Texas Hold Up!

[Zaphod]

Maybe this is a dumb thought, but I wonder if the process would be better if just go with the Tesla financing (US Bank or Alliant?) to start with even though rate is slightly higher and then after some period of time, refinance with RBFCU or some other lender. Sure, will pay some extra interest and possibly fees, but might be worth it to avoid the hassles we have to deal with. After reading @ummgood very detailed informative post, don't think I have the patience to jump through all those hoops.

My thinking is that going with Tesla financing should be transparent process (or considerably less convoluted) and then doing a refinance later would be no different than any other auto loan. Am I missing something? Not saying I am going to do this, but just random thought I just had as way to minimize the hassles.

 

[geoffreak]

Maybe this is a dumb thought, but I wonder if the process would be better if just go with the Tesla financing (US Bank or Alliant?) to start with even though rate is slightly higher and then after some period of time, refinance with RBFCU or some other lender. Sure, will pay some extra interest and possibly fees, but might be worth it to avoid the hassles we have to deal with. After reading @ummgood very detailed informative post, don't think I have the patience to jump through all those hoops.

My thinking is that going with Tesla financing should be transparent process (or considerably less convoluted) and then doing a refinance later would be no different than any other auto loan. Am I missing something? Not saying I am going to do this, but just random thought I just had as way to minimize the hassles.

My understanding is that 1st party/preferred financing is not available in Texas. I could be wrong though.

Also, how much is the minor hassle and the potential of a 1-2 day delay worth to you? A difference of a percentage point is $23/month with a 60 month loan and $55k borrowed. Over 5 years, that's $1,380 you're paying for the privilege of a perceived lower hassle (and even that's an assumption). How much is your time really worth?

 

[Zaphod]

My understanding is that 1st party/preferred financing is not available in Texas. I could be wrong though.

Also, how much is the minor hassle and the potential of a 1-2 day delay worth to you? A difference of a percentage point is $23/month with a 60 month loan and $55k borrowed. Over 5 years, that's $1,380 you're paying for the privilege of a perceived lower hassle (and even that's an assumption). How much is your time really worth?

Thanks for the info. I think it was not available in the past, but I thought that has changed. I could be mistaken though, which obviously would make this whole thing moot.

I obviously wouldn't do it for the total loan term, just say after 6 months or whatever. It would be worth it to me even if it costs me a few hundred dollars.

 

[ummgood]

Maybe this is a dumb thought, but I wonder if the process would be better if just go with the Tesla financing (US Bank or Alliant?) to start with even though rate is slightly higher and then after some period of time, refinance with RBFCU or some other lender. Sure, will pay some extra interest and possibly fees, but might be worth it to avoid the hassles we have to deal with. After reading @ummgood very detailed informative post, don't think I have the patience to jump through all those hoops.

My thinking is that going with Tesla financing should be transparent process (or considerably less convoluted) and then doing a refinance later would be no different than any other auto loan. Am I missing something? Not saying I am going to do this, but just random thought I just had as way to minimize the hassles.

Just to run the actual numbers I had a pre-approval for 1.95% and Tesla is around 3.25% currently. Over 66 months it is $1899 savings over the life of the loan. From RBFCU's current 2.39% rate it is still a $1261 savings. Plus there is time involved in a refinance as well so to me I would rather jump through the hoops to get the saving even though it was agonizing. Plus in addition some of the issues was due to it being difficult to get my ISA on the phone. That is why I was hoping to spell out the process so people knew what to expect and so they could get all the info up front. Hopefully if you read what I posted and go into it with the right info you can get all the info you need with one call to the ISA and one call to RBFCU. Then if your wife is on the loan one call for her.

 

[zkmusa]

Thanks for the info. I think it was not available in the past, but I thought that has changed. I could be mistaken though, which obviously would make this whole thing moot.

I obviously wouldn't do it for the total loan term, just say after 6 months or whatever. It would be worth it to me even if it costs me a few hundred dollars.

