Delivery Process with outside loan

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#1
Could someone please run me through the delivery process when using an outside loan? From what I understand I can’t secure a loan until I have a VIN and MVPA. With VIN assignment being an unknown I don’t know when I should begin the process to apply for the loan. The rates have increased since last month and I predict it will again in June.
My configuration was 4/18 with delivery in 3-6 weeks which puts me at 5/30, best case. I would like to secure this month’s rate. From what I can tell delivery is shortly after VIN and I don’t know if that’s enough time to get a loan.
And how does the process for actually paying Tesla work on delivery date?
Thanks in advance.
 

Maevra

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#2
Could someone please run me through the delivery process when using an outside loan? From what I understand I can’t secure a loan until I have a VIN and MVPA. With VIN assignment being an unknown I don’t know when I should begin the process to apply for the loan. The rates have increased since last month and I predict it will again in June.
My configuration was 4/18 with delivery in 3-6 weeks which puts me at 5/30, best case. I would like to secure this month’s rate. From what I can tell delivery is shortly after VIN and I don’t know if that’s enough time to get a loan.
And how does the process for actually paying Tesla work on delivery date?
Thanks in advance.
As someone who went through this process, I highly recommend researching companies and rates now, BUT if you get a quote too early and do not have a VIN yet, the quote will likely expire before you can take delivery. So either go with a company that can give you a guarantee for a longer time (60-90 days would be great) or just hold off on the actual application until you have a VIN.

ETA: Also, going with a loan from Tesla is not really "Tesla" per se. All they do is give your info out to the banks and then choose the one who gave the lowest rate. Tesla is not doing anything aside from passing your info along, and far as I can recall, we also weren't put in touch with them until we got our VIN, and the rate was only good for 30 days, so it's roughly the same in terms of timing whether you go with your own third party lender or through Tesla.
 
Last edited:

jsanford

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#3
Talk to your existing back or CU first. My CU has loaned for a number of Teslas and knows the drill. Also, a financial institution with whom you already have an existing relationship is more likely to hold the application beyond the standard 30 days of the offer.
 

Steam613

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#4
What’s the online pay process? I’m less than 2 weeks from pick up. Part of my payment i was going to wire from my cash account. The other part is from the same financial institution but is an auto loan. Does the account page suddenly have a link to allow 2 separate wire transfers to my Tesla account? When does that occur in relation to delivery date? Appreciate the info, first time buying direct.
 

jsanford

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#5
We’re doing something similar, and are planning on bringing two cashiers checks to our delivery appointment. My ISA said that’s all that’s required, but Tesla will take wired money early. Since my delivery center is in throughout mode, bringing it all at the appointment seems easiest administratively.
 

Daniel D.

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#6
What’s the online pay process? I’m less than 2 weeks from pick up. Part of my payment i was going to wire from my cash account. The other part is from the same financial institution but is an auto loan. Does the account page suddenly have a link to allow 2 separate wire transfers to my Tesla account? When does that occur in relation to delivery date? Appreciate the info, first time buying direct.
The online payment is relatively straight forward. Tesla recommends ACH (bank transfer) over a wire transfer because it is instantaneous. The auto loan payment should be handled by the bank. They generally send the funds over to the car company.
 
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#7
Once you get the email containing final delivery docs then you can send the ach through the manage page on your Tesla account.

My outside bank required signed docs before releasing funds, so I just let my ISA know and I was able to get it all taken care of a little early since the bank is out of state and they would be mailing the check directly to Tesla.
 

EMWEVEsq

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#8
Anyone else have a problem with their MVPA not specifically listing your bank/CU in a field that said "lienholder?"

I executed my MVPA today, and the name of my CU and the amount of my loan is listed under the "Other" part of the payment section, but there's just no lienholder field anywhere.

My CU loan officer is cool, but the only specific thing he told me is to make sure they're listed as lienholder.

I talked to an ISA (not mine - she was out today) and he said sometimes there is a little static about this but usually not.

I talked to another guy on this forum in my area who just took delivery and he said his CU (different one than mine) had an issue about it at first, but got over it after Tesla sent him the title application listing the CU as the lienholder. But when I asked my (substitute) ISA about that, he said there's no way I could get that now b/c it will be completed at delivery.

Thoughts?
 

Steam613

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#9
Anyone else have a problem with their MVPA not specifically listing your bank/CU in a field that said "lienholder?"

I executed my MVPA today, and the name of my CU and the amount of my loan is listed under the "Other" part of the payment section, but there's just no lienholder field anywhere.

My CU loan officer is cool, but the only specific thing he told me is to make sure they're listed as lienholder.

I talked to an ISA (not mine - she was out today) and he said sometimes there is a little static about this but usually not.

I talked to another guy on this forum in my area who just took delivery and he said his CU (different one than mine) had an issue about it at first, but got over it after Tesla sent him the title application listing the CU as the lienholder. But when I asked my (substitute) ISA about that, he said there's no way I could get that now b/c it will be completed at delivery.

Thoughts?
Same issue. But they sent me the document you mentioned and all cleared. Of course all for not as Tesla cancelled delivery at the 11th hour. VIN remained for 24 hours then it disappeared. 3 calls to DS unanswered.
 

EMWEVEsq

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#10
Same issue. But they sent me the document you mentioned and all cleared. Of course all for not as Tesla cancelled delivery at the 11th hour. VIN remained for 24 hours then it disappeared. 3 calls to DS unanswered.
So weird that theyd send you and this other guy the title application, but my (substitute) ISA, who mentioned at one point he was a supervisor, shut me down on that cold.