NJ New Buyer

hughconn · Dec 5, 2013

I live in S. Jersey, take delivery of my Model S in a week, but pick it up at the Norristown, PA location as it's closer to me. My DS tells me I have to go to Springfield, NJ to sign paperwork before I can pick up the car. The Springfield location is 78 miles, 90 minutes away. I'm financing the car to take advantage of the residual guarantee. The "banks" require borrowers "to sign the docs in person at a Tesla location in the state where they live." So the nearest NJ location is Springfield. This is not a good customer experience for me. I understand Tesla is a new company and has to follow what the banks do, etc. But, US Bank and Wells Fargo will close a $1 million+ mortgage in my home, or even via FedEx with notarized signatures. I'm dropping $100K+ on a new purchase and yet I have to waste my time driving to sign docs? Then I'm told to "be on time because they are very busy with 45 deliveries to get done before quarter-end on the 23rd." Excuse meeeeee... Tesla could learn a lot from Disney.

There has to be at least a dozen better ways to do this.

Have people in other states had to do this? What about states that do not have a Tesla location??? Does US Bank require them to fly to the nearest state to sign loan docs? I doubt it. Ever heard about e-Signature?

Thoughts?

NigelM · Dec 5, 2013

hughconn said:
The "banks" require borrowers "to sign the docs in person at a Tesla location in the state where they live."

Forgive my ignorance, but that doesn't sound like it's Tesla's fault......

bart513 · Dec 5, 2013

I bought my first Tesla Roadster from a MB dealership in Seattle and the loan was with Bank of America. Initially they wanted me to fly to Seattle from NY to sign the docs@! Anyway it ended up my being able to sign at the local B of A branch closest to my house..... Good luck and hope that you don't have to make the drive.

Gizmotoy · Dec 5, 2013

That's annoying. I signed both my Tesla and financing paperwork online... didn't use Tesla Financing (Wells Fargo/BoA), though.

epares · Dec 5, 2013

I financed with PenFed signed and faxed back paperwork… All Tesla paperwork got via email and faxed back… your situation seems unusual….

rlang59 · Dec 5, 2013

hughconn said:
...Tesla could learn a lot from Disney...

Build a theme park?

Captain Ducman · Dec 5, 2013

I reside in FL and NJ, did all the paperwork thru DocuSign, took delivery in Springfield. Signed nothing with a pen except a release for them to hold my car for a week and a half after I took delivery.

Ride Long · Dec 5, 2013

NigelM said:
Forgive my ignorance, but that doesn't sound like it's Tesla's fault......

That may not be their fault, but it's their problem. In my business I have to deal with numerous foul-ups by third parties that affect my clients; since they're coming to me it becomes my problem.

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The last three cars I have financed with USAA were all done over my laptop. (~$35k loan)

hughconn · Dec 5, 2013

rlang59 said:
Build a theme park?

That would be great! Rocket ride from Space X, self generating electric from Solar City, Tesla roller coaster, call it Musk-egon Park! However, I was thinking more along the lines of Disney's world class customer service, :biggrin:

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NigelM said:
Forgive my ignorance, but that doesn't sound like it's Tesla's fault......

Forgiven

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Ride Long said:
That may not be their fault, but it's their problem. In my business I have to deal with numerous foul-ups by third parties that affect my clients; since they're coming to me it becomes my problem.

- - - Updated - - -

The last three cars I have financed with USAA were all done over my laptop. (~$35k loan)

That's how I feel, too. Thanks!

yobigd20 · Dec 5, 2013

hughconn said:
I live in S. Jersey, take delivery of my Model S in a week, but pick it up at the Norristown, PA location as it's closer to me. My DS tells me I have to go to Springfield, NJ to sign paperwork before I can pick up the car. The Springfield location is 78 miles, 90 minutes away. I'm financing the car to take advantage of the residual guarantee. The "banks" require borrowers "to sign the docs in person at a Tesla location in the state where they live." So the nearest NJ location is Springfield. This is not a good customer experience for me. I understand Tesla is a new company and has to follow what the banks do, etc. But, US Bank and Wells Fargo will close a $1 million+ mortgage in my home, or even via FedEx with notarized signatures. I'm dropping $100K+ on a new purchase and yet I have to waste my time driving to sign docs? Then I'm told to "be on time because they are very busy with 45 deliveries to get done before quarter-end on the 23rd." Excuse meeeeee... Tesla could learn a lot from Disney.

There has to be at least a dozen better ways to do this.

