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Financing Question

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Hi all -

I'm trying to plan for my delivery (about 3 months away), and I'm wondering about financing. I'm going to finance through my own credit union, where I will get a decent rate. How long in advance of delivery can I pay for the car and bind my loan? I'm going to probably take delivery in early January, so when I get my VIN am I able to bind my loan? My CU says they do approvals for 60 days and that they won't make me bind insurance until I actually take delivery.

So, when does Tesla expect full payment?

Thanks!
MM
 
I've been through the financing part twice now (totaled first car) with the same credit union and both times, I needed the purchase agreement from Tesla in order to complete the loan process. The purchase agreement is usually ready 1-2 weeks before your delivery date and depending on how quickly your credit union works, Tesla gets a the loan amount from them and then you pay the remaining balance either electronically, or you can bring a physical check if you pick up at a service center.

As long as Tesla is paid the full amount at delivery/pickup, it should not be a problem.
 
What I guess I'm trying to figure out is how much *in advance* I can pay for the car. From what I'm seeing here, sounds like 1-2 weeks before delivery.

Thanks.

I got pre-approved with Alliant Credit Union and I did it way too early before the estimated delivery... Rep from Credit Union told me to wait at least 2-3 weeks before the delivery to do any paper work because the approval process requires credit check so you don't want the credit union to be doing it twice.

Alliant Credit Union offers 1.74% for 60 -72 months...How much does your credit union offer? If it is a better rate go with your credit union
 
Ditto what Taurusking said. I set it up with 4 weeks to go, and then with the delivery delays they had to re-pull my credit check. I have good enough credit that it doesn't bug me, but in general avoiding credit pulls is a good thing. It all happened in a matter of less than a week once the trade-in amount was finalized.
 
Well, here's the deal.

I don't have phenomenal income like I'm sure most of you do. I'm sitting right under 100K a year, and this is going to be a long term car for me. Also, my credit scores are not great because of a single mistake I made a few years ago that is going to stay on my credit report for another few years. I have great car history and I'm putting about 15K-20K down on my 90K MS, but I want to have options.

My rate is going to be about 2.8%, and I'm going to take it because I think that's the only approval I'm going to get with a 650-ish credit score. Tesla Financing when I talked to them said that they didn't think any of their partners would play ball with a CS under 720.

My CU's approval window is 60 days before purchase, so I'm probably going to "officially" apply in late November.
 
Check out Energy Federal Credit Union. Dealt with Malena.

They have a 1% discount for energy efficient cars and offer terms up to 96 months. I got 1.31% for 96 months. I don't plan to take that long to pay it off - but the money is so cheap - why not! If I had a score 780 or higher I could have got 1.01 for 96 months.

I had to jump through some hoops to join the CU because I don't work for any of their partners. But it can be done.

I pickup my car this Sunday the 29th!
 
So since I received no feedback on the forum I sent an e-mail to ownership and receive a phone call from Tesla saying that they do offer a lease program for private individuals. They asked me to call them for the details, only interested to do this on the Model X.