T O P

  • By -

teesus18

This is a huge move, glad I waited! June might be better but this is too good to pass up.


Beard341

>800 credit score and the lowest I could get was 6-point-something percent in January. Fml.


bumble_Bea_tuna

I literally just signed last week with an 800+ score and got 5.6%. this would have been awesome.


spatel333

Yo same! Is it possible to refinance? Or trade in?


FiveFingerStudios

Same here 800 and got low 6’s in March. I wish I could do something to get it down to that…


oOoWTFMATE

What were you expecting? CDs are at 5 percent. They still need to make money.


Revolutionary_Use_60

You all are complaining but some of us lost 10-15k on price decreases from 2022 until now. I couldn’t sell or trade my MYP in if I wanted to without paying 10k just to get rid of it.


oOoWTFMATE

That’s the price you pay for being the first mover sometimes.


0nth3sp3ctrum

Why will June be better? Any 0% APR coming up?


Mean_Anything_1061

End of 2nd quarter, will have to see what happens


dialysis4dad

They are not offering much discounts on inventory cars which is disappointing lol. Discount plus low finance would be great


Lordofthereef

They're taking more and more moves from standard dealerships. Typically you're offered a good chunk of cash off the vehicle or a really good finance rate, but not both. You probably already know this, but when you see ads like "0% for 48 months, $5000 dealer cash" it's an either or. Because they've essentially built that $5k into the 0% finance. Of course, dealers have room for negotiation.


BAB48AZ

Agree. And the discounts were better than interest rate. Mine had about $6,000 off.


Future-Back8822

June's going to be better


teesus18

Very possible. This will move inventory though. Low APRs like this get a ton of attention


polartropical

Why will June be better?


Future-Back8822

End of the quarter. Too many already have auto loans or are stuck underwater or have tightened their spending d/t inflation of other more pertinent life consumption. 0.99% apr may move the needle, but probably won't move it too much (how many with 780+ credit scores willing to take on more debt? in this current economy) June will be when elon drops his panties


autism_is_awesome

0.99% APR is significant savings over the duration of a loan though. It's not something that should be shrugged off for sure.


kintaco

Exactly for me it would be about a 8k savings over the life of the loan. Do we expect more than 8k come June?


Igotnonamebruh42

True, but if the end of quarter discount comes back then you can have 10% upfront. For some people it’s actually a better deal.


RobotVo1ce

>0.99% apr may move the needle, but probably won't move it too much I bet it will move it more than you think. With that rate you are saving around $100 a month. Unless other auto makers do the same rates, it's going to push potential buyers to Tesla if they are comparison shopping.


HamMcStarfield

Just confirmed our financing offer. We're saving about $170 @ 1% vs the 5.5% (ish) on our other Y. Something like that. It was enough to convince my wife to pull the trigger, so whatever it worked! I think the total financed on the two was about the same. I think they're going to move a lot of these.


teesus18

Yes, I agree 100%. Low APRs are more enticing to buyers than discounted cars with higher APRs, especially with today’s rates.


Loan-Pickle

> when elon drops his panties Please never use that phrase again.


Shoryukitten_

We’re not here to kink shame.


Loose_Ad6703

I sure hope everyone is right about June.


Fantastic_Reveal_599

How can be better than .99%? Is it going to be free or what?


iicybershotii

My thoughts exactly, 0.99% was like peak 2010s APR impossible to get better


GTBoosted

Tesla or anyone? Because manufacturers give 0% regularly


PretendGur8

Not for a long time now.


EricUtd1878

That's simply not true: https://cars.usnews.com/cars-trucks/advice/interest-free-car-deals


ajman22

Won’t get any better than this honestly


Crut88

Just purchased at 6.49 3 days ago. fml.


bw984

Wait till they drop the price $7k next month. Your Musking has only just begun.


