Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

Payments to Tesla Finance not Reliably Posting

Kevin Bohacz

Member
Supporting Member
Has anyone else had problems like this? Are we the only ones?

We've had repeated documented problems with Tesla failing to receive mailed lease payment checks or receiving checks weeks late (up to 5 weeks after mailed). All the checks were sent from our automatic bill payment service from Schwab (a.k.a. The Bank of New York Mellon).

Unlike all the other payees we have, Tesla does not support direct transfers of funds from this bill payment service from a major financial institution, and so the bank sends checks by mail.

All these payment receipt failures started happening in June 2021 after Tesla moved its financial services to a new location. For years prior to that, there were zero problems.

After repeated failures, we were finally pressured by Tesla into setting up an automatic withdrawal from one of our bank accounts. I bank solely with Schwab and, for security reasons, do not allow withdrawals on those accounts, so we set up automatic withdrawals from a small bank account my wife set up for this purpose with Bank of America (her bank).

The automatic withdrawal also appears to not be working! Once again, our Tesla account shows that it is a few days past due. Does Tesla not want our money? ;-)
 
Sorry I missed your prior post on this topic. I started a similar discussion, though I've had zero problems getting them to process checks issued to them by my bank's online bill payment service. Nor do I have any idea why they aren't allowing our banks to pay them electronically instead of acting like 19th century bankers who insist that everything be done the old-fashioned way...just so they can disallow that and then force you to let them put their grubby fingers directly into your bank account. 😏

If the mods decided to merge our threads, that would be cool. :)
 
Sorry I missed your prior post on this topic. I started a similar discussion, though I've had zero problems getting them to process checks issued to them by my bank's online bill payment service. Nor do I have any idea why they aren't allowing our banks to pay them electronically instead of acting like 19th century bankers who insist that everything be done the old-fashioned way...just so they can disallow that and then force you to let them put their grubby fingers directly into your bank account. 😏

If the mods decided to merge our threads, that would be cool. :)

If I recall correctly at least a few years ago this required working with most of the banks directly to setup. If that’s the case then really, lots of squeeze for little juice.

You owe them money, it’s your job to get it to them. ACH and recurring direct debit are not ancient means at all. Most of the money disbursed by large organizations is done this way.
 
  • Like
Reactions: doubleshot

Products we're discussing on TMC...

About Us

Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.

Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


SUPPORT TMC
Top