TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker and becoming a Supporting Member. For more info: Support TMC
  1. TMC is currently READ ONLY.
    Click here for more info.

Financing through USAA

Discussion in 'Model 3: Ordering, Production, Delivery' started by Dogwhistle, May 16, 2018.

  1. Dana1

    Dana1 Supporting Member

    Joined:
    May 20, 2018
    Messages:
    882
    Location:
    Houston
    Oh wow. So sorry...I got lucky then. I submitted DFR to Tesla. they spent a day doing something with USAA and it was all good. I have taken a DFR to a dealership before and used it like a check. Maybe print out USAA’s instructions to take with you? Good luck!!!
     
  2. Reid

    Reid Member

    Joined:
    May 7, 2018
    Messages:
    256
    Location:
    Redwood City, CA
    Thanks! I realized I can't submit the DFR anyway, at least not at this point. It requires a title application to be sent along with it, plus the Dealership License Number and so on, which I don't have.

    I looked at the emails from my ISA which ask for my bank information so they can prepare documents for the bank, AND my Tesla account says "We will coordinate payment with the financial institution you have provided". So, I think we're on the right track, I think my ISA just dropped the ball somewhere along the way, and/or the woman who called me is misinformed about the process. We'll see, I'm sure it'll work itself out at some point. Thanks to the pioneers who have gone before me, I expect they've figured out a way to work the process by now; I don't plan to be rushing all over Fremont at rush hour with my ISA and my wife, faxing documents from Office Max, when she's got an appointment to get to, and I've got a trip to leave for.

    I'm sure they're all insanely busy and being pushed to move cars. Bummer, I was looking forward to Christmas morning tomorrow morning, but I don't have a lot of time before I go out of town tomorrow night so I'm happy to give them a few days to sort it out, I'm not in a huge hurry.
     
  3. Dogwhistle

    Dogwhistle Member

    Joined:
    Sep 8, 2015
    Messages:
    182
    Location:
    Delaware
    I hope it all worked out ok today. Plenty of us have just brought the DFR to delivery and handed it over, and that was that. No reason you shouldn’t be able to as well. My loan was activated about a week or so later, apparently after Tesla sent all the paperwork in.
     
  4. theschnell

    theschnell Member

    Joined:
    Oct 27, 2014
    Messages:
    837
    Location:
    Calhoun, GA
    #44 theschnell, Jul 16, 2018
    Last edited: Jul 16, 2018
    I called USAA and requested a cashiers check and got conflicting answers. First person I called said not possible. Second person I called (after having delivery date and MPVA) put me on hold for a while, then came back and said they could do it.

    We'll see what actually happens. I want to take in a check to avoid any extra hassle for everyone on delivery day.

    Edit: If I could go back in time I would just finance through Tesla to avoid the hassle. But now that they sent me the MVPA, my Tesla account will not let me change the financing details, so at this point the path of least resistance is to just move forward with USAA. Really wish I had financed through Tesla even if paying an extra few tenths of a percent to avoid stress of potential issues with USAA.
     
  5. Reid

    Reid Member

    Joined:
    May 7, 2018
    Messages:
    256
    Location:
    Redwood City, CA
    Got an update. My ISA was out of the office, and I think the woman filling in was just confused that I wouldn't have a check for them or be submitting a payment via ACH. But this is a good reason to pick up in person (I'll be going to Fremont) rather than do home delivery; all it takes is one home delivery person who doesn't know the process to screw it up.

    My ISA confirmed that USAA is no problem, they do it every day, everyone in the Fremont Delivery center will be fine, if not he's in the office and we can call him up to sort it out. He said USAA is the only company that doesn't pay until AFTER the car is delivered. That makes no sense to me. Every other bank in the country just hands over money without proof of collateral (eg, a title application with the bank as Lienholder)?

    Ultimately the fact that the woman who called me was confused about the process only caused me anxiety, it didn't actually screw up the delivery; the delivery prep folks ended up calling an hour later to push it by a week anyway. Turns out my car had "software problems" so they gave us a new VIN. We're picking up in Fremont on Thurs, supposedly.
     
  6. suwaneedad

    suwaneedad Member

    Joined:
    Dec 11, 2016
    Messages:
    921
    Location:
    Atlanta
    USAA did this to me (+40%) about a decade ago, and blamed it on (wait for it) "a 15% increase in the statutory rates in your state" which obviously left a 25% gap in explanation which the phone rep didn't even understand when I raised the obvious point. The worst part was USAA transferring me to the "save the business" rep when I called to cancel, just like the cable company does. Pathetic. I assured the USAA phone rep that surely USAA had been giving me their 'best rate' already and that there was surely nothing she could do to get my premium down out of the stratosphere. I've never gone back, after decades of loyalty. I'm 100% confident USAA's algorithm decided that I was such a loyal customer that I'd put up with a huge increase. Wrongo.
     
  7. theschnell

    theschnell Member

    Joined:
    Oct 27, 2014
    Messages:
    837
    Location:
    Calhoun, GA
    That is encouraging. Please update how it goes at delivery.
     
  8. TesLou22

    TesLou22 Member

    Joined:
    Feb 21, 2015
    Messages:
    57
    Location:
    Fl
    I remember adding something to the loan to cover this and it was separate from my insurance with them. $200ish is in my brain for some reason too...
     
