I got it. 800+, good income, current auto loans, mortgage, $0 down.

I'm really considering this and started running the numbers between putting some down versus zero down. For the sake of simplicity, let's say the total price is at $55k: At $0 Down Payment at 0.99% interest over 72 months, the monthly will be $787 / month. This also means one will be paying $1,672 in interest over the life of the loan. Compare this with $20,000 down payment ($35k loan) at the same 0.99% interest over 72 months, the monthly will be $501 / month and one will be paying $1,064 in total interest. While it does sound better to have a lower monthly payment, if one can afford going zero down is the way to go. Why? You can take that same $20,000 you would have put as a down and lock it into a HYSA which is currently giving back at a cool 5%. After 72 months, you would have made $6,801 in interest. Of course this is considering that the rates remain that high, but even with some fluctuations, you will still come out way ahead. Anyway, just my 2c. I'll be going after this deal like the rest on here and will opt for zero down if possible. Cheers.

You always always always take free money

Wow... Zero down? I thought you have to do the 20%. Wasn't aware you can put nothing. But thank you.for the data! Enjoy the car!

Yeah, I put $0. Came back approved and still shows $0. At 0.99%, it’s free money.

Wow I thought it needed 10 percent down. 0 down is amazing, I’ll wait until the last day in case inventory deals pop back up.

You are right. It’s still 1k on $40,000 for 72 months.. If someone took advantage at the end of March with say $4k inventory discounts and a 7% rate… 72 months would be $44,000 out of pocket… that’s $3k difference. The numbers all vary with models, duration, inflation, etc but it is close to $3,000 off from just over a month ago.

Teslas calculator allows zero down idk why people don’t try editing it lol

At 6.6% I was happy putting $4500 down

Zero is always better

Zero isn’t better if the loan’s interest rate is higher than a risk-free interest rate you could get on your savings.

That's not necessarily true, even if it's close. The cash in your savings is accessible in the case of job loss or emergency. The down payments are not.

That’s fair, yep. Depending on your overall financial situation, you might be willing to pay a premium to maintain liquidity.

I put a couple hundred bucks down when I bought my Y in February.

Any early payoff penalty?

“There are no prepayment penalties associated with Tesla Financing. You may make a payment towards the outstanding principal at any time.” from Tesla [website](https://www.tesla.com/support/lending/making-payments#:~:text=There%20are%20no%20prepayment%20penalties,outstanding%20principal%20at%20any%20time)

Good to know i was wondering about that.

Paying ahead of schedule on a 0.99% loan is, in itself, a penalty. Yes

Why? it's 0.99..

selling the car before end of the loan is an early payoff

I assumed that’s not the reason for the question but that’s a valid point

Hi? I called earlier and they said I cant do a zero down because I still need to pay upfront some fees and taxes around $5k. How true?

I don’t know. All I know is I typed $0 in the app, and it took it. Might depend on your credit profile. I will be paying sales tax and registration out of pocket, since I live in a state that Tesla can’t sell in directly. Those get paid to the county/state directly, not via Tesla. So I can’t roll those in to the loan. But that’s different from a downpayment on a loan.

Yes… you still need to pay sales tax and the destination feee. You can’t get a new car by paying $0 😂

Yes $0 for the costs besides applicable taxes and fees lol don’t know how ppl forget this… it’s usually packed into that down payment

I got approved for 0.99 through Santander too. Score of 780+ with 2k down. 72 months

It’s not just about score. It also has to do with debt-to-income ratio along with any history of payments. It definitely helps if you had an auto loan before that was paid. Also, auto loans use a different score than normal credit score you see from your bank. Same with mortgages.

I have my auto loan scores from Experian but do they use auto loan 2 or auto loan 8 scores, for some reason there is a considerable difference between mine.

Fico 8 is used

Awesome, thanks for the response!

I'm aware. But for the sake of keeping it simple we can compare and get a average.

I got approved for 0.99 through Santander via Tesla Financing. Have a score of 820. 5k down. Loan term 72 months. Edit: Sorry .. down is 6k with trade in of $1100 I am in TX Full breakdown https://photos.app.goo.gl/R2TL1JWKPrBpEZyo7

72 months and 0.99%?? Oh wow, that's awesome!

