When do you make the "second" down payment? pre-MVPA? final-MVPA?

yobigd20 · Jan 4, 2013

When does one have to wire over the "second" down payment to Tesla? Ie if the car is $100k, and you already made your first $5k reservation down payment, but are only financing $70k....when do you wire over the remaining $25k?

Since the final-MVPA needs to show how much total down payment you are making so that the remaining balance accurately reflects what needs to be financed (in order to give that one to the bank)... when do you actually do the wire transfer? Is it right after you sign the pre-MVPA? Or do you somehow tell Tesla the amount you're going to pay and they send you the MVPA showing that and you make both the remaining cash down payment and the finance payment at the same time? Or will they only send you the final MVPA after you make the second down payment? (at what point in the process do they actually send you the final MVPA anyway? after the delivery button shows up and is scheduled??)

-kinda confused

HFh · Jan 4, 2013

yobigd20 said:
When does one have to wire over the "second" down payment to Tesla? Ie if the car is $100k, and you already made your first $5k reservation down payment, but are only financing $70k....when do you wire over the remaining $25k?

Since the final-MVPA needs to show how much total down payment you are making so that the remaining balance accurately reflects what needs to be financed (in order to give that one to the bank)... when do you actually do the wire transfer? Is it right after you sign the pre-MVPA? Or do you somehow tell Tesla the amount you're going to pay and they send you the MVPA showing that and you make both the remaining cash down payment and the finance payment at the same time? Or will they only send you the final MVPA after you make the second down payment? (at what point in the process do they actually send you the final MVPA anyway? after the delivery button shows up and is scheduled??)

-kinda confused

You'll get a final MVPA that you will sign (it will look just like your MVPA). There will be instructions telling you how much you have left to pay and where to send it.

Source: I signed my final MVPA about twelve minutes ago.

yobigd20 · Jan 4, 2013

HFh said:
You'll get a final MVPA that you will sign (it will look just like your MVPA). There will be instructions telling you how much you have left to pay and where to send it.

Source: I signed my final MVPA about twelve minutes ago.

Yeah but you're bank will probably reject that MVPA since it does not accurately reflect how much cash down payment you are paying and the final amount that will be financed. In the above scenario the down payment will show as $5k and remaining payment $95k, but the bank will reject that since you're loan is only going to be $70k. The final MVPA must show $30k down payment and $70k remaining balance. That's why I'm asking at which point during the process do people actually wire over that $25k so that the final MVPA reflects the final total cash down payment and balance.

HFh · Jan 4, 2013

yobigd20 said:
Yeah but you're bank will probably reject that MVPA since it does not accurately reflect how much cash down payment you are paying and the final amount that will be financed. In the above scenario the down payment will show as $5k and remaining payment $95k, but the bank will reject that since you're loan is only going to be $70k. The final MVPA must show $30k down payment and $70k remaining balance. That's why I'm asking at which point during the process do people actually wire over that $25k so that the final MVPA reflects the final total cash down payment and balance.

Actually, my bank has no problem with the MVPA not reflecting down payment. What they told me is that all they care about is documented proof of the "value" of the car (which includes taxes, registration fees—not relevant to me because I'm in GA—and other such stuff). In fact, it's all already taken care of.

yobigd20 · Jan 4, 2013

HFh said:
Actually, my bank has no problem with the MVPA not reflecting down payment. What they told me is that all they care about is documented proof of the "value" of the car (which includes taxes, registration fees—not relevant to me because I'm in GA—and other such stuff). In fact, it's all already taken care of.

hmm ok I guess each bank is different. I know there's been posts in other threads saying that their bank rejected the final MVPA because of this.

KKlabunde · Jan 4, 2013

My bank is just depositing the loan amount to my checking account and then I write or check, or wire or whatever, the total amount due to Tesla.

HFh · Jan 4, 2013

KKlabunde said:
My bank is just depositing the loan amount to my checking account and then I write or check, or wire or whatever, the total amount due to Tesla.

Same here.

I look forward to sending a big ass check(tm).

- - - Updated - - -

yobigd20 said:
hmm ok I guess each bank is different. I know there's been posts in other threads saying that their bank rejected the final MVPA because of this.

Yeah, I suppose all the usual disclaimers apply: YMMV, IANAL, etc.

Banks are different, true. Wait until you try to insure the thing. Some insurance companies responded to me with "What's a Tesla?" or "We can't insure a car that doesn't exist" but others responded with instant quotes (and pretty inexpensive, too). Actually, I'm pretty sure I'm going to have to insure my Model S separately from the other cars and my house because of this spotty awareness.

RichA · Jan 4, 2013

Banks are all different. Penfed, who a few folks are using because of 1.49% int rate for 60 month loan requires a final MPVA showing the exact amount of the loan. So you will need to send in the balance ahead of time to give them time to cut and send the check. Leave yourself a couple of days or more given you might get a call from Tesla with only a day or so notice on car being ready for pick up.

jiaotong · Jan 4, 2013

but others responded with instant quotes (and pretty inexpensive, too).

Any that you care to name that were in the instant quotes department?

HFh · Jan 4, 2013

jiaotong said:
but others responded with instant quotes (and pretty inexpensive, too).

Any that you care to name that were in the instant quotes department?

GEICO and Progressive.