  9. Xenius

    Xenius Active Member

    Joined:
    Apr 24, 2015
    Messages:
    1,045
    Location:
    Havertown, PA
    Didn't read through the whole thread, but for our S we decided not to finance with USAA and instead I became an Alliant Credit Union member. Alliantcreditunion.org.

    Move most of my daily banking to Alliant, still with USAA for car/home/valuable property insurance.
     
    • Like x 1
  10. TesLou22

    TesLou22 Member

    Joined:
    Feb 21, 2015
    Messages:
    57
    Location:
    Fl
    Grrrr - your post just prompted me to check and I received and apparently signed the same document.
     
  11. SpiceWare

    SpiceWare Member

    Joined:
    Sep 5, 2015
    Messages:
    822
    Location:
    Fresno, Texas
    I paid $299 mid-May for it, loan payments started mid-June. Just checked and they never refunded it, so I must have squeaked by before they changed the 3 to non-qualifying.
     
    • Love x 1
  12. Astro21

    Astro21 Member

    Joined:
    Aug 8, 2018
    Messages:
    8
    Location:
    Houston, TX
    I'm in Texas and financing through USAA. ISA contacted me on Aug 1, got MVPA on Aug 6. Signed everything, paid the downpayment and sent my ISA the dealer funding request that same day.

    The next day (Aug 7) my ISA scheduled my deliver for Aug 28 - she said the car will take 2 weeks to ship and they won't ship it until it is payed in full (hooray for consumer friendly Texas). On the USAA webpage the loan still shows up as "My auto loan - pending". Should I be worried about being delayed due to this? I emailed my ISA, but she never responded.
     
  13. djgarrett21

    djgarrett21 Member

    Joined:
    Jul 22, 2018
    Messages:
    216
    Location:
    Utah
    My local delivery center will not accept the Dealer Funding Request. They want a wire transfer or check. I'm glad I called to verify this otherwise I wouldn't have been able to pick up my vehicle. Had to get tesla to submit a dealer funding request, then USAA is supposed to mail a bank check.

    Regarding the total loss protection - I was not turned down for this. Submitted my loan application last week and it shows up on my financing paperwork.
     
  14. Dana1

    Dana1 Supporting Member

    Joined:
    May 20, 2018
    Messages:
    882
    Location:
    Houston
    Yeah, showed up in mine too until the day after car delivery.
     
  15. Lasttoy

    Lasttoy Active Member

    Joined:
    Mar 24, 2017
    Messages:
    1,560
    Location:
    St Augustine, Fl
    I tried USAA , just gave up
    Navy Fed did it fast and furious on emails. And rate was better.
    Usaa has gotten to big.
    BUT, they have one special rider. 20% add to your pay out if totalled. We all know an adjuster will low ball you on total price. Oh, they use fair market value to pay you off. Anyone care to figure that out?
    This will bring it up to help you buy new Tesla.
     
  16. molster

    molster Member

    Joined:
    Nov 7, 2019
    Messages:
    81
    Location:
    huntsville
    Hey guys!

    I know this thread is a little dated, but its the #1 result in google and this site for this info, so figured Id try to get it answered in here for other people googling:

    I saw this thread on reddit about USAA loans: New USAA Loan Process : teslamotors Where it looks like they may now just send you a check , and you dont have to worry about all that DFR stuff.

    However, every experience with USAA I can find on the internet is dated sometime in 2018. Has anyone in the last 6 months used USAA for their loan and picked up their car? how did it go?

    Did you bring in your DFR at the time of pickup? Did you send it via an email before hand? Or did this new system with a check work?
     
  17. fishyducky

    fishyducky Member

    Joined:
    Nov 3, 2019
    Messages:
    34
    Location:
    So Cal
    I’d be curious to hear an update on recent loans through USAA as well. Considering them for the 3 we have on order.
     
  18. DrtyJrze

    DrtyJrze Member

    Joined:
    Nov 10, 2019
    Messages:
    479
    Location:
    USA
    I’ve been a USAA member for 20+ years and unfortunately USAA has turned into complete TRASH in the last 10 years.

    I wouldn’t even waste the time (or credit pull) using USAA. Look somewhere else.
     
    • Informative x 1
    • Disagree x 1
  19. molster

    molster Member

    Joined:
    Nov 7, 2019
    Messages:
    81
    Location:
    huntsville
    As have I, and they have still been the best I have ever had to deal with, period. So to each their own.

    have you actually used them with telsa?
     
  20. SB32925

    SB32925 Member

    Joined:
    Nov 11, 2019
    Messages:
    9
    Location:
    Orlando
    I financed through usaa for my 3. It was an easy process overall, just had to hassle Tesla to actually fill out and send in the dealer funding request form.

    when I first sent the form to my SA, I got a date for pickup on my car. I called the delivery center about a week before pickup to ask of I needed to bring a check or anything, they said I am good to go. So didn’t need to bring the form, payment was already taken care of. Just had to sign a few papers

    About a week after I got my car, the usaa loan pending was still on my account so I called usaa and they said that Tesla never sent in the completed form. So after going through many channels, finally got in touch with someone and they had the form filled out and completed within 2 days after my call.

    overall easy experience, just need to stay on top on Tesla to get everything completed.
     

Share This Page

  • About Us

    Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.
  • Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


    SUPPORT TMC