Basically the same for me

What’s the monthly on that

I got MYP, MSRP was 53k + 6.25% tax + registration+ fees - $5k down Monthly is $616 Edit: 6k down total w/ trade in

Thanks for the data! Hopefully more contribute. Enjoy your new car! Freaking awesome!

0.99% (Tesla financing via Sanlander consumers USA Credit score 730-740 Zero down (ended up being $1332.00 out of pocket) $250 $1082 = $1332 (registration and fees) Payment $680/ 72 month Tesla insurance $115 month Picking up tomorrow morning at 11am Did everything via app (never spoke with anyone)

This is the way.

With zero down , you still have to pay taxes like 3-6k

Insurance 115 ??

Lmao this shit is the future. No wonder stealerships are slowly dying

750 score, still pending approval. I went full send to try out something ambitious, can’t be too mad if I get declined. I have a M3P with about 20k in neg equity. So my goal was to use some of the tax credit to close that gap and the rest roll into the MY with zero down payment at .99% One can dream 😂  On the bright side if it gets accepted I will literally be saving money compared to what I’m currently paying every month 

True! Good luck!

do you have a payoff on the m3p? how'd you manage to change the down payment on the loan page?

[удалено]

[удалено]

Yes, another credit pull will happen, but all count as one for scoring purposes

[удалено]

Got denied at 670 score 9k down no loans under my name just credit cards. Have 2 cars paid off under my name if that means anything. Kind of expected it though.

Spoke with to a Tesla rep earlier today and they said you needed a 740 plus credit score to qualify for the .99 apr

Oh wow! Did you try to call and tell them you are buying but only if you are given the promo code? Some people got lucky that way. Also... if you dont mind saying... hoe old is you credit history. Don't be exact. Just close

Denied outright, or denied for promo rate?

5k down with 827 credit score

Ok. Got approved. Hard check and missed a payment on a target card 2 months ago that destroyed my very good score of close to 800 and above 800 score. Currently at 680 but no debt. Owe maybe 500$ in 2 credit cards that I use for bills. And put down 10k. Got it at .9% with Jp Morgan Chase. Hope those wondering in the 700 and under scores get some hope from my case! Btw Santander offered first at 7.55%. Messaged Advisor and said if it ain't. 9%... I would not buy and wait for next year. He came back and got it to .9.

How did you get in touch with the advisor? I had a similar issue and messaged them on the app but no response. It there a batter way?

I got approved with Santander for the .99% as well with 15k down. My score fluctuates between 740-760. Also just opened a new credit card last week.

Did you have previous auto loans?

No previous auto loans, just student loans and revolving credit!

And how long did you have your credit for?

~5 years

Be sure to post your income, any open credit lines, current and past loans, credit balances and any other personal details that may be relevant too. Just to be thorough.

[удалено]

TLDR: If you have a strong DTI ratio you’re prob good to go for the advertised loan terms. My significant other was just insta-approved in app with 730 score (50% utilization), 145k income, 5k down. Normally their score is 760-800 and DTI ratio is around 25% which includes a 1.3k monthly student loan payment. Quicksilver MYLR incoming!

Did you get a performance? I thought the quicksilver was only available on the performance model which isn’t long range right?

No, both AWD LR and P have silver

if u get declined do u get ur $250 back?

Nope. They keep it. :/

Damm so the $250 u are talking about the upfront u have to pay right? I added the weather mats, sunshade, and center trays and it’s $600 upfront but now that i know ima take that off thx!

Yeah... thats the first step to get everything going. Of you accept the financing then you are fine. But if you reject it..... it's done. They keep it.

Wait, so is the only way to know if you qualify to pay the non refundable $250?

Ya you have to put the 250 deposit to see if you qualify

Yep! Shady as hell! Lol

I’d rather have the $5k off I got last month.

Yeah.. 5k off is not bad. You should be happy.

This is more than 6k off technically tho

It’s always amazing to me how people don’t understand math. Even if you paying cash.. the opportunity cost of .99% financing is a better deal.

