I've been having fun trying to get financing lined up with PenFed on less than a week's notice and thought I'd pass along some tips. At some point in the future, the hassle factor should be significantly reduced. Penfed has noticed the uptick in numbers of people applying for the "exotic" (e.g. not in their 3rd-party information database) Model S. They like that. Tesla has noticed the same. I believe the two parties are talking to each other to make life easier for all. Hopefully those conversations will make this post obsolete at some point. Until that day: Things to keep in mind with PenFed: 1) Always FAX your documents if you're in a hurry. Do NOT email. They get so much email it takes them days to process your email and get your docs into their system. Faxed documents get into PenFed's system really quickly (probably within minutes, certainly within an hour). 2) According to PenFed's phone reps, you need to get them an MVPA with the "amount due to buyer" equal to the amount you want to finance. That's what they will send you a check for. PenFed will NOT send any checks or approval letters without having an MVPA that says precisely how much you want to finance and where the rest of the money is supposed to come from. According to folks I spoke to on the phone, this is standard procedure for them, regardless of the size of the loan. 3) If you're in a hurry, they can fax a letter of approval directly to Tesla. Or if you have enough funds in your PenFed account, they can draw money from your PenFed account to cover the cost of sending you the docs/check via overnight delivery ($15, I think). 4) Tesla will honor a letter of approval (or at least, they did with me). They don't have to do this. I believe Tesla is within its legal rights to hold onto the car until you hand them the final check. So please don't whine if that policy changes at some point in the future. Tesla is being nice to us right now. So at the moment the process looks like this: 1) You can fill out the application online. You'll have to stop when you hit the point where you need to enter a VIN and you probably don't have one. And even if you do have one, the VIN likely won't be recognized. 2) Save the application. 3) Call PenFed directly. You'll need to: a) make sure they know you want to finance a Model S and not a Roadster (because the Roadster is in their system). b) find out if you're conditionally approved and if so, for how much. If you're conditionally approved, it will show up on their web pages (under the "Apply Now" tab). 4) Decide how much you want to finance. It's possible you could call PenFed and do 1-4 over the phone with a loan officer. 5) Get an MVPA from Tesla and the VIN. (The MVPA should have the VIN on it.) The MVPA must show that the "Amount Due from Buyer" is equal to the amount you finance. That means the "Total Downpayment" has to cover the rest of the cost in the MVPA. That's the initial deposit plus trade-in value if any. In my case, the extra money that I need to pay Tesla was put down as "Additional amount payable at delivery". If you're in a hurry and want PenFed to fax a letter of approval to Tesla, you'll also need a fax number and "attention to:" name from Tesla. 6) FAX (do NOT email) that information to PenFed. If you want an approval letter faxed, best to tell PenFed in your fax and supply the Tesla fax # and "attention to" name that PenFed should send the fax to. 7) A loan officer will have to look at your MVPA and approve the loan. 8) Call PenFed again and confirm that you're set and they're sending/faxing what you need. 9) Thank your Tesla delivery specialist many times during this process, especially at the end! My guy (John Scalmanini) was great!!! A big thank-you to John!