Heck, with GEICO I just went online and did it.

gg_got_a_tesla · Jan 5, 2013

RichA said:
Banks are all different. Penfed, who a few folks are using because of 1.49% int rate for 60 month loan requires a final MPVA showing the exact amount of the loan. So you will need to send in the balance ahead of time to give them time to cut and send the check. Leave yourself a couple of days or more given you might get a call from Tesla with only a day or so notice on car being ready for pick up.

Yes, I'm going with PenFed too so, I went ahead and estimated the balance that I had to put down using the pre-MVPA and the CA DMV online fee calculator as guides. I then wired the money to Tesla back in December itself with my RN number in the wire notes; I got the wire instructions from Tesla at that time (PM me if you need them).

It's another matter that the Calif. sales tax increased by 0.25% on January 1st; I'll have to wire an additional small amount so that the final MVPA reflects the exact financed amount for PenFed to be happy.

Zythryn · Jan 5, 2013

jiaotong said:
but others responded with instant quotes (and pretty inexpensive, too).

Any that you care to name that were in the instant quotes department?

Called State Farm last September. Woman on the phone found the S in their system right away. Asked me which size battery pack, if it was performance or not, and if it was a Signature or not. In other words, they had all the info they needed right there and then. Got covered in 2 minutes.

jbherman · Jan 5, 2013

RichA said:
Banks are all different. Penfed, who a few folks are using because of 1.49% int rate for 60 month loan requires a final MPVA showing the exact amount of the loan. So you will need to send in the balance ahead of time to give them time to cut and send the check. Leave yourself a couple of days or more given you might get a call from Tesla with only a day or so notice on car being ready for pick up.

I finalized yesterday with PenFed. They are sending me a $70K check without a final MVPA or further documentation of my down payment. I've spoken to a few individuals at PenFed throughout this process. They are now very aware of Tesla and the Model S (multiple Model S loans have now gone through). Perhaps their comfort level is increasing.

Sidney · Jan 5, 2013

jbherman said:
I finalized yesterday with PenFed. They are sending me a $70K check without a final MVPA or further documentation of my down payment. I've spoken to a few individuals at PenFed throughout this process. They are now very aware of Tesla and the Model S (multiple Model S loans have now gone through). Perhaps their comfort level is increasing.

So it sounds like the only piece of information that PenFed needs to "finalize" the process is the VIN # now? If so, that will sure simplify our lives.

Puyallup Bill · Jan 7, 2013

jbherman said:
I finalized yesterday with PenFed. They are sending me a $70K check without a final MVPA or further documentation of my down payment. I've spoken to a few individuals at PenFed throughout this process. They are now very aware of Tesla and the Model S (multiple Model S loans have now gone through). Perhaps their comfort level is increasing.

Well, that is interesting. I just got off the phone with PenFed, and they want a purchase order (MVPA) showing down payment and amount due. I'm going to wait for a VIN and then send Tesla additional money in order to get a "final" MVPA.

Sidney · Jan 7, 2013

Puyallup Bill said:
Well, that is interesting. I just got off the phone with PenFed, and they want a purchase order (MVPA) showing down payment and amount due. I'm going to wait for a VIN and then send Tesla additional money in order to get a "final" MVPA.

Last Wednesday I filled in the online application until I reached the part asking me about Model/Make of the vehicle. Figuring I'll just finish the process once I get the VIN #, I exited their website. Then, today I received a blank check from PenFed ready for me to use. No pre or final MVPA was sent at all. It was the simplest loan process ever! It looks like the rate of the loan will get determined only after Tesla cashes the check *and* PenFed receives it back. Hopefully the rate won't go up in next month or so, and hopefully my 1/17 - 1/31 window won't get pushed back too much! Here is the letter that comes with the blank check (note: I erased the dollar amount):

gtimbers · Jan 9, 2013

Another thread mentioned that PenFed wants your Insurance deductible to be $500 rather than $1000. Has anybody run across that issue? For those of us thats wish to have the higher deductible, this requirement will substantially eat into the savings of the 1.5% interest rate.

pete8314 · Jan 9, 2013

Puyallup Bill said:
Well, that is interesting. I just got off the phone with PenFed, and they want a purchase order (MVPA) showing down payment and amount due. I'm going to wait for a VIN and then send Tesla additional money in order to get a "final" MVPA.

Ditto, had the same conversation with Monty at Penfed today. I'll wait for my VIN, then chat with Tesla again, but Penfed were very clear that the MVPA (Purchase Order as they call it) must show the amount requiring finance.

fluxemag · Mar 5, 2013

Penfed sent me a check for 50k, I'm covering the difference. I don't have a VIN and my car probably won't even be ready until June. So I wonder if I can pay Tesla now to lock in the lower interest rate. They just raised their rate, but I got an email today saying I'm locked at 1.49% until 4/30 so long as Tesla cashes the check by then.

andrewket · Mar 5, 2013

fluxemag said:
Penfed sent me a check for 50k, I'm covering the difference. I don't have a VIN and my car probably won't even be ready until June. So I wonder if I can pay Tesla now to lock in the lower interest rate. They just raised their rate, but I got an email today saying I'm locked at 1.49% until 4/30 so long as Tesla cashes the check by then.

Would you mind posting a copy of the email, with your private info removed, of course? The rate lock is contrary to what Penfed told me on the phone last week.

Thanks,
Andrew

When do you make the "second" down payment? pre-MVPA? final-MVPA?

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