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Credit Union will not accept MVPA to fund my loan

Discussion in 'Model S: Ordering, Production, Delivery' started by youngeli, May 27, 2016.

  1. youngeli

    youngeli Member

    Joined:
    Mar 6, 2016
    Messages:
    8
    Location:
    Long Island, NY
    I'm having a major issue with my credit union (Bethpage FCU, in New York) and I'm looking for advice. I am supposed to take delivery of my CPO car tomorrow morning, and I went to the credit union this afternoon to pick up my check and found out that they will not accept the MVPA from Tesla. They do not like the format of the document, as it looks "weird" and they've "never seen anything that looks like it before". Their biggest issues are that the document does not say "Bill of Sale" at the top, it does not have signature lines on the bottom of the page (they are a few pages further into the document), and it doesn't have "the dealer's letterhead". Furthermore, the page numbers that print out on the document say "Page 1 of 1" for every page, making it look like the page that is signed is totally unrelated to the main page of the MVPA which contains the actual price, tax, etc.

    Has anyone run into this sort of issue, and does anyone have any advice? I've been in touch with my DS numerous times this afternoon and evening and basically this is all that Tesla provides; they cannot come up with any other documents that would satisfy my credit union's requirements. The requirements just state a "Signed Bill of Sale", which I feel I am providing with the signed MVPA. I am going tomorrow morning to try to plead my case with the assistant branch manager.
     
  2. Kickin

    Kickin Member

    Joined:
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    Location:
    Camillus, NY
    Not sure if this helps, but my credit union worked directly with the DS, never had any issues, maybe offer that to your CU :). And also, my CU never funded a car loan that large and never knew what a Tesla even was... Their only stipulation for funding the loan was a ride after I got it :)
     
  3. youngeli

    youngeli Member

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    Location:
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    I did offer to put the DS on the phone with anyone from the branch that would speak with him; no one wanted to speak with him. I got the feeling that they were looking for excuses not to cut the check. They kept saying the loan is "very large" (it's not) and they want to make sure everything is perfect before they cut the check. I'm guessing they were just passing the responsibility onto the next person. I just hope I can get it resolved quickly so I can still take delivery tomorrow.
     
  4. Kickin

    Kickin Member

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    Location:
    Camillus, NY
    Wow, yeah, good luck to you, you are right down to the wire!
     
  5. evp

    evp Nerd

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    Location:
    Arvada, CO
    Yeah, I had a few small problems with the CU. They're used to talking to dealerships about all these paperwork issues. Gave several of them demo rides after it was all signed off -- fun!
     
  6. SageBrush

    SageBrush Active Member

    Joined:
    May 7, 2015
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    Colorado
    Sounds like the right move.

    If that person has never heard of Tesla, I would not waste any more of my time beyond closing my accounts. At least that way, the next person who comes in will cause an alarm to ring in the clerk's skull.
     
  7. valkeriefire

    valkeriefire Member

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    Mar 31, 2016
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    Location:
    Las Vegas
    I'd go to Alliant Credit Union. They are doing 1.49% for Teslas right now at 60 and even 72 months! Can't beat it. Financing is the devil but if you're gunna do it, then I must admit Alliant's 1.49% rate is easy. They may not offer it on used Tesla's but it may be close. They do approvals within hours on work days.
     
  8. BEEZR

    BEEZR Member

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    By the way, the 1.49% rate is for new cars; used starts at 2.24% or 2.49%.
     
  9. youngeli

    youngeli Member

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    Location:
    Long Island, NY
    Sorry for the long delay in providing an update, I've been busy playing with my new (to me) Tesla.

    The asst. branch manager had already approved the paperwork by the time I got there at 9am. Got the check no problem (72 months at 2.19%, a rate I'm very happy with) and got my car a couple hours later. A few minor issues which Tesla will be correcting (mainly a water damaged headliner, which will either be cleaned or replaced) and some rock chips on the hood that I'll see if I can get touched up. They entirely replaced the driver's seat yesterday because the leather was very worn out. The car actually came unexpectedly with the old-style center console and rear cup holders (the straps that attach down by the floor).
     
    • Like x 1
  10. BEEZR

    BEEZR Member

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    Feb 19, 2016
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    Location:
    Seattle, WA
    What? You're not connected to this forum every moment? Geez...
     

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