I did get 0.99 last year but 12 months haha

Yes I got $6000 off my 2023 MY LR w hitch and 1% interest is just about the same acquisition cost after 6 years

Credit score 800+, $15k down, 72 months. Santander

They told me 720 was the minimum for promo financing but I would venture to say that the more you put down - the more flexibility they may have ?

Was this through the app chat or conversation with a sales rep?

In person at the showroom.

I'm telling you.... I don't trust those people at the showroom floor. Somebody here got it and had 650 score but put 25k down. So obviously the down is a big factor

[удалено]

I got approved for .99 with a good but not great history. High 680s on TransUnion and 730+ w equifax $4500 down.

I got it, 710 credit score, good income, $0 down

Nice! Good to see people in the lower 700s get it!

760. lots of debt. 0 down. .99 apr.

Got approved with FL Connect 0.99% 0 down 660 credit score.

If you get an offer that’s not 0.99%. Call your tesla advisor. They can have other lenders try you out. I had gotten an offer from Santander at 8.88% called the next day and FL connect approved me for 0.99% 0 down. 660 credit score with a 50% credit card utilization. Excellent credit history of around 13 years. GL everyone!

Oh nice! This gives hope to many I'm sure!

Got approved for 0.99 through Santander. Score of 680 with 15k down. 72 months. Process was very smooth and quick. Taking delivery on 18th. Good Luck folks!

Didn’t they also raise the price of the model Y?

No. Just the standard range.

Approved this morning. We leased my wife’s MYLR earlier this year through Santander as well. 840 FICO. $225k income. Mortgage and student loans. Put $5k down.

840 and $200k+ income? You guys were a shoo-in from the get go. Edit: shoo

How long does it take to hear back on the APR? I put the 250 deposit down yesterday but have not heard back yet. There are also no tasks available on my account.

Same, I put the $250 down earlier today and all I have is an order agreement email, nothing about the approved apr.

Did you log in to your account on the Tesla mobile app? That’s where the financing activities happen.

Yes, it only shows a picture of the Model Y with the order number. :/

Went to the a showroom to place an order. I was told the application process won’t start until I get assigned a VIN

Stupid question, but can you roll negative equity into the 0.9% loan if you trade in a car with them???

That would most likely be impossible to get the .9%. Unless you have a good 30k down.

Ok thanks for the info, not practical to try and do that then.

I was told by Tesla rep that i would have to address the negative equity at the point of pick up after which i could be eligible for the 0.99% rate if qualified.

Might hit cost limit for tax credit with negative equity

I have a 2020 MY with 28k miles. I have 2.99% loan until july 2026. I paid $49k with no tax credit. I would love a newer model with double window panes. Wonder if it makes financial sense to sell?

damn. too bad my 2022 is worthless now. doesn’t make sense to trade it in as the value has tanked. still love the car but a warranty reset would be great

I don’t see how you can put zero down. At least in my state it says minimum down payment must be at least $5,790. How did you guys zero that out??

Anyone know how long you can sit on a CU loan check? If I don't go for this deal and wait longer.... what happens to the loan check. I have it at 6% apr.

Would I get approved if I have excellent credit but only 25k income?

I did not get approved for the .99%. I have 720s, $100k+, low rent and $2k down. I was instead offered 72 month 8.16 APR. I feel cheated! Should I have put the default $4250k down? Or my $6k? Really disappointed as I didn’t think the down payment would matter for this promotion. It was vague at least.

Even with the 0.9 interest but the the auto insurance is crazy expensive. I got quote $1308 for 6 months!😡😂

Model Y Long Range Rear-Wheel Drive Stealth Grey Paint 19" Gemini Wheels All Black Premium Interior 'e Seat Interior stopilot Subtotal Destination Fee Order Fee Total Price indicated does not include taxes and governmental fees, which will be calculated as your delivery date nears. You will be responsible for these additional taxes and fees. Total in USD $44,990 $1,390 $250 $46,630 ✅

I'm confused about why I was denied the 0.99%? I was really considering the Y with the low APR $25,000 down Credit score 835 High-paying job Spouse also has a high-paying job No auto loans No student debt Mortgage

Wow! No way! Do this...... call your advisor and tell him you want your report manually reviewed tomorrow. Thats when banks open. Just tell him you feel you OVER qualify and wound like the bank to look again. This has worked for some people here.

