Forums

Order Payment for Tesla Model 3. What if I don't get approved or don't like my interest rate?

Order Payment for Tesla Model 3. What if I don't get approved or don't like my interest rate?

Hello, first time poster here.

I am considering to order a new Model 3. I will finance it and I was thinking about putting $1000-$2000 down payment.
So, I notice that without paying this $2500 order payment, I can't even proceed. I understand that this is a nonrefundable payment and goes towards the total cost of the vehicle. So, in this case, I am actually putting $2500 down payment at the least which I am okay with. Let me know please if I am wrong up until this point.

BUT, what if I don't get approved (not a real concern) or what if I don't like the interest rate I am being offered?

Do they still get to keep the order payment of $2500?

Thanks

Tuning In | February 12, 2019

Tesla doesn’t give the best rates anyhow. Go get prequalified elsewhere prior to ordering the car.

M3phan | February 13, 2019

And try a local credit union. They typically have better rates than a traditional bank.

72echo | February 13, 2019

Tesla will refund your deposit. Just ask. They don't play that game. After buying a MS, MX and a 3 I ordered a P3 and then changed my mind (wife actually changed it). Tesla refunded the $2500 deposit. The car was ready to be delivered when I cancelled.

To compare rates contact Alliant CU they will quote quickly and with little hassle.

richardls | February 13, 2019

There are other threads with links to various rates to help you shop for rates (I remember a Google Sheet someone was maintaining). Tesla's rates typically are a bit higher. If someone ends up not getting a rate they like or unable to qualify for financing, they can cancel the order and get their deposit back.

Always happy to help potential owners get the best deal.

richardls | February 13, 2019

Found the link for you: http://bit.ly/TeslaFinancing

M3BlueGeorgia | February 13, 2019

Yep, setup your financing first, if that's your worry.

Of course, if you have more than a 60 day gap between ordering and delivery, the rates might go up if general interest rates increase, but you'll understand the relative impact on you.

Zztops | February 13, 2019

Tesla will also match any better offer for financing if reported within 7 days of your original approval with them, or delivery of your vehicle.

Mike UpNorth | February 13, 2019

Regarding the $2500.....If you qualify for a loan greater then the purchase price minus the $2500 you'll get some of that deposit back....So you won't need to put $2500 down if you qualify for a loan that only requires ~$1000 down.

kcheng | February 13, 2019

Should be an interest rate thread over at teslamotorsclub.com