How does Tesla handle getting payment from a third party lender?

[nikolaputs]

Hi there!

Long time Tesla fan, first time buyer and poster here. I am supposed to pick up my Model Y Performance in SF tomorrow and have the down payment in my bank account, ready to pull the trigger. I've been approved for a loan from a credit union (they offered a great rate) and they said they will overnight a check tomorrow, from Florida. My question is this: if I pay the downpayment, is the bank's guarantee of payment enough to let me pick it up tomorrow? It's more than just being eager to pick it up: the sales rep told me this particular vehicle can only be held for three days, starting yesterday, so I'm worried about accidentally missing that deadline. Does anyone have experience with this? It's almost 11, and everything's closed of course, so all I can do is wait anxiously until I can call both parties in the morning.

Thank you for your help and I can't wait to be an active member here!

 

[lolguy]

Tesla will recognize the third party lender. Your ability to take delivery will not be impacted.

 

[DSolie]

My bank wanted to send a check, but I read a few horror stories online (because, you should believe everything you read online...) that checks sent from banks were not processed in a timely manner on Tesla's end. So I had them wire the funds to Tesla (the wire instructions are in your Purchase Agreement, last page). Confirmed it was recorded with Tesla by talking with my Online Sales Guy. Even still, the Service Center asked for my final payment when I went to take delivery, said there was a large balance due. I told them to check again, and 5 min later they "found it".

 

[nikolaputs]

Thank you! I will definitely ask if them wiring the funds is an option. I can't wait!

 

[hjelmn]

The last page of the MVPA gives payment instructions. By mail or wire. It is up to your bank which is used. Mine used a mailed check and it took Tesla ~ 2-3 days to process it.

 

[gessner17]

I just had the finance place make the check out to me and I put it in my account and will give Tesla a cashier's check on delivery day.

 

[airbrett]

I'm re-igniting this thread because I got a great 2% quote from a credit union and have been in communication with a sales advisor regarding the process. I originally chose cash as the payment type and completed the steps in the account page all the way through the insurance.

The credit union wants a "purchase order or buyers order" and a VIN, which as we know is typically not available until days/hours before delivery. The SA changed the information to financing on his side because that is not something I could do through the account page. He just needed the name of the credit union, address, and the amount of my down payment.

The SA was aware of the unique Tesla/external financing issues and said the process should go as follows:
1) Send the order details to the credit union now (even though this is not the actual purchase order)
2) When a VIN is assigned and the PO available send that to the CU and do the below steps
3) Have them send a physical cashiers check made out to Tesla, Inc. to me for the loan amount that I can hand over
4) If they insist on mailing to Tesla directly, have the CU take a picture of the cashiers check and send that to Tesla (so Tesla can get the information off the check)
5) I ACH the down payment amount to Tesla before taking delivery
When steps 3/4 and 5 are complete I can drive the car off the lot.

Has anyone gone through this specific process and were there any hangups with the CU or Tesla? Also, I'm a bit unclear about the exact timing of being able to inspect the car, choosing to reject/accept, and if the latter completing step 5.

Thanks!

 

[CapsEngineer]

I'm re-igniting this thread because I got a great 2% quote from a credit union and have been in communication with a sales advisor regarding the process. I originally chose cash as the payment type and completed the steps in the account page all the way through the insurance.

The credit union wants a "purchase order or buyers order" and a VIN, which as we know is typically not available until days/hours before delivery. The SA changed the information to financing on his side because that is not something I could do through the account page. He just needed the name of the credit union, address, and the amount of my down payment.

The SA was aware of the unique Tesla/external financing issues and said the process should go as follows:
1) Send the order details to the credit union now (even though this is not the actual purchase order)
2) When a VIN is assigned and the PO available send that to the CU and do the below steps
3) Have them send a physical cashiers check made out to Tesla, Inc. to me for the loan amount that I can hand over
4) If they insist on mailing to Tesla directly, have the CU take a picture of the cashiers check and send that to Tesla (so Tesla can get the information off the check)
5) I ACH the down payment amount to Tesla before taking delivery
When steps 3/4 and 5 are complete I can drive the car off the lot.

Has anyone gone through this specific process and were there any hangups with the CU or Tesla? Also, I'm a bit unclear about the exact timing of being able to inspect the car, choosing to reject/accept, and if the latter completing step 5.

Thanks!

I have done this (Auto Draft | APL Federal Credit Union (Laurel, MD)) for the last 2 cars I bought. Does your credit union offer something similar?

 

[Tezlaguy]

I'm re-igniting this thread because I got a great 2% quote from a credit union and have been in communication with a sales advisor regarding the process. I originally chose cash as the payment type and completed the steps in the account page all the way through the insurance.

The credit union wants a "purchase order or buyers order" and a VIN, which as we know is typically not available until days/hours before delivery. The SA changed the information to financing on his side because that is not something I could do through the account page. He just needed the name of the credit union, address, and the amount of my down payment.

The SA was aware of the unique Tesla/external financing issues and said the process should go as follows:
1) Send the order details to the credit union now (even though this is not the actual purchase order)
2) When a VIN is assigned and the PO available send that to the CU and do the below steps
3) Have them send a physical cashiers check made out to Tesla, Inc. to me for the loan amount that I can hand over
4) If they insist on mailing to Tesla directly, have the CU take a picture of the cashiers check and send that to Tesla (so Tesla can get the information off the check)
5) I ACH the down payment amount to Tesla before taking delivery
When steps 3/4 and 5 are complete I can drive the car off the lot.

Has anyone gone through this specific process and were there any hangups with the CU or Tesla? Also, I'm a bit unclear about the exact timing of being able to inspect the car, choosing to reject/accept, and if the latter completing step 5.

Thanks!

I am picking up my car tomorrow. I am financing it through BOA. Bank said they are backed up and cannot wire money to tesla for 3 days
SA said even tbough money has not been wired yet if i can get the signed confirmation/ loan documents i can pick it up