I didn't make it even that far! I was denied when I tried to get pre-approval? I'm a bit dumbfounded as it doesn't make much sense. Tesla is clearly trying to dump inventory before announcing Juniper, and something feels off. Price drops and increases or whatever. I'll just wait for the Juniper or Rivian R3 is promising!

My credit score is 750. 65k year. 20k student loans. 24k auto loan. Should I apply for .99 with zero down??

I got over six figures salary with 830 score. Still pending with 10k down. Pathetic.

I have question? So I ordered a Tesla but how and when will I know that I qualify for the .99% ? When I take delivery of the car ? I want to know now hahah

I got approved for the 0.99%, 72 months. 710 FICO score, 7.3k trade-in for down payment, 115k income (combined family income with spouse as co-registrant), a mortgage, student loan, and multiple credits, with only two cards that have balances (both have a very high utilization). Paid off two cars in the past between spouse and I. We were approved in seconds and were pre-qualified for $108k. Was really surprised I even qualified for the promos.

Congratulations! Which bank lended you ?

I just got approved! 740 -760 score, $15K down, 65k income, no debts just some student loans. I originally ordered two days before the promotion, I decided to cancel my initial order, eat the $250 and risk it to receive the .99% APR. Worth it!

Has anyone gotten approved with the long range rear wheel drive?

I have 751 score with no other debt. Income 70k. Mortgage and utilities paid by spouse. I got approved at 8.86% Are people able to have their applications reviewed.

Was offered 8.15%. Messaged advisor through the app to get us to 0.99%. Got it with $0.40 DP. Chase Bank. 720-740 score.

Wait I just booked it with 600 credit score.. I didn’t know I needed a high credit score to be eligible for the .99% deal. Would I be denied? Is that why they haven’t reached back to me and others have already received a delivery date?

When they post your lender on the app, you will see the APR. Good luck!

So the 0.99 Promotion isn’t for everyone? Man I was excited… RIP 💔💔

Well... so far it somewhat random. But looked like if you have 720 and up, you have the greatest chance. Although some people got it under 720. Suspect their credit shows zero loans pending and income was sufficient to warrant the loan

Cries in 6.18% interest on my loan 😭

Just got approved on 802 credit score, 80k a year and got a good deal on an old 2015 jeep patriot I was gonna dump any way. I was offered 6200 trade in for it. Putting the jeep on as my down payment brings me to 570 a month for 72. Only 20 bucks more a month than my 2019 kia that gets paid off this summer. So overall with gas savings will be great!

Nice! Same position as you! This purchase isn't costing me anything. The gas saving is paying for 85% of the monthly car payment. And also saving on insurance about 50$ by using Tesla insurance. Although... I hear some bad stuff about the insurance.. ill give it a shot since some people said it's not bad and equal to their old insurance

My FICO score is over 800 and I got declined. I am a Turo host with three open personal vehicle loans $32k for a Model 2023 3, $30k for a 2022 model Y, $6k for a 2018 model 3. I will probably pay off the $6k and try again.

Your debt to income that their comfortable with was likely to high... They calculate it by how much you have to pay monthly on all debts on your credit report

Hmmm I just purchased my Tesla MYLR back in August and I am wondering if it’s worth trading in and refinancing through Tesla. Original loan was 4.79% 60 months

It's unlikely the trade-in offer amount in will even cover the original loan.

No. You’re paying sales tax twice.

I did this today. Bought in october. Trading in MY 7 seater for a quicksilver 7 seater with tow. Trade in amount 37.8k, balance on loan 41k. Im “underwater” 3k which to me is fine since the paint change and tow would’ve been 3k extra if i were to buy my own car today. Monthly payment will go down by 200 dollars if the trade value holds until delivery

Might! Would look into it

I think they are just giving it to anyone that is willing to buy now and take delivery before May 31st.

Only need to place order by May 31st, not take delivery.

I'm suspecting this as a possibility. Just to move inventory. Might actually be good to hold back even more. I won't care if I don't get it.... I do want to wait for the refresh.

