Financing options

[efusco]

I went with USAA. They are offering 2.49% for 60 months, 2.99% for 72 months for new auto loans over $35k. You get .25% knocked off if you set up auto-pay from your USAA account. Filled out the application on-line, printed, signed and faxed back pre-closing docs, then finalized and got a Dealer Electronic Check PDF that I was able to send to Tesla. Tesla fills that out and sends it back to USAA with the purchase agreement to get the money. Pretty straightforward and no human interaction required on the bank side. I did have to check the "I don't know what car I'm buying" box because Tesla wasn't in the drop down list.

I'm seeing 1.45% at USAA right now until mid Oct. That may be just for a 24 or 48 month loan I guess, but I haven't checked. Glad to hear the process was so easy though. Did you send the Dealer Electronic Check along with a personal/bank check or just do the entire amount on the loan? I have the cash for the majority, but will need a USAA loan for about 1/4 of the cost.

[AnOutsider]

Financing page is up

Financing | Tesla Motors

[Andrew Wolfe]

I had the same experience. I am just awaiting the VIN from Tesla for disbursal. Very impressed with PenFed.

They have my VIN now (and my tax returns). Let's see what happens next.

[CalEECS]

I had the same experience. I am just awaiting the VIN from Tesla for disbursal. Very impressed with PenFed.

That's odd, PenFed sent me a packet with the promissory note and a check (made out to Tesla) before I had the VIN. Looks like I just sign the paperwork, add the VIN, hand the check over, then send a copy of the registration (with the lien) within 90 days. I've honestly been shocked with how easy it's been**.

** Knock on wood, hopefully they don't move the decimal point or something.

[gg_got_a_tesla]

That's odd, PenFed sent me a packet with the promissory note and a check (made out to Tesla) before I had the VIN. Looks like I just sign the paperwork, add the VIN, hand the check over, then send a copy of the registration (with the lien) within 90 days. I've honestly been shocked with how easy it's been**.

** Knock on wood, hopefully they don't move the decimal point or something.

Odd indeed. Not that it should matter in terms of timing but, your way seems smoother. I've received nothing by snail mail so far from PenFed; everything's been online...

[Andrew Wolfe]

Got a check.

One glitch. The paperwork has the right VIN but they think it is a Roadster 2.5.
I'm going to wait until after the check clears to clear that up.

Now all I need is a car to pay for.....

[gg_got_a_tesla]

Got a check.

One glitch. The paperwork has the right VIN but they think it is a Roadster 2.5.
I'm going to wait until after the check clears to clear that up.

Now all I need is a car to pay for.....

Hmm, they definitely have the wrong number of seats Glad it worked out otherwise, Andrew.

[Zextraterrestrial]

I just got a pre-approval from Provident for 7 years / $70, 000 - 2.75%
That is the max auto loan they offer. I'm thinking for that rate it might be a good idea to keep all of my Tsla and take all of the loan but most likely pay it off quicker

[Tesla229]

That's odd, PenFed sent me a packet with the promissory note and a check (made out to Tesla) before I had the VIN. Looks like I just sign the paperwork, add the VIN, hand the check over, then send a copy of the registration (with the lien) within 90 days. I've honestly been shocked with how easy it's been**.

** Knock on wood, hopefully they don't move the decimal point or something.

PenFed told me I'm approved, but they need a copy of the "Final" MVPA, before they can disburse the funds. Did they request a Final MVPA from you before they sent the check? I don't see how a final MVPA can be generated without the VIN...

[dsm363]

PenFed told me I'm approved, but they need a copy of the "Final" MVPA, before they can disburse the funds. Did they request a Final MVPA from you before they sent the check? I don't see how a final MVPA can be generated without the VIN...

The final MPVA will have your VIN.