having a busy day and trying to catch up on this crazy thread...That is tremendous, that's exactly what I was looking for. So basically the process is that once you're approved and the funding request form is completed USAA just pays Tesla directly for you, other than the down payment amount. No need for cashiers checks or anything like that. So here are a couple of follow-on questions:
Did you need the VIN to complete the loan application with USAA? I assume yes but just wondering.
I'm still a little bit fuzzy on the whole down payment part. How did you find out an amount required, and why do you pay it to Tesla versus USAA (not that who it goes to really matters)? I don't see any links for making any sort of payment like that; under payment methods all I see is my credit card. When I applied I said I'd be paying cash since I figured to Tesla a third party loan is cash. Do those down payment links appear later in the process or do I have to contact an SA to change my payment method? I assume when you said you called the 'gallery' you mean your SC and/or SA?
I've been with USAA almost 40 years but I don't know anything about a 'lower' rate; I haven't applied yet so all I see are the rates in the loan estimator tool. Did you finance for a shorter time period, 60 months or something like that?
Thanks for that response, I had literally no idea how the process works; it seems pretty simple as long as I can actually find a way to talk to an SA!
I did need a VIN to complete the loan, but not to start it. I think USAA keeps these pending for 45 or 60 days.
The down payment was my choice, I told my SA what I wanted to pay for the down payment and he set the MVPA up that way and then when I got my VIN, the amount I said I was going to pay was listed as owed. There is then a button for payment, they want you to use plaid but plaid asks for your bank log in credentials...no thanks. Since USAA partners with Plaid, I had to search for a nonsense string, then say I could not find my bank, then choose to enter the ACH info manually. Entered the routing and account info, and that was it. I did in fact call the main gallery number, rather than my SA, because I think I have had more SAs assigned than I had EDDs, haha, and I never know if my SA is still employed by Tesla or not.
I did do 60 months...that may account for the lower rate, too. Just never looked at doing more, honestly.