Financing options

[ma91pmh]

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?

I think that would essentially be a re-finance/used car loan with PenFed, but I don't see any reason it should not work. Given their used/new rates are the same should be no impact.

[DrTaras]

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?

Its called a "Title Loan" and the delay you'll have is that you need your DMV to get you a "Free & Clear" Title; Not sure how that all works.

That being said, another 2 cents with PenFed is that you have to be on top of them; the squeaky wheel gets the grease. I started the loan process on 11/27/12, on 11/29/12 they told me what they needed from me, on 11/30/12 I faxed it in (they had no option to scan and e-mail securely), on 11/30/12 I called them to see if they received my faxes and they could not tell me because the faxes go to one center and the calls to another. On 12/1/12 they said they did get my faxes and they were going to a loan officer but that I was not able to talk directly to the loan officer (& I believe if I was in their presence I would not be able to directly look into their eyes). On 12/4/12 there had still been no update to my online status from 11/29/12. I called today, 12/5/12. They said that they had not received the faxes until 12/4/12 which I said was odd since I had faxed them on 11/30/12! They asked why I had not provided my car type and VIN which I said was odd because I provided that EACH time I called in because the phone-jockeys kept misplacing it. They asked where were my W-2s and I mentioned that when I told them I was self-employed that they wanted my tax returns instead that I had already faxed that in along with bank statements and other income. Its going to be reviewed. Time to catch some Zzzzzs. This seems like a loan mill and when you are non-conforming with respect to the car choice & for me with respect to being self-employed, the wheels seem to fall off the efficiencies.

[Petrokalis]

Just following up with my PenFed saga:

Just received a "conditional approval" email from PenFed today. The condition listed in the email is:

PLEASE PROVIDE VIN PRIOR TO DISBURSAL.

So, Tesla, are you listening? I need to get a VIN to send you guys some money! Help me help you!

[GDH]

Just following up with my PenFed saga:

Just received a "conditional approval" email from PenFed today. The condition listed in the email is:

PLEASE PROVIDE VIN PRIOR TO DISBURSAL.

So, Tesla, are you listening? I need to get a VIN to send you guys some money! Help me help you!

PenFed has awesome rates right now, not as good as my rate through Volvo but when the time comes they will get my loan!

[pete8314]

Would someone that's gone for the full $70k from Penfed over 60 months (I assume that's the longest term?) mind confirming what the monthly payment is? According to my calculations it's around $1185pm, assuming a 1.49% ?

[gg_got_a_tesla]

Would someone that's gone for the full $70k from Penfed over 60 months (I assume that's the longest term?) mind confirming what the monthly payment is? According to my calculations it's around $1185pm, assuming a 1.49% ?

It'd be $1,211.39. http://www.bankrate.com/calculators/...alculator.aspx

Btw, in response to my email (posted earlier on this thread) to PenFed, received this response today; so, maybe, like Andrew Wolfe did, I may get a check rightaway (and may have to start payments before the car arrives?!) - will update when I hear back.

Thank you for your response. I forwarded these documents to your Processor for
review. We have no problem financing Teslas. We will enter the details in
manually. We usually require the vin before we can disburse a check, but I
requested that the loan officer make an exception. Please check back with us in
24-48 hours for a status update either online at PenFed or via phone at
800-247-5626.

[DrTaras]

I called today, 12/5/12. They said that they had not received the faxes until 12/4/12 which I said was odd since I had faxed them on 11/30/12! They asked why I had not provided my car type and VIN which I said was odd because I provided that EACH time I called in because the phone-jockeys kept misplacing it. They asked where were my W-2s and I mentioned that when I told them I was self-employed that they wanted my tax returns instead that I had already faxed that in along with bank statements and other income. Its going to be reviewed. Time to catch some Zzzzzs. This seems like a loan mill and when you are non-conforming with respect to the car choice & for me with respect to being self-employed, the wheels seem to fall off the efficiencies.

Denied! My DTI was too high and they would not assess wealth!

[nrcooled]

I worked with Navy Federal and they were great. The rate isn't as low as Pen Fed but 1.79% for 60 months isn't bad. They are overnighting the pre-approval check to me and I just have to complete it when the car shows up.

This is going to be a tough couple of weeks waiting for the car.

[yobigd20]

Denied! My DTI was too high and they would not assess wealth!

You don't have to answer this but I'm curious what your DTI was...

[beck.christopher]

Denied! My DTI was too high and they would not assess wealth!

so what are you going to do?