ORDERING/FINANCING Through Schoolsfirst

[AB N]

Hi,

I was wondering if anyone else could explain the procedure of how financing works through schools first? I have to down 10% down and schoolsfirst will i guess send the money to tesla. I was wondering how I can find out how long it takes and if there is anyone I can call at tesla once i get confirmation schoolsfirst has sent the money?

This is my first tesla and first time financing . Any tips or advice appreciated!

 

[MacO512]

Sounds like thats a credit union?

When financing you either apply to Tesla through the app or select 3rd party financing in the app. Either step is done after you have placed an order or purchased a car from Tesla inventory (the better way to buy the Model Y right now so you get discounts).

This appears to be 3rd party financing. You have to get approved first by applying with the credit union. Some credit unions/banks can approve you the same day others take many weeks. Once approved you give the credit union the MVPA (motor vehicle purchase agreement) from your Tesla order in the app and then they send you loan docs that you sign. Once you sign they pay Tesla. I'm not sure you can accept delivery before your bank pays tesla.

Personally I applied through Tesla or the credit union I use for other stuff just to get the delivery and sale completed ASAP. I'll refinance later to get the best rate, sometimes that can take many weeks with a new credit union or new bank.

 

[AB N]

Sounds like thats a credit union?

When financing you either apply to Tesla through the app or select 3rd party financing in the app. Either step is done after you have placed an order or purchased a car from Tesla inventory (the better way to buy the Model Y right now so you get discounts).

This appears to be 3rd party financing. You have to get approved first by applying with the credit union. Some credit unions/banks can approve you the same day others take many weeks. Once approved you give the credit union the MVPA (motor vehicle purchase agreement) from your Tesla order in the app and then they send you loan docs that you sign. Once you sign they pay Tesla. I'm not sure you can accept delivery before your bank pays tesla.

Personally I applied through Tesla or the credit union I use for other stuff just to get the delivery and sale completed ASAP. I'll refinance later to get the best rate, sometimes that can take many weeks with a new credit union or new bank.

I see! Does tesla app automatically update once bank sends the money?

 

[MacO512]

I see! Does tesla app automatically update once bank sends the money?

Yeah it shows in the app payment section or payment due or some area when Tesla gets the wire.

 

[AB N]

Apparently my credit union will only provide a check. Is there any way I can proceed with delivery and buy tesla insurance thru app?

 

[MacO512]

Apparently my credit union will only provide a check. Is there any way I can proceed with delivery and buy tesla insurance thru app?

Either call Tesla or ask in service center. I'd think the check is fine but perhaps could add delay for payment to clear. You can get a quote for tesla insurance once you have an order, mine was much cheaper through my homeowners or other insurers but theres some people here happy with it.

 

[Ergonomics101]

Apparently my credit union will only provide a check. Is there any way I can proceed with delivery and buy tesla insurance thru app?

I used AdelFi Credit Union for both my 3 and wife's Y. They have an FAQ that was helpful for us in timing our delivery. Most credit unions are probably the same process Tesla Car Loans | AdelFi | Christian Financial Services.

How many days does it take to receive funds from the time I submit the application?
Allow five (5) business days from start to finish:

• Day 1 Initial Application Reviewed and Pre-approved
• Day 2 Loan App and Membership App Documents Requested
• Day 3 Documents Reviewed
• Day 4 Loan and Membership Approved. Loan Documents Signed
• Day 5 Funds Wired or Mailed

 

[AB N]

Schoolsfirst does not wire money. They give you a check and tesla accepts these checks