Tesla Approval Odds

[Anonymous]

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?

[Jnbmom]

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

[Anonymous]

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.

[Anonymous]

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.

[Jnbmom]

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@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.

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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

[ridgebackpilot]

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?

[Anonymous]

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

[ldkcivilservant]

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'

[Loquat]

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@Anonymous wrote:

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

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

[AllZero]

Congratulations on your approval!