What happens if don't get approved for financing?

kkainth

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#1
Hi everyone,

I'm looking to order my build (annoyed that I didn't do it in July because I was away on vacation....), but I'm wondering what happens if worst case scenario my financing doesn't get approved? From what I can tell the $2500 deposit I place upon order is non-refundable, and I'd lose my initial $1000 reservation deposit.

I've already applied for financing with BofA, and did not get approved because I'm in the US on a visa and my 4+ years of being here and credit score of 775 supposedly doesn't have any weight. Furthermore, I'm thinking possibly financing the car through Canada (where I'm from) and then buying it in NY makes about 0 sense as well.

If anyone has any insight or recommendations, it would be greatly appreciated!!
Thanks for your time.
 

MelindaV

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#3
you likely could have a co-signer on your loan, if you can not be approved on your own due to your visa status.
 

kkainth

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#4
Have you tried financing directly through Tesla?
I haven't yet because I thought the only way I could apply for Tesla financing is to order my car first, but then I risk having $3500 down the drain if it doesn't go through.
 

MelindaV

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#5
Furthermore, I'm thinking possibly financing the car through Canada (where I'm from) and then buying it in NY makes about 0 sense as well.
another thought, will you remain in the US indefinitely? or at some point returning to Canada? if returning to Canada in the time that plan to own this car, it may be better to actually purchase the car thru Tesla Canada, as you can not import a US tesla into Canada, but believe you can import a Canadian Tesla into the US (you should check though to make sure).
 
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#6
This is exactly why I am considering canceling my reservation first and get the $1000 reservation back in my bank. Then the risk is only $2500. I'm being told that there's no worry about my qualifying, but I just don't understand why I'd take the risk of losing more $ when it's simply not necessary. I do wonder however how much later I'd be getting the car (P3D, white, AP, no PUO, possibly white interior) by not using my reservation. I wish you luck in getting the financing in order.
 
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kkainth

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#7
another thought, will you remain in the US indefinitely? or at some point returning to Canada? if returning to Canada in the time that plan to own this car, it may be better to actually purchase the car thru Tesla Canada, as you can not import a US tesla into Canada, but believe you can import a Canadian Tesla into the US (you should check though to make sure).
Unfortunately another unknown as to if/when I'll return to Canada. If Ontario didn't lose it's $14,000 rebate, then I would have probably taken delivery in Ontario to make things easier. Alas, if I buy in Ontario now, I'll be paying a huge premium vs. NY.
 

kkainth

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#8
This is exactly why I am considering canceling my reservation first and get the $1000 reservation back in my bank. Then the risk is only $2500. I'm being told that there's no worry about my qualifying, but I just don't understand why I'd take the risk of losing more $ when it's simply not necessary. I do wonder however how much later I'd be getting the car (P3D, white, AP, no PUO, possibly white interior) by not using my reservation. I wish you luck in getting the financing in order.
Theoretically, if you take back your $1000 reservation and then order your car, you'd be at a lower priority vs someone who is a reservation holder. However, if you order your car within the next week, you should still get it by year's end, and get the $7500 tax credit.
 
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#9
Theoretically, if you take back your $1000 reservation and then order your car, you'd be at a lower priority vs someone who is a reservation holder. However, if you order your car within the next week, you should still get it by year's end, and get the $7500 tax credit.
Yes, we're just made adjustments to that we can recoup as much of the $7500 tax credit as possible. There's the free super charging for life too.
 
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#10
Hi everyone,

I'm looking to order my build (annoyed that I didn't do it in July because I was away on vacation....), but I'm wondering what happens if worst case scenario my financing doesn't get approved? From what I can tell the $2500 deposit I place upon order is non-refundable, and I'd lose my initial $1000 reservation deposit.

I've already applied for financing with BofA, and did not get approved because I'm in the US on a visa and my 4+ years of being here and credit score of 775 supposedly doesn't have any weight. Furthermore, I'm thinking possibly financing the car through Canada (where I'm from) and then buying it in NY makes about 0 sense as well.

If anyone has any insight or recommendations, it would be greatly appreciated!!
Thanks for your time.
That's weird. Used to be in your situation. Is it an H1-B? Less familiar with those. When I first arrived from Canuckistan, Verizon was able to pull my CAD credit history, I think via Equifax (?). I was just on a student visa, so not even able to work, so they should be able to do it for you. Might be a bank down here can do it?
 

kkainth

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#11
That's weird. Used to be in your situation. Is it an H1-B? Less familiar with those. When I first arrived from Canuckistan, Verizon was able to pull my CAD credit history, I think via Equifax (?). I was just on a student visa, so not even able to work, so they should be able to do it for you. Might be a bank down here can do it?
I'm here on a J1, not sure how Verizon pulled Canadian credit cuz I'm pretty sure they're not able to do that.....
Regardless, the banks here have not approved my financing app, supposedly due to credit length. I'm gonna check out some credit unions though.
 
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#12
I'm here on a J1, not sure how Verizon pulled Canadian credit cuz I'm pretty sure they're not able to do that.....
Regardless, the banks here have not approved my financing app, supposedly due to credit length. I'm gonna check out some credit unions though.
This was 2003, but I'm certain, as I did not even have an SSN at the time. Just a TIN.
 
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#15
I have an email from my delivery specialist that says:

"
Regarding your loan application – it’s done online through your MyTesla account. You can sign in and “apply online”. In the event that you get denied you will receive your deposit back."


It's worth giving tesla a call to confirm I suppose.