Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

n00b question on financing and payment

acatwith12

Member
Jul 27, 2021
715
604
Sunnyvale
Hi, first time buying a car here and have a few quick questions on how exactly it works. I would like to put down about half in cash, but don't know yet (i.e., 30-40k), and do a loan from DCU for the rest. When I get the VIN I'll need to submit payment first - I'll apply to DCU with a loan for like 40k but that doesn't mean I'll need it all, depending on how much I put down.

1. How exactly do I tell Tesla that I got a loan from DCU and want only XX amount taken from the loan?
2. If Tesla needs payment prior to delivery, but I want to inspect the car to make sure there's no glaring flaw, how does this work? I.e., I've read some rare instances, even recently, where it got shopped for a couple weeks or you wait for a new VIN for a couple weeks. obviously I don't want to pay without even getting a car.
 
There are multiple steps (lots of back and forth) because I'm going through this.

1) Get pre-approved from DCU or external bank
2) Fill out Tesla info and set payment type as loan with the amount you will finance.
3) Tesla will generate a MVPA (Motor Vehicle Purchase Agreement) with ALL details. Fees will change if you pay cash vs. loan. I did not know that and had cash original and my bank did not like the first MVPA.
4) Upload final MVPA (lists total price, fees, what is financed, down payment from you, etc) to DCU/bank - loan officer will check numbers and give approval. At least this was how via Bank of America
5) Submit downpayment (since you are only financing portion). The bank wires their portion separately.
 
  • Like
Reactions: acatwith12
There are multiple steps (lots of back and forth) because I'm going through this.

1) Get pre-approved from DCU or external bank
2) Fill out Tesla info and set payment type as loan with the amount you will finance.
3) Tesla will generate a MVPA (Motor Vehicle Purchase Agreement) with ALL details. Fees will change if you pay cash vs. loan. I did not know that and had cash original and my bank did not like the first MVPA.
4) Upload final MVPA (lists total price, fees, what is financed, down payment from you, etc) to DCU/bank - loan officer will check numbers and give approval. At least this was how via Bank of America
5) Submit downpayment (since you are only financing portion). The bank wires their portion separately.
Hey Voxel, do you know if they are doing 72 months at the 1.24% or only 65? And how do I become a member to get the loan? Thanks!
 

thecavalry

Member
Aug 27, 2021
195
250
Utah
Hey Voxel, do you know if they are doing 72 months at the 1.24% or only 65? And how do I become a member to get the loan? Thanks!
65 months. During the loan application you’ll be asked to donate to one of their supported organizations to become a member.

You need to also shift your direct deposit banking to them in order to get the rate reduction for 1.24%.
 
  • Like
Reactions: voxel

MG535

3SR+ Red/black/19s (18s for winter)
Jul 22, 2021
213
163
NJ USA
Hi, first time buying a car here and have a few quick questions on how exactly it works. I would like to put down about half in cash, but don't know yet (i.e., 30-40k), and do a loan from DCU for the rest. When I get the VIN I'll need to submit payment first - I'll apply to DCU with a loan for like 40k but that doesn't mean I'll need it all, depending on how much I put down.

1. How exactly do I tell Tesla that I got a loan from DCU and want only XX amount taken from the loan?
2. If Tesla needs payment prior to delivery, but I want to inspect the car to make sure there's no glaring flaw, how does this work? I.e., I've read some rare instances, even recently, where it got shopped for a couple weeks or you wait for a new VIN for a couple weeks. obviously I don't want to pay without even getting a car.
We paid cash in full but it shouldn’t make a difference: give your (down payment) check at delivery after checking the car.
 

Products we're discussing on TMC...

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.


SUPPORT TMC
Top