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Payment Timeline for Model 3/Teslas?

Discussion in 'Model 3' started by ELRev, Sep 25, 2017.

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  1. ELRev

    ELRev Member

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    Mar 7, 2016
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    Hoping for some insight into how this all works, as I've never purchased a new car outright before..

    I intend to pay cash for my Model 3 but will need to shift money around into a different account in order to do so. My question is regarding by what date I'll need to do this.

    Obviously, we've all put down a $1000 deposit for our Model 3 reservations. I understand that custom Tesla orders generally require a $2500 deposit upon placing the order as well.

    Should I expect only to need to have $2500 available for that deposit upon receiving my configuration email?
    Will the rest of the payment be required upon delivery or earlier?
    Is bank transfer the preferred method of payment?

    I want to be sure not to lose any time, and not potentially delay my delivery, by waiting too long to transfer funds, but for personal reasons, I can't do so just yet, so I'm trying to better understand the payment process to come.

    Any info/input is much appreciated!
     
  2. siucity

    siucity Button Pusher

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    If I remember correctly, I put the initial $2500 (or whatever it was) on my credit card for the order. Really easy and you get points on your card. For delivery, I paid the day I got the car. They gave me an option to pay earlier, but I waited until the last minute. Bank transfer or cashier's check works.
     
  3. ELRev

    ELRev Member

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    Super helpful! Thank you. I had been wondering about paying upon delivery thinking they might require that you pay sooner, but I guess worst case scenario for them is they keep your deposit and the car. Should have plenty of time to transfer funds between order and delivery, so that's good news. Thanks!
     
  4. DR61

    DR61 Member

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    Tesla does not accept personal checks? I have used a personal check for the balance at time of delivery on most new cars I have purchased. They do run a credit check of course.
     
  5. hariclt

    hariclt Member

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    Charlotte, NC
    I actually forget to bring my checkbook for my final down payment .. was still super easy .. just did an ACH directly on their website right in the store. The purchasing experience is just super - blows away any other car dealer.
     
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  6. Trips

    Trips Member

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    Once you have finalized your payment and trade-in preferences, an itemized breakdown of options, taxes and registration fees will be available for you to view in the "My Documents" section of your Tesla account. Keep in mind that regardless of how close or far away you live from the Tesla Factory, all North American customers pay the same Delivery and Documentation Fee. Once these documents are generated, a payment module will appear in your profile to allow you to submit your final payment.

    You may pay the balance due via electronic bank account debit or wire transfer prior to taking delivery. To access the payment module, sign in to your Tesla account, and press on the button “Make a Payment.” You can select “Electronic Bank Account Debit” and then enter your information for Tesla to debit the balance from your bank account. Otherwise, you may choose “Wire Transfer” and we will generate instructions in your Tesla account on how to wire the balance to us.

    Alternate payment methods include a certified check or a check from a financing bank or credit union made at the time of delivery. Please make your check out to “Tesla Motors, Inc.” Credit cards are not accepted for final payment. Any balance due must be paid in full before you can take delivery of your vehicle.

    Depending on your registration state, Tesla may not be able to collect sales tax and registration fees on your behalf. Your Delivery Experience Specialist will notify you if this applies to you. In this case, your vehicle will be considered an out-of-state purchase and you’ll be responsible for paying sales tax and registration fees directly to your state’s department of motor vehicles. These out-of-state purchases also require that final payment for your vehicle be made prior to your delivery appointment.

    Final payment
     
    • Helpful x 1
    • Informative x 1
  7. Trips

    Trips Member

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    Girlfriend paid for a Ford with a check the day before Thanksgiving a few years ago. On that Friday she gets a call from the credit union asking if she bought a car as she overdrafted by $30k. The credit union told her they covered it but she needed to come in and get a loan in the next week. That is small town banking for you.
     
  8. igotzzoom

    igotzzoom Supporting Member

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    So in other words, you have to take care of your own financing if you're going that route?
     
  9. run-the-joules

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    Aug 13, 2017
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    SF Bay
    Is your girlfriend profoundly unfamiliar with the state of her finances?
     
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