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Discussion in 'Model S: Ordering, Production, Delivery' started by chmod a+wrx, Aug 14, 2012.
I've been following this thread for some time, and based on the large number of recommendations for PenFed, I've tried to get the process started. The operative word here is "tried." I set up my account with the $5 and donation to one of their affiliated charities. That was all very smooth. It's the loan process that has been rocky.
I first contacted them on 11/14 and it's going on two weeks now with not much information (other than a request for paystubs to confirm income).
Did other folks go through this?
- - - Updated - - -
Well, while I was typing that post, I received a mail from PenFed. Not at all what I was expecting.
I just got a 'counter offer' for "110% of the vehicles NADA value, which is $52,299.00 for a 60 month term."
Am I doing something wrong? The thing I noticed is that the drop down selection in the application process doesn't contain Tesla nor Model S. I must have selected SOMETHING because I don't know where this NADA value nonsense is coming from.
How did folks on this forum go with PenFed? Should I just call them?
Petrokalis - I am in much the same timeline with Penfed. Did the online paperwork and now waiting for a loan officer to review. Called and was told usually takes 24-48hrs. If you have any news please share.
I have a back up @1.69%, but would pull the trigger with Penfed assuming it moves along timely. Tesla is waiting on payment to load the car for shipment.
I'm in the same boat but have yet to start an application. Can either/both of you update us here ASAP, please?
Also, jed-99aggie, what is your 'back-up' plan? Thanx, IT :love:
PS-I don't see any NADA value for the Model S yet posted so how are banks/credit unions doing the financing?
Most likely what happened (for the NADA nonsense) is that the pull down menus list all sorts of non-Tesla vehicles, and I might have accidentally left something else selected. I sent PenFed a response to their "counter offer" with a copy of my pre-MVPA. Hopefully I'll find out something soon.
I'll post here when I find out something.
I'm getting a check from penfed today for a roadster. I think they're overwhelmed because of the increased demand. Best advice i can give is to call them everyday to get status reports and correct mistakes.
I just spoke with PenFed. I guess their backlogged on their loans or maybe just the "teaser" 1.49% rate. I am moving forward with my alternative - USAA. (This was not their published rate, but was exception approved given my banking history with them.)
So, if not the 1.49%, what is PenFed offering?
Last I looked USAA was at 1.99%, no?
I didn't think to ask. USAA's published rate is 1.99% (36 month). They were willing to make a deal.
Well, I just found out that the full 70k was approved from PenFed. The only comment on the application was that I needed to provide the VIN for disbursal of funds.
I guess sending them the pre-MVPA was the trick. Now, if only I can get that silly VIN. According to the Ownership Experience Advocate I emailed, there's not one in the system for me yet :crying:
How long from when you opened the file until they gave you that approval? Days, weeks? Thanx :biggrin:
Here's how things went for me:
File opened 11/14, proof of income sent on 11/19. Pinged them on 11/24 and received "counter offer" on 11/25. Sent MVPA on 11/28, website showed APPROVED (with comment to send VIN for disbursal) dated 12/1.
So, it looks like 2ish weeks.
Thank you for that. When I originally asked they said 24-48 hours. Under promise and over deliver has always been my motto; looks like this did not hit the mark, but now that I have your frame of reference, that helps. That being said, 2 questions. You had to "ping" them. Does that mean from 11/19 until 11/24 they did not keep you in the loop? Sounds par for the course. Lastly, what was the "counter offer"? Thanx again for holding my hand! :redface:
Yes, I sent back my proof of income on 11/19 expecting a 48 turn around (11/21-ish). I gave them the benefit of the doubt for the Thanksgiving holidays. When I hadn't heard anything from them by Monday (11/26), I sent them a "hey, what's up" mail. (I misstated the 11/25 date).
The "counter offer" mail was the response I got from my 'ping' as I described a few posts back (the NADA value posting).
To be honest, I still haven't received an approval email or anything, but the status of the loan application is APPROVED with a comment about sending them the VIN for disbursal. I could be jumping to conclusions that all is well...
I'm glad documenting my struggles is helping you :biggrin:
Has anyone encountered issues with applying online at PenFed with the Model S not showing up in the car details? My friend reported that they didn't have a placeholder for Tesla. If true, how have you guys successfully worked around this when financing with PenFed?
I ended up sending them my pre-MVPA. The problem with the pull down selections is that it appears to remember what you selected. In my case, they valued the loan based on what was selected and not on the Model S (see posting 102 in this thread).
Yes, I did the same - twice, as my original loan's 90-day window expired and I had to ask them to open up a new loan with a new 90-day window.
I sent the following email to email@example.com with the pre-delivery MVPA attached.
I basically sent the exact same thing in the form of a fax. The original MVPA stated the $5000 downpayment and I wrote the rest of the downpayment amount on the fax. PenFed said the MVPA needs to show the full downpayment, not just the $5k. Whatever, I'll jump through their hoops when I get the delivery date and VIN.
After receiving VIN and request to schedule delivery, I went through the online process on the My Tesla page. There are 6 simple steps and it takes about 30 seconds.
I selected "please send info regarding financing" and shortly thereafter, was contacted via email by a Tesla Credit Manager. He sent me a "Tesla/Wells Fargo" credit app (DocuSign) for review and also provided other helpful information. He said the Tesla arranged financing is straight forward and can typically be completed in 1 day. He also offered assistance with documentation or answers to questions if I choose to go with a different institution which I do intend explore first. At least now I have a baseline to work from.
The moral of the the story seems to be: Once you have a VIN, things happen!
Can you finance through PenFed after you have paid for the car?
Like you pay everything up front and then PenFed cuts you a check instead of Tesla?