After delivery, how can I review and change the loan payment details?

[honor_the_driv]

Two weeks ago I took delivery of a Model Y. I financed via Tesla and remember setting up my checking account info for the initial down payment but I don't remember being asked to confirm the payment details for the monthly payments, e.g. what if I wanted the monthly payments to come from a different account or if I wanted to pay down the principle faster?

Yesterday I got a letter from the bank underwriting the load mentioning that the interest rate on the load dropped a tiny amount. At the end of the latter is says that If my account has been set up for recurring ACH payments I will need to go online and reset the payments amount based on the new terms or submit the updated request in writing.

So my question is, how the heck do I do that? I've gone through the Tesla app and the website and can't find anywhere to review or modify monthly payment information.

 

[siriuszero]

Whatever you set up for down payment direct for Tesla will not carry over to the bank. To view and change your payment and set up external payment accounts, pay extra, autopay, etc you’ll need to set up an online account with your lender, not through Tesla as they merely facilitate the loan but don’t hold it. If you’re not sure who the bank is, it should be in your MVPA under line 5 “Financed Amount: (Bank name here)”

Might take a few weeks before you can set up the account online. You usually need to wait for a welcome packet from the bank that will have your account number on it.

 

[mbonnie]

I purchased a vehicle about 5 - 6 weeks ago. I have been unable to speak with anyone since then regarding the lender, payments, documents, etc.
I thought the loan was through TD Bank but they also have no way to actually speak with anyone......and their automated system does not recognize my SSN or phone number. I have purchased 4 vehicles from Tesla and this recent purchase has been the most frustrating experience. It is beyond poor
customer service. The only way I was able to resolve all the sales and delivery hurdles was to actually drive to the location and corner someone in the sales department.

I have sent at least 6 texts or emails to resolve this problem. I suppose I will find out who the lender is when they show up to repossess the vehicle?

 

[siriuszero]

I assume you’ve taken delivery already? Check your paperwork and look at the LAW contract/Retail Installment contract. The lender should be called out at the bottom: “Seller assigns its interest in this contract to:”

 

[mbonnie]

I’ve looked at all the documents in my Tesla account. The purchase agreement doesn’t reference a loan. I even sent a message to the service department and asked them to have someone in sales call me. I have a good relationship w/the service department and trust them. They responded that they “reached out” to Sales. That was 8 hours ago.

With everything going paperless and such a bumpy process for sales and delivery, I wouldn’t be surprised if the paperwork is incorrect and the loan documents are misapplied/missing.

But the inability to reach anyone by telephone over the past 6 weeks is unacceptable. Tesla’s vehicles are so reliable (4 purchased in 11 years) that the poor customer service at the front end hadn’t hurt them - YET. As soon as other manufacturers get their acts together (5years?) buyers will remember.

 

[siriuszero]

Interesting. The MVPA should also note the lender on line 5D under “Financed Amount”.

Sounds like a SNAFU situation for sure. Say what you will about car dealerships, but I always knew there was an actual finance person there who knew the paperwork and knew what was going on. Let us know what happens when you finally get a hold of someone.

 

[mbonnie]

Interesting. The MVPA should also note the lender on line 5D under “Financed Amount”.

Sounds like a SNAFU situation for sure. Say what you will about car dealerships, but I always knew there was an actual finance person there who knew the paperwork and knew what was going on. Let us know what happens when you finally get a hold of someone.

R

Interesting. The MVPA should also note the lender on line 5D under “Financed Amount”.

Sounds like a SNAFU situation for sure. Say what you will about car dealerships, but I always knew there was an actual finance person there who knew the paperwork and knew what was going on. Let us know what happens when you finally get a hold of someone.

thanks for looking over my shoulder…..you’ve arrived at the same conclusion as I have. I’ve given up on getting in touch with anyone. I’ll repost when I eventually hear from someone - probably the bank after they realize there have been no payments.

I imagine I’m going to face difficulties w/DMV and other government agencies at some point.

 

[Prodock]

R

thanks for looking over my shoulder…..you’ve arrived at the same conclusion as I have. I’ve given up on getting in touch with anyone. I’ll repost when I eventually hear from someone - probably the bank after they realize there have been no payments.

I imagine I’m going to face difficulties w/DMV and other government agencies at some point.

Did you ever figure it out?

 

[honor_the_driv]

Did you ever figure it out?

Eventually I was contacted by the bank that the loan is with, Santander. After that, I was able to log in on their website to see the details of the loan.

 

[TesLEEZ]

Mine was through Tesla but with Wells Fargo. I recieved mail from them a few weeks later where I could set up an account on their website. You can set up payment there.

 

[Prodock]

Eventually I was contacted by the bank that the loan is with, Santander. After that, I was able to log in on their website to see the details of the loan.

Thanks. I got an email from Santander but never heard of them and it doesn’t say much so I deleted it. I’ll look at it again.