n00b question on financing and payment

[acatwith12]

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.

 

[voxel]

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.

 

[crapoud]

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]

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%.

 

[crapoud]

Ok Thanks!

 

[acatwith12]

Ok Thanks!

Pretty sure you can get referred and not donate - that's how I got into DCU

 

[MG535]

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.

 

[Fswiss]

Can I get a referral for DCU? starting my process now