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Tesla Payment option check vs EFT

Discussion in 'Model S: Ordering, Production, Delivery' started by viper2ko, Oct 9, 2017.

  1. viper2ko

    viper2ko Member

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    My delivery is Thursday but the funds in my account won't be ready to go until Wednesday. An EFT would be delayed 1 or 2 days to show up? So I should just take a personal check so I can get delivery Thursday?
     
  2. boaterva

    boaterva Supporting Member

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    Ask your DS. I used a personal check. ACH transfer should be 24 hours but again they may accept a personal hack depending on size of check, other factors.
     
  3. jbcarioca

    jbcarioca Active Member

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    I used ACH. They had the confirmation seconds after I placed the payment order, almost three years ago. No need to revert to ancient check-writing processes, which require Tesla to confirm them anyway.
     
  4. Barry

    Barry Active Member

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    I used a personal check
     
  5. sb74

    sb74 Member

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    Just so I'm clear, did you do the ACH request at delivery, or beforehand?
     
  6. jbcarioca

    jbcarioca Active Member

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    Before. Although it is possible to do an instant transfer ( I have done it for real estate transactions several times) I made a conventional request for Tesla. Normally Tesla confirms good funds when they accept a check, so from an availability perspective it makes no difference. Just for a slightly pedantic verification:
    Fedwire- a domestic US instant transfer system. Often banks charge customers to do those. My own bank does not charge so I have them use Fedwire for my time-critical transfers, including buying my Tesla. Fedwire makes each transaction individually, so is more expensive than,
    ACH- a batch-based system to do large volumes of transactions between banks, including payroll, automated recurring payments and non-time-sensitive transfers. Technically ACH is a net settlement system rather than an individual transfer system.

    Generically most people call both of these ACH, confusing the issues. I did that earlier, to my chagrin, since I spent decades working within the industry on SWIFT, ACH (actually NACHA) and various Fedwire and FedACH permutations.

    FWIW, many retail bankers do not know the difference between these arcane methods which, except for SWIFT are US domestic operations only. US$ offshore transactions are somewhat different.

    So, net, for buying a Tesla one needs confirmed funds availability when buying one because even with a check uncleared funds will not work, because banks will not confirm payment availability based on uncleared funds.

    The simplest way with Tesla is to use Fedwire if you are needing same day delivery, check or ACH if not. ACH will consistently have next day availability but not always, because not all banks reconcile ACH upon receipt of the ACH files, especially small ones and greedy big ones.

    Yes, I know, too much information.:confused:
     
  7. boaterva

    boaterva Supporting Member

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    And the problem is, perhaps, on Tesla’s site, they only have/or call it ACH. I don’t know how long that/their version takes. 24 hours? They seem to show a purchaser in a video paying for something on the spot at delivery, but that could be wishful thinking. :D

    They want you to pay for it all in advance, of course, but we all would rather pay with part of it with a personal check or some means where we can actually at least see the car in person first. Not sure there’s an answer that satisfies all parties and doesn’t cost something to execute (for an immediate transfer that is available all the time).
     
    • Like x 1
  8. jbcarioca

    jbcarioca Active Member

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    Agreed. Tesla clearly wants firm irrevocable payment before they issue formal vehicle transfer. In the end, as in all such transactions one pays first. When problems arise after payment, well, those are problems. Tesla is certainly easier to deal with in such situations than are most car dealers.
     

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