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

How to advise a small bank?

Discussion in 'Model S: Ordering, Production, Delivery' started by freds, May 26, 2014.

  1. freds

    freds Member

    Apr 10, 2014
    Bothell, WA
    Hi There

    Very committed to buying a model S and pulling the trigger tomorrow; purchase has been complicated by; heck I haven't really used credit in the last decade so was turned down by Tesla Finance and all the recommended credit unions/finance places on here, simply because of credit score and lack of history.

    My local bank approved base on income, net worth and personal face to face meetings. Not a great down percentage or even interest rate; but I got approval.

    Anyway this small bank has never dealt with financing a Tesla and the long delay from the ordering to actual delivery. Any suggestions on how to educate them on this process and make it smooth for all of us; given that my S85 is now projected for late September what should I advise or coach the bank on?

  2. Pilot_51

    Pilot_51 Member

    Jan 18, 2014
    Metro Detroit, MI
    I'm going through a similar situation now. No credit score and my credit union has never financed a Tesla before, but they approved me at 3.9% with $40k down (nearly 2 years saving up). I gave my loan guy the number for my DS and they're working together on it, so I don't really need to deal with the Tesla specifics.
  3. wamochi

    wamochi Member

    Apr 23, 2014
    San Diego, CA
    although my circumstances are different (plenty of credit history and FICO 800+), my credit union is fairly new to the Tesla game as well. they did one recently, and basically they want to get the final MVPA and Monroney sticker to get the paperwork started. i haven't gotten the final MVPA yet, but i'm expecting it within a week or two. at that point the "application" gets started. my local credit union rep knows we are financing a portion and they have a promo 1.89% for 72 months that we are going to use. i already gave her the VIN, order agreement (with MSRP), and a preliminary (blank) Monroney, but they want the MVPA to move forward.

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.