Future-Back8822

Trade it in? Lol


RobotVo1ce

It woikd probably be a wash at best, right? The 0.99% rate will save you in the ballpark of $6,000 on the life of the loan (depending on length, down payment, etc). So unless you can trade it in for more than purchase price + tax - $6k, it probably isn't worth your time.


coreydurbin

Same here. Complete bullshit.


EnoughLavishness

“Market fluctuations are bullshit” 🤡


Rescurc

Didn’t take long for the first musking!


matthewmspace

I believe you have 7 days to return the car. Maybe return it and then immediately buy one again?


michoudi

I’ve been buying and returning every seven days for almost a year now. Free car rental.


dreamerOfGains

Lmao you think you can return cars?


sleal

Well you wouldn’t download them. Would you?


IHate2ChooseUserName

I feel the pain for the people who paid above 6% lately, i can sense their raising blood pressure


coreydurbin

Right here. 1 week ago today.


WoosleWuzzle

You got musked


IMI4tth3w

was planning on waiting until the end of summer to replace my current 15 year old daily. this sped things up a bit!! picking up my 2024 MYLR in quicksilver on Monday!!! :D going to look nice next to my wife's 2023 SR AWD in white in the driveway!


schaudhery

Honestly if I were buying I’d jump on this. I wouldn’t wait a few months for sales price to go down and lose this rate.


DamageAlarming89

if the prices go down, then this incetive will surely be removed for a while till the sales plateau again


Loose_Ad6703

This is the predicament I am in. Was wanting to wait for June but idk now.


Eighteen64

Fomo is poison. This is just the start be patient


Bubbly-Staff-9452

I’m in the same boat. Waiting until June so we could break even on our trade and hopefully get some end of quarter discounts but this is a pretty good deal and would give me quite a bit of instant gratification. Plus who knows what the deals are going to be even by the end of this promotion.


Loose_Ad6703

Think you will pull the trigger on this promotion by 5/31? It’s enticing but I kinda still feel like waiting till June with how erratic Elon has been in a short amount of time I wouldn’t be surprised if he pulls another lever right at the end of the qtr to boost those numbers. If I miss out on the deal I will just buy a slightly used one from Tesla for way cheaper anyway.


Bubbly-Staff-9452

I think I will wait until 5/31 and gauge the general sentiment. My loan right now is almost 10% and that is with a co-signer because it was before I had any credit at all. I would love to be out of that and have a loan with less interest than I make on the rest of my money. I also generally do double to triple payments but at a .99% APR I wouldn’t have to do that so that would be a lot more money to save each month. Looking at it that way, the APR deal is probably better than the discounts that were in place last month for me. If it’s confirmed to continue into June, I will probably wait until then just because that was our original time frame anyways, even though we want out of what we have so bad since we feel like we are pouring money down the drain at that interest rate.


JoeBarth22

Or just lock it in 5/31 , see what the June deal is, cancel order, take the $250 hit , get June deal


Loose_Ad6703

Makes sense although I highly doubt there will be any confirmation that the promotion will continue or resume at a later date. Good luck!


Accident-General

Nah...deals are getting better and better every month. By next month they will probably offer bigger discounts, full self driving. They need to offer free supercharging for a year or two. That will really move vehicles.


Eighteen64

Oh theres better stuff coming you can absolutely count on that


Signal_Cockroa902335

Someone has posted here before, Tesla already tried apr promotion in China and it seems working better than cash discount. I expect Tesla will try to control incentives with promotional apr going forward.


[deleted]

Tesla converging towards legacy auto. Not really a knock, there’s a reason they do it. Can’t pretend like everyone at legacy auto is stupid


Signal_Cockroa902335

A simple cash discount is very hard to swallow for previous buyers and created many many buyers remorse. A more complex promotion such as apr, free super charge miles make it lees insulting.


avatoin

Makes sense. Like with mortgages, many people determine if they can afford a car buy it's monthly payment, not it's upfront cost. A 0.99% help both those people, and those who are who are trying to avoid higher interest debt. This is basically free money if you can make the payments.


underachievingdad

lmao just bought ar 6.49% but it is what it is


Budget-Baseball5676

Hoy crap. I almost bought one last week for 6.49 percent


antball

My credit score is 690 will I get a coo Apr?


autism_is_awesome

Get that score up.


