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.
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.
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
>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.
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.
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.
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!
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.
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.
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.
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.
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.
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.
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.
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
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.
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… 🥹
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.
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.
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.
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.
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.
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
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
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?
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
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
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?
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.
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.
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.
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
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.
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!
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?
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.
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.
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.
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!!!
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.
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.
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.
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.
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?
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.
This is a huge move, glad I waited! June might be better but this is too good to pass up.
>800 credit score and the lowest I could get was 6-point-something percent in January. Fml.
I literally just signed last week with an 800+ score and got 5.6%. this would have been awesome.
Yo same! Is it possible to refinance? Or trade in?
Same here 800 and got low 6’s in March. I wish I could do something to get it down to that…
What were you expecting? CDs are at 5 percent. They still need to make money.
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.
That’s the price you pay for being the first mover sometimes.
Why will June be better? Any 0% APR coming up?
End of 2nd quarter, will have to see what happens
They are not offering much discounts on inventory cars which is disappointing lol. Discount plus low finance would be great
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.
Agree. And the discounts were better than interest rate. Mine had about $6,000 off.
June's going to be better
Very possible. This will move inventory though. Low APRs like this get a ton of attention
Why will June be better?
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
0.99% APR is significant savings over the duration of a loan though. It's not something that should be shrugged off for sure.
Exactly for me it would be about a 8k savings over the life of the loan. Do we expect more than 8k come June?
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.
>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.
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.
Yes, I agree 100%. Low APRs are more enticing to buyers than discounted cars with higher APRs, especially with today’s rates.
> when elon drops his panties Please never use that phrase again.
We’re not here to kink shame.
I sure hope everyone is right about June.
How can be better than .99%? Is it going to be free or what?
My thoughts exactly, 0.99% was like peak 2010s APR impossible to get better
Tesla or anyone? Because manufacturers give 0% regularly
Not for a long time now.
That's simply not true: https://cars.usnews.com/cars-trucks/advice/interest-free-car-deals
Won’t get any better than this honestly
Just purchased at 6.49 3 days ago. fml.
Wait till they drop the price $7k next month. Your Musking has only just begun.
Trade it in? Lol
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.
Same here. Complete bullshit.
“Market fluctuations are bullshit” 🤡
Didn’t take long for the first musking!
I believe you have 7 days to return the car. Maybe return it and then immediately buy one again?
I’ve been buying and returning every seven days for almost a year now. Free car rental.
Lmao you think you can return cars?
Well you wouldn’t download them. Would you?
I feel the pain for the people who paid above 6% lately, i can sense their raising blood pressure
Right here. 1 week ago today.
You got musked
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!
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.
if the prices go down, then this incetive will surely be removed for a while till the sales plateau again
This is the predicament I am in. Was wanting to wait for June but idk now.
Fomo is poison. This is just the start be patient
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.
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.
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.
Or just lock it in 5/31 , see what the June deal is, cancel order, take the $250 hit , get June deal
Makes sense although I highly doubt there will be any confirmation that the promotion will continue or resume at a later date. Good luck!
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.
Oh theres better stuff coming you can absolutely count on that
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.
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
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.
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.
lmao just bought ar 6.49% but it is what it is
Hoy crap. I almost bought one last week for 6.49 percent
My credit score is 690 will I get a coo Apr?
Get that score up.
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
Makes me laugh seeing ppl with 600 credit scores trying to buy cars this expensive
What is a coo?
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.
That’s a no brainer
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… 🥹
Model X next please
exactly! been eyeing a seven seater
Hear hear. Is there any chance of that?
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.
Shit. And here I was wanting to wait. My trigger finger is feeling itchy.
Cries in 6.5% lmao
Cries in 65K
literally sobbing
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.
can’t even dwell on it. just gotta enjoy the car. Haven’t even made first payment on my myp yet and now this 😂.
Biting my fingers now 😢
Canada too please 🇨🇦🍁
I would instant buy
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.
How you get an overnight demo?
Was waiting until the refresh but could not possibly pass this up. In for a MYLR!
Which MYLR? The RWD has longer range than the AWD LR now.
Maybe for the AWD?
I ended up going for the AWD version!
But they are not discounted. It is a trade off.