I don't think it's available in Texas, at least it wasn't for me. My only options were cash or third-party loan.

 

[Electroman]

I can understand all the hardships and delays in production, but Tesla seems inefficient even in basic process and customer management. It has been over a week, actually close to 10 days since I got the VIN and I still have not received the purchase agreement for me to get the bank loan process completed. Every phone call gets the same, 'it is coming' answer.

Either the people managing this process are over-worked, incompetent or their process is rubbish. I suspect a combination of all of those.

I am in no hurry to get my car, but I just don't want my loan rate to expire to go through that process again. To deliver 5k per week, they need to get much more efficient than this.

 

[GoneCrazy]

So far is looking like pretty much no one (a couple have) has heard back with a delivery date that received VINs from 3/31 onward. Was really hoping that by being more or less on the ball with everything might mean a delivery next week. Guessing the original May estimate will hold true *sigh*

Has anyone had contact with their ISA since Thursday?

 

[MarkinArch]

Has anyone had contact with their ISA since Thursday?

I sent 3 emails Friday through Monday and 2 phone calls and have not received one response. And they were questions about sending money! You would think they would respond to "How and where do I send my $58,000???? I stop everything I am doing when people want to pay me $$.

Are you having trouble contacting your ISA in that same time frame as well?

 

[ummgood]

I sent 3 emails Friday through Monday and 2 phone calls and have not received one response. And they were questions about sending money! You would think they would respond to "How and where do I send my $58,000???? I stop everything I am doing when people want to pay me $$.

If you click on the manage button on your Tesla page there is a number there for questions. Call that number and complain that you don’t have the info you need for payment and name who your ISA is. I did that and I got a call right away.

Today I called my ISA direct and he answered so who knows.

 

[GoneCrazy]

I sent 3 emails Friday through Monday and 2 phone calls and have not received one response. And they were questions about sending money! You would think they would respond to "How and where do I send my $58,000???? I stop everything I am doing when people want to pay me $$.

Are you having trouble contacting your ISA in that same time frame as well?

Yes, I have had no response since Thursday afternoon. I'm trying to make sure that they received the check from my CU and am hearing nothing.

 

[GoneCrazy]

If you click on the manage button on your Tesla page there is a number there for questions. Call that number and complain that you don’t have the info you need for payment and name who your ISA is. I did that and I got a call right away.

Today I called my ISA direct and he answered so who knows.

Who do you have for an ISA?

 

[Sealander]

Hi All, been following this thread for a while now. We are driving up to Dallas tomorrow with a friend in his Model S to pick up a Model 3 I rented thru Turo and we will drive it for a couple of days. We have a reservation for a Model 3 with a delivery window of June to August and the wife is hopefully going to decide if she wants a 3 or a S on this adventure. Only problem is she has now told me that she wants something other than black interior so we may be waiting even longer if she decides on the 3.

I am also considering financing and just checked out RBFCU after seeing it mentioned on this thread. I don't meet their requirements unless I join the American Consumer Council (ACC), but it looks like that is a free membership so it may be worth it.

 

[GoneCrazy]

I am also considering financing and just checked out RBFCU after seeing it mentioned on this thread. I don't meet their requirements unless I join the American Consumer Council (ACC), but it looks like that is a free membership so it may be worth it.

Joining the ACC is as easy as clicking a check mark during the application process.

 

[Dr. J]

Oh and when this is all over we need a meet up. I don’t know when or where but us few line waiters who suffered the 2 year wait and went cray cray together can form a support group or something.

I might be driving my car to Ft Worth the first weekend in May. My daughter is competing in creative writing for a state school competition up there.

i would *love* to see your car if I'm in town. Lunch would be on me, of course. : )

 

[ummgood]

i would *love* to see your car if I'm in town. Lunch would be on me, of course. : )

Sure I will give more details via PM later. I will be around TCU wherever that is. No need for lunch I will have my two of my kids with so we will probably be eating at places that serve food in a box with toys.

