Payment through Plaid

[soc0]

Hi,

We are going to be picking up our Model Y on Monday and was doing the final steps in the Tesla app for final payment which we want to make after inspecting the car.

The car would be registered under my wife’s name but we want to use my account for the final payment. I tried the add account option in the App and was able to link my account however on the final confirmation page it shows my wife’s name as the account holder and won’t let me edit that. I could confirm with my wife’s name in there and now I see the final pay option but I am not sure if it will actually work if it tries to use my wife’s name as the account holder.

Has anyone been in a similar scenario? Did it work? Or Should we get a cashiers check tomorrow and go that route instead?

Thanks

 

[jjrandorin]

Or Should we get a cashiers check tomorrow and go that route instead?

Thats what I would do (and did, for both my model 3 and model Y). I had no interest at all in paying through "plaid" or any other electronic transfer, when I could bring a cashiers check and hand it to someone, after looking at the car. No idea on delivery options in your state, though.

 

[AAKEE]

Thats what I would do (and did, for both my model 3 and model Y). I had no interest at all in paying through "plaid" or any other electronic transfer, when I could bring a cashiers check and hand it to someone, after looking at the car. No idea on delivery options in your state, though.

Can you look at the car in US before paying?

In Sweden we need to pay at least one week before delivery.

Tesla also recently changed how to handle leased cars so the car has to be paid before delivery (which caused chaos as the leasing companies wont pay before the delivery.

Seeing a lot of reports of how bad state the Model S often seem to be in before delivery and (recently) Tesla has started to call a lot of issues ”within spec” Its not a fun situation.
Having the possibility to look at the car first probably would set a little more pressure on Tesla to live up to the acceptable level of the cars state.

 

[Ostrichsak]

Thats what I would do (and did, for both my model 3 and model Y). I had no interest at all in paying through "plaid" or any other electronic transfer, when I could bring a cashiers check and hand it to someone, after looking at the car. No idea on delivery options in your state, though.

This, 100%. I absolutely refuse to connect my baking account through plaid (if you're not aware, plaid has absolutely no affiliation with Tesla other than their name being similar to Tesla products so it can be confusing) to make payment for anything. I don't know plaid I don't trust plaid and I don't want anything to do with plaid in terms of them having banking credentials for accounts. That just sounds like recipe for disaster.

 

[soc0]

Thanks everyone, will go the cashiers check route.

 

[jjrandorin]

Can you look at the car in US before paying?

It depends on the state. In states that dont allow Teslas direct sales model, the way Tesla gets around that is to sell you the car from a different location, then "SHIP" it to you. In those states, you have to pay before delivery since you are purchasing the car in another state, and they are just delivering it (a loophole for "you cant sell that here").

In states that do allow Tesla direct sales, you can absolutely pay by a known good form of payment, when you pick up the car, if you are picking it up at a delivery center and not having it delivered to your home. It gets murkier if you are getting it delivered to your home, but I dont know all the ins and outs of that.

"Most" states in the US allow Teslas direct sales, but there are a few that dont.

 

[ngng]

This, 100%. I absolutely refuse to connect my baking account through plaid (if you're not aware, plaid has absolutely no affiliation with Tesla other than their name being similar to Tesla products so it can be confusing) to make payment for anything. I don't know plaid I don't trust plaid and I don't want anything to do with plaid in terms of them having banking credentials for accounts. That just sounds like recipe for disaster.

So much FUD.

 

[Ostrichsak]

So much FUD.

Following security best practices with your banking credentials & access is FUD? Okay. That's fine. It's your opinion and not one shared in the cybersecurity or IT-related verticals for good reason. The fewer threat vectors you have the more secure you are, inherently. This isn't even advance stuff here either. All of this... what... to save the "effort" of having a cashier's check created prior to the delivery? Juice ain't worth the squeeze IMHO.

Have fun with that in 4-5 years when Plaid has a "security breach" and you're having to close down all of your banking accounts as a result. I don't associate 3rd party apps that I haven no interest in with my financial accounts. That's me and I sleep soundly at night knowing all of my precious megabits are secure. You do you though.