Have people in other states had to do this? What about states that do not have a Tesla location??? Does US Bank require them to fly to the nearest state to sign loan docs? I doubt it. Ever heard about e-Signature?

Thoughts?

I live in South Jersey too. I just docusigned it online and picked it up in Norristown. Dunno why they are telling you differently now. I guess this is specific to the bank that you chose, and doesn't actually have anything to do with Tesla....

dsm363 · Dec 5, 2013

hughconn said:
That would be great! Rocket ride from Space X, self generating electric from Solar City, Tesla roller coaster, call it Musk-egon Park! However, I was thinking more along the lines of Disney's world class customer service, :biggrin:

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Forgiven

I'm sorry you had to drive there but it will be worth it.

I had similar the same question actually. How is this Tesla's fault if the bank is requiring this?

AlMc · Dec 5, 2013

This is what happens if you want to get the 'buy back guarantee'. I could have esigned everything through USAA at a better interest rate but I made the informed choice to get the 'buy back' which meant I had to go through one of the two banks that was part of the program. I had to drive from Delaware to Northern NJ to sign the paperwork and pick up the car in Norristown.

If I thought my time was more valuable than the buy back I would have chosen to pay 'cash' or gone with alternative financing and had the car delivered to my home.

rjcbox · Dec 5, 2013

Great to see another S. Jersey Tesla fan. Sorry to hear about your issue, but seems like bank's fault. On another note, been trying to convince Tesla to install 1 supercharger somewhere in S. Jersey (between Phila and Cape May, suggested off AC expressway, The Shops at Cross Keys in Sicklerville would be an awesome location), since there will be a few superchargers in North Jersey in the near future, South Jersey seems to have been forgotten about. If you have similar suggestions, they can be contacted here: http://teslafactory.wufoo.com/forms/supercharging/ Congrats on your purchase!

hughconn · Dec 5, 2013

I'm using US Bank

AlMc · Dec 5, 2013

hughconn said:
I'm using US Bank

Exactly. Since you chose to go with the program offered through USBank or Wells Fargo, that included the buy back, you have to play by the rules set up by the bank. If you had chosen your own financing or paying cash you would get FedExd paperwork and make one trip to pick up your S in Norristown.

hughconn · Dec 5, 2013

AlMc said:
Exactly. Since you chose to go with the program offered through USBank or Wells Fargo, that included the buy back, you have to play by the rules set up by the bank. If you had chosen your own financing or paying cash you would get FedExd paperwork and make one trip to pick up your S in Norristown.

Understood, the old Golden Rule - would have been nice to know upfront, though. Plus, it makes no sense to me. There is no legal or legitimate reason to do this. Contract is no less binding if signed in my home and witnessed by a notary, or even Medallion signature guaranty by my bank which is used by brokerage firms.

AlMc · Dec 5, 2013

hughconn said:
Understood, the old Golden Rule - would have been nice to know upfront, though. Plus, it makes no sense to me. There is no legal or legitimate reason to do this. Contract is no less binding if signed in my home and witnessed by a notary, or even Medallion signature guaranty by my bank which is used by brokerage firms.

I went back and forth on this as it was not an easy decision but I thought that as the car is still relatively new that it was good insurance about potential resale value. This is why the program was set up in the first place. TM was trying to diffuse comments that the car might be 'worthless' or have significantly less residual value in three years compared to other luxury sedans (MB/Audi/BMW).

If it is not too late you may be able to delay delivery and muster up financing that will not require any additional time/travel. You mentioned USAA and there are also quick financing available through Alliance and PenFed.

Good luck. It will all be good and forgotten when you get behind the wheel!

TNEVol · Dec 5, 2013

I am sorry I don't have much sympathy. I drove 250 miles to pick up my Tesla MS so I could get it 3days early. Do I sense an entitled attitude? Buy another car if this is all you can complain about.

Chris TX · Dec 5, 2013

Gizmotoy said:
That's annoying. I signed both my Tesla and financing paperwork online... didn't use Tesla Financing (Wells Fargo/BoA), though.

Same here, but with Alliant CU in Chicago.

Neither my wife nor I signed a single piece of paper. Everything was done online except picking up the car at the service center 5.8 miles away from my house two days ago. As others have said, it sounds like your funding source is the cause of your frustration, not Tesla. It is unfortunate that they have partnered with those banks.

Krugerrand · Dec 5, 2013

Chris TX said:
It is unfortunate that they have partnered with those banks.

I'm not entirely sure Tesla had a whole lot of choice of whom to partner with. They could have chosen to not even try to partner with anyone on behalf of their customers and to have a guaranteed buy back value.

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