Credit score is over 750, so we placed an order for a Model y Premium. When it came down to financing offer, Tesla's APR rose to 3.99%. How do you actually get approved for the adv

You gotta put down 15% to get the promotional rate .

I thought the deal was for 72mo. I could be wrong but I thought I read that somewhere.

That's fucked!

I think it’s only for 72 months. Also give it 24 hours. Tesla may match you with a lender that will offer the promo rate. I was shown 3.99 for about 6 hours.

They gave a locked rate, or at least it barely budged when we inputed a different down amount.

I'll wait. Thank you.

What sort of taxes and fees were added? You need to add that to the down payment.

Mine wasn't, I got approved yesterday and all but the longest number of months was 0.99%.

Call a sales rep. They will fix it for you

$5k down after taxes and fees, that's why, not enough down payment

Mine got approved yesterday within 10 seconds @ 0.99%, $0 down, over 4 years. It has a bank name next. I also traded my 3 against it.

I looked at one today and it was 0.99%

Mine showed 0% for all but the very longest term Model Y AWD.

That is incorrect. You just need to pay applicable taxes and fees upfront.

Promo is good on any term that’s not 84 months.

To add to the comment, if you don’t see a rate change, reach out to a sales advisor who should be able to fix it for you.

[deleted]

Show me in the terms and conditions where it says 15% down. I’ll be here waiting.

In my state, taxes and fees would come out to just shy of $4K of a Premium AWD. $5K down payment would cover that, thus qualifying OP for the promo.

I tested different down amounts, and it didn't ever go down to 0.99%. They now said they'll get back to me to see if their finance team can match my desired APR.

Thank you. I'll update here once we know. It's either wait it out or walk away at this point.

872$ monthly payments! That's almost half my rent! What kind of work do you do if you dont mind me asking? I wish I could afford that haha

Probably not enough down. Taxes need paid up front and It was 15% when I did it but the tax credit was going the heavy lifting for a lot of people previously

I personally would call tomorrow if the rate doesn’t change. It’s not the end of the quarter yet, but sales advisors can make some magic happen in order to move cars. If your score is 750+ with all three bureaus, you should have no issues securing 0.99%.

And if they won’t do it unless it’s the longer term, apply for the 72 month and then just pay it off in 60 months.

My payments 860 a month. I gamble for a living.

My terms did say minimum of 2% plus tax and fees down.

I waited 45 mins and Santander was 1.99, and so I went with them. Just yesterday.

OP has a $5K down. Using this as my example: I don’t know which state lives in, but the standard Premium AWD in my state for applicable taxes and fees is just shy of $4K. 2% down would be $980. Fees, taxes, and 2% down would be covered by that $5K.

Sometimes different rates come in from different babi don’t accept yet

https://imgur.com/a/WwKeR4V Tesla countered and sent our asking rate,  but in fine print it says rates are subject to change. This initially looked good, but in reality what happens if I accept? Does that mean they can change the APR afterwards?  Here's what is says under view details: "The provided rates are offered for your convenience to assist in estimating your monthly payments and do not guarantee your actual rate. These estimates are subject to change and contingent on credit approval, term selected, available interest rates, and other factors. Your approved financing terms will be valid for 30-60 days, depending on lender. Rates are subject to change upon approval expiration."

WTAF?

You have the up the down payment. Same thing happened to me, I had to play with the downpayment to get the lowest allowed with the 0.9%

You're good

I’m with them too after about 2 weeks of back and forth with Tesla… OP, don’t settle for the first quote you get (i Think you know this already)

We have careers, not jobs

I only placed 4k down and got 0% APR

I got 0.99% for a 26 Y Rear Wheel Premium.

You're good!

I got the .99% rate for 60 months from Chase I traded-in my 2018 Honda Pilot and used it as my down payment. Tesla gave me $24,500 for it.

You’re in a Tesla forum….. it’s either going to cost him $50k or that much a month.

How did you get 0%? Was that for a 2026? I only see 0.99% being advertised.

Bought one this weekend and was approved for .99 for 72 in under a minute. Model Y premium dual motor 820 credit score but with 20 years of history and decent income.

Satander did the same offer to me even my high credit score. I chat with a rep and they resubmitted my application and got 0.99 through another bank

36 months

You’re good* *pending subject to possible changes

lol the payments on our 2 Y’s add up to $2000/month

this same thing happened to me for the 2.49% promo and i messaged the chat bot and a few minutes later got a message that my rate changed to the promo rate

Your auto fico probably isn’t that strong. I was offered .99/72 by both chase and santander in 10 seconds. You may need to contact chase auto or santander. They may want more money down or some other concession.

2025. I did see an offer about a month ago for 2026 at 0% though.

I thought y was 0% and 3’s were 0.9%

This is not correct. The promo rate is eligible for terms from 36-72 months. You are not required to take the 72 month term.

Bigger down payment - in the fine print

whew that's a lot haha

THIS IS THE COMMENT. Either call the rep asap and see if they can work with your down payment or just raise it. I called and it was my down payment, Tesla website said I was fine with the $6000 I was putting down but actually needed $6400 down to get the promotional APR.