 

[ngng]

Following security best practices with your banking credentials & access is FUD? Okay. That's fine. It's your opinion and not one shared in the cybersecurity or IT-related verticals for good reason. The fewer threat vectors you have the more secure you are, inherently. This isn't even advance stuff here either. All of this... what... to save the "effort" of having a cashier's check created prior to the delivery? Juice ain't worth the squeeze IMHO.

Have fun with that in 4-5 years when Plaid has a "security breach" and you're having to close down all of your banking accounts as a result. I don't associate 3rd party apps that I haven no interest in with my financial accounts. That's me and I sleep soundly at night knowing all of my precious megabits are secure. You do you though.

CyBeRSeCuRiTY, you're using a lot of big words. Careful.

 

[JeffEV]

I use Plaid all the time to link my bank accounts for fund transfer. Really don't understand the concern. If you use your computer, web browser, smart phone to access your bank accounts or shop online, you are already doing it. Plaid is just a tool to easily add bank accounts w/o actually disclosing your bank account info.

 

[Ostrichsak]

I use Plaid all the time to link my bank accounts for fund transfer. Really don't understand the concern. If you use your computer, web browser, smart phone to access your bank accounts or shop online, you are already doing it. Plaid is just a tool to easily add bank accounts w/o actually disclosing your bank account info.

It wasn't very long ago people claimed "FUD" when I said I don't trust LastPass and their ilk either. "They" all told me how amazing it was to have one central location for all of your sensitive passwords and information. That didn't age well either. Plaid will be the same, it's only a matter of time but I won't be a part of it. Nothing Plaid offers in terms of "benefits" is worth the exposure to risk. Not for me. Cool if you like it. You do you. Just don't try to act as if it's risk-free.

I don't create accounts unless I absolutely have to. I don't install apps unless I absolutely need them. I don't save my credit cards on individual sites I shop on and I certainly don't share passwords and/or connect my sensitive financial accounts with 3rd parties when I don't absolutely need to. That's me. I'm not judging anyone else if you want to use them or do all of those other things but you should know the risks involved and weigh those against how important the benefits are. Simply risk v. reward analysis.

All of this perceived convenience leads to more threat vectors and the common consumer doesn't even think twice about it... until they get bit.

 

[EatsShoots]

So much FUD.

TD Bank filed a lawsuit and got millions from Plaid in a settlement: TD Bank's U.S. subsidiary settles lawsuit with data aggregator Plaid | Investment Executive

More on their data scraping here. They get everything from your account: Is Plaid, a service which collects user’s banking login information, safe to use?

I found out today the app wants me to use Plaid, and I texted the contact at Tesla that I will not be using Plaid, so asked him how he wants his money. Of course it's best practice not to share this--and in some cases against TOS. This isn't cybersecurity big words. It's very basic security.

There seems to me a big opportunity for accounts to offer read-only tokens which can be given to aggregators like mint, so that we don't have to dump our credentials into the nether.

 

[trevork]

I'm in this same position (hoping to make payment from Wife's bank account for car registered under my name) and am supposed to take delivery this weekend. Sounds like most are suggesting cashiers check to be safe. Who should the cashier's check be made out to? Local dealer or Tesla Inc. as instructed on the self arranged financing instructions?

 

[Mrdrbot23]

I'd read about Plaid's poor security/privacy practices before and never use them. In the Tesla app, it's possible to avoid using Plaid. I don't remember the exact process I followed but if you cancel out of the window that asks you to use Plaid or just tap anywhere else around that pop-up to dismiss it, you'll then be offered a way to enter your bank information manually. I did this and was able to just enter my bank routing number and account number and save it so that when I went to pick up my MYLR, I made my down payment through the app there. Easy peasy, no Plaid.

 

[Mike728]

I'd read about Plaid's poor security/privacy practices before and never use them. In the Tesla app, it's possible to avoid using Plaid. I don't remember the exact process I followed but if you cancel out of the window that asks you to use Plaid or just tap anywhere else around that pop-up to dismiss it, you'll then be offered a way to enter your bank information manually. I did this and was able to just enter my bank routing number and account number and save it so that when I went to pick up my MYLR, I made my down payment through the app there. Easy peasy, no Plaid.

I just did that exact same thing, and I feel much better about not entering my banking login and pw.

 

[EatsShoots]

I just did that exact same thing, and I feel much better about not entering my banking login and pw.

