Credit Union asking for MSRP

[Favy]

Hello!

I'm from Houston, Texas and I have a question about financing my Model 3.

I thought I had all of my financing in order when all of a sudden my credit union asks me for the MSRP for my Model 3. It's the first Tesla they ever finance. Has anyone had this happen to them? If so, how do I get this to them?

Thank you in advance for your help!

 

[gjunky]

There is only one price for new Teslas. I would assume the MSRP = Sales Price

 

[mekberg]

The Order Agreement in your Tesla account should suffice.

 

[Favy]

I've sent them the purchase agreement, which has the price, but they are still requesting a MSRP. =/

 

[WileyTheMan]

There is only one price for new Teslas. I would assume the MSRP = Sales Price

Yup. MSRP is normally a sales term for dealerships, so in this context it's just the price of the car before tax, reg, etc.

 

[SabrToothSqrl]

Had to jump through several hoops on the first AND second Tesla w/PSECU...

Mine even wanted pictures of the "engine".

 

[Favy]

The Order Agreement in your Tesla account should suffice.

I'll download that and email to them. Thank you for the advice!!

 

[Lloyd]

Tesla is not like other dealerships (stealerships) where the sales price is whatever the salesperson can negotiate with the buyer. MSRP is the same as the sales price. There is no difference. Educate the credit union to be benefits of manufacturer direct.

 

[WileyTheMan]

I've sent them the purchase agreement, which has the price, but they are still requesting a MSRP. =/

Haha, hilarious. They just need to be educated in that there is no dealership involved. Sounds like you should really call them.

 

[gearchruncher]

It matters if they want MSRP before or after options. In Washington, we have Taxes based on the MSRP of the base vehicle, and it's unclear what this is on a Model 3, and if the SR vs LR is an "option" or the base car.

 

[McRat]

I've sent them the purchase agreement, which has the price, but they are still requesting a MSRP. =/

You can pay more than MSRP, less than MSRP, or MSRP for a car.
All Model 3's are sold for MSRP.

This is important because it covers their risk. Some cars are sold at more than MSRP, and they are not going to finance that portion.
Some will only finance a % of MSRP, so cars sold at a discount could have less down required.

Tesla has sold inventory cars for under MSRP, but not Model 3's.

This new Tesla is $9,400 under MSRP:

Inventory Search | Tesla

 

[Favy]

You can pay more than MSRP, less than MSRP, or MSRP for a car.
All Model 3's are sold for MSRP.

This is important because it covers their risk. Some cars are sold at more than MSRP, and they are not going to finance that portion.
Some will only finance a % of MSRP, so cars sold at a discount could have less down required.

Tesla has sold inventory cars for under MSRP, but not Model 3's.

This new Tesla is $9,400 under MSRP:

Inventory Search | Tesla

I just received an email basically stating everything everyone said. I'll have to try to educate them on this new process.

Thank you all for your support. I look forward to posting and helping anyone in need after I wrap this up!

 

[MistaEV]

You can pay more than MSRP, less than MSRP, or MSRP for a car.
All Model 3's are sold for MSRP.

This is important because it covers their risk. Some cars are sold at more than MSRP, and they are not going to finance that portion.
Some will only finance a % of MSRP, so cars sold at a discount could have less down required.

This is good info to know, thanks for sharing.

 

[Favy]

My credit union isn't able to finance the car because they are paying a loan in California, the MSRP fiasco, bla bla bla. I need to find a credit union in Houston, TX that has dealt with Tesla. I love my state, but we are ridiculously backwards in many ways!

Does anyone have any clues on where to start?

Also make sure that you have this figured out as soon as you get your email from Tesla, if you happen to live in a state that doesn't allow a maker to sell directly to the customer.

 

[MistaEV]

My credit union isn't able to finance the car because they are paying a loan in California, the MSRP fiasco, bla bla bla. I need to find a credit union in Houston, TX that has dealt with Tesla. I love my state, but we are ridiculously backwards in many ways!

Does anyone have any clues on where to start?

Also make sure that you have this figured out as soon as you get your email from Tesla, if you happen to live in a state that doesn't allow a maker to sell directly to the customer.

Are you a federal employee, contractor working for the federal government, or, do you live with anyone that fits that category? If so, NFCU would be able to help. You do have to be a member and open a savings account with $5 (I forget if they have a monthly/yearly deposit requirement as I have been a member for a LOOOOOOONG time).

 

[jsanford]

Agreed with Mista EV, find a federally-chartered credit union.

Strange. Fifteen years ago, hybrids were difficult to finance, then when Prius exploded onto the market, lenders were offering discounted rates for hybrids to attract the business. You’d think the industry would have learned from that.