Delivery pending due to loan from bank has not been posted

[spincel]

Hi guys.

I am trying to expedite my delivery process. Apparently, I did my financing with Bank of America right after I order my Model 3. It was exactly one week. Right at the morning of the Friday, BoA sent me the final document to sign and they confirmed with me that the loan is funded right away. However, when I contacted my delivery advisor and Tesla CS, they said the final loan amount is still pending and they are waiting for it to be posted in order to proceed with the delivery (Home delivery inventory model from Phoenix -> Dallas Service Center -> My house). Called my loan officer and she told me to let them know that they need to email [email protected] in order to verify the status since BoA sent the confirmation to that email. I explained a couple time for both my advisor and Tesla CS, but I don't think they know about it. Even with some wire transfer or direct deposit (which the loan officer said to me that BoA directly put money into Tesla account) should not take this much time. Much to my dismay, my delivery advisor does not reply quick through email like he supposed to be and no way to reach him directly without going through CS customer first.

Does anyone with the same kind of experience has some suggestion for me to speed up this process?

Thanks.

 

[Brandonn22]

Let me know how this goes. I’m using Bank of America for financing too. Hope they send payment by today so you can have delivery!

 

[OCR1]

It is better to have the bank overnight a physical check to you rather than wiring the money to Tesla. That way you can arrive at the delivery center, inspect the car, and then hand them the check. I don’t know if all banks will agree to this but the credit union we have used in the past always did it this way.

 

[spincel]

An update: Apparently, the delivery specialist guy did not listen to my instruction that came from the loan officer. However, he emailed me and told that I just need to forward document that said the loan is funded and approved. Currently, BoA only sent me an email that said exactly the same thing without any tracking status and there is only one final disclosure document that show the loan details. And so I did forward both to my specialist and he immediately emailed me back to let me know that the car is being prepped for delivery, but still it will have to show up in Dallas first for inspection, details, etc.., and then to my house.

This is my first time to borrow loan from BoA since most of the time, I just went with the dealership financial institute instead. In my case, after talking with BoA agent, she said that BoA used to do normal way for handling transaction like this (wire transfer or electronic). However, due to some complication, they switch to directly deposit money to an account that Tesla has with BoA. So that is why she does not have any tracking information in order for me to see the funding status besides the advice of sending email to that particular address on Tesla end. However, BoA is pretty quick on funding. I signed the loan the Friday morning and right after that, they emailed me back to indicate the loan has been funded.

 

[norbert-tx]

What kind of rates are you guys getting from BOA?

 

[spincel]

My credit score is excellence so I got the lowest that they are currently have in my state, which is 3.54%. I don't have their preferred rewards stuff, but if you have it, it can lower the rate down a little more. In OK, I believe this is currently the lowest since my preferred credit union is 3.74% already. This is 60 months only and if I go 72 months, then rate is up by 0.2%.

 

[lskarp]

I used BofA and it went very smoothly. The entire process took like 2-3 days in total. I got 3.29 for a loan closed on 4/10/19

 

[Mr Vader]

I used a Local Credit Union (I want to support the local community despite .20% higher rate-but I plan on paying it off before the end of the year), )and they had done Tesla loans before. the underwriter sent a physical check instead of wire, with tracking number and signature upon delivery. the difference is that my sales rep was available via phone (in her emails, included in the signature, there was her direct #), and was able to put an internal request to update the numbers (took less than 24hrs to be reflected on website). we needed the amount to be updated as we finance only half, and needed the specific amount for the remainder to be paid cash.
all and all, between order, financing and delivery, 1 week exactly-Wednesday to Wednesday

Sorry to hear this is happening...trust me when I say it is worth it once you get your bumm in that sweet sweet ride!

 

[Hardensoul]

I’m going through exact issue, my loan wired to Tesla account last Wednesday 25, could not leave with Model 3LR Saturday 28, when we found out pending Status. It’s now Tuesday 31 morning.
Delivery date got move again to Sept 1. Sigh