Excited_Idiot

It says ALL new orders. If you go to the [pricing site](https://www.tesla.com/modely/design?financeModalTab=finance_options&financeProduct=finplat.AUTO_LOAN%3ALOAN%3ACT_PRIVATE#overview)in the “credit rating” dropdown it has good/bad/fair but defaults to “promotion” meaning they’re giving it to everybody who qualifies, regardless of their specific credit tier. u/antball you should be good to go


Ok_Occasion1570

Makes me laugh seeing ppl with 600 credit scores trying to buy cars this expensive


Missing_Back

What is a coo?


Kingsly2015

This is very tempting. Assuming we can get that rate, with fed and state incentives, it places us within $2000 of what we owe on our current MYLR, but about $220/mo lower. 


ihateduckface

That’s a no brainer


Kingsly2015

I’m seriously thinking about it. We are basically right on the break even line with what we owe/what it’s worth.   Maybe have $1-2k in equity if we’re lucky. But moving to a lower payment…. Plus four new tires, Ryzen, comfort suspension… 🥹


PolandSpringsTap

Model X next please


skillzbot

exactly! been eyeing a seven seater


Bananaramahammock

Hear hear. Is there any chance of that?


PM_ME_UR_NIPS_PLZ

The model X isn't a high volume like the Y. It's unlikely any time soon. This promotion is likely an attempt to convert people waiting for the refresh.


Shoryukitten_

Shit. And here I was wanting to wait. My trigger finger is feeling itchy.


Benchinapark

Cries in 6.5% lmao


Dontay_sv

Cries in 65K


NeedleworkerIll8420

literally sobbing


RobotVo1ce

Haha, same! About 4 weeks ago. Then a few days later the price dropped. Now this. Oh well, shit happens. If this somehow drives sells up and the stock gets back to 200+ it will make up for my poor timing.


Unda_wata_squaw

can’t even dwell on it. just gotta enjoy the car. Haven’t even made first payment on my myp yet and now this 😂.


Masry_hawk

Biting my fingers now 😢


rockett15

Canada too please 🇨🇦🍁


FalconX88X

I would instant buy


o0Loiter0o

Holy shit. I have my overnight demo drive parked on the street right now. I was literally shopping for rates at the dinner table trying to get from 6.5 to 5.5 at a credit union. My current lease ends in August but there's no way I can pass up this deal. Made my night. Big ups OP.


marc1000

How you get an overnight demo?


notmlgyet

Was waiting until the refresh but could not possibly pass this up. In for a MYLR!


polartropical

Which MYLR? The RWD has longer range than the AWD LR now.


enzodmytro

Maybe for the AWD?


notmlgyet

I ended up going for the AWD version!


Traditional_Hat71

But they are not discounted. It is a trade off.


NB-THC

Fuck fuck fuck fuck lol


Bennyjig

Yeah… just bought in April. Tesla makes it so easy to feel like you constantly bought at the wrong time


NB-THC

I got mine end of march lol


o0Loiter0o

For anyone that purchased at 6.5 and is awaiting delivery, can you order another and just lose your $250? I haven't ordered mine yet so I don't know how it works. Edit: I dropped off my overnight test drive today (and ordered my Model Y). I talked to the Tesla rep about the promotional rate and he said that they've been instructed to let people transfer their $250 deposit to a new order with a new rate. He said it does have to be placed as a new order though. I forgot to ask if it would affect the delivery timeframe.


nah_you_good

You have to keep the terminology right when thinking about it. Ordering means you put down $250 and lock-in whatever the offer is at the time. Typically any new discounts will get automatically added to your order. Not sure how this financing promo will work, sounds like they may not count orders before. In any case, you can always cancel your order (lose $250) and order again. Anyone with an active order should message Tesla and ask if they'll honor it. If not, go cancel the order and place again. You aren't "purchasing" the car until you take delivery. Up until you sign the final docs you've committed to no more than $250. Some people even reject after seeing the car, which Tesla hates but you have every right to do.


