Credit union and down payment question

[merc65fd]

I searched and couldn't find the answer for my question.

I applied for financing at my credit union and on the application it asked for the amount of the car. never asked anything about the down payment. They told me to pay the down payment to tesla directly which is fine. I wasn't really sure what amount to put on the loan application so I just put $69,000 expecting the car with tax, which is added in to the car price in Illinois, to be about $75,000 give or take. I was planning on putting 8k-10k down. but I put 69,000 in loan app not wanting to come up short. What exactly happens when I get a vin. Will I have the opportunity to tell credit union what Im putting down and they write check for the rest? or are they going to pay the 69k I put on application and Tesla will tell me the difference I owe as down payment? Thank for any info.

 

[jjrandorin]

I searched and couldn't find the answer for my question.

I applied for financing at my credit union and on the application it asked for the amount of the car. never asked anything about the down payment. They told me to pay the down payment to tesla directly which is fine. I wasn't really sure what amount to put on the loan application so I just put $69,000 expecting the car with tax, which is added in to the car price in Illinois, to be about $75,000 give or take. I was planning on putting 8k-10k down. but I put 69,000 in loan app not wanting to come up short. What exactly happens when I get a vin. Will I have the opportunity to tell credit union what Im putting down and they write check for the rest? or are they going to pay the 69k I put on application and Tesla will tell me the difference I owe as down payment? Thank for any info.

Yes you will be able to finalize it when you get a vin number and tesla issues you a Motor Vehicle Purchase Agreement (MVPA). That document will list the cost down to the penny. When you get assigned a vin, you can tell tesla how much you want to put down, and they will issue you a MVPA with that amount included in there and deducted from the total.

The balance would be what you finance with your outside financing. My credit union (navy federal credit union) actually issues a bank check, with a "not to exceed" number on it and the person borrowing the money fills it out like a check (that also has a spot for the VIN of the car.

Some other financial institutions do it differently, but in all cases you will tell tesla your down payment, they will modify your MVPA to include your down payment and show a balance, then you pay for the balance with your other financing.

 

[merc65fd]

Yes you will be able to finalize it when you get a vin number and tesla issues you a Motor Vehicle Purchase Agreement (MVPA). That document will list the cost down to the penny. When you get assigned a vin, you can tell tesla how much you want to put down, and they will issue you a MVPA with that amount included in there and deducted from the total.

The balance would be what you finance with your outside financing. My credit union (navy federal credit union) actually issues a bank check, with a "not to exceed" number on it and the person borrowing the money fills it out like a check (that also has a spot for the VIN of the car.

Some other financial institutions do it differently, but in all cases you will tell tesla your down payment, they will modify your MVPA to include your down payment and show a balance, then you pay for the balance with your other financing.

Thanks. That makes a lot of sense. having it currently set to cash there would be no reason for a down payment in Tesla's mind. thanks for clearing that up!

 

[merc65fd]

Yes you will be able to finalize it when you get a vin number and tesla issues you a Motor Vehicle Purchase Agreement (MVPA). That document will list the cost down to the penny. When you get assigned a vin, you can tell tesla how much you want to put down, and they will issue you a MVPA with that amount included in there and deducted from the total.

The balance would be what you finance with your outside financing. My credit union (navy federal credit union) actually issues a bank check, with a "not to exceed" number on it and the person borrowing the money fills it out like a check (that also has a spot for the VIN of the car.

Some other financial institutions do it differently, but in all cases you will tell tesla your down payment, they will modify your MVPA to include your down payment and show a balance, then you pay for the balance with your other financing.

I was looking at the app where I would change from cash to 3rd party financing and it asks for amount financed but not the down payment amount. Am I correct to assume after you get the MVPA I would deduct the amount I want to put down and then write the balance in the to be financed box and the The down payment would be the difference. opposed to actually telling Tesla what the down payment is? Also wondering if I could fill that out now using the price details in the app (not sure how accurate they are)

 

[jjrandorin]

I was looking at the app where I would change from cash to 3rd party financing and it asks for amount financed but not the down payment amount. Am I correct to assume after you get the MVPA I would deduct the amount I want to put down and then write the balance in the to be financed box and the The down payment would be the difference. opposed to actually telling Tesla what the down payment is? Also wondering if I could fill that out now using the price details in the app (not sure how accurate they are)

I have done it twice (once in 2018 when I got my model 3 and once in march this year when I got my wifes model Y). In both cases, what I did was simply reply to the text message I got when my vin was assigned, that was asking me to schedule delivery, with the following:

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Hi, I have decided I will be financing the car with my credit union instead of paying cash. I will be financing with navy federal credit union, and will be putting XX,XXX down payment. Can you correct my MVPA with those numbers and send it to me?

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I had cash in there first, like you mention you do, and like I generally recommend everyone do until they get their vin because your financing may expire. That was before this time of rising rates though, so it might be good to get an approval if you can (but still tell tesla cash till you get your mvpa).