My delivery date is officially scheduled for 4/24.

 

[GoneCrazy]

My delivery date is officially scheduled for 4/24.

Yay!

 

[KGTES]

Excellent rundown @ummgood on RBFCU process.
I got a little ahead of myself and locked the 1.95% rate with RBFCU before I got my configure invite, thinking the configure invite should be within a couple of weeks judging by the batches of people being invited and also wanting to lock the rate before the rate imminent rate increase.

Well, i never got the configure invite, still waiting!! Reserved in Scottsdale, AZ store on 3/31 at around 1.30pm, delivery will be in Dallas.

Now, I am likely to miss the rate lock window of 90 days (rate expires 5/22). I will wait a week more and then might have to start thinking of Lightstream....

 

[likeafox]

Sure I will give more details via PM later. I will be around TCU wherever that is. No need for lunch I will have my two of my kids with so we will probably be eating at places that serve food in a box with toys.

My delivery date is officially scheduled for 4/24.

Congrats on your delivery date! And thanks for all your help navigating getting a loan from RBFCU. Opened an account there today. I thought that getting invited to configure would have appeased me for a bit, but I've traded one neurosis for another....where's my VIN??

 

[ummgood]

Yay!

Thanks! I hope you get your situation sorted out soon!

Excellent rundown @ummgood on RBFCU process.
I got a little ahead of myself and locked the 1.95% rate with RBFCU before I got my configure invite, thinking the configure invite should be within a couple of weeks judging by the batches of people being invited and also wanting to lock the rate before the rate imminent rate increase.

Well, i never got the configure invite, still waiting!! Reserved in Scottsdale, AZ store on 3/31 at around 1.30pm, delivery will be in Dallas.

Now, I am likely to miss the rate lock window of 90 days (rate expires 5/22). I will wait a week more and then might have to start thinking of Lightstream....

That is what I would do if I was in your shoes. RBFCU was really friendly it was just a combination of Tesla being like a black hole and RBFCU having a different person help you every time you call. I felt like I was going through everything over and over again every time I called. I wish for Teslas they would assign you a person to be with you throughout the entire process since it requires multiple calls vs buying a car from a standard dealer.

Congrats on your delivery date! And thanks for all your help navigating getting a loan from RBFCU. Opened an account there today. I thought that getting invited to configure would have appeased me for a bit, but I've traded one neurosis for another....where's my VIN??

Honestly this is the first time I have felt like I am calm. Waiting for configure was hard. Waiting for VIN was slightly less hard because I got mine so fast and I was expecting at least 3 to 4 weeks. After VIN was probably the hardest because of the financing/communication issues. Now that I have my delivery date I am pretty calm. Apparently now I am waiting for my delivery specialist to call after the car is delivered here in Austin. I am also wondering if they might move my delivery date if the car gets here earlier.

Oh and it is probably a good thing that I live in S. Austin away from the service center or I would be driving by there every day to see when my car arrived. It is just way too difficult to drive across town.

 

[KGTES]

@zkmusa @ummgood :
I just called RBFCU to request an approval letter so I can use that to get Lightstream to match the rate.
But what RBFCU sent me just has the loan amount and date requested, no term or rate. After speaking to them again, they said they don't have anything they can send me that would have that information, they can just tell me verbally.

So, what did you have to send Lightstream to show them the rate and term that you were approved for @RBFCU?

I do have an email stating the rate and term, but that has the following in bold (am afraid Lightstream will use this language to deny the match?):

Thank you for your loan request. Your application has been approved for $xx,000.00 with an Annual Percentage Rate of 1.95% for 66 months with the following stipulations:

- You must become a member of Randolph Brooks by opening an account online or at any of our branches before finalizing your loan. Please note that accounts opened online will take at least 2 business days from the opening date to be processed by our New Accounts Department before any lending products may be established.