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Finance Question
- Thread starter aquablue99
- Start date
You will not get the total financed amount until a VIN is assigned and you get your Purchase Agreement paperwork. That is the paperwork you give to the bank. You should be able to get close enough for the bank to estimate based off your order agreement. That is how my CU handled it. Once you get the VIN and the MVPA then the CU finalized the numbers.
Tha_Ape
Active Member
Resurrecting this thread because I ahve the same question.
In order to get the final price, Tesla wants to see that I'm pre-approved for it. My credit union will give me a pre-approved check for me to fill out with the final numbers, but they said in the past their customers have had trouble with Tesla accepting pre-approved checks. Tesla wants a check for the exact amount of the Purchase Agreement, but not something I filled in myself. My CU says, they can pre-approve me and give me a "blank check". That will be a hard hit on my credit. Then if I want to alter that loan to the final value, it will be ANOTHER hard hit on my credit. (To be completely honest, it shouldnt affect me in the long run, but I dont think thats the way its supposed to happen). To make things more difficult, I plan on putting a downpayment down with it, so it would be 1 cashiers check + 1 loan check for the difference. I'm not sure how to do this and Tesla doesnt make it very clear. They seem to want you to use their financing (which is over 1pt higher than my CU) or pay cash.
What kind of pre-approval did you all get from your bank/CU to give to Tesla? (I'm going through Navy Federal Credit Union)
This is weird because this will be my 2nd Tesla and the loan process this time seems unnecessarily difficult. I dont remember it being this difficult 2 years ago, last time I told them I was paying cash and they sent me the final purchase agreement, from there I got a downpayment cashiers check as well as a loan check for the remainder. I also had an SA at that time which seems non-existent now. No one has personally contacted me.
In order to get the final price, Tesla wants to see that I'm pre-approved for it. My credit union will give me a pre-approved check for me to fill out with the final numbers, but they said in the past their customers have had trouble with Tesla accepting pre-approved checks. Tesla wants a check for the exact amount of the Purchase Agreement, but not something I filled in myself. My CU says, they can pre-approve me and give me a "blank check". That will be a hard hit on my credit. Then if I want to alter that loan to the final value, it will be ANOTHER hard hit on my credit. (To be completely honest, it shouldnt affect me in the long run, but I dont think thats the way its supposed to happen). To make things more difficult, I plan on putting a downpayment down with it, so it would be 1 cashiers check + 1 loan check for the difference. I'm not sure how to do this and Tesla doesnt make it very clear. They seem to want you to use their financing (which is over 1pt higher than my CU) or pay cash.
What kind of pre-approval did you all get from your bank/CU to give to Tesla? (I'm going through Navy Federal Credit Union)
This is weird because this will be my 2nd Tesla and the loan process this time seems unnecessarily difficult. I dont remember it being this difficult 2 years ago, last time I told them I was paying cash and they sent me the final purchase agreement, from there I got a downpayment cashiers check as well as a loan check for the remainder. I also had an SA at that time which seems non-existent now. No one has personally contacted me.
Tesla did not make me provide anykind of approval since I was doing my own financing. I waited till I had a pretty solid EDD and then got pre-approved with my CU. The CU just asked for an estimated cost and I did place a decent down payment. Once my DD was set and I had the MVPA, I provided that to my CU for the final check amount and took a certified check from the CU for the loan amount and a certified check from my primary bank for the DP. Tesla was fine with that and I was good to go. They only hit my credit once, but they did have a 90 day lock so that helped.
Hope that makes sense. I don't see why they could not run a soft pull on the credit for the pre-approval and then a hard pull once you had the full number. Again, this was a small local CU, so might be different procedures for larger CUs. You should have the number pretty much set from Tesla on your order confirmation.
Just some thoughts...
If the down payment adds difficulty to the equation, you could just finance the entire amount and then make that down payment as your first monthly payment.
Alternatively, perhaps you could rough estimate the final price yourself, and then subtract a bit less than the amount of your expected down payment (to cover the difference between your estimate and reality). Then get financing for the difference.
So if you estimate that the total will be $62,550 and plan to put $10k down, then just finance $54k and once Tesla gives you the exact total, have your cashier's check made out for the difference. Whatever's left over at the end, add it to your first payment.
If the down payment adds difficulty to the equation, you could just finance the entire amount and then make that down payment as your first monthly payment.
Alternatively, perhaps you could rough estimate the final price yourself, and then subtract a bit less than the amount of your expected down payment (to cover the difference between your estimate and reality). Then get financing for the difference.
So if you estimate that the total will be $62,550 and plan to put $10k down, then just finance $54k and once Tesla gives you the exact total, have your cashier's check made out for the difference. Whatever's left over at the end, add it to your first payment.
Tha_Ape
Active Member
Thanks for the reply! I actually got it solved.
Ended up getting in touch with Tesla, told them the situation and they told me the final price of the car. That made it super easy. They told me to just bring the downpayment and the loan check to delivery (which is what I did with my MY).
I actually thought about you mentioned. That was going to be my next move, but I got a text from Tesla today and worked it out.
Looking forward to the Model 3!
Generally (though not always) payments are due 45 days from the purchase (delivery date). I don't actually remember if the app shows who you financed through after taking delivery. If it doesn't (or say it in your account on the website), and you don't remember why you financed it through, I'd contact Tesla and ask someone to look it up.
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