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Financing options

Discussion in 'Model S: Ordering, Production, Delivery' started by chmod a+wrx, Aug 14, 2012.

  1. Lloyd

    Lloyd Active Member

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    #41 Lloyd, Sep 24, 2012
    Last edited: Sep 26, 2012
    I got the 1.2 % from USAA for the Rav 4 EV. Great Deal!!

    Edit: this is for 36 months
     
  2. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    Hmm... very strange. I went through the web application flow and when entering the vehicle's details, I simply entered 2012, Tesla, Model S along with Tesla's corporate HQ address (as seen on the MVPA) as the dealer address. I saved the app then but, it was already scheduled to go through the approval process by then (step 2, I believe).

    No worries otherwise; it was first conditionally approved with a note online saying that I needed to send in the purchase order with the total price and the amount being financed. I sent in the MVPA at that point by email.

    Got a callback a few days later indicating that the application was approved and that they just needed the VIN at that point. Talked to a Suzie at their main contact number 1-800-247-5626 and confirmed that everything looked good and that I had 90 days to provide the VIN and get a check from them.
     
  3. Andrew Wolfe

    Andrew Wolfe Roadster 472 - S 440

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    I'll try that. You actually got the check?
     
  4. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    Nope. They'll not cut it till there's a VIN - I'm a couple of months atleast from that.
     
  5. unclfuzzy

    unclfuzzy Member

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    I went with USAA. They are offering 2.49% for 60 months, 2.99% for 72 months for new auto loans over $35k. You get .25% knocked off if you set up auto-pay from your USAA account. Filled out the application on-line, printed, signed and faxed back pre-closing docs, then finalized and got a Dealer Electronic Check PDF that I was able to send to Tesla. Tesla fills that out and sends it back to USAA with the purchase agreement to get the money. Pretty straightforward and no human interaction required on the bank side. I did have to check the "I don't know what car I'm buying" box because Tesla wasn't in the drop down list.
     
  6. Andrew Wolfe

    Andrew Wolfe Roadster 472 - S 440

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    OK - did the same thing. Got the same response. Now let's see if I can get a check.
     
  7. daripalli

    daripalli Banned

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    How do i get the ticker for delivery at the bottom of my post? Sorry for the question lol im new here.
     
  8. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    Model S Forum Signatures
     
  9. daripalli

    daripalli Banned

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  10. NJS1207

    NJS1207 Member

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    I had the same experience. I am just awaiting the VIN from Tesla for disbursal. Very impressed with PenFed.
     
  11. efusco

    efusco Moderator - Model S & X forums

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    I'm seeing 1.45% at USAA right now until mid Oct. That may be just for a 24 or 48 month loan I guess, but I haven't checked. Glad to hear the process was so easy though. Did you send the Dealer Electronic Check along with a personal/bank check or just do the entire amount on the loan? I have the cash for the majority, but will need a USAA loan for about 1/4 of the cost.
     
  12. AnOutsider

    AnOutsider S532 # XS27

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  13. Andrew Wolfe

    Andrew Wolfe Roadster 472 - S 440

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    They have my VIN now (and my tax returns). Let's see what happens next.
     
  14. CalEECS

    CalEECS Member

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    That's odd, PenFed sent me a packet with the promissory note and a check (made out to Tesla) before I had the VIN. Looks like I just sign the paperwork, add the VIN, hand the check over, then send a copy of the registration (with the lien) within 90 days. I've honestly been shocked with how easy it's been**.

    ** Knock on wood, hopefully they don't move the decimal point or something.
     
  15. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    Odd indeed. Not that it should matter in terms of timing but, your way seems smoother. I've received nothing by snail mail so far from PenFed; everything's been online...
     
  16. Andrew Wolfe

    Andrew Wolfe Roadster 472 - S 440

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    Got a check.

    One glitch. The paperwork has the right VIN but they think it is a Roadster 2.5.
    I'm going to wait until after the check clears to clear that up. :wink:

    Now all I need is a car to pay for.....
     
  17. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    Hmm, they definitely have the wrong number of seats :) Glad it worked out otherwise, Andrew.
     
  18. Zextraterrestrial

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    I just got a pre-approval from Provident for 7 years / $70, 000 - 2.75%
    That is the max auto loan they offer. I'm thinking for that rate it might be a good idea to keep all of my Tsla and take all of the loan but most likely pay it off quicker
     
  19. Tesla229

    Tesla229 Member

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    PenFed told me I'm approved, but they need a copy of the "Final" MVPA, before they can disburse the funds. Did they request a Final MVPA from you before they sent the check? I don't see how a final MVPA can be generated without the VIN...
     
  20. dsm363

    dsm363 Roadster + Sig Model S

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    The final MPVA will have your VIN.
     

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