I got my new car last month but am confused about how to do the monthly payments to Tesla/loan bank? No information to me so far. Anyone here got experience? Thanks.
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How to pay Tesla’s loan?
- Thread starter Merlionwait
- Start date
I financed through tesla and got a loan through wells fargo. They sent me info on my account within a week and I've gotten my first bill already...got the car on 11/30 and first payment is not due until 1/14...strange that you haven't heard from the financing company yet.
Your loan isnt through tesla, it will be through whichever bank they fit you with (they use a few). You should have some paperwork you signed regarding your loan, and who its through. Contact that company. Since tesla uses multiple lenders they may have different time lengths to get you information.
With that being said, I dont quite understand the thought process behind having a question about your loan, and coming to a forum to post about it before going to look at the paperwork you signed, and contacting the lender....
Thank you for the info. My loan is through USBANK. I got my car almost the same time as you but not hearing from them yet. I will call the bank.
One more question though, in the loan agreement form where do they put the banks info? In my form, the seller/creditors is “Tesla” not a bank. And I couldn’t find any bank name on that form. How about you?
Good decision.
It’s probably best to just assume Tesla f***ed up in processing the loan with the bank in time. I didn’t get any loan paperwork in the mail until after the due date on my first loan payment. I had to make several calls to get a late payment penalty removed. And my brother’s loan processing was so delayed that Tesla actually made the first payment to the bank without telling him! Then 15 months later(!), Tesla emailed him out of the blue telling him that he owed Tesla for that first payment.
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I checked and on my loan agreement form on the website shows tesla as the lender. But it has wells fargo on the paperwork I signed at the delivery center when I picked up the car.
AC2DC
Member
I'm also confused about who to contact for more information about this. I reviewed my documents, and the only listing of seller/lender is Tesla Motors at the address where I picked up my car. There is no other information. No listing of a financial institution for the loan. I've had my car for three weeks, and according to the documentation, I have a payment due in 3 more weeks, and I have no idea who to send it to. I assumed I would be contacted with payment information, like a coupon book for mailed checks or an option for auto withdrawal, but nothing so far. Does my car payment come from the same credit card that my the supercharger uses for payments? I feel a little foolish that I don't already know this and a little frustrated that Tesla has left me in the dark.
I also financed through US BANK via Tesla, in March. The docs will show up later than you’d think. Not a word from the bank or anyone, and eventually you will just get a statement in the mail. (3 weeks to a month)
I also will say, it appears the loan we get is not available to be registered for Paperless Billing (odd).
Just sit back, relax, and wait for the statement to come in the mail. You should get your first one in the first month following your purchase.
If you got Docs at signing, check the application for Title. That will state the Bank financed through.
First payment will be due ~6 weeks after delivery. I received my first statement 3 weeks after. I would suggest contacting Tesla financing if you haven't seen it roughly a month after delivery to avoid late payment headaches. ([email protected]).
M3BlueGeorgia
Active Member
Contact the bank that wrote the loan.
Tesla don't make auto loans, they just front the sales transaction for a bank.
Yes. I have address for lender as well. It was in page source when I needed to get insurance. And they are also listed as Assignee from Tesla in my loan agreement in car details.
Those who received Chase as the loan provider, AND have Chase accounts for their personal banking will see that the Tesla loan appears as a standard account when they login to the Chase website a few days after taking delivery of the car. They'll also send you lots of stuff in the mail, but really you don't need it. I went in as soon as I saw the loan account, setup automatic payment and turned on Paperless statements. Interestingly, Chase later informed me they had lowered my interest rate .10% "after reviewing my standing as a customer".
I agree with all of this, but I was able to sign up for paperless billing with US Bank. I don’t remember exactly how I did it, but it was possible. Their online interfaces aren’t the best in my experience, so worst case just call them and they can help you out. It is definitely something they support.
I'm not 100% sure if I did, but I remember the process wasn't easy. Several months after the Tesla loan, I opened a credit card with US Bank and tried to add it to my account. Nothing I tried worked and I'm pretty technically proficient. I ended up calling them, getting transferred to their technical support department and they admitted it was something they had to do on my end - that customers ran into similar issues with significant frequency. It just seems they haven't really invested in a solid digital platform, at least for some of their products.
Just now, I logged in to check something, and I was presented with a screen that showed my personal info and I was asked to confirm it was all correct. I clicked the 'Yes' option and received a message saying 'authentication failed' even though I had already authenticated, including successfully using MFA. I then tried the 'confirm this information later' option and I was lead right to my account in a logged in status. I'm no longer surprised when I encounter these weird bugs on their site.
