Early Loan Payoff via Tesla Financing

[SnowbirdSteeze]

Has anyone gotten pushback from Tesla regarding early payoff on a loan?

Upon pickup, was reassured by multiple folks in Financing that there is no early termination fee or origination fee - but now am being told I am unable to pay off my car prior to Q1 2022?

After repeated emails to Tesla Finance, I got this absurd response:

"Hello,



I hope this email finds you well. I apologize for the delay in response. Unfortunately, due to system limitations paying off the loan is not yet a feature available, we do expect this option to be available in the first quarter of next year.



Let us know if you have any other questions!



Best Regards,

Matthew M.
Financial Services"

This goes against my financing agreement which states under Finance Charges:

"You may prepay. You may prepay all or part of the unpaid
part of the Amount Financed at any time without penalty. If
you do so, you must pay the earned and unpaid part of the
Finance Charge and all other amounts due up to the date of
your payment."

I dont want to sound like a Karen and get lawyers involved, but has anyone else had to deal with such a nightmare?

 

[detwer]

You should be communicating with your bank, not Tesla. Tesla doesn't finance the vehicle.

 

[SnowbirdSteeze]

You should be communicating with your bank, not Tesla. Tesla doesn't finance the vehicle.

Who does the underwriting for Tesla?

It shows that Tesla is the lien holder

 

[house9]

I financed my model 3 through Tesla but the loan is actually with Chase. Maybe this varies by state, or did you just take delivery and now want to immediately pay it off?

 

[SnowbirdSteeze]

I financed my model 3 through Tesla but the loan is actually with Chase. Maybe this varies by state, or did you just take delivery and now want to immediately pay it off?

The latter - not wanting to pay interest.

 

[detwer]

Did you lease? Your bank should be one of 3 banks… Chase, US Bank, Wells Fargo as far as I am aware.

Who do you pay?

 

[SnowbirdSteeze]

Did you lease? Your bank should be one of 3 banks… Chase, US Bank, Wells Fargo as far as I am aware.

Who do you pay?

No sir, financed about half of the car - which is why this is so frustrating.

 

[SnowbirdSteeze]

Did you lease? Your bank should be one of 3 banks… Chase, US Bank, Wells Fargo as far as I am aware.

Who do you pay?

I pay Tesla, via my account page.

 

[detwer]

I'm assuming you're trying to opt for an online payment?

Do your docs give you an address to mail checks / cashier's checks/ etc.? I'd try that.

 

[Raurele]

Did you lease? Your bank should be one of 3 banks… Chase, US Bank, Wells Fargo as far as I am aware.

Who do you pay?

Tesla financed me through BMO Harris. they actually have 5. I forget the 5th

 

[torifile]

No sir, financed about half of the car - which is why this is so frustrating.

Did you get an email about the loan? I financed mine and got an email later the day of delivery about who the loan is through (there was also one when I applied).

 

[samlarsonns]

Did you get an email about the loan? I financed mine and got an email later the day of delivery about who the loan is through (there was also one when I applied).

Same here

I've never ever got accepted for the loan that quickly

 

[brisingr17]

The latter - not wanting to pay interest.

Same here - I just financed through Tesla as well, where I make payments through my account page. Have you had any luck in understanding this process? I've emailed Tesla Finance a few times to try to figure out where I can find the payoff amount. Does the payoff amount show up in the statements?

 

[Kairide]

The first thing you should do is go through the original paperwork you signed for the loan. There should be a blurb about paying off the loan early, without penalty if that was an option. If you find it, then you can take that to Tesla or the bank and they are contractually obligated to let you pay off the balance early. If you don't find it, it may be a bit of a harder battle. Chances are you should be talking to the bank that Tesla contracted with for your loan though. They would be the ones you would pay and then release the lien after the balance is paid.
Surprisingly I found Tesla finance to be better than expected when I was buying out my Model S lease last August. They take forever to get things done, but you at least get a live person when you call.