TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker or making a Paypal contribution here: paypal.me/SupportTMC

VIN Needed to approve financing?

Discussion in 'Model S: Ordering, Production, Delivery' started by ProjectMM, Aug 25, 2013.

  1. ProjectMM

    ProjectMM Member

    Joined:
    Aug 7, 2013
    Messages:
    25
    Location:
    Covina
    I'm looking to get preapproved for financing on a new P85, through Wells Fargo. I have now dealt with 2 different representatives and my local branches and they are both telling me that a vin will be needed to approve the limit that I need to afford the P85 version. All my income are good and income to debt ratio are grate. I'm wondering when you received your VIN after placing your order. And did you go through Wells Fargo or tesla financing? or another option.
     
  2. purplewalt

    purplewalt Active Member

    Joined:
    Jun 9, 2013
    Messages:
    1,412
    Location:
    Dallas, Texas
    There are multiple existing threads about financing sources and Options.
    Some threads veer more toward the 3-year guaranteed Resale by Tesla, but you MUST use one of the two financing providers.
     
  3. barbja

    barbja Member

    Joined:
    Aug 12, 2013
    Messages:
    57
    Location:
    Austin
    Why would you need a VIN to get pre-approved? You need a VIN for final approval. Pre-approval is usually for you to know how much you can spend before you go shopping around for cars. How would you know a VIN in that situation? When shopping for my last car I got pre-approvals from Bank of America and my credit union. You do have to give them a guess of how much you want to spend.

    I could imagine WF being more sticklers than a credit union, but more than BofA?
     
  4. AmpedRealtor

    AmpedRealtor Active Member

    Joined:
    Jun 30, 2013
    Messages:
    4,688
    Location:
    Buckeye, AZ
    You don't need a VIN # to be pre-approved. Pre-approval is based on your credit, income and debt. They should be able to pre-approve you for a maximum loan amount based on those factors alone, they don't need a VIN #. I would ask to speak with a manager, but if you don't receive adequate resolution try contacting the person in charge of Tesla's lender relationships. I don't know who that would be.

    You don't get a VIN # from Tesla until your car goes to production. By that point, you will have paid and committed your $2,500 deposit to a non-refundable status. I would recommend contacting USAlliance Federal Credit Union - they have special promo rates and using them was no hassle. They pre-approved me prior to my finalizing my order (based on my credit, income and debt, no VIN # required), then pulled credit one more time before funding the loan. Also try Alliant credit union.
     

Share This Page