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be careful selling your Tesla if financed with Alliant Credit Union

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Here is a cautionary tale for the many of us that financed a MS (or any Tesla) through Alliant Credit Union and plan on selling the car. I mention them specifically because for a while they were offering very good rates on Teslas so lots of people financed with them. The problem isn't actually with them, it's with their name. I shall briefly explain...

A few days ago I decided to finally sell my 2012 Model S. Carvana quoted me the best price so I decided to sell to them. I sent them 10 day payoff letter and other info, everything got approved, and they came and picked up the car, I signed some paperwork, everything went smoothly.

This morning I contacted Carvana to check on the status of the sale, and wanted to make sure payoff had been sent to Alliant. They gave me the fedex tracking number and I checked. It said "On FedEx vehicle for delivery SAN JOSE, CA."

My eyes nearly jumped out of their sockets. SAN JOSE?! But Alliant is located in Chicago!

I inquired further, and apparently they thought my bank was Alliance Credit Union in California. But my bank is Alliant Credit Union in Chicago. Apparently someone in Carvana had misread the last few letters and sent a 30k check to the wrong bank, even though they already had my payoff letter listing the correct bank.

Thankfully after a 30min phone call they cleared it up and will be sending a new check to the correct bank.

So the reason I am writing this thread, and the takeaway from all this, is due to the similarity in the names, your dealer might very well make the same mistake as Carvana did. So you should be careful and make absolutely sure they have correct bank name and address so your loan gets paid off.

TLDR:
Wrong address to send payoff check to:
Alliance Credit Union
Alliance Credit Union
3315 Almaden Expy, Suite 55
San Jose 95118

Correct address to send payoff check to:
Nationwide Digital Banking, Credit Cards, Loans | Alliant Credit Union
Alliant Credit Union
11545 W. Touhy Avenue
Chicago, IL 60666
 
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