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Trouble Between Tesla and Wells Fargo?

I received a letter today from Wells Fargo that states the following:
"After careful consideration, we approved the loan at different terms than were originally requested for the following reason(s):
INSUFFICIENT OPEN RECENT SATISFACTORY INSTALLMENTS
LIMITED CREDIT EXPERIENCE and/or
EXCESSIVE REVOLVING DEBT UTILIZATION,
Therefore, this counter offer is not accepted."

So the loan I arranged with Wells Fargo, thru TM, was not approved. Now my credit score report by WF in this letter is an amazing 851, and I am also a long time investor with Wells Fargo, having 7 figures in $$ invested with them.

When TM helped us complete the sale on December 31, they told me my WF loan was approved at 2.99%, and sent me an email confirming this rate.

So here I sit with my car delivered last week, papers signed with TM on Dec 31, 2012, but apparently the loan deal between TM and WF is no more. I guess I got my Model S for $35,000 (my $5,000 reservation deposite and the $30k check we wrote TM at delivery for the difference between the "previously accepted loan" amount).

Anyone else have this experience or receive a similar letter?

What are the different terms? It sounds to me like it just might be a clerical error, since Tesla wouldn't have delivered the car without receiving the money from Wells Fargo.

We just talked to Wells Fargo. The rep said they could not give the 2.99, but would not tell us what terms they offered TM. I have to wait until tomorrow to follow up with TM and find out what we do now.

I have seen others here reference Pen Federal and 0.9%, and I would assume with my credit score that I would certainly qualify. Any thoughts or concerns about Pen Fed I should know?

Contact your private banker and have them fix it for you. I agree with gregv64 that it sounds like a clerical error with your scores and funds invested with the bank. I understand that the underwriters at Wells have been a bit overwhelmed of late.

I would also suggest that you look at your credit report to see if something is not correct....

My credit report is correct, as last year I applied for a loan for something else, and it was 844 then. A perfect credit score is 877. The loan agent said my wife and I have the highest score she's ever seen.

I will follow up with our bank tomorrow, but need to ask TM first what is up with this rejection.

PenFed was great. They have the same rate for new purchase or Refi. I completed everything online and they were able to Fedex the check to me for Saturday delivery since I was one of the end of the year rush direct deliveries. (They even offered Gap insurance for $350 or some other minuscule amount.)

Thanks NJ7065. I will check them out.

Yes, PenFed is the way to go - 1.49% for 60 months. Everything was done online and the blank check arrived in couple days via regular postal mail.

I recieved the same letter a day before I picked up my car at the service center
I also called Wells Fargo and was told that 2.99 wasn't ok'd but 3.29 was. I just went with it
since I only financed 24k. By the way, my DS in Chicago, Lee Holycross was just great. The best car
purchase experience I've had.

I'm adding that the PenFed loan has no prepayment penalty either, so when you're ready for that new Model S in three years you're just going to pay the interest due that month plus the remaining principal. That's as good as it gets and makes the 60-month term a no-brainer.

Sounds like they want you to give your money to someone else.

It sounds more like they're incompetent boobs.


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