Financing check for too much

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ER1C8

Active member
Joined
Jan 1, 2018
Messages
114
Location
Rhode Island
Tesla Owner
Model 3
Country
Country
#1
So I received a Pro Forma MVPA from my ISA. I sent this to my bank and they approved the loan. I put down the $3,500 and was planning on putting down another $3,500 for taxes and registration. So my bank cut me a check for $57,000. My ISA just emailed me and said i would not be paying sales tax or registration fees when I pick the car up because I am registering in another state. That means my financing check will be made out for more then my final balance by about $500. Is this going to be a problem when I go to pick up the car? Will they just credit me back the extra amount or will they refuse the check. My bank is closed so I can't call them yet to see if the check has already been sent but I think it has and it is arriving tomorrow.
 

MelindaV

☰ > 3
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Apr 2, 2016
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10,321
Location
Vancouver, WA
Tesla Owner
Model 3
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Country
#2
So I received a Pro Forma MVPA from my ISA. I sent this to my bank and they approved the loan. I put down the $3,500 and was planning on putting down another $3,500 for taxes and registration. So my bank cut me a check for $57,000. My ISA just emailed me and said i would not be paying sales tax or registration fees when I pick the car up because I am registering in another state. That means my financing check will be made out for more then my final balance by about $500. Is this going to be a problem when I go to pick up the car? Will they just credit me back the extra amount or will they refuse the check. My bank is closed so I can't call them yet to see if the check has already been sent but I think it has and it is arriving tomorrow.
others have had tax and/or registration fees quoted too high, and had that amount refunded by Tesla issuing a check in the week or two following the sale. so would expect it may be the similar in your case. If you are able to notify your bank of the correct amount prior to the check being cut, that would be best though.