This is crazy. There's no pre-payment penalty on the loan is there? If not, people could just refinance and walk away with the check. I'm actually in this position now. I'm taking delivery tomorrow, but there isn't enough time for my CU to get the loan done because Tesla still hasn't provided the MVPA. I'll have to go through Tesla financing (already approved for 3.49%) and then get them to rate match after the fact (I was told I have 7 days). What's to stop me from then just refinancing through my credit union and keeping the check?
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Loan and APR through Tesla Financing
- Thread starter Mchesnoff
- Start date
This is crazy. There's no pre-payment penalty on the loan is there? If not, people could just refinance and walk away with the check. I'm actually in this position now. I'm taking delivery tomorrow, but there isn't enough time for my CU to get the loan done because Tesla still hasn't provided the MVPA. I'll have to go through Tesla financing (already approved for 3.49%) and then get them to rate match after the fact (I was told I have 7 days). What's to stop me from then just refinancing through my credit union and keeping the check?
... Nothing but your scruples, assuming your CU gives you a favorable interest rate for used vehicles, as this wouldn’t be considered a new vehicle loan anymore.
I’d just double-verify that they’re going to cut you a check for the difference vs adjust the actual rate. If they still do the check thing, then it’s possible that the banks could be paying YOU for taking a loan. Insane.
My credit Union absolulely will give me the same rate whether the car is new or used. They do loans based on the year. As long as car is 2019 or newer, you qualify for the "New" rate.
Then my friend, you are good to go! My CU does the same, but I didn’t want to ASSume!
Rates :: Campbell Federal Credit Union
Not always. If you contact them ([email protected]) pre-delivery with an approval letter from another bank they will adjust the rate on your loan, assuming their partner bank can match it. This is what I did.
After delivery, you have 7 days to do the match at which point they'll give you a check for the difference.
As someone asked, there's nothing stopping you from doing the latter and then refinancing with the original bank with the extra check in your pocket. I know people who've done it.
I'm in the same boat - got the exact same rate and same bank approval through tesla - I accepted to no waste any time and will be looking for a new rate till the delivery date is given. I ordered 1/16 and has an 8-10 week turn around.
Right - that’s why I said “usually” and it’s certainly best to ask how they’ll handle it.
Sounds like post delivery but right away is the way to go!
You can submit it up to 7 days before delivery and they'll match the rate for the loan, or submit it after and get a check for the entire difference. I did it after because I was picking up around Thanksgiving and didn't want to risk delaying the delivery over paperwork issues.
Best Rate Guarantee
Assuming there is no prepayment penalty...you'll have to double check the details from the lender.If you can refinance and get a better rate later then you still keep the check
So I am supposed to take delivery tomorrow morning at 11am Pacific Time. I already made the payment to Tesla for taxes and fees.
Alliant Credit today sent me my contract to sign via Docusign and it was incorrect. I asked them to fix it and they said they had their closers working on the new docusign contract to send to me. It’s now after 5pm and haven’t received the document. Apparently Alliant opens tomorrow at 7am Central time and I would be taking delivery at 1pm their time but I still have no contract.
Either they pull it together early tomorrow morning, or I push back my delivery time a couple hours, or I just finance through Tesla Motors and get them to match after pick up.
If I financed through Tesla motors it would have to be the quickest deal they have ever done. They already have my credit report and I was pre approved.
Should I just finalize it through Tesla Motors in the morning to be safe? I’m so annoyed.
Alliant Credit today sent me my contract to sign via Docusign and it was incorrect. I asked them to fix it and they said they had their closers working on the new docusign contract to send to me. It’s now after 5pm and haven’t received the document. Apparently Alliant opens tomorrow at 7am Central time and I would be taking delivery at 1pm their time but I still have no contract.
Either they pull it together early tomorrow morning, or I push back my delivery time a couple hours, or I just finance through Tesla Motors and get them to match after pick up.
If I financed through Tesla motors it would have to be the quickest deal they have ever done. They already have my credit report and I was pre approved.
Should I just finalize it through Tesla Motors in the morning to be safe? I’m so annoyed.
Last edited:
If you already have an approval from your CU, Tesla should be able to adjust prior to delivery. As discussed previously in the thread, if you don’t have approval from your CU yet, just go ahead and go through Tesla and then get them to match your CU after delivery. They’ll cut you a check for the difference. If you then want to refinance with your CU, you can keep Tesla’s check.
Yes that makes sense. But I take delivery at 11 and Tesla loan reps open at 10am. I’m already preapproved through Tesla Financing with Wells Fargo. Do you think I’m cutting it too close?
In your scenario I’d just go with Tesla. I actually just took delivery today and was in the exact same situation. I was prepared to go with Tesla, but my CU pulled out a miracle at the last second.
Do you think if my CU didn’t get it done in time, I could do the financing through Tesla at the delivery location? Thing is I don’t have that option anymore in my account portal since I chose a self arranged loan.
I would bring my laptop and everything. It’s a stealth version so I want to make sure I lock this in.
You’re taking delivery of a Steath? Way to bury the lede, haha! I’m sure Tesla can get it done for you. They do want to sell the car, after all. What part of the country are you in? (Asking for Stealth availability)
Yes a stealth!! Hence my paranoia haha. So you think I could get it done there at time of delivery? Or if the CU doesn’t get it to me an hour before pickup just start the process again through Tesla financing?
I’ve already paid them the fees plus a down payment to Tesla yesterday.
I’m in California.
I would say since your credit union opens earlier there is good chance they can get it done in time. Wake up early and start making a phone call. I know with my credit union I was able to finish up a loan in the past in 20mins; few on the phone and a few more with DocuSign.
Tesla wants to sell you a car, so if for some reason your CU delays too much I'm pretty sure they'll be able to do the deal with them last minute easily. Especially since you've already put money towards the car.
Also what I really want to know is how did you get a stealth?! And how much more over a LR AWD is it? I'm going to just get the acceleration boost update if I can't get a stealth.
Tesla wants to sell you a car, so if for some reason your CU delays too much I'm pretty sure they'll be able to do the deal with them last minute easily. Especially since you've already put money towards the car.
Also what I really want to know is how did you get a stealth?! And how much more over a LR AWD is it? I'm going to just get the acceleration boost update if I can't get a stealth.
Yep lets see if Alliant can pull it off. I originally ordered a LR AWD and asked me sales advisor if they had any stealths and he said no. I then asked about unclaimed inventory and if he could check frequently if one came available and it did, so he immediately matched my order. Im picking up my car 2 weeks from order (Jan 8th). Guess i got lucky!
Similar threads
