CU of Texas cannot "Close" a Tesla Loan

[Danal]

A data point for other Tesla buyers:

After doing a bunch of paperwork, I recently discovered that "Credit Union of Texas" (formerly "Dallas Teachers Credit Union") policies do not allow them to execute the last few steps of financing a Tesla. There is some sort of impasse regarding the "Manufacturers Certificate of Origin". They must have a physical copy prior to releasing funds. Tesla cannot release the physical copy without creating a risk of non-payment. No other bank requires the physical copy. Tesla sent the CU a letter of intent, which seem to work for everyone else. Tesla called them directly, more than once. Blah bla blah blah.

Again, this is so other will know not to waste their time with CU of Texas.



CU of TX did kindly offer to allow me to pay cash for the car, and then to fund the note at 'new car' terms when I brought in a Title.

 

[taurusking]

A data point for other Tesla buyers:

After doing a bunch of paperwork, I recently discovered that "Credit Union of Texas" (formerly "Dallas Teachers Credit Union") policies do not allow them to execute the last few steps of financing a Tesla. There is some sort of impasse regarding the "Manufacturers Certificate of Origin". They must have a physical copy prior to releasing funds. Tesla cannot release the physical copy without creating a risk of non-payment. No other bank requires the physical copy. Tesla sent the CU a letter of intent, which seem to work for everyone else. Tesla called them directly, more than once. Blah bla blah blah.

Again, this is so other will know not to waste their time with CU of Texas.



CU of TX did kindly offer to allow me to pay cash for the car, and then to fund the note at 'new car' terms when I brought in a Title.

I am not sure about credit union of texas but I researched the forum and went with Alliant Credit union. No hassles and Tesla had a history of working with Alliant Credit Union.

Hopefully in your situation it will be resolved pretty soon...sometimes you have to call Tesla multiple times before the issue is resolved.

 

[Majerus]

Alliant is awesome, applied in the morning and had an approval by 1pm

 

[Danal]

Hopefully in your situation it will be resolved pretty soon...sometimes you have to call Tesla multiple times before the issue is resolved.

My situation is indeed resolved, and CU of TX did not get the business. Tesla called the CU many times, and the CU would not budge. So... no soup for you, CU of TX!

 

[Rockster]

Thanks for the warning. We'll be sure to avoid them for any future Tesla financing.

 

[taurusking]

My situation is indeed resolved, and CU of TX did not get the business. Tesla called the CU many times, and the CU would not budge. So... no soup for you, CU of TX!

Good for you.

 

[AccelAdvent]

I know this is an old thread, but just wanted to share that I've had a very different experience with CUTX (detailed in various posts in another thread, culminating with Texas Hold Up!). I'm not sure whether the changes have been on the Tesla side (they work with a third party title company now), the CUTX side, or both - but I'd recommend giving them a shot since I had a good experience.