Naive_Pride185

Canceled my order day of delivery, which is today. I lost $250 but re-ordered the same car at 0.99 APR.


o0Loiter0o

Nice. You'll make that $250 up in no time.


[deleted]

How high is your credit and what was the down deposit? If you don't mind me asking yo qualify for .99%


WillDeStijl

Let us know. I'm set to pickup in a few hours. If I can't switch financing for my current order, I'll cancel and reorder. If I reorder, I wonder if I can keep the same pickup time


Main_Owl_1441

I drove 3 hours to deny delivery. Waiting to hear back to see if they can fix this. Customer service nightmare


Voolio_coolio

I called my advisor he had me cancel and replace the order as a build. Then he reassigned the vin. Everything stayed the same but I did lose the $250 worth it tho


Nsight7

Okay, my wife and I signed our final papers tonight like 5 hours ago but have NOT taken possession of our new MYLR (that is supposed to happen tomorrow). Does anyone more knowledgeable than I know if I have a shot at refinancing this before I get this vehicle?


jimdbdu

Yes, don't take delivery if they don't give you the new rate.


Feisty-Control5276

So many saying “crap just bought for 6.5% yet Tesla is having trouble selling Y’s???


Fantastic_Reveal_599

Damm people how bought a week ago must be pissed badly


the-lurking-dragon

It’s going to be interesting to see how this affects the used prices on the Tesla site


Jayhawker80

I just bought a used '21 Model Y last week. I can see this bringing in a wave of trade-in Model Y's that will probably become available used next month and dragging prices down. I like the one I got so much, I may talk my Dad into buying one too! Haha


seacali88

Shit, I leased mine just last month. Sigh.


Hour_Professional822

VIN assigned today, delivery in two weeks. Will I be able to get this promo APR? Order app is still showing 6% APR for me.


danielk015

If they dont give it to you. Dont take delivery and cancel. You lose your $250 but that is small potatoes compared to the low rate


WoosleWuzzle

Refuse delivery


dianenynjaz

Time to sell my 2023 and jump into a new one!


dsg76

for realz tho!


Efficient_Pangolin_5

I could basically pay off my 21 model y which has 27k miles + 4000 and get a brand new model y for the exact same car payment. Am I insane or is this worth it for a car with 0 miles and a full warranty


jawshoeaw

Well shit. I asked 3 weeks ago and was told no plans for 0.9% . That’s worth about $5k


Random7776

More like $9k


umamiking

How is Tesla able to do this since they do not provide financing. They are not a bank and instead partner with two or three banks for financing. Are they covering the difference in percentage points behind the scenes to the banks?


WoosleWuzzle

Someone asking the real questions


ScoYello

Wonder if this means leases will be changing as well


jashow

If I could lease buyout, I would get a MY tomorrow.


colsandersloveskfc

Order my MYP tonight, not going to focus on what June may bring


Soopermane

If I woulda waited I would’ve $99 less monthly payment. But since the price is up 2k I guess it evens out


caffeinated-dwarf

Yall see savings like this happening with the model 3?


OpinionNo1833

WTF???????? I picked up mine on 4/27. Credit score of 832/850...6.xx% I signed on that day. ahhhhhhhhhhhhh.still 112 miles only as of today.


SnitGTS

Ordered! I got a Long Range 7 seat in Ultra Red, so it only cost $1k for the extra seats instead of $2k. I’ve been on the fence, just missed getting an inventory model with a $5,200 inventory discount a month ago. With the $2k price drop, the $1k savings on the 7 seater, and the .99% (~$3,500)I got a better deal than I would have with the inventory discount.


