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Loan closure and delivery experiance with Loan from Logix

Discussion in 'Model 3: Ordering, Production, Delivery' started by manishee, May 24, 2018.

  1. manishee

    manishee Member

    Joined:
    May 21, 2018
    Messages:
    33
    Location:
    San Jose, CA
    Hi There,

    Does any one here have any experience closing loan with Logix and taking delivery?

    I have a 4/20 config and june email on last Sunday. Since folks from 4/18 config are getting delivery calls, I am hoping mine is just around the corner. I just applied online and got 1.49% approved for 36 months.

    I am wondering how does this work with Logix funding the car at the time of delivery. I had indicated cash payment at the time of config and my delivery profile is complete. I am assuming, I can talk the ISA and change that to third party funded loan.

    Thanks.
     
  2. Az_Rael

    Az_Rael Supporting Member

    Joined:
    Jan 26, 2016
    Messages:
    4,310
    Location:
    Palmdale, CA
    I have done Logix for 3 Tesla purchases. They will need the signed (by both parties) MVPA to fund the loan and cut the check.

    If you tell your delivery specialist you need an electronic signed MPVA, they can route it through the channels to do that (it’s not automatic and takes a few days). Once you have the final signed MVPA, you can send it to Logix and they will setup the check to be overnighted to Tesla or you can pick it up at a branch.

    I would leave the setup as “cash” with Tesla. I had them do my MVPA for my loan and it was a PITA when they messed it up. You just show up with the check from Logix and it looks like a cash transaction from Tesla’s side anyway.
     
    • Like x 1
  3. manishee

    manishee Member

    Joined:
    May 21, 2018
    Messages:
    33
    Location:
    San Jose, CA
    Thanks Az_Rael. This helps!!
     
  4. ebmcs03

    ebmcs03 Active Member

    Joined:
    Dec 22, 2017
    Messages:
    1,838
    Location:
    So Cal
    I’m getting annoyed with Logix and Tesla. Tesla wants BOTH names on the loan and I got a pre approval with just my name. But in order to add my wife’s name they need to rerun a hard credit check.

    I recently had identity theft so i have my credit all locked and don’t want to have to unlock it to re run my credit. I’m already approved and can support the whole loan. Annoyed that they have to re run with both parties to get my wife’s name on the loan.
     
  5. Laxcgk

    Laxcgk New Member

    Joined:
    May 24, 2018
    Messages:
    3
    Location:
    Los Angeles
    Logix said “
    The Preapproval is in condition:
    · Down Payment”
    The down payment should be made to tesla, not logix correct?
     
  6. MissyMcBee

    MissyMcBee Member

    Joined:
    Dec 4, 2016
    Messages:
    247
    Location:
    Silicon Valley
    Did Tesla require you to add your wife? I only did the loan in my name and had the car in my name only. It’s mine..all mine.....,,precious
     
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    • Funny x 1
  7. ebmcs03

    ebmcs03 Active Member

    Joined:
    Dec 22, 2017
    Messages:
    1,838
    Location:
    So Cal
    No We wanted it in both names and it complicated the loan part.
     
  8. MissyMcBee

    MissyMcBee Member

    Joined:
    Dec 4, 2016
    Messages:
    247
    Location:
    Silicon Valley
    Ok, that makes sense. Thank you
     
  9. RyanDe

    RyanDe Member

    Joined:
    Aug 24, 2016
    Messages:
    200
    Location:
    Massachusetts
    I’m using them too, lady i spoke with seems nice hope it all works out, 1.5% is a great rate
     
  10. MissyMcBee

    MissyMcBee Member

    Joined:
    Dec 4, 2016
    Messages:
    247
    Location:
    Silicon Valley
    Awesome, so you did the shorter loan term. They seem to know what they are doing and have done lots of Tesla loans. I was asked how i heard about them because i’m Not near any branches and i mentioned TMC and they were pleased.
     
  11. slotti

    slotti Member

    Joined:
    Apr 21, 2018
    Messages:
    28
    Location:
    91307
    I did my 3 through logic as well. Dud 3 previous cars with them before. I called them up, told them I needed a loan for a Model 3 and they simply asked me to give them the info of my Tesla Sales guy. They did everything from there. Check was overnighted. Logix literally took 5 minutes for everything. Tesla took a bit longer to get all the docs done, but overall really easy. If you register the car in both names, the loan has to be in both. Otherwise Tesla won't be able to register the car with the DMV. It actually would be illegal to have the loan only in your name but the car in both. Logix could cancel the loan on you since you are breaching the loan agreement.
     

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