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Financing thru 3rd party bank
- Thread starter dw4ngg
- Start date
I'm going through that process right now. I also have a trade-in.
ISA is asking me for a preapproval letter from my lender before she can give me a delivery date... lender is due back with that tomorrow.
Your ISA will remind you not to apply for loans until they are ready. When they are ready, Tesla will ask you to start sending in those paperworks with the lender -- so I wouldn't apply anything until then. One reason for this is because loan approvals are good for anywhere between 30-60 days depending on the lender.
My guess is that if Tesla is ready to deliver within 2-3 weeks, they'll start asking you for all this information.
By all means, start doing research on what lender you want to do business with just don't get a loan until asked for.
ISA is asking me for a preapproval letter from my lender before she can give me a delivery date... lender is due back with that tomorrow.
Your ISA will remind you not to apply for loans until they are ready. When they are ready, Tesla will ask you to start sending in those paperworks with the lender -- so I wouldn't apply anything until then. One reason for this is because loan approvals are good for anywhere between 30-60 days depending on the lender.
My guess is that if Tesla is ready to deliver within 2-3 weeks, they'll start asking you for all this information.
By all means, start doing research on what lender you want to do business with just don't get a loan until asked for.
myblubu
Member
Similar experience with our 3, we did our research and knew which bank we would use, term, rate, etc. and had spoken to bank rep about their process. Once we got the call from the ISA, they needed a pre-approval letter from bank to schedule delivery. However, bank would not finalize the loan until they had an MVPA that included the VIN, the one I had only included the reservation number up to that point. So we spoke to the ISA and they sent the updated MVPA. I gave each the other’s contact info and they communicated back and forth on a few things and copied me on the emails.
We had planned for the bank to give me the check to bring to delivery, but they moved my delivery up and I didn’t yet have the check, so they worked it out with the bank to send the check directly to Tesla after delivery.
It did take a while for Tesla to get the title to the bank, though. I don’t think that is normal though, sine we were the first non-employee delivery at our location, they were still getting to know the process. It took multiple calls and emails to delivery specialist and ISA to figure out who had the title, each saying someone else should have it. Finally got it sorted out.
Took me two days. I told Tesla I was paying cash. Got quote from my credit union. Applied to lightstream and had them rate beat my credit union.
Lightstream approved in hours. It's unsecured so they will fund your account without car information, and to Tesla you just pay cash.
Lightstream approved in hours. It's unsecured so they will fund your account without car information, and to Tesla you just pay cash.
They beat any approved rate by 0.1%. Mine was 1.89% over 3 years.
hjelmn
Member
That is interesting. I find it a little unusual they are willing to give out unsecured car loans at that kind of rate. Only downside I can see is the loss of the ability to get GAP insurance through the lender.
MissyMcBee
Member
Wow! How much did you save with that 0.1% reduction?
What am I missing? Isn't 3rd party financing a common scenario? What is special about this?
In fact, ALL financing is 3rd party. Tesla does not finance itself, but refers you to preferred 3rd party lenders. You are free to compare those rates to your local bank or credit union, or financing names listed on TMC.
Wow! How much did you save with that 0.1% reduction?
I was curious on the potential 60mo loan I'm considering at 1.74% would only save $223 over the life of the loan. Not sure it's worth the extra hit on my credit check or added hassle.
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