TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker or making a Paypal contribution here: paypal.me/SupportTMC

CU of Texas cannot "Close" a Tesla Loan

Discussion in 'Model S: Ordering, Production, Delivery' started by Danal, Feb 22, 2015.

  1. Danal

    Danal electricmotorglider.com

    Joined:
    Dec 11, 2014
    Messages:
    431
    Location:
    Fairview, TX, United States
    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.
     
  2. taurusking

    taurusking Member

    Joined:
    Jul 12, 2014
    Messages:
    876
    Location:
    East Texas
    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.
     
  3. Majerus

    Majerus Member

    Joined:
    Jan 21, 2010
    Messages:
    689
    Location:
    Illinois
    Alliant is awesome, applied in the morning and had an approval by 1pm
     
  4. Danal

    Danal electricmotorglider.com

    Joined:
    Dec 11, 2014
    Messages:
    431
    Location:
    Fairview, TX, United States
    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!
     
  5. Rockster

    Rockster Active Member

    Joined:
    Oct 22, 2013
    Messages:
    1,005
    Location:
    McKinney, TX
    Thanks for the warning. We'll be sure to avoid them for any future Tesla financing.
     
  6. taurusking

    taurusking Member

    Joined:
    Jul 12, 2014
    Messages:
    876
    Location:
    East Texas
    Good for you.
     

Share This Page