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Finance amount and down payment

Discussion in 'Canada' started by Darthbenji, May 28, 2018.

  1. Darthbenji

    Darthbenji Member

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    So I was approved for my loan although it’s for more than I intended. When filling out the credit app I put my down payment as the amount not including the deposit. Turns out you deduct the deposit amount from your down. Anyone know how long this will delay things by saying I want to borrow less? Am I best to call my ds person or finance directly? Thanks.
     
  2. imjd

    imjd Member

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    Hey, I had the same thing happen to me. But I went ahead and emailed [email protected] with all the corrections. I wanted to make a larger downpayment and they changed the details and resent me the calculations within 5 min.
     
  3. Darthbenji

    Darthbenji Member

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    Thanks. Just sent the request. Hopefully they get to it quickly.
     
  4. Tony_YYZ

    Tony_YYZ Active Member

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    After I applied and was approved, someone from Tesla finance reached out to me within minutes. I went back and forth on email with him, I put a larger down payment in the end. It was no issue at all.
     
    • Like x 1
  5. Darthbenji

    Darthbenji Member

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    Well they have the loan amount correct now. They have a really low (criminal) amount due on delivery and a monthly payment that didn’t change with the loan reduction. I’ve let them know to look at the numbers:)
     
  6. imjd

    imjd Member

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    Guys I have a question, hope someone can enlighten me. When will the BC rebate of $5000 be deducted. Should that be part of the downpayment or is it separate. I’m attaching a screen shot of what I received, and no where it talks about the BC rebate. I asked to put 15k down plus the 4200 I have already paid plus the 5k rebate. It’s hard to get answers from Tesla. I asked them multiple questions but they only replied to the first one on the email. Thanks for your help.
     

    Attached Files:

  7. Buggle

    Buggle Member

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    Rebate has nothing to do with Tesla. You pay them, then get money from gov't later if you file the proper paperwork.
     
  8. imjd

    imjd Member

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    As I understood from the cevforbc website, it says the rebate will be deducted by the dealership and Tesla has to apply on our behalf. I should have mentioned that I’m in BC.
     
  9. Tony_YYZ

    Tony_YYZ Active Member

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    It's different in BC.
     
  10. Darthbenji

    Darthbenji Member

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    Still waiting for them to update the due on delivery and monthly payment to reflect the proper loan amount so I can hit confirm. The loan amount is the only thing that’s correct. I spoke to my ds and emailed finance.
     
  11. Kira

    Kira Member

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    Location:
    Victoria, BC
    I got in touch with my ISA, Vancouver DA, and the Tesla Financing contact regarding whether the BC CEV rebate can be factored into our financing terms since the form does call it a "point of sale" rebate to be deducted off the final vehicle sale price. Here’s what my DA sent: “The CEV rebate will be deducted from the total price (after tax). It will be calculated similar as below”

    [​IMG]

    Note that neither the ISA from Vegas nor the Tesla financing person were aware of this so you may want to ensure everyone is on the same page if you’re financing.
     
  12. 23.skidoo

    23.skidoo Member

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    May 19, 2018
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    Vancouver
    I was told by Tesla Finance that "you can assume that part of the amount due at signing, $5,000 will be paid via the BC CEV rebate." I haven't yet been given the exact amount due a signing, hopefully some of those taking early June deliveries can let us know how it factors in.
     
  13. johndorian

    johndorian Member

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    Location:
    GTA
    My ISA just told me I won't be getting my purchase agreement ahead of time.. Is that right?

     
  14. Tony_YYZ

    Tony_YYZ Active Member

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    Sounds very janky.
     
  15. Zirak

    Zirak Member

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    Don't worry about the final documents, you can still take delivery assuming you have the copy of your insurance and your certified cheque/bank draft ready (and the obvious stuff such as a valid drivers license).

    I didn't get my docs until 10pm the day before my pickup. They also go over these docs with you before you take delivery.
     
  16. alsetym

    alsetym Member

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    hamilton
    Only one problem with that...in order to get insurance and to cut a check, I need the bill of sale. I'm not a last minute kinda guy, I don't enjoy leaving this until the night before spending $80k. That's not a thing. Thursday is my day...still nothing.
     
  17. Buggle

    Buggle Member

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    I'm in the same boat. Thursday 3pm, no invoice. I asked my insurance to do it off the order agreement, we'll see if they do. CSR today told me the contract ppl are very backed up, but that they'd have me everything before my appt lol...
     
  18. 1Step2NoGas

    1Step2NoGas Member

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    May 23, 2018
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    Location:
    Ottawa, ON, Canada
    Like you, I'm also not a last minute... So I called Tesla's 1-888 number (the one on the MyTesla account page with your VIN on it), was on hold for only 10 mins and a pleasant person on the other end emailed me a copy of the final paperwork and waited on the phone until I received it. Then they thanked me for my inquiry and hung up.

    You may want to try that since you're also receiving the vehicle on Thursday (just like me).
     
  19. Zirak

    Zirak Member

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    That's weird, I was able to get insurance on it without providing any proof, all I gave them was a VIN #.
     
  20. alsetym

    alsetym Member

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    came thru this morning around 11, had insurance by 11:20 lol. Everyone I talked to is really nice, just busy. I've been there. Funny enough cutting a check at the bank took 45 seconds all in. The guy looked at me funny...cause I had an amazed look on my face it was so fast. Woulda thought a bearded man in his work duds asking for that kinda coin would get a hassle!
     

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