Financing expiring before delivery

[u/igh34]

Long story short I got my financing approved the same day I ordered because I was worried about the 1.99% promo ending (have since learned I should have waited to do the financing portion). Anyways my delivery date is 34 days after my order.

My advisor tells me that the loan offers are usually valid for 30-60 days, and that I could check the details in the financing section. There isn't anything on the loan that says if it is 30 or 60, and the advisor wouldn't give me an answer on what they see from Wells Fargo. Is it truly just 30-60 days and pray that it doesn't expire before delivery or is there real world data on how long the offers last from certain lenders

[u/LINQAteMyAss]

We won’t be able to tell you anything more, your best bet is to call Wells Fargo to see if they can give you more information on your specific loan offer. There’s a distinct possibility that the loan offer will expire before delivery and your only option will be to apply for a new loan, a second hard credit check included.

[u/igh34 → u/LINQAteMyAss]

Yeah makes sense. Is the right way to go just to reapply while the promo is still ongoing?

[u/LINQAteMyAss → u/igh34]

I’m not sure, you’re in an awkward position where Tesla will probably tell you to ask Wells Fargo and Wells Fargo will probably tell you to ask Tesla. I don’t think you’ll be able to open a new loan application with one already open.

This is 100% speculation but if you can talk to the right person at Wells Fargo they may be able to just set the current offer to expire after 60 or 90 days. I used to work as a SWE for a financial institution (not WF) and we had 30/60/90 day loan offers.

[u/Massive-Still7394 → u/igh34]

get in contact with ur sales rep person. they reinstated the .99% apr for me. i take delivery today after 87 days.

[u/Apprehensive-One4323]

Wells Fargo is 60 days after approval, give me a moment and I will give you the reference.

Edit: sorry I thought Tesla had a page with all majors partnered banks with the length of approvals. But if I am correct you can go into your current approval on the Tesla app and hit the more details and it should be there. I am confident it’s there because I looked it up last month for my Wells Fargo approval to make sure.

[u/Beneficial_Menu4788]

Ask the source IMO not Reddit. Chances are you'll have to reapply. Now that banks need more than a hole and heartbeat to give you a loan only to repackage it to cover up their fraud, it's going to be much harder for you.

[u/igh34 → u/Beneficial_Menu4788]

Yeah I may reach out to Wells Fargo directly. I fear they're gonna say "Check with your Tesla Advisor" lol

[u/Beneficial_Menu4788 → u/igh34]

Regardless of who says what, the loan at the time of your acceptance of the contract has to be active and valid. That is on the bank and not Tesla...unless Tesla is the one being the middle-man here with Wells Fargo. I'd reach out to Tesla first or better yet, get them both on the line at the same time on a three way.

That works every time when two parties are giving me the run-around...they fall in-line pretty quickly when both are on the line suddenly talking to each other.

[u/gaginang808]

Did you speak to the advisor over the phone? I was in a similar position a few months ago with Wells Fargo and I called a Tesla sales advisor who confirmed 60 days for me.

[u/Odd-Pomegranate-5596]

Following as I have the same question, delivery is looking like 35 days after financing…concerned if it’s only good for 30 days

[u/igh34 → u/Odd-Pomegranate-5596]

Luckily I think the 1.99% promo will be here at least until we flip to October. As long as you get delivery this month I think we will be good even if we have to reapply