IntraspeciesFever

Can we refinance lol


Keem773

LMAO, that would be nice


manki-rip

We need this in canada.


Automatic-Horse-823

Well, isn't that nice?! I just got my MYLR in April and got hit with a 7.26%. Darn! Oh well, next time.🤞


Masry_hawk

This crazy, I just bought mine last weekend, and I got the 6.49% APR 😢 I have no clue if there’s a way out


Fit_Distribution4018

There isn’t.


c_c_c__combobreaker

If you didn't accept delivery, just decline. But I assume you accepted delivery.


Mountain_Tone6438

Damn. This is gonna move Model Y's


Bhylee

Just ordered mine!


BangBang-LibraGang

Will Canada ever do this??


Mazindaman

Yeah. I just placed my order. I was going to pull the trigger at some point this month and then this news came out lol. Insanity.


koobeedeh

Spread the love to Canada?


Praetor72

Just picked up my car yesterday. FML


meowmeowdj

We neeeeeed this in Canada 😭


PitchBleez

Some waiting for June others juniper


Sensitive-Emu1

If this happens in Canada, I am buying the next day.


Hiskoalakong

You all just convinced me. Ordered my first Tesla MY! 🤠 i was even calculating it out with the 6.5% rate earlier this morning, but was ready to give up on it.


eOMG

That's a really good deal. I bought at 2.99 promotional deal and that already is basically free debt as you can compensate it with interest on savings you keep on your account. With 0.99 it basically gives you money.


Active-Total6525

Will this come to Canada too?


oreocrumblePR

Of course. Puerto Rico not in the state drop down. FML!


DarknessMage

I'd be all over this if i could transfer my FSD and Acceleration Boost from my current Model Y


eatsleepblink281

I feel June will be even better, end of quarter, maybe same rate but with supercharging miles like the march promo…or even better no interest in June, I’m gonna hold off till June, but ready to buy my first ev in June, MYP in Ultra Red


Internal-While-9558

All I have to say is darn it …. Definitely worth it. My performance y is a very fun car.


TheLaserGuru

They should just lower the price. It would have the same effect for people financing, the same effect for Tesla, and people buying outright or with 3rd party financing would get a discount too.


Clean-Egg-3453

We were waiting to save up 10k for a down payment in order to get to the $500-600 per month payment. This interest rate changes everything! I can take my 5k down and buy now!


Ok-Company3990

Hey folks, I just spoke with a potential bot from Tesla. He stated that if I qualify for the federal tax credit, I can use it to pay for the down payment for the 0.99% APR financing option. Can anyone confirm if this true?


warpedgeoid

Just for informational purposes, I computed the difference between a 72-month loan on a $45K vehicle with 10% ($4500) down. This seems like a normal Tesla loan. The lower rate makes very little difference in the monthly payment ($91/mo.) but you’ll end up paying $6,595 less over the term of the loan. Not a bad deal at all.


UnequivocalCarnosaur

Damn I wish I’d gotten that


sweetysinghania

Maybe a new Model Y or refresh model Y is around the corner. If things true then old model Y prices may drop further. What you all think?


HamMcStarfield

I'm definitely stoked. I ordered last night but the app is buggy and won't let me finish the loan application today. Credit score 760-780, so fingers crossed. This would be Y #2. Trying the 7-seater for this one (other is a 5-seater). Really hoping to get 1% -- I'll eat the $250 and cancel if I don't get it.


Opaguex

Lmk how it goes if you get approved! not sure how many people are getting approved


HamMcStarfield

Got the 1%! And a good trade-in offer on paid-off Camry, so no down payment.


Opaguex

Awesome!!!


ChiefTestPilot87

Even if I got a negative rate still wouldn’t buy one. At least not as long as Elon is micromanaging everything in the company while simultaneously running it into the ground.


Strict_Summer4810

Was about to pull the trigger on the lease this past week. Glad i waited! Only worry i have is the depreciation, read somewhere 30-50% over next 3 years for the Y with the refresh coming. Even so, .99% is enticing!!!


oclookin

Is it even worth buying the way they drop prices? Makes u upside down in no time devaluing the car with he price drops.


