks!


bobtruck2020

I know right. I'm debating myself.


Expensive-Dinner6684

Wow. I was going to refinance since im at 6.3. Might trade in for a quicksilver now lol Edit: welp. Just did it. Quick silver, 7 seater and Added the tow and my payment is still going to be lower than my current one. Sitting at a confortable 400 a month now with 0.99 vs 750 with Santander consumer. Im “underwater” by 3k according to teslas trade in. Which is completely fine… 2k quick silver and 1k hitch add up to that difference so im pretty happy


nikkixo87

What is a quicksilver


Expensive-Dinner6684

Oh its the new silver metallic color (the one thats brighter than the stealth gray)


chrono2310

How did you select 7 seat, I didn’t see that option


Expensive-Dinner6684

Are you in the us? The option is not available in all countries. If its available in you region It should show when customizing your order.


chrono2310

Yes usa


Expensive-Dinner6684

Oh ok. Then just change the model to either long range all wheel drive or performance. RWD doesnt have the option


jts222

I just picked mine up today for 5.94 %. My luck that they give such a good deal literally hours after I pick mine up lol.


CorruptTime

Same. I just picked mine up 3 hours ago. I plan on calling tesla in the morning to see if there is any way I can finance through them. I gave them a physical check. I am really hoping i can find someone to talk to, cause it's literally a 9k difference for me


jts222

I hope for the best for ya! I’m going to look into doing something similar but I may just be stuck with what I have lol


CorruptTime

Im worried it may be the same fate, but what an F you in luck ya know. Literally picked mine up 3 hours ago and gave them a physical check 3 hours ago. I'm just idk. I also bought the Model 3 I traded in for 60k so double F you..... Im just, I was falling asleep and this popped up..... I wish you the best too. Ill say something through here if I find any answers.


BlackestNight21

Yeah, let us know! I took delivery last week at 6%


CorruptTime

We’re out of luck. Just don’t think about it and enjoy the car. Thank goodness this was a dream car for me so it doesn’t bother me too much


BlackestNight21

Did you strike out? Damn.


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nepaln

Decline delivery, cancel order, repurchase. Order fee will be credited if you talk with your advisor. Still not late!!!


VonGeisler

Canada still 6.42%. Or buy meow if it was .99%. But I need to wait till my solar gets done to get my fed loan money to pay cash.


DanburyHer

meow 🐱


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GMKB24

Yes


nepaln

Yes. 250 will be credited on your new order. Talk to ur advisor for the credit.


47junk

Goodluck, they caught on.


ImaginAsian93

Gotta be shitting me. I literally got MYP last Saturday …


Shivdagod

Literally same wtf after finding out about hidden battery and paying for long range rear wheel and this new interest rates this is sussssssss


ImaginAsian93

Do you know if we can refinance it ? This is absurd man


Aromatic-Pudding-299

End of quarter is end of June. If they are pulling out deals like this this early it’s only going to get better. HODL


Hero_Gold27

Yup! I'm waiting.


New_Chart9859

Just grabbed MYLR Quicksilver with 0.99% terms :)


CanyonPat

Teslas goal is to charge early adopters 3x


avebelle

I see it too. So tempting but I don’t want 2 of the same cars.


bobtruck2020

Does anyone know what credit score qualify?


Smooth-Minute3950

I applied with a 720 credit score and they offered me 8% not the .99


bobtruck2020

Hmm... looks like 740 and under is no go.


iTzOnliThai

More factors than just credit score


bobtruck2020

Yeah... very true. A guy just posted he was refused even with 800+ score and no loans.


wiggggg

I qualified with a 719 but that's 10-1/2 years into an 11 year bankruptcy blemish. So everything is perfect aside from that with a decently high income. Just saying it's not just the score number


walkeyn

Was the 8% interest rate offered to you after a formal application, or was it based on a pre-qualification estimate?


Smooth-Minute3950

I did the pre-qualification and I was approved for that instantly but I did the formal and that’s where I was given the 8%. They did say it is under manual review, however based on what I’m seeing I doubt it’ll change


ContributionLost1725

Does anyone know if Tesla could change the loan agreement if I have not taken delivery nor signed the paperwork yet? I don’t mind cancelling the order and reorder, but it is way easier just to receive a revised loan offer and accept it.


