3rd party loan process? Tips?

[Huncowboy]

We have a VIN and an EDD in around 2 weeks from now. I got the loan approved from my credit union at a better rate (3.08%) than the current 4.49% for 60 months by Tesla. So I am going with them.

Knowing how things go with Tesla, I figured I would ask. What hiccups to expect when you bring your bank? My bank is telling me they will mail a check to Tesla or to me. In the app the "Final Payment" task shows "Complete". Amount Due is zero. Obviously wrong, as I have not paid yet. Probably because the order is set to "cash".

I figure we need to make payment (so the check must clear) prior actual delivery. I cannot just show up with a check, the day of delivery, and expect to also drive it off the lot. So, can I just have my bank mail it to Tesla? Should I bring it in in person? It seams Tesla wants a wire. My service advisor is out of the office.

I know you should not pay prior accepting the car, but at this point I am ready to just take it even if it will have a ton of issues. Unless, something really extreme is going on. Like major damage.

 

[imsachin]

I just took delivery and had absolutely no issues with third party financing. My CU sent a check, I took that, my share as a certified check and handed them over at delivery, and picked up my Mx.

 

[RoBoRaT]

Brin

We have a VIN and an EDD in around 2 weeks from now. I got the loan approved from my credit union at a better rate (3.08%) than the current 4.49% for 60 months by Tesla. So I am going with them.

Knowing how things go with Tesla, I figured I would ask. What hiccups to expect when you bring your bank? My bank is telling me they will mail a check to Tesla or to me. In the app the "Final Payment" task shows "Complete". Amount Due is zero. Obviously wrong, as I have not paid yet. Probably because the order is set to "cash".

I figure we need to make payment (so the check must clear) prior actual delivery. I cannot just show up with a check, the day of delivery, and expect to also drive it off the lot. So, can I just have my bank mail it to Tesla? Should I bring it in in person? It seams Tesla wants a wire. My service advisor is out of the office.

I know you should not pay prior accepting the car, but at this point I am ready to just take it even if it will have a ton of issues. Unless, something really extreme is going on. Like major damage

Inform Tesla you are financing X amount, and pay the rest (the rest coz you probably don't know the details until you get an MVPA).

Bring your bank's loan check in case you have to reject the car for reason - it is PITA to reverse wired payment.

I usually bring cashiers check for anything excess of financed.

 

[Huncowboy]

Ohh so you can just walk in with a certified check like that? Ohh wow. Cool! Thanks for the replies!

 

[imsachin]

Exactly the reason I brought checks. I didn’t want to deal with reversing payments and the horror stories.

 

[jjrandorin]

I figure we need to make payment (so the check must clear) prior actual delivery. I cannot just show up with a check, the day of delivery, and expect to also drive it off the lot

A couple of other people replied already, but in most states you actually can show up with a check (or checks) and leave with the car. You just have to tell tesla you "changed your mind and will be financing the car" by replying to the text you get with the assigned vin, when they send it.

They will want to know with whom (so they can put that on the MVPA), and how much you are financing vs down payment. You tell them, they correct the MVPA and issue a new one, you get a check from your bank for the financed amount with whatever process your bank does that, and get a cashiers check for your portion of the down payment.

At least, the above is what I did.

Some people report stuff like combining their down payment amount with the check from their bank, etc. You just want tesla to know about your outside financing, but you dont need to tell them until you have a vin and they are trying to schedule delivery. You just need to be able to move fast with your bank / credit union.

 

[shingles]

Ohh so you can just walk in with a certified check like that? Ohh wow. Cool! Thanks for the replies!

You need to ask your local Delivery Center. In Texas, they will NOT allow you to walk in with a check. The reason is Tesla cannot technically sell cars in Texas, so the car has to be fully paid for BEFORE they can get it to you. I had to get my Credit Union to mail off the check and make the final payment (down payment) on the app first.

As for tips: they have been emailing and texting me constantly about what I need to do and by when. Just follow their instructions and you should be fine.

