It’s possible my lender won’t get funds to Tesla in time and Tesla has said tomorrow is my last opportunity. Even though it’s a preferred lender they won’t let me take it without funds transferred. Has this happened to anyone where you had to cancel delivery for any reason? How long did it take for a new VIN/car?
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Will possibly lose car/place in line due to lender. How far down the line will I go??
- Thread starter cbox919
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I was able to get Tesla financing within 2 hrs of my delivery time, so this worked out in a crunch.
Not sure if you really need the funds to be transferred. For example, I had my CU send me a copy of the check + provide the tracking number and Tesla was able to deliver and allow me to accept the car. Have you tried this with your lender?
My options were to have them wire the funds or I could have given them the tracking number for a check as you've said. However, FedChoice was totally unresponsive to any of my messages. It was extremely difficult to get anyone on the phone and when I finally spoke to three unhelpful representatives, everyone kept putting things off on my loan specialist who has been out for two days. Apparently, no one backs anyone up there!
Oh wow, okay. Yah, that's unfortunate. 3rd party loan is indeed a tough one if they are not aware on how to deal with funding a Tesla since it's usually Tesla's schedule versus yours or the banks.
Your backup plan of doing with Tesla financing might be the move and refi when rates are better after possession.
I'm so disappointed because I got an unbelievable rate from FedChoice. I locked in on Oct 26th at 3.39% plus a 1% discount if you were a new member! I'm still waiting to hear back from the loan specialist to see what sort of rate I could get to refinance. Whatever it is, I'm sure it will be less than Tesla's (Wells Fargo) 4.99%.
In other news, I'm really enjoying my new Model Y so that makes me feel a lot better!!
Oh wow, 2.39% is pretty damn amazing during these times! Yah, I would definitely go back. Maybe make a stink about the loan officer being AFK.
Tesla does farm out to a bunch of different lenders (WF being one of them) but it's already preset to whatever the advertised APR is on Tesla's website. You can't even go back to these lenders and see if they can be competitive with their rates as it's pretty high in comparison to everyone else. It's a pretty cool process when rates are better since it's a streamlined process where you go through the Tesla app and the lenders are the one that have to bid against one another to see who will be the fastest to win the deal, you don't have to. It's pretty jank when rates are high because they won't compete for your business, rather Tesla's business so the rates are locked, lol.
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