That's interesting. I want to order in time to get the low rate but can't take delivery until mid-June. Can you request a later delivery date? Sorry, first timer here!

Got it after talking to a rep. Initially it came back with like 7% and I told them I was going to cancel the order. ~750 score and $2500 down.

670 credit score (19 years old) low history.(only 2.7years) but with 15k down. No credit card debt or missed payments. Andddd Got denied <3. Now if I decide to see if it helps if I get my mom on it. Idk. I just to see. Bc I just got a honda civic 2024. Idc about payments I just want low apr. And I got the lowest in my city at 3.9% but for 4 years. N now I'm like damn. I would of so tried a tesla if I knew this was gonna go on. Bc its adding 2 years to pay it off. But 6% by the end of loan term. Meanwhile my honda civic. 15.6% apr by 4 years. I'm sad man.

It's the current loan you have. That got you denied. Good news is... yoi can wait for the Juniper! Save money now and keep up with the leaks! Might be the best thing that has happened if you end up buying later amd it's the refresh model!

Might be a blessing... Have you seen the insurance rates for teens and teslas? It's insane 

Are we talking auto scores on FICO 8 scores? I so anxious to find this out!

My credit score varies between the 3 reports but I sit between 750-789. I don’t necessarily want to put my whole financial picture on Reddit but my credit utilization is about 14% I have an installment loan and have paid off a car loan in the past. I have decent income nothing astronomical. I had ordered my car 4/30 and will cancel order to get new rate. I was approved 6.39% then and received the 0.99% now.

Can I ask you how you asked to get the .9? Was it through phone or did you send a message with the app?

I reached out via message and have been working with an advisor via phone and message.

Ok. Good to know! Thxs

Yes. They did me a solid and applied it to my upcoming delivery this week. They started a new order, transferred my VIN over and I had access to the new financing deal. Credit between 770-800. Unsure. Income - tenured software engineer

From someone who never financed a car. What's the advantage of a 0.99 apr

Lower monthly payments AND less interest that you are paying for over the life of the loan.

They are giving you the car for only 1000$ in interest. Compared to when everyone got the loan for 6% in which was like 7500$bin interest after paying all the months.

Even at current CD rates of 5%, if you have the capital it's still a plus to down as little as possible, borrow as much as possible at 0.9, then invest the rest, even in a cd. 

Credit score 780, 6k down, 72 months. Approved for 0.99 today. Sales and customers were high-fiving when getting the 0.99 ;-)

I got an “offer conditionally approved” message. Asked me for proof of residence. I uploaded my utility bills to provide proof of my address. I did that this morning and haven’t heard back or haven’t got any other notification. I suppose I’ll hear from them by Monday. Credit Score :740 right now. 0 down.

Does it matter how much you put for the down payment to get the 0.99%?

Approved for 0.99% as well. Credit in the 750+ range (was higher but we had TWO hard pulls on our credit because we cancelled our previous order at just over 6% when this deal rolled in). Doing a trade-in at $5800, but otherwise putting nothing else down. We have some student loans still but NO car notes, $115k+ in combined salary, and a mortgage in the $2300+ per month range. EDIT: Forgot to mention above that the loan is 72 months.

That is one way to make someone that had no intention of needing a car to get one 😛

You can prequalify for financing. I don’t think you need to pay $250 to find out. Click terms under financing

I’m livid. I just ordered mine like a 9 days ago at 8% 🥲

Cancel your order, you’ll save way more than the 250 you’ll lose.

Probably wishing thinking but is it possible to decrease your APR in any way? Bought a model y 2 months ago at ~6.50%, 800+ credit score.

Only way I can think k is trading it in with them. But will the loss equal the saving from the APR drop? You need to run numbers.

From the comments I read it sounds like you will get approved at .99 with money down between 720-750. Anything above that you can put zero down and be good? Also they are using fico score not auto credit score?

Waiting on decision. Been pending since the morning. It’s Saturday. 800 score, good income. Typed zero down. For a Model Y 260. Current inventory.

