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?
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