Tesla Model Y Financing

[Gladius]

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@CreditCuriosity wrote:

@ChemE_Bear just a word about Chase I wouldn't use them..  My best friend now drives a 200k+ car, but back when he was working his way up the career later about 5-7 years ago he at the time was driving i beileve a mercedes I believe around a 70k car or so.. Making 200k+ a year at the time he applied for financing for a Porsche Cayenne at the time over 100k thinking around 120kish, forgot the exact amount and also banked with chase.  They turned him down due to what i mentioned earlier sticker or payment shock as it was a considerable jump in payment per month and I believe he just went with porsche financing and ended up getting financed and he also had 800+ scores and a good income, etc.. Chase is one of those lenders that will look at last vehicle payments and current vehicle payments and deny for that reason alone.  

Tesla financing might be the best best, but i dont know if they do one HP and shot lenders with that HP or if each lender they try to get with you with does their own HP.   Someone hopefully can answer that for you.

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I understand the whole "sticker shock" scenerio, but I don't think that is fair on Chase's part.  What if during that time you had a significant bump in salary and/or your DTI lowered significantly?  Or what if you always had a $200k+ salary and chose to drive a $250/month Honda Civic and now want to drive a $1000k/month BMW which you could afford very easily?

[Cjethompson2017]

@ChemE_Bear So penfed pulls Equifax. My Equifax fico 8 is 678. Not sure what's version they pull. I have a car I'm trading in where my payment is $658, and my credit history is rocky. The car loan I had before the one I have now has like 34 late payments. So, they quoted my at a 10% rate. Which is better than what I have. For 72 months, they said payment around $830. So, somewhat close, but they seem to be a tad more lenient. I would definitely check them out. They have low rates for people with good credit. The application was super easy, but they do ask for docs to prove your identification and I had some issues because I lost my social security card and we just moved a week ago. So I didn't have a utility bill to show them. But, everybody else gets almost instant approvals from them.

im not a fan of chase. I feel like credit unions take better care of their people. But, that's just my opinion.

[Cjethompson2017]

@ChemE_Bear so penfed told me they only use Equifax and today I was finally able to login only to find they used my Experian score. Which is my lowest out of all 3. Lol. It's at a 661 tney show. I may call back and see if there's an option to pull Equifax or transunion since they're higher. But, I don't know that it'll make a difference.

[Anonymous]

Did Penfed approve you?  I wqs approved at 6% but then denied the loan due to it being all electric.

[Cjethompson2017]

@Anonymous nooo don't tell me that! Did you get approved, add the vin information and then they say nope? I'm thinking of uploading the docs I have just to check. Why no all electric??

[Cjethompson2017]

@Anonymous  It didn't say anything in the stipulations that it couldn't be all electric. My one for rbfcu did.

[Anonymous]

They approved me for a Payment Saver loan and it is part of the stipulations.  Read at the bottom..  My car is ready for pick up and now I can't get approved anywhere but Penfed  and even with 16k down find out this stipulation that Tesla is not allowed.

https://www.penfed.org/auto/payment-saver

[Cjethompson2017]

@Anonymous  Have you tried contacting them? I'm sure you have and that's a silly question, but it seems like they have two types of car loans. A regular loan, and the payment saver? I've talked to these people at least a dozen times and have mentioned every single time that it's for an electric vehicle. Would you mind sending me in a private message your approval letter with all personal information blacked out? I just want to compare. 

https://www.penfed.org/auto/new-auto-loans

this is what I applied through. 

[Anonymous]

Never got the approval letter was on the phone giving them the VIN and other information when they told I was approved but with stipulations.  Seems like if you are at 10% you would also have the payment saver loan as well.

[Cjethompson2017]

@Anonymous I guess that doesn't make sense to me. My term is 72 months. Which doesn't look like an option with the saver loan? Or is that what you got too? I sent an email, and am waiting to hear back. I specifically said electric vehicle. Lol. But I also haven't given a vin number.