Thank you!!! I originally got a 1.99 and somehow after uploading my insurance 24 hours later a “view options” box popped up the .99 was hiding in that menu. Funny enough the 1.99 was with TD it still had the “Tesla Recommended” next to it even though JPM Chase was .99 right under it

0% for standard, 0.99% for premium, and 5.something for performance model Y’s

Reach out to your sales advisor. They can submit a ticket which will get them to reach out to the lender and request the promo rate.

I first got higher as well (1.99%) but then complained in the chat and they got me 2 other banks with 0.99% next day

Well clearly the financing/purchasing system needs an OTA update.

I had a similar situation when I ordered a S plaid a couple of weeks ago. It took a couple of days to sort out however I got the advertised best rate. It’s a combination of Credit score down payment 5% after taxes are calculated and term. Run your numbers again and note if your down payment changes based on your local sales tax. Not to worry it was an easy process to go through.

Might need to raise the down payment and have it be for 72 months. I just financed a Model 3 at 0.99% and had to put 3500 down which is less but might be the 72 month issue.

I got approved for .99 on a 26 model y awd premium with just 2k down but did have to make sure was 72 months

I put down 15k and only got 1.99 😵‍💫 score was only 710 at the time though.

I just had this same issue. Granted I don't have the best credit but I was trying to get the 3.99%. I told my concerns to the rep and they said I shouldn't have an issue getting the 3.99%. Fast forward to the credit app and I get APRs over 10% asking anywhere from 6k to 12k down. I told my rep I wanted the promotional APR and they told me they could put I note in but couldn't make the banks give me the 3.99%. I told the rep to cancel my order and refund my $250. I wish it would have worked out, I was supposed to pick up the Model Y yesterday.

I went through the same thing. Message them and they will change it.

Credit Karma 750 may not be what the bank sees… either way if you’re needing to finance it, why not just finance a used one for much less? Plenty HW4 model Y low miles for low 30k price all day. Maybe FSD transfer situation?

Wow. That monthly payment is high

So many nice cars out there that won’t fall apart on you.

I had the exact same post a week ago. https://www.reddit.com/r/TeslaModelY/s/sGRQCbOvp2

UPDATE: They confirmed the 0.99% rate with $5k down, and we accepted. Thank you everyone. May this post serve as a reminder that credit scores over 750 may not initially guarantee the promo rate of 0.99%. In our case, we had to message them back and forth before they gave us the advertised rate, even though they insisted the first offer was the best and only offer.

750 is sometimes not 750, depends on what credit reporting agency they are pulling. Freeze all your reports and only unfreeze when needed.

Where do you get a sales rep phone number?

I just ordered mine a few days ago, got 1.99% from Santander or 0.99% for TDBank (72month) which was one of the alternatives lenders the app gave me. Credit score is just at about 700. Financing with 10k down.

For me, i had to increase the amount of down payment for it to show 0.99% apr.

Higher down payment

Yeah I know OP makes it seem he calls sales rep and BAM 0.9% APR while us we just got fucked on terms like you said. Yeah I called my bank and they gave me the $250 back lol

[ Removed by Reddit ]

Always negotiate. Outstanding job.

That reply is all you need; go into dealer. They’re saying that as a fallback if credit score chgs. If mult credit pulls in same 30 day period only one will hit is my understanding.

EXACTLY!

Pretty standard messaging. When a lender runs your credit they are looking at more than your score. It is possible to have a 750+ while still having other non desirable factors; credit utilization, payment history, hard inquiries, debt to income ratio, etc.

So which bank?

0 down and .99%

Santander, but directly through Tesla.

I guess it depends on how high they want your credit score to be; yes 750 is good but lots of people have a score nearly 75 points higher and they (the lender) wants to lowest risk possible.

I've always gotten the advertised rate. I think you have to have better credit. I've purchased 9 teslas

I recently ordered a model 3 performance. I’m 21 and self employed so they stuck me with 9% (i don’t know what i expected😂) anyways, it was 9% for a few weeks up until the delivery date and i decided i didn’t want the car if it meant lighting money on fire with such a high interest rate so i messaged saying i wanted to cancel my order. 5 minutes later my phone blows up with notifications of lenders pulling my credit, then i’m approved for the 0.99%. Not sure what changed but im happy with my car!! https://preview.redd.it/gfz1gj1bwxng1.jpeg?width=4284&format=pjpg&auto=webp&s=afcdde7d5b24d6c05e07cf3359c79bc664c647ff

Much higher APR

i remember emailing some address to ask for a 1% APR and magically I got it

You walk away to get approved for a lower rate. That’s how negotiations work :)

It looked like the promotional rate got bumped by the finance manager, so he could make a couple of points on the back end.

That’s amazing guys, enjoy those good rates, you’re gonna need em

Same thing happened to me. I'd never heard of Santander before this either.

They're a big bank in Europe, so at least I recognized them!

Good to know. Thanks!

[removed]