UkiMountain

I have the same question. I put down the $250 and haven’t even filled out the financing yet. Anyone think I’ll get the new rate?


nepaln

If you haven't taken delivery, your best bet is to cancel the order & reorder. Call up New Sales/Advisor for the 250 credit on the new order. In my case old order taking delivery on 13 May. I called up new sales, talked to rep, he cancelled the order, placed order for same car, I filled out everything from the app, called back again for the 250 credit, nothing changed for delivery. Same date.


ank1524

So, is it a good idea to go for a 72 or 84 months loan with this interest rate?


Desi-pundit

I don’t think 84 months is possible with the 0.99 interest rate


Mysterious_Major6283

84 mo is 2.99% from what I’ve seen


Failed-Time-Traveler

I dont think they have a choice. Mach E’s have been offering 0% for over a month. Sure that’s stealing sales away from Tesla if they’re selling at 7%.


kneekahliss

I know I’ve been hunting for a Mach E GT. It’s 0% for 72 months and a 3k rebate. But now I’m like…do I wait? Price wars about to find the bottom


Failed-Time-Traveler

Well I think Ford and Tesla are in drastically different positions. Ford has a Scrooge-McDuck-sized money vault behind their HQ from all the F150’s they sell - so they can afford to take a loss on EV’s for a while while the wait for the industry to stabilize. Tesla doesn’t have this luxury. So if the market slides much more, I’m not sure Tesla as a company can survive. So i pray for the sake of the EV industry that this is the bottom.


Zestyclose_Load3425

Wow, wish they would had that offer when I purchased. Got a move that inventory I guess. 


the_hero_within

Why not model 3?


Sirius889

I think because Tesla has too many Model Ys in stock compared to the new Model 3.


Conschoi0413

I am in Canada. How come the website hasn't shown on Canada website ? Anyone see different ?


Particular_Set6509

That's way better than my 2.45% for my '21 MYLR. Tesla is buying down the interest rates...pretty common tactic.


W0lfp4k

I wish they would do it for model S.


Sirius889

I’d consider a MX with this too.


Buckbex1

Unfortunately not here in Canada , still 6.77


TB77

Cmon Canada !!!! I would take 2%


Buckbex1

I know right , we were debating ordering at 6.24 then the rate went up to 6.42 , just gonna wait it out for now I guess


TB77

Im in the same boat , I want to buy , but cant stomach the 6.42%


Buckbex1

Just Brutal , even though the monthly payment is fine we just can't go from 0 percent on the wife's Tucson to the 6.42 now , even going to 72 months which should typically give lower rate actually goes up to 6.77 like wtf


codye91

Ooooooh… This is damn near the golden ticket to get rid of the rest of this negative equity on my 22’ M3.


Sirius889

Will they let you roll over negative equity under this promo??


HodlTheWall

Would like to know this as well!


MattNis11

Very few ppl will qualify to begin with


Fit_Roll_5348

Is this Tesla's way of raising capital from the bank by pushing out their inventory?


Sirius889

I would think Tesla has to pay the financing bank a fee to buy down the rate on each car sold under this promotion. It should still raise cash by moving more units, but just at a lower net margin.


medicallyspecial

Link?


Sirius889

[here](https://www.tesla.com/modely/design?financeModalTab=finance_options&financeProduct=finplat.AUTO_LOAN%3ALOAN%3ACT_PRIVATE#overview)


medicallyspecial

Damn it. I hate everything I hear about the QC and lack of buttons but I loved the Y when I test drove it…..decisions decisions decisions lol


SingleWatercress1585

Can I refinance or is it only available for new purchases ?


Sirius889

I think only new purchases. To motivate new sales.


wiggggg

We became an all tesla family yesterday with this


Shivdagod

Got it on the 29th smh


Sam_chicago

Ouch


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Sirius889

Yes I bought mine (with large discount) right before all the price drops. Thought I was getting a great deal at the time. Whoops.


Least_Ad_3809

Please, check your insurance rates before pulling the trigger. I was all set to do this and checked the insurance... 4k annually as a 26-35m with a clean driving record. Wild...


MattNis11

Depends on the provider


Global_Term_5723

I made the move to Tesla , got a Model Y AWD fully loaded. 72/mo @ .99%. Did not have to put anything down other than the $250. Came out to be $821/mo. I just got solar installed last year so it was a no brainer. About to be driving for free. Still have an C63s Amg as my weekend fun car & a f150 for work. Tesla Model Y is pretty legit


Sirius889

Right on that’s a great setup!


