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Paying by ACH early

tentimesodds

Member
Jan 26, 2018
95
41
Charlottesville, VA
Is there any downside to paying by ACH as soon as that functionality opens up? I just got a "final" MVPA even though my delivery is September 6th, and the Tesla account will let me pay now, so wondering if there are downsides to that. Obviously, there is risk that once they have your money they are less incentivized to do what you need on the car, but I was going to pay by ACH a few days before delivery anyway so it's kind of the same risk. Just trying to figure out if there is something I am not thinking about. Thanks
 

MikeATL

Member
Aug 7, 2018
370
243
Nashville
I haven’t gotten this far with Tesla, so I’m only guessing, but I don’t see any reason not to get your ACH done a little early. You’re going to buy the car and presumably you’re getting no meaningful amount of interest letting it sit at your bank. An ACH should take no more than 3 business days, but if you messed up something then you might have to do it again which could delay you.

I would imagine the delivery specialist is juggling a lot of orders and some people will be late getting some of their prerequisites done, so if you’re the person who has done everything all ready, I’d think your paperwork would move up higher in their pile.
 

louisTM3

Member
Aug 23, 2018
62
44
Dallas, TX
The only reason to pay by ACH early is if you are in Texas or any state that Tesla can't legally sell cars in because they wouldn't schedule you for delivery unless the car is paid in full.

For all other states I would say hold on to your money for as long as possible to give them some incentives to keep making you happy. Customer service is a crap shoot for me once I paid in full and I am in Texas.
 

xdriv3

Member
Apr 8, 2016
100
27
NY
Is there any downside to paying by ACH as soon as that functionality opens up? I just got a "final" MVPA even though my delivery is September 6th, and the Tesla account will let me pay now, so wondering if there are downsides to that. Obviously, there is risk that once they have your money they are less incentivized to do what you need on the car, but I was going to pay by ACH a few days before delivery anyway so it's kind of the same risk. Just trying to figure out if there is something I am not thinking about. Thanks

Hey OP

My website updated today to give me the option to pay as well. I have my VIN but it’s no where on the website. Nor has my IDA reached out. I also have a delivery date in Sept.

How did you get your Final MVPA? Mine still has RN number listed.
 

TT97

Active Member
Aug 6, 2017
2,173
2,978
Los Angeles
I paid early for two reasons: 1) if there was any issue with the payment, I would have time to fix it; and 2) (while unlikely) I was hoping they could move up my delivery date. When I got my 3, there were a couple people on the forum that their delivery was moved up when someone else cancelled their appointment. It didn't happen to me but assumed it they did have an early opening, they would teach out to people paid in full.
 

Need

Active Member
Nov 22, 2017
3,031
2,337
Rancho Cucamonga
I think I will have to pay early as my loan company said they need proof of all down payment paid before they will send the loan check to Tesla. BTW, how long does it take to get the final MVPA? I e-signed one and now my account page is still stuck at "drafting your contract". I have not progressed to the Paid screen yet.
 

tentimesodds

Member
Jan 26, 2018
95
41
Charlottesville, VA
Thinking this over I may just bring a cashier's check to the delivery...juuuuust in case Tesla files for bankruptcy between the time you pay and the delivery, the priority for customer deposits is limited to a relatively small amount ($2850 I think). So you could be up the creek in the extremely unlikely event that you pay for your car and Tesla files for BK before you take delivery--you'd be a general unsecured creditor of the company (which are many).
 

Eno Deb

Active Member
Aug 17, 2018
2,630
3,380
SF Bay Area
Personally, I don't really see a good reason to use ACH instead of a cashier's check. With the check you keep complete control over your money until actually taking delivery, there is no chance of anything getting lost due to some error on either Tesla's or the bank's end, and you can easily get the check refunded to your bank account in case the delivery falls through for some reason.
 

CCIE

Member
Aug 31, 2017
363
684
CT
I've been told you can initiate the ACH transfer while you're at the delivery center picking up your car (after you've inspected it). Has anyone found that to not be the case?
 

Az_Rael

Supporting Member
Supporting Member
Jan 26, 2016
5,665
8,962
Palmdale, CA
Is there any downside to paying by ACH as soon as that functionality opens up? I just got a "final" MVPA even though my delivery is September 6th, and the Tesla account will let me pay now, so wondering if there are downsides to that. Obviously, there is risk that once they have your money they are less incentivized to do what you need on the car, but I was going to pay by ACH a few days before delivery anyway so it's kind of the same risk. Just trying to figure out if there is something I am not thinking about. Thanks


The downside to paying early is if your delivery gets delayed due to issues with the car. They don’t spot that sometimes until a day or two before delivery, then your car may have to go the the body shop limbo all while you have paid in full but don’t actually have a car yet. This has happened to folks, and Tesla isn’t always super quick about getting those issues resolved. I have seen a few reports here of folks getting deliveries delayed over a month after paying in full.

I brought a cashiers check to delivery.
 

fnce_prof

Member
Aug 13, 2018
68
165
Ann Arbor, MI
You should never pay them early unless (1) you want the car delivered to your home or (2) you want to give Tesla a free 50K loan while you wait for your replacement car if you are not satisfied at delivery. If you are taking delivery yourself, do it the old fashioned way. Inspect the good, then hand over the money. They even told me you could give your car a short test drive before giving them the check.
 

Eno Deb

Active Member
Aug 17, 2018
2,630
3,380
SF Bay Area
You should never pay them early unless (1) you want the car delivered to your home
Note that using a check for home delivery works fine in states where Tesla is allowed to sell cars directly (that's what I did). I think only in the states where you can't buy a Tesla directly an advance payment is required.
 

TerpMed

Member
Jul 30, 2018
18
13
Maryland
I've been told you can initiate the ACH transfer while you're at the delivery center picking up your car (after you've inspected it). Has anyone found that to not be the case?

I was also told this by an IDA and would like to know if anyone has recently paid like this because this is my preferred option.

I've already had two delivery cancellations and am waiting for a third date to be scheduled. I had the option to pay in full via ACH before my first delivery date. I know there are situations where you have to pay early (e.g. Texas), but in my case, I'm glad I didn't.
 

favo

P3D+ owner
Apr 5, 2012
1,061
1,180
Durham, NC
I've been told you can initiate the ACH transfer while you're at the delivery center picking up your car (after you've inspected it). Has anyone found that to not be the case?
Same here, and that's what I plan to do (hopefully early next week).
 

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