Financing The Model X - WTF?

Financing The Model X - WTF?

Picked out a Model X for 88K (75D very few options). I applied through a credit karma recommendation Lightstream. Denied, site does not let me sign in because its junk so I cant see why and customer service has no access to that info. Awesome.

Income: 18K - 20K Month (140K Filed Last Year)

Credit: MyFico says 750, Lightstream said 750 but for some reason Alliant said 693. Still waiting for their response but has me very concerned. I dont know how there could be a 50 point variance between lenders. I know there are different scoring models but thats just nuts to me. 30 Day Late 5 years ago. 20K in CC Debt which i'm aggressively paying off. 2 Leases just matured (Mercedes and WRX STI) and a Suzuki GSXR 18K Loan.

Anyway, I can buy the car in cash but I really want to finance it so I can keep cash in reserve for my business. Anybody have a recommendation of a lender or loan officer to speak to? A payment that is 10% of my income seems like it should be pretty easy to get an approval for but that Lightstream denial has me concerned.

jjgunn | 19. Mai 2018

I was going to try here.

See if I can get banks to bid for my business

jamesritterjr | 19. Mai 2018

Yeah I could. Never heard of the company though so im not just going to give over my financial info.

avesraggiana | 20. Mai 2018

Have you tried going through Tesla Lending to see if they'll shop your loan? I've financed two Teslas through them and both of them were picked up by US Bank, at their most favorable rates at the time.

I do have to tell you, for the second Tesla loan, I could tell Tesla Lending were having to spend a little more time and effort shopping it to prospective lenders. Instead of getting a response within a few hours, I got a response in two days. The waiting got me pretty jittery. After perusing my credit report I saw that neither Chase Bank or Wells Fargo or a credit union whose name I cannot remember were not interested in picking up my loan.

In a few or maybe several weeks, I myself will be applying for yet another Tesla auto loan. I'll do it the same way, through Tesla Lending. Can't be bothered reaching out to lenders like Alliant CU or Tech CU myself. Others with similar income, debt to equity ratio, credit profile and earning profile as myself have been very successful applying independently, but it's never worked out for me.

I find the whole borrowing, lending and credit approval process completely mystifying.

jamesritterjr | 20. Mai 2018

I agree with you totally. I always have trouble when I go about it myself. I will just ask Tesla to do it and see how it goes. Its a complete mystery to me.

jjgunn | 20. Mai 2018

A minor credit lesson.....

When applying for a car loan, apply at multiple places (3 or 4) at the exact same time. The credit bureau's are supposed to treat it as ONE inquiry on your credit. They know you're shopping for the best rate. It's encouraged.

I'm waiting until early June to apply for mine. Once approved through Tesla, the loan approval is good for 30 days. Some CU's will allow 60 days for their pre-approval which explains why many have financed (especially Tesla with delays) through a Credit Union.

jamesritterjr | 20. Mai 2018

Thanks Bud but I already knew that. Lightstream got back saying I had insufficent income. 200K a year is not sufficient in their eyes to get a 88K car? Seems kind of stupid to me.

I even said I would be willing to put 25% down and was told that they don't even take down payments. Made no sense to me at all. I am concerned about Alliant because they show my credit at 693 even though the guys that just denied me said 750.

Going through Tesla as well. Hopefully get some good news. The whole credit thing is just ridiculous.

jamesritterjr | 21. Mai 2018

Declined by Alliant. Was told that since I have not had such a high loan before they want a 780 (im at 750) credit score and a 50K down payment for a 85K vehicle. Ridiculous.

Rocky_H | 21. Mai 2018

Huh. I would have thought offering something like a fourth or fifth of the price down payment would get you accepted pretty much anywhere. Requiring over half, though? That is pretty crazy.

avesraggiana | 21. Mai 2018

@jamesritterjr. Let's see what Tesla Lending can do for you. It would seem to me that they'd work harder at shopping your loan since they've a vested interest in making sure they're not stuck with your car.

ckcland2 | 22. Mai 2018

I believe Alliant requires a 740+ credit score and uses the Equifax Pinnacle 2.0 rating which ranges up to 950 or 990 (tops). At least thats the way it was when I researched two years ago. Pay off all credit card debt and hold it that way for a month or two. You will see a quick jump in your score and that might push you over with Alliant. The debt to credit limit percentage has a huge influence on your score. Good luck!

jamesritterjr | 22. Mai 2018

Tesla lending approved me with the first bank they tried. US bank. They will finance 90% so I have to pay 10% down and the taxes. No big deal, just brings my payment down and is perfectly reasonable.