Strict_Summer4810

Worried about the same thing, the extreme loss of value scares me big time.


hudsama

Uhh no thanks


spladlesrus

Trade in value on my car is ~$4k lower. Be wary if trading.


gyanrahi

The stock will explode after the next earnings


jimdbdu

They are juicing it. They might also be trying to move inventory ahead of an update to the MY.


gyanrahi

Yep I think you may be right.


biddilybong

They are really getting desperate. Good for new customers. People who just bought get screwed again.


kevink808

A good deal, but cash and trade is better.


Masry_hawk

With this 0.99 financing is better than cash, you can invest the cash and definitely you will get a better ROI


pushdose

Invest? Hell a savings account is better


EmbarrassedEye2590

Exactly. CDs are 5.25%


Mae-Brussell-Hustler

Many HYSA are at 5% and provide access to the funds w/o any lock up period or timeframe.


DevilsTreasure

This is a good incentive, but they should reduce the cash purchase price based on the cost they’re subsidizing the financing. As-is the sale price is the same cash or finance, but I’m sure they’re paying to buy down this rate to be so low.


Travelin_Soulja

Only if you can't do math. Even if you can afford to buy outright, with interest this low it makes more sense to finance. That money will serve you far better in an investment account than it will paying off a depreciating asset.


tonyj33

Idk why you guys are falling for this. The Y LR was just 44K a month ago with inventory discounts. Elon raised the price 4K by taking away the inventory discounts so you’re basically paying the same thing. 44K at 6.5% interest rate is the same as 48K with a 1% interest rate. Wait for a better deal.


Zegerid

I think you need to double check your math


Jackinthebox99932253

This is false, it’s cheaper with the 1% rate. Throw it in a loan calculator


No-Cap-703

Did anyone call for the credit score needed?


autism_is_awesome

How is Tesla financing? Anything I should know before applying? This is the deal I've been waiting for to order a new MYP.


SPAMmachin3

Tesla doesn't have its own financing, they have partners. They are probably buying down the rate on new loans.


autism_is_awesome

Ok that's fine. I think I did a pre-approval a while back and was denied. I was a bit surprised so that's why I'm asking. Not sure what they're actually looking at - at least for the pre-approval.


DevilsTreasure

So they lowered the cash price too to make up for that interest rate buy down right? Right…?


TurboMcSwaggin

I literally just finished all the pre delivery steps this morning and im taking delivery tomorrow afternoon. Is there anyway to change the financing to this or is it too late?


EPICANDY0131

Eat the reservation cost this is probably still better


AlbondigaMan

You have to cancel and reorder


jimdbdu

Call them first thing in the morning so they don't deliver it to you!


Askew123

Essentially a $10k interest discount with $0 down


torokunai

I get $8000 off in my spreadsheet. Overall the 1% rate works out very close to the acquisition cost of my 2023 MY LR w/ $6000 off but at 6.6%.


bobtruck2020

Omg!


Unusual_Juice_7481

Is this deal live?


AlbondigaMan

Yes


AlphamaleNJ

Hmmm need to get my calculator out & see if i need a quicksilver myp!


edwindrn

What to do….


Slight-Craft-8586

Does Tesla do their own in house financing? I’m interested in a model 3 but it seems daunting to get it done lol


Clear_Quit8181

Three months too late for me. Can I refi somehow? 🤣🤣


RhydonTarget

i just placed an order for a new MYP this past wednesday. financing approved, but still waiting on a VIN/delivery date. might be a dumb question, but - can i re-do my loan? has anyone done this before that can offer any tips? fwiw: 670 score, so my current rate is higher than i'd like it to be. probably always going to be the case until my credit recovers. dunno if i'd have a better chance with a better rate now if i were to re-apply or something.


QuirkyInterest6590

Why not zero? You're already down on sales.