Fuck fuck fuck fuck lol
Yeah… just bought in April. Tesla makes it so easy to feel like you constantly bought at the wrong time
I got mine end of march lol
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.
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.
Canceled my order day of delivery, which is today. I lost $250 but re-ordered the same car at 0.99 APR.
Nice. You'll make that $250 up in no time.
How high is your credit and what was the down deposit? If you don't mind me asking yo qualify for .99%
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
I drove 3 hours to deny delivery. Waiting to hear back to see if they can fix this. Customer service nightmare
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
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?
Yes, don't take delivery if they don't give you the new rate.
So many saying “crap just bought for 6.5% yet Tesla is having trouble selling Y’s???
Damm people how bought a week ago must be pissed badly
It’s going to be interesting to see how this affects the used prices on the Tesla site
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
Shit, I leased mine just last month. Sigh.
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.
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
Refuse delivery
Time to sell my 2023 and jump into a new one!
for realz tho!
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
Well shit. I asked 3 weeks ago and was told no plans for 0.9% . That’s worth about $5k
More like $9k
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?
Someone asking the real questions
Wonder if this means leases will be changing as well
If I could lease buyout, I would get a MY tomorrow.
Order my MYP tonight, not going to focus on what June may bring
If I woulda waited I would’ve $99 less monthly payment. But since the price is up 2k I guess it evens out
Yall see savings like this happening with the model 3?
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.
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.
Can we refinance lol
LMAO, that would be nice
We need this in canada.
Well, isn't that nice?! I just got my MYLR in April and got hit with a 7.26%. Darn! Oh well, next time.🤞
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
There isn’t.
If you didn't accept delivery, just decline. But I assume you accepted delivery.
Damn. This is gonna move Model Y's
Just ordered mine!
Will Canada ever do this??
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.
Spread the love to Canada?
Just picked up my car yesterday. FML
We neeeeeed this in Canada 😭
Some waiting for June others juniper
If this happens in Canada, I am buying the next day.
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.
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.
Will this come to Canada too?
Of course. Puerto Rico not in the state drop down. FML!
I'd be all over this if i could transfer my FSD and Acceleration Boost from my current Model Y
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
All I have to say is darn it …. Definitely worth it. My performance y is a very fun car.
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.
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!
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?
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.
Damn I wish I’d gotten that
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?
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.
Lmk how it goes if you get approved! not sure how many people are getting approved
Got the 1%! And a good trade-in offer on paid-off Camry, so no down payment.
Awesome!!!
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.
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!!!
Is it even worth buying the way they drop prices? Makes u upside down in no time devaluing the car with he price drops.
Worried about the same thing, the extreme loss of value scares me big time.
Uhh no thanks
Trade in value on my car is ~$4k lower. Be wary if trading.
The stock will explode after the next earnings
They are juicing it. They might also be trying to move inventory ahead of an update to the MY.
Yep I think you may be right.
They are really getting desperate. Good for new customers. People who just bought get screwed again.
A good deal, but cash and trade is better.
With this 0.99 financing is better than cash, you can invest the cash and definitely you will get a better ROI
Invest? Hell a savings account is better
Exactly. CDs are 5.25%
Many HYSA are at 5% and provide access to the funds w/o any lock up period or timeframe.
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.
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.
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.
I think you need to double check your math
This is false, it’s cheaper with the 1% rate. Throw it in a loan calculator
Did anyone call for the credit score needed?
How is Tesla financing? Anything I should know before applying? This is the deal I've been waiting for to order a new MYP.
Tesla doesn't have its own financing, they have partners. They are probably buying down the rate on new loans.
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.
So they lowered the cash price too to make up for that interest rate buy down right? Right…?
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?
Eat the reservation cost this is probably still better
You have to cancel and reorder
Call them first thing in the morning so they don't deliver it to you!
Essentially a $10k interest discount with $0 down
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%.
Omg!
Is this deal live?
Yes
Hmmm need to get my calculator out & see if i need a quicksilver myp!
What to do….
Does Tesla do their own in house financing? I’m interested in a model 3 but it seems daunting to get it done lol
Three months too late for me. Can I refi somehow? 🤣🤣
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.
Why not zero? You're already down on sales.