I wish I could but lack the ability to figure out how to bypass it. Clicking off/closing, etc. it seems to insist on Plaid within the app itself right now.

 

[Ostrichsak]

I wish I could but lack the ability to figure out how to bypass it. Clicking off/closing, etc. it seems to insist on Plaid within the app itself right now.

I'm not sure how to guide you other than saying it is possible because that's how my account is connected. I may have done it through the website or something but I don't recall exactly as I did it years ago. As previously described, routing number and account number and maybe a name/address and that was about it as I recall.

I don't trust giving anyone my banking login credentials because then they have access to all of my accounts. I even have a type of clearing house checking account with my bank that I use for just such an occasion. I don't keep anything other than a couple hundred bucks in it just in case some provider who I've trusted goes rogue. In those instances, they ain't getting much and I get a good idea of whom to not trust going forward. If a must link a banking account to a (somewhat) trusted provider, that's the one I use. When I buy a car from them I transfer the funds to cover the purchase from another account that nobody has access to other than my wife and I. The key to security is layers. I've only given that account/routing number out to a few entities but I still don't trust them enough to leave hundreds of thousands in there.

I already have trusted Tesla with a lot by requirement and that's fine. The benefits I receive outweigh the potential risks for me. Trusting Plaid, a 3rd party whom I have zero interest in otherwise, with ALL of my banking account(s) credentials? For what? to avoid cutting a cashier's check or the the method I just mapped out? No thanks. There is quite literally no benefit let alone anything worth trusting them enough for ALL of my banking account access. If you can't get that to work out I'd just have a like bank draft cut by your bank that you physically deliver if and only if you consent to accept delivery. Keeps you in control and keeps your megabits safe too. Old school baby!

Some can call it FUD but I call it having something to lose and caring enough to take steps to not lose it. Funny how my "FUD" levels increase as my net worth increases.

 

[MrMagoo2023]

Getting ready to make my final payment (in WA State) - read the ‘Plaid data sharing’ terms presented from BofA - basically ‘access to all information and history.’ For those who don’t take time to read some of the details, you should. The ‘total access to your information’ terms I was presented are ridiculous for this kind of transaction (and ‘third party’ relationships.) It will be cashiers check at delivery for me. Tesla can, and should, do better.

 

[EatsShoots]

I'm not sure how to guide you other than saying it is possible because that's how my account is connected. I may have done it through the website or something but I don't recall exactly as I did it years ago. As previously described, routing number and account number and maybe a name/address and that was about it as I recall.

I don't trust giving anyone my banking login credentials because then they have access to all of my accounts. I even have a type of clearing house checking account with my bank that I use for just such an occasion. I don't keep anything other than a couple hundred bucks in it just in case some provider who I've trusted goes rogue. In those instances, they ain't getting much and I get a good idea of whom to not trust going forward. If a must link a banking account to a (somewhat) trusted provider, that's the one I use. When I buy a car from them I transfer the funds to cover the purchase from another account that nobody has access to other than my wife and I. The key to security is layers. I've only given that account/routing number out to a few entities but I still don't trust them enough to leave hundreds of thousands in there.

I already have trusted Tesla with a lot by requirement and that's fine. The benefits I receive outweigh the potential risks for me. Trusting Plaid, a 3rd party whom I have zero interest in otherwise, with ALL of my banking account(s) credentials? For what? to avoid cutting a cashier's check or the the method I just mapped out? No thanks. There is quite literally no benefit let alone anything worth trusting them enough for ALL of my banking account access. If you can't get that to work out I'd just have a like bank draft cut by your bank that you physically deliver if and only if you consent to accept delivery. Keeps you in control and keeps your megabits safe too. Old school baby!

Some can call it FUD but I call it having something to lose and caring enough to take steps to not lose it. Funny how my "FUD" levels increase as my net worth increases.

Update I just couldn't figure out a way to do it otherwise, whether through the app or their website. I did confirm with the site guy before arriving that an "official bank check" (their words) for the amount to Tesla Inc would be good and, when I got there, I had no issues with that approach.

 

[Jaymc5]

I don't like the idea of Plaid after reading a few of the posts above. The app does offer the option to wire or use a cashiers check; but it then says to mail the check to an address in California. I want to hand deliver the cashiers check after seeing/inspecting the car I'm purchasing. What is so wrong with that?