Buying my first Tesla P100d! Is this a good deal?

[Markk993]

Different but related subject...
with the finance rates Tesla was offering at that time (1.49% i think) not sure why anyone would tie up that much cash... that is practically free money... purely from a business perspective i don't understand that... take that extra cash and invest it in something.. anything over a 1.49% ROI is money earned....

 

[MR Century]

I’ll keep you guys posted, thanks again gentlemen.

 

[CarlitoDoc]

If it sounds too good to be true ........ RUN !

 

[SammyJr.]

The owner will indeed be mailed the title.....not the bank....not you....not anybody else.
so, your only bet is to 1. forget about the deal or 2. trust the guy enough to believe he will give you the title after received 3. (i don't recommend this), check his mailbox daily and snap the title once it arrives from DMV

 

[MR Century]

Does this sound right?

 

[jbcarioca]

Does this sound right?

If your bank will verify the transaction it will be OK. I'd still inspect the car with your Tesla Service Center and proceed only with your bank handling the transaction.

 

[MR Century]

Great!! I’ll keep you guys posted.

 

[singal3]

It might be worthwhile to have an attorney involved in the transaction. It will probably cost a few hundred but would hopefully make it iron clad.

 

[jbcarioca]

It might be worthwhile to have an attorney involved in the transaction. It will probably cost a few hundred but would hopefully make it iron clad.

I'd wager having bank financing and the bank executing the deal will avoid a need for an attorney.

Of course the Tesla Sc inspection is still essential, and it might as well be an annual service, although that will cost, IIRC, $650, but it will give peace of mind.

 

[MR Century]

I just got off the phone with the service department and they told me it will cost me only $250 for the inspection

 

[jbcarioca]

I just got off the phone with the service department and they told me it will cost me only $250 for the inspection

good!

 

[jbcarioca]

BTW, if this works out you're getting a real bargain!

 

[singal3]

I'd wager having bank financing and the bank executing the deal will avoid a need for an attorney.

Of course the Tesla Sc inspection is still essential, and it might as well be an annual service, although that will cost, IIRC, $650, but it will give peace of mind.

Completely agree.

 

[NewTMSMan]

Why not write 2 checks; one to the buyer and one to the financing bank directly? In this case the bank should be able to send the title directly to you.

 

[Sunshine State]

Why not write 2 checks; one to the buyer and one to the financing bank directly? In this case the bank should be able to send the title directly to you.

It is very simple the bank doesn’t care who pays off a loan. They are still obligated to send the title to the owner of the vehicle and that is the name on the title unless it has another documented lien on it. All they know is the owner is the named person on the title. They don’t know if the titled owner still has interest in the vehicle and they would be in error to send it to anyone else.

 

[brkaus]

Why not write 2 checks; one to the buyer and one to the financing bank directly? In this case the bank should be able to send the title directly to you.

The current owners bank doesn't care who pays off the lien, just that the lien is paid off. Once it is paid off, the title returns to the primary owner.

If someone wants to test it, please send a check to TechCU to pay off my balance

It is wise to make sure the lien is getting paid, but it doesn't guarantee you the title.

Edit to add - the more complicated the transaction, the more possibility it is structured to confuse. I'd probably enlist the services of a lawyer if possible.

 

[jbcarioca]

The current owners bank doesn't care who pays off the lien, just that the lien is paid off. Once it is paid off, the title returns to the primary owner.

If someone wants to test it, please send a check to TechCU to pay off my balance

It is wise to make sure the lien is getting paid, but it doesn't guarantee you the title.

Edit to add - the more complicated the transaction, the more possibility it is structured to confuse. I'd probably enlist the services of a lawyer if possible.

I hate to argue against a lawyer but the OP’s bank is lending secured by the car. That bank will not risk an unsecured loan, it will perfect its’ own collateral. No need for a lawyer nor for multiple checks. Just do the deal as your bank directs.

 

[brkaus]

I hate to argue against a lawyer but the OP’s bank is lending secured by the car. That bank will not risk an unsecured loan, it will perfect its’ own collateral. No need for a lawyer nor for multiple checks. Just do the deal as your bank directs.

True. I think I missed that part.

 

[BrettS]

It is very simple the bank doesn’t care who pays off a loan. They are still obligated to send the title to the owner of the vehicle and that is the name on the title unless it has another documented lien on it. All they know is the owner is the named person on the title. They don’t know if the titled owner still has interest in the vehicle and they would be in error to send it to anyone else.

For what it’s worth, I essentially did this in Florida back in April. I bought a Model S from a private party who had a loan against the car. We met at my credit union, who was financing the car for me and signed a bunch of paperwork. He gave the credit union power of attorney to sign the title over to me and the credit union sent his bank a check for the payoff amount of the loan and cut him a check for the balance. A few weeks later his bank sent my CU the title, which they signed using their power of attorney and then gave me the title to take to the DMV so I could get the title transferred to my name and permenantly register the car (I had a temporary registration with paper tags until then).

It went pretty smoothly and the credit union didn’t have a problem with the fact that he had a lean on the car, but they did say the fact that he was able to come to the branch with me to sign the paperwork made it much easier. They said that if he wasn’t willing to come in it would still have been possible, but he still would have had to sign the power of attorney and other documents and have them notarized on his own before they would fund the loan.

 

[MR Century]

Seller is fine going with me to my local credit union and doesn’t mind driving 2 hours to meet me there. I’m actually going to see it tomorrow. I hope I can reschedule the inspection from Saturday to Friday. How much you think I can sell this car if I decided to sell it in a couple of months? Seller is giving me a car cover, charger and portable charger too. I’m hope I can sleep tonight. I’m so excited that I might not able to. Goodnight guys.