I spoke to a loan officer at Alliant. They specifically told me since I have not had a big car loan (really only ever lease so never bought a cheap car either) they would require 50K down on a 90K car and a 780 Fico.

pjalan | 22. Mai 2018

@ jamesritterjr awesome. Looks like you are all set. What rates and terms US Bank offered ?

I got email today that my MX completed production. I’m applying very soon.

kenny | 22. Mai 2018

Tesla will finance 100% and doesn't require the 10% down depending on your credit and income. I did this and only had to pay the tax and license fees out of pocket. I got in at the 1.5% through Chase using Tesla. I suggest applying online and seeing what Tesla can find for you.

kenny | 22. Mai 2018

Tesla will finance 100% and doesn't require the 10% down depending on your credit and income. I did this and only had to pay the tax and license fees out of pocket. I got in at the 1.5% through Chase using Tesla. I suggest applying online and seeing what Tesla can find for you.

kenny | 22. Mai 2018

Meh. Hate it when that happens

jjgunn | 22. Mai 2018

I don't want a huge car payment. Trying to keep it under $1,500 a month if at all possible. I'm going to put 20%-25% down & have an excellent credit rating. If they don't approve me, I'll shrug my shoulders & move along.

avesraggiana | 22. Mai 2018

@jamesritterjr. Thanks for the update. That's excellent news! I knew Tesla Lending would come through for you.

ttt0927 | 22. Mai 2018

Tesla lending approved me with Wells Fargo @2.99%, 0 downpay. About $1500 per month for 72 months.

awbow22 | 28. Mai 2018

I was denied too the first time I leased. It was for a Model S70D at about $90k. It's a fraction of what I earn and I had a 750-775 credit score. It's a combination of credit history and if you've paid big loans/leases before. I went to lease a few days ago for an X100D at $120k and it went through no problem ¯\_(ツ)_/¯

avesraggiana | 29. Mai 2018

@awbow22. That's very clever, what you did at the end! I never use emoticons, emojis or text-lingo myself, but I admire your creativity.

jjgunn | 06. Juni 2018

Financing approved through Tesla Lending (Wells Fargo) 2.49% 72 months. Best I could find. 840 credit rating "only" offered 2.74% for 72 months - You can get 2.24% if you want to do the 60 month term. (Probably through June 30 as I expect interest rates to go up on July 1st). For me 60 months would be fine if it was a M3. Too much monthly for the more expensive MX.

My Model X arrives last week of June!

OMG what did I just do?!?! {jawdrop}

Middledawg | 06. Juni 2018

OP, why are you sharing sensitive personal credit information on a public board? Have you lost your mind? I would delete the post ASAP if I were you.

avesraggiana | 06. Juni 2018

@dmm1240. Why? Do we know who he or she really is? I don’t have the privilege of understanding your alarm.

Middledawg | 06. Juni 2018

You're right, you and I don't. Then, we aren't expert hackers.

Like with phishing calls, you give them your SS (sometimes the last 4 digits will do), email address, the name of the bank you do business with, a credit card #, a good hacker can then use the tidbits they've learned to backtrack and gain entry into your life. Once a hacker has a few pieces of key information (s)he can filet your life and rob you blind before you know it.

Maybe I'm overly cautious, but I'm sure glad I filled my Facebook info page with BS; and then cancelled my account months before the scandal broke. The only problem there was people were sending me happy birthday wishes months after my actual birthday.

I never volunteer any personal info beyond the city, state where I live in public settings like this.

Middledawg | 06. Juni 2018


We don't know the name, but look at what we do know about this poster.
1. Income
2. FICO score, actually what 2 ratings agencies have him listed (750, 693)
3. A web entity he did business with (Lightstream)
4. You know the last time he was 30 days late paying a bill
5. You know his total credit card balances
6. You know the two cars he has leased (Mercedes, WRX-ST1) and a Suzuki with an $18,000 note
7. You know Lightstream turned him down for a loan

If a hacker has access to any of these businesses, particularly Lightstream, find the account and obtaining more info wouldn't be that hard and he sure is leaving a lot of clues.

Triggerplz | 06. Juni 2018

@avesraggiana + 1

Vawlkus | 07. Juni 2018

That’s not enough to trace back dmm, speaking as an ex-IT tech the information shared is essentially useless. Hacking the user account would provide more useful information.

pjalan | 07. Juni 2018

@Vawlkus +1

inconel | 16. Juli 2019

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