 

[jjrandorin]

You need to ask your local Delivery Center. In Texas, they will NOT allow you to walk in with a check. The reason is Tesla cannot technically sell cars in Texas, so the car has to be fully paid for BEFORE they can get it to you. I had to get my Credit Union to mail off the check and make the final payment (down payment) on the app first.

As for tips: they have been emailing and texting me constantly about what I need to do and by when. Just follow their instructions and you should be fine.

Yeah, Texas (and other states which still outlaw direct vehicle sales by manufacturers) are different. In those states, you are actually being sold the car in another state, then the car you already own is being delivered to you. Even if its made there in Texas, the car isnt sold to you there.

 

[mylu]

We have a VIN and an EDD in around 2 weeks from now. I got the loan approved from my credit union at a better rate (3.08%) than the current 4.49% for 60 months by Tesla. So I am going with them.

Knowing how things go with Tesla, I figured I would ask. What hiccups to expect when you bring your bank? My bank is telling me they will mail a check to Tesla or to me. In the app the "Final Payment" task shows "Complete". Amount Due is zero. Obviously wrong, as I have not paid yet. Probably because the order is set to "cash".

I figure we need to make payment (so the check must clear) prior actual delivery. I cannot just show up with a check, the day of delivery, and expect to also drive it off the lot. So, can I just have my bank mail it to Tesla? Should I bring it in in person? It seams Tesla wants a wire. My service advisor is out of the office.

I know you should not pay prior accepting the car, but at this point I am ready to just take it even if it will have a ton of issues. Unless, something really extreme is going on. Like major damage.

I had multiple hickups, mainly because my local credit union was picky and had very little tesla exposure. Requesting for specific documents, I was pretty much acting as a middle man between tesla and the credit union. my delivery was pushed back over a week and because it was near the end of quarter tesla threatened to assign my car to someone else. but alas I was able to get all parties happy at the last second and got it delivered the last day of the quarter. In the end it was worth it. i got a 2.24% at 60 month rate, vs the tesla rate which i think was around 4% at the time

 

[Huncowboy]

I had multiple hickups, mainly because my local credit union was picky and had very little tesla exposure. Requesting for specific documents, I was pretty much acting as a middle man between tesla and the credit union. my delivery was pushed back over a week and because it was near the end of quarter tesla threatened to assign my car to someone else. but alas I was able to get all parties happy at the last second and got it delivered the last day of the quarter. In the end it was worth it. i got a 2.24% at 60 month rate, vs the tesla rate which i think was around 4% at the time

Mine is a big credit union (DCCU). They have some relationship with Tesla. Finally, yesterday I got a call from Tesla and we went over the details. I will be able to walk in with a check as long I can send them a photo of it two days prior. So far the only problem I ran into was that Tesla gave me 3 different final numbers to pay. This last one hopefully will work.

 

[imsachin]

That is weird...I think we have it easy in NJ. No Sales tax for EVs, and I transferred plates. The Final MVPA documented everything well, and clearly had the amount that was due. My CU asked for MVPA and cut the check.

 

[BigAirHarper]

Mine is a big credit union (DCCU). They have some relationship with Tesla. Finally, yesterday I got a call from Tesla and we went over the details. I will be able to walk in with a check as long I can send them a photo of it two days prior. So far the only problem I ran into was that Tesla gave me 3 different final numbers to pay. This last one hopefully will work.

Is DCCU Delta Community Credit Union ?

anyone beating 3% out here?

 

[bingoshado]

MY CU is asking for an order agreement with the VIN, and Tesla has yet to provide one. Anyone have this issue? They won't accept the screen shot of the VIN on the Tesla home page

 

[DCGOO]

MY CU is asking for an order agreement with the VIN, and Tesla has yet to provide one. Anyone have this issue? They won't accept the screen shot of the VIN on the Tesla home page

You won't get that until a few days before delivery, at least I did not. But I did not finance the purchase.

 

[shingles]

You can call and they can generate one for you.

 

[Prairie]

Whoever is your service advisor is supposed to get you this. I had to call the main Tesla number to have them contact my service advisor and then he text msg me. I have yet to speak to him in person over the phone. Only text. Once he realizes you have a VIN he is likely to be helpful in moving the paperwork and payment.