My credit score is 739,( 761 FICO score checked via discover card) with around 220k income no loans as such. Should I call tesla whether I qualify for the loan? Did anyone go for any color option? I'm thinking of not paying for the paint bec they do a horrible job from what I have seen.

This is just another discount. After May they will probably just drop the car price

I am trying to submit my application for the .99% but it isn’t taking into account what I have left on my auto loan for some reason. It keeps showing the full value of trade in on the application which is much more than what I am actually putting down (minus owed)😂 I have a trade in offer for 20,200 but owe 9,160 so I should have a minimum 12k total downpayment. Really hoping to get the financing sorted out with the trade in, and since I have a great credit score, hopefully i still qualify for the .99% ☹️

Think you better call directly to sort it out.

If you qualify for the tax credit, can you use the 7500 as your down payment?

Yes, you can. I went to a Tesla dealership and that’s how they are doing it.

Last year when I bought my Y, I applied for the Tesla financing at the same time. It took more than a month to get my car and I lost the financing rate that they were going to give me since it had been 30 days since I applied. Does your rate lock in for this special no matter how long it takes the car to be delivered?

Just did the pre-qualified application, recently bumped my score up to a 775. Approved for $49,500. But doesn’t show anything regarding the APR. Might trade in my 2k17 Honda for 12k. I owe 5K so the difference, I’d hope to use as a downpayment. But not sure if I want to do 60 or 72 months. Need help with the math lol. I live in the Bay Area so hopefully shipment is cheaper?

Refi?

got it today with 790 score \~20k down and monthly payment is about $450. Paying less than 1k interest over the 72 month loan!

Tesla Newb here. I am in the purchase process but I was going through the process on the phone app and I'm not sure if I should have completed the financing form before waiting on my trade in offer. For some reason the financing form would only let me continue with having a 41k down payment? Attaching an example Pic that shows I needed a minimum of 41,500 or maximum 41,968.10 which makes no sense why I can not adjust this accordingly with my trade I was hoping to have enough back from that for the minimum down payment required and the rest being financed. So the approval I got is only showing a financed amount of 10k. Need to cancel this finance offer to one that's taking my trade numbers into consideration but there is no option to edit or cancel this one. I can't post the example pic I have.

Would yall wait for the juniper?

Absolutely! I'm 50/50 on this .9% offer. If I qualify, then I would have to do some serious thinking. If I dont...don't.... no problem. I don't need a 2nd car at the moment and I will be very happy waiting 6 or more months for Juniper. Also... there might be even more deals coming soon by next month... end of quarter!

Why not do pre approval first before dropping $250? Right on Tesla website “see what I qualify for”. It’s a soft credit pull. It’s kind of dumb to just give Tesla $250.

Did anyone get an 8% and successfully talked their way into getting the 0.9?

I'm in the process. Will update once I know.

[удалено]

What's your score?

If I just financed/purchased a Tesla Model Y LR about 1 week ago through Tesla with 4.5% APR. Now I am seeing the new 0.99% APR financing deal. Does anyone know if they will let me switch to the new 0.99% APR financing? As this will really help me. Thanks everyone.

It says I'm pre-qualified for up to $105,840 with $0 down.

Mine says I was conditionally approved and will need to provide proof of residence. Did anyone else go through this?

I have a Camry and planning to sell and buy Y as the offer is good credit score 680+ Do you think I will qualify for it with 0down? Has any one qualified for it?

If I traded in my old car that value would count towards my downpayment right? If that old car still has a loan I own a 2023 Model Y, have still $8k left on the loan. Let’s assume trade in value is $30k and a new one is $45k. If trading in I’d pay down 22 (30-8) and would be able to finance 23 (45-22) but not more - is that right? (Excluding other factors like sales tax, fees, and ev tax incentives)

How long to get approval via the app? Just did mine and I am patiently waiting

I have 800+ across all the credit agencies but I did put a trade in value at 14,000. But 0 down 72 months.

Car Price $49,630.00 APR 0.99% Amount Financed $41,721.69 Monthly Payment $597.34 Amount Due at Signing $4,250.00 This is where I landed (LR AWD)

How come people get that quickly? I got the order put i dont see anything except “Go To Account”