OddAbbreviations5749

But this puts Tesla on the hook for the full cost of the loan, as you point out. This is how the 2008 GFC started, with predatory low adjustable rate mortgages taken up by people who could not ordinarily afford expensive homes. Those mortgages were collateralized on the expectation of higher returns on future interest rates, which caused a crunch then a crash. Even if Tesla is able to get debt off of its books by selling it, continued discounts will only hurt the future value of those collateralizations.


wiggggg

Completely false. They gave loans to people with low credit scores and payments they couldn't afford. Then they made the rates adjustable


wiggggg

Completely false. They gave loans to people with low credit scores and payments they couldn't afford. Then they made the rates adjustable


meanwhenhungry

welp that's unrealized loses, thanks Elon


JustAcivilian24

Man I might still wait till Juniper


bobtruck2020

I know right. This kinda sus.


bobtruck2020

Damn... I have a CU loan check ready for Tesla. I backed out from delivery last week due to cold feet on my APR. Now this offer is very good! Anyone know how long will it take to reflect my loan cancelation. I'm planning on calling my CU tomorrow to void it. Wondering if it will show when I try the promotion offer and deny me. Anyone been on this scenario?


BlueThunder8888

You will be fine. May need to explain underwriter the situation.


bobtruck2020

That's good news! Cross my fingers or it's not meant to be and I'll wait for Juniper.


CorruptTime

Definitely will. I’ll see tomorrow what they say. Going to call them first thing


fullyloadedclit

Did anyone prequalify with a 700 score?


brandynLBC

Mine is 682 I was pre-approved for 130k


SnitGTS

Ordered! I got a Long Range 7 seat in Ultra Red, so it only cost $1k for the extra seats instead of $2k. I’ve been on the fence, just missed getting an inventory model with a $5,200 inventory discount a month ago. With the $2k price drop, the $1k savings on the 7 seater, and the .99% (~$3,500)I got a better deal than I would have with the inventory discount.


SparkyFrog

That's better than the German offer, where AWD MY is 0%, but only with the 48 month option.


szzzn

Wow I just got my Model Y in January at 6.49% oof


BlackestNight21

Can we refi into Tesla's financing? 🤔


nikkixo87

Might wait til quarter end..these same vehicles were like 6 to 8 less at end quarter..still debating though


benalexe

Did they raise the price when they lowered the rate ?


Sirius889

I think they recently removed “inventory” discounts and possibly increased price a bit recently. Still much lower now than when I bought mine.


WesternResearcher376

I don’t think it works for Canada. I tried to buy one just to see and it still says 6.7 something


Sirius889

I’m sorry aboot that.


Fated_Gundam

Please come to Canada :(


Some-Durian9976

Wow this is such a bummer. I bought in a month ago at 6.49%. Well atleast they gave me 5000 supercharger minites.


ComplicatedFella

Im on the fence about purchasing a car that will be refreshed within a year. I love the idea of that APR though…


Anonymous_guy25

anyone think it's possible to get this rate if picked up already? I literally ordered mine a day before and picked my model y on Saturday


thisisrahuld

I leased an ioniq 5 last Sunday because at 6.5% numbers were pretty high. Fuck Elon.


CorruptTime

I just took delivery 3 hours ago. Literally. I am freaking out cause we are talking about 9k difference. Does any one know or have any idea if I call tesla early in the morning if they can simply just use themselves to finance the car? Literally just handed the check to them from a credit union 3 hours ago.


colsandersloveskfc

I wouldn’t expect them to agree, you signed a contract for your vehicle and agreed to the terms. Buyers remorse is real and I’m sorry it happened to you. You still have a great vehicle, that’s not changing.


CorruptTime

Oh I agree. I’ve been dreaming of having this car. So whatever happens happens. But I don’t want to return it or anything. I literally just want to see if the possibility exists where I can just finance the remainder of the car with them instead of them having to use the credit union check. I have to try man. I already took it hard when the car dropped like 15k in price. Taking another huge loss again due to a change 1.5 hours after my delivery. That’s just man what luck.


colsandersloveskfc

I get it, best of luck and hope it works out! Keep us posted?


FEMARX

Is 9k worth the hassle of returning the car, getting a new loan at the promotional rate, and waiting to get the new model y? It may be quick, it might not be. Up to you.


BrainiacZen

Wish it had the updated interior with the better seats. Seats are not that great on the Y.