How long from when you opened the file until they gave you that approval? Days, weeks? ThanxOriginally Posted by Petrokalis
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How long from when you opened the file until they gave you that approval? Days, weeks? Thanx
Here's how things went for me:How long from when you opened the file until they gave you that approval? Days, weeks? Thanx
File opened 11/14, proof of income sent on 11/19. Pinged them on 11/24 and received "counter offer" on 11/25. Sent MVPA on 11/28, website showed APPROVED (with comment to send VIN for disbursal) dated 12/1.
So, it looks like 2ish weeks.
Thank you for that. When I originally asked they said 24-48 hours. Under promise and over deliver has always been my motto; looks like this did not hit the mark, but now that I have your frame of reference, that helps. That being said, 2 questions. You had to "ping" them. Does that mean from 11/19 until 11/24 they did not keep you in the loop? Sounds par for the course. Lastly, what was the "counter offer"? Thanx again for holding my hand!
Yes, I sent back my proof of income on 11/19 expecting a 48 turn around (11/21-ish). I gave them the benefit of the doubt for the Thanksgiving holidays. When I hadn't heard anything from them by Monday (11/26), I sent them a "hey, what's up" mail. (I misstated the 11/25 date).Thank you for that. When I originally asked they said 24-48 hours. Under promise and over deliver has always been my motto; looks like this did not hit the mark, but now that I have your frame of reference, that helps. That being said, 2 questions. You had to "ping" them. Does that mean from 11/19 until 11/24 they did not keep you in the loop? Sounds par for the course. Lastly, what was the "counter offer"? Thanx again for holding my hand!
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 P#9,372 - VIN #: 3452 (2013)
85kWh | Grey Paint | Tech Package | Tan Leather | Lacewood Decor | Panoramic Roof | 19" Wheels | Air Suspension | Sound Studio
Tesla Model X Sig#139
I ended up sending them my pre-MVPA. The problem with the pull down selections is that it appears to remember what you selected. In my case, they valued the loan based on what was selected and not on the Model S (see posting 102 in this thread).
Yes, I did the same - twice, as my original loan's 90-day window expired and I had to ask them to open up a new loan with a new 90-day window.
I sent the following email to info@hq.penfed.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.
In summary,
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 nmckain@teslamotors.com regarding my purchase agreement.
VIN P 3552 - 60 kWh with Supercharging, Green, Black Roof, Black Leather, Piano Black trim, Tech Package, Active Air Suspension, 19" Wheels.
Reserved February 2010 (US P 1,620). Delivered January 2013.
I basically sent the exact same thing in the form of a fax. The original MVPA stated the $5000 downpayment and I wrote the rest of the downpayment amount on the fax. PenFed said the MVPA needs to show the full downpayment, not just the $5k. Whatever, I'll jump through their hoops when I get the delivery date and VIN.
PLEASE NOTE: Posts are the copyrighted intellectual property of the author, and are intended as part of a conversation within this forum. My words may NOT be quoted outside this forum, without my expressed consent.
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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.
FYI...
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)
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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