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Took Delivery then Loan Check was cancelled

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Jon pa

New Member
Sep 12, 2022
3
0
PA
I took delivery of my Model 3 a month ago and was approved for a loan from my credit union greater than the final purchase price (including trade-in credit). Basically I was approved for up to $43,500 and the final vehicle price (including trade in credit) ended up around $39,500. At my delivery appointment I asked the delivery specialists if the check value should be the final purchase price ~$39,500 but they stated the check needed to be for the total approved amount ($43,500). I found out the next morning after calling my credit union that was incorrect and the check amount needed to match the final exact purchase price of the vehicle (~$39,500). So my credit union placed a stop payment on the loan check and instructed me to fill out a new loan disbursement form so that a new check for the correct payment can be provided to Tesla.

The issue is that my credit union says they need the Bill of Sale to show the "Financed Amount" equal to the final purchase price (~$39,500 after trade-in) but the official one Tesla sent me shows the $43,500. I've tried emailing and calling Tesla and my delivery center with no responses. I also tried the internal Tesla "legal" webpage for customer escalations and have not heard back. Looking for any suggestions on who I should contact or what I can do to correctly pay for this vehicle.
 
Solution
You can try logging onto your Tesla account, then go to manage, then glove box. You should have an order agreement which may be what you need.
If you wrote a check to Tesla for the $43,500, would/did they write you a check back for the trade-in?
The trade-in credit was applied to the purchase price. My credit union loan rep said he wouldn't count on them sending a check back to me for the ~$4k overpayment, so that's why he recommended cancelling the check and sending another with the actual correct final price. The issue is the credit union wants a new/corrected Bill of Sale to show the financed amount to equal the final purchase price, not the $43,500. They said it could end up being an issue if the Bill of Sale shows $43,500 financed but the actual financed check is ~$39,500

I'm thinking I should just write in the correct finance amount on the Bill of Sale and explain to my credit union that I can't get Tesla to send an updated one. If it's ever an issue I have the documents to prove the correct amount and showing I tried to contact Tesla to get a corrected Bill of Sale. Not sure what else I can do.
 
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You can try logging onto your Tesla account, then go to manage, then glove box. You should have an order agreement which may be what you need.
Wow so I just logged in and checked the documents, Tesla at some point in the last couple weeks updated the Bill of Sale to show the correct finance amount ~$39,500 Crisis solved! I viewed these documents one week after delivery and it showed the incorrect $43,500 so someone updated it but I was never notified, I should have checked it earlier. Thanks for the suggestion!
 
Upvote 0
Wow so I just logged in and checked the documents, Tesla at some point in the last couple weeks updated the Bill of Sale to show the correct finance amount ~$39,500 Crisis solved! I viewed these documents one week after delivery and it showed the incorrect $43,500 so someone updated it but I was never notified, I should have checked it earlier. Thanks for the suggestion!
Glad it all worked out - and I had it backwards - I thought the CU wanted the final amount to be the higher number, which didn't make sense since they are only loaning you the $39.5K. Glad all is cleared up! Now you can continue enjoying your M3!
 
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