topic Re: Tesla Approval Odds in Auto Loans

Tesla Approval Odds

Anonymous — Sat, 15 May 2021 01:37:40 GMT

Hello all, this is my first post here after just reading for a while.

I have a LR Model Y on order and am about to apply for a loan. My Fico 8 scores are EQ: 664 TU: 670 EP: 665 and my Auto 8 is at 650. I recently paid of my Amex account that had a carryover balance of $12,000 so I expect my score to increase at least some 20 points.

The price for the car is 54,700, without taxes and fees which is due upfront at time of delivery (+/- $4,000).

My Tesla rep told me they'll try Chase, Wells Fargo, TD Bank, US Bank and BMO Harris.

Do you guys think I can get approved?

Re: Tesla Approval Odds

Jnbmom — Sat, 15 May 2021 01:43:43 GMT

What is your income? What is your DTI? Any negatives holding your scores down ?

Re: Tesla Approval Odds

Anonymous — Sat, 15 May 2021 01:53:51 GMT

Income is at $72,000. DTI currently sits at 39% but will lower to 23% (Amex reported my $0 balance 2 days ago). Only negative thing is a 30 day late $39 card payment from a year ago.

My Amex has a limit of $20,000 and currently has a $0 balance.

Re: Tesla Approval Odds

Anonymous — Sat, 15 May 2021 01:57:52 GMT

I should also mention that I've financed a car before with Chase with perfect payment history and also had leased several Audis too. The reason why my score is lower now is because of the carryon balance I had for a couple months.

Re: Tesla Approval Odds

Jnbmom — Sat, 15 May 2021 04:32:26 GMT

@Anonymous wrote:
Income is at $72,000. DTI currently sits at 39% but will lower to 23% (Amex reported my $0 balance 2 days ago). Only negative thing is a 30 day late $39 card payment from a year ago.

My Amex has a limit of $20,000 and currently has a $0 balance.

Once you get your utilization below that 29% mark you should get a boost. I am sure you will qualify it's just at what rate

Re: Tesla Approval Odds

ridgebackpilot — Sun, 16 May 2021 22:00:14 GMT

The other problem you may have is your income. You're trying to buy a car that costs, all told, nearly as much (82 percent) as your annual income. That would boost your DTI into the stratosphere! Will you be able to afford the monthly payments?

Why not purchase a more modest vehicle while your income is low, and set your sights on a Tesla or luxury brand once you're earning more annual income?

Re: Tesla Approval Odds

Anonymous — Mon, 17 May 2021 14:35:24 GMT

Submitted my application this morning and got approved with US Bank at 2.49%!

Re: Tesla Approval Odds

ldkcivilservant — Mon, 17 May 2021 17:25:26 GMT

DTI is calculated on the monthly payment, not the total.

$75k/12 = $6k s month. If his payment was around $800 a month if would add 13% to his DTI, hardly 'stratospheric'

Re: Tesla Approval Odds

Loquat — Mon, 17 May 2021 21:44:35 GMT

@Anonymous wrote:
Submitted my application this morning and got approved with US Bank at 2.49%!

Hi @Anonymous and welcome to the Forum! Congrats on your approval!

Re: Tesla Approval Odds

AllZero — Mon, 17 May 2021 22:52:36 GMT

Congratulations on your approval!

Re: Tesla Approval Odds

Anonymous — Sat, 29 May 2021 04:48:18 GMT

Nice, good luck on the delivery of your new Tesla

Re: Tesla Approval Odds

frogfan12 — Sat, 02 Oct 2021 11:19:06 GMT

Congrats! How much is your payment?

Re: Tesla Approval Odds

Red1Blue — Sat, 02 Oct 2021 11:25:14 GMT

@Anonymous wrote:
Submitted my application this morning and got approved with US Bank at 2.49%!

Congrats on your Approval.

Re: Tesla Approval Odds

gjean78 — Thu, 07 Oct 2021 04:59:38 GMT

@Anonymous wrote:
Submitted my application this morning and got approved with US Bank at 2.49%!

Congratulation on your approval! 2.49 is a great APR. nice

Re: Tesla Approval Odds

CreditPacMan — Fri, 08 Oct 2021 07:35:54 GMT

@Anonymous wrote:
Submitted my application this morning and got approved with US Bank at 2.49%!

Congrats. Great rate with your scores!