The "counter offer" mail was the response I got from my 'ping' as I described a few posts back (the NADA value posting).
To be honest, I still haven't received an approval email or anything, but the status of the loan application is APPROVED with a comment about sending them the VIN for disbursal. I could be jumping to conclusions that all is well...
I'm glad documenting my struggles is helping you
Has anyone encountered issues with applying online at PenFed with the Model S not showing up in the car details? My friend reported that they didn't have a placeholder for Tesla. If true, how have you guys successfully worked around this when financing with PenFed?
Tesla Model S 85 VIN #: 3,452 (2013) - SOLD 5/2015
Tesla Model X Sig#139 - Reserved June 2012
I sent the following email to firstname.lastname@example.org with the pre-delivery MVPA attached.
Subject: Regarding New Auto Loan application 1234567
Dear Sir or Madam,
This is regarding my application (number 1234567) for a new auto loan. The PenFed website says that the loan's been approved (as of 11/29/2012) and that I should provide the collateral details.
I'm purchasing a "2013 Tesla Model S" manufactured by Tesla Motors, Inc. of Palo Alto, CA. The car is still in the manufacturing process and, consequently, I don't have a firm delivery date or a VIN number yet. The current estimate from Tesla regarding delivery is January, 2013 but, I wanted to initiate the loan application process a few weeks ahead of time to avoid any last-minute hiccups.
I should be getting the VIN number in early January; however, as PenFed doesn't seem to have Tesla in the system, I may not be able to enter the collateral details on your website at that time. I hope to call in and provide the VIN number on the phone for disbursal of the check.
I've attached the "Pre-Delivery Motor Vehicle Purchase Agreement" that I've entered into with Tesla and which has all the relevant details.
Total Purchase Price: $<an insane number>
Total Downpayment: $5,000 (a reservation deposit that I made to Tesla a long time ago, in February 2010) + $xxxx.xx (I intend to make this payment in cash to Tesla when I have the car delivered in November) = $yy,yyy.yy
So, I intend to finance the balance of $zz,zzz with PenFed.
Please let me know if there's any additional information necessary at this time. If needed, you can reach Nancy McKain at Tesla at email@example.com regarding my purchase agreement.
VIN P 65513 - P85D, Green, Pano Roof, Textile Seats, Piano Black trim, Black Alcantara Headliner, Tech Package with Autopilot, Dual Chargers, Subzero Package, Smart Air Suspension, 19" Wheels, Delivered December 2014
VIN P 3552 - 60 kWh with Supercharging, Green, Black Roof, Black Leather, Piano Black trim, Tech Package, Active Air Suspension, 19" Wheels, 28,343 miles, Delivered January 2013, RIP August 2014
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He is your friend, your partner, your defender, your dog. You are his life, his love, his leader. He will be yours, faithful and true, to the last beat of his heart. You owe it to him to be worthy of such devotion.
After receiving VIN and request to schedule delivery, I went through the online process on the My Tesla page. There are 6 simple steps and it takes about 30 seconds.
I selected "please send info regarding financing" and shortly thereafter, was contacted via email by a Tesla Credit Manager. He sent me a "Tesla/Wells Fargo" credit app (DocuSign) for review and also provided other helpful information. He said the Tesla arranged financing is straight forward and can typically be completed in 1 day. He also offered assistance with documentation or answers to questions if I choose to go with a different institution which I do intend explore first. At least now I have a baseline to work from.
The moral of the the story seems to be: Once you have a VIN, things happen!
Metallic Silver P85 Reserved: 3/28/2009, Delivered: 12/21/2012 (1355 days) C.H.A.R.G.E.D.
FLORIDA TESLA ENTHUSIASTS (Treasurer & Co-Founder)
Can you finance through PenFed after you have paid for the car?
Like you pay everything up front and then PenFed cuts you a check instead of Tesla?
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