For those who financed through a Credit Union...

[InsanelyOK]

If you financed through a CU who, in my experience tends to be less well known and slower at processing, did this slow down your delivery timeline at all? What process did you go through?

My CU is telling me that they will wire money to Tesla but the last time I purchased through Tesla they ended up giving me a check that I brought day of delivery.

I haven’t received my VIN, should be any day now but I want to be prepared for whatever delay they may bring about.

I plan on putting down a big chunk in cash and financing the rest. Can anyone walk me through what happens when the “Pay” button unlocks?

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[mark555055c]

My CU is absolutely tiny and unknown. Having said that, they were quick as i went from application to cashier's check in hand in 3 business days. My CU required insurance docs showing my CT VIN and the MVPA from Tesla.

When you receive your VIN you will have the option to pay, so you will upload a picture of the CU cashier's check and then either present it on delivery day or mail it to the delivery center. The delivery center will inform you if mailing in advance is necessary. Then you just pay the rest via ACH. Again, the delivery center will inform you if paying in advance is necessary.

 

[InsanelyOK]

My CU is absolutely tiny and unknown. Having said that, they were quick as i went from application to cashier's check in hand in 3 business days. My CU required insurance docs showing my CT VIN. the, MVPA from Tesla.

When you receive your VIN you will have the option to pay, so you will upload a picture of the CU cashier's check and then either present it on delivery day or mail it to the delivery center. The delivery center will inform you if mailing in advance is necessary. Then you just pay the rest via ACH. Again, the delivery center will inform you if paying in advance is necessary.

Thank you Mark! That’s very helpful.

 

[Lasttoy]

Navy CU said easiest way is take a check for full amount on invoice. Settle up after truck is in my possession.

 

[TeslaKen]

My first credit union would not finance the Cybertruck as they considered it a "specialty vehicle" and they don't do large loans on specialty vehicles. So I went a mile down the road to my 2nd credit union and got financing there. They gave me a check to hand to Tesla at pickup.

 

[Nonn]

I went through my CU. They got all of the financing organized the day I was going to pick up my truck. They emailed me a picture of the cashiers check and a picture of the FedEx overnight tracking slip. When everything was submitted in the app it said that my final payment was pending Tesla review. I called the store where I was picking up my truck to speak with them and they told me that it was showing paid on their end and I would be good to pick up the truck. When I got to the store the Tesla rep just had to tap a few keys and I had access to my vehicle. So I guess as long as they have an image of a cashiers check and proof it is on the way then you are all good to pickup.

 

[hulkdallas]

I went through my CU. They got all of the financing organized the day I was going to pick up my truck. They emailed me a picture of the cashiers check and a picture of the FedEx overnight tracking slip. When everything was submitted in the app it said that my final payment was pending Tesla review. I called the store where I was picking up my truck to speak with them and they told me that it was showing paid on their end and I would be good to pick up the truck. When I got to the store the Tesla rep just had to tap a few keys and I had access to my vehicle. So I guess as long as they have an image of a cashiers check and proof it is on the way then you are all good to pickup.

I used Navy Federal CU... application and approval same day (FEB 1st) got delivery notice Apr 13, went to branch the next day and had the check in 5 minutes.

 

[DarkEye]

I plan to pay in full with a cashiers check from my CU. I wonder if Tesla takes personal checks?

 

[rbalkun]

I plan to pay in full with a cashiers check from my CU. I wonder if Tesla takes personal checks?

They don’t, you have to pay through plaid from your checking/savings account.
But anyway, the way my process worked with my CU was as soon as I got a VIN I applied for the loan with the CU, took a day or two to get approved for the loan, the credit union asked for the MVPA to cut the check, which you get from Tesla as you put your CU stuff into the Tesla app and your trade in is finalized if there needs to be any, then the CU will either next day you or Tesla your financing check, and you pay your down payment to Tesla via Plaid. The CU should email you a copy of the check as well as a tracking number to also upload to the Tesla app.

 

[DarkEye]

They don’t, you have to pay through plaid from your checking/savings account.
But anyway, the way my process worked with my CU was as soon as I got a VIN I applied for the loan with the CU, took a day or two to get approved for the loan, the credit union asked for the MVPA to cut the check, which you get from Tesla as you put your CU stuff into the Tesla app and your trade in is finalized if there needs to be any, then the CU will either next day you or Tesla your financing check, and you pay your down payment to Tesla via Plaid. The CU should email you a copy of the check as well as a tracking number to also upload to the Tesla app.

I'm not getting a loan or financing. Just paying in full. Don't like loans.

 

[CyberRich]

I plan on putting down a big chunk in cash and financing the rest. Can anyone walk me through what happens when the “Pay” button unlocks?

You do not have to pay when the Pay button unlocks, although Tesla will happily take your money early. This is the most common mistake. When you pick up your truck, bring a bank check for the loan portion and either a cashier’s check for the balance or pay through their online Plaid system (the Tesla guys will walk you through this at delivery). I’ve purchased all of my Teslas this way. By all means, inspect the truck before you hand over a dime.

Plaid payments require you to enter your bank account info so they can process an ACH payment. Some people are not comfortable with that, so then go for the cashier’s check option. I used Plaid for my truck purchase, but is not the most reliable system. Took 3 attempts. Casher’s check is the best bet.

The second most common mistake is applying for your loan too early. Once approved, the clock starts ticking and if your delivery is delayed, your loan might get cancelled, and then you have to reapply, which is another credit hit. Good luck on your purchase and congratulations!

 

[Ward L]

The Tesla delivery people said to bring a cashier's check from the Navy CU on the day of purchase. It was super easy. I didn't put anything down. If you are putting $ down, I would consider a cashier's check from the CU and a cashier's check from your personal account totaling the cost. I would not mail the money because I wanted the flexibility of not paying Tesla if the truck isn't what you want or there is a delivery delay on their part. The days of writing a check seem to be gone. Because of privacy laws, banks won't tell other banks if the money is in your account to cover a personal check. I did not upload any pictures to the app. Tesla mailed the title to the Navy CU. I expect to pay it off next year.

 

[Kaz109]

This will be my first Tesla purchase so bare with my naive questions….

so I submitted my order and I have to do a check list before the delineate with includes having my CU run my credit to approve a loan only to have to have them run my credit again at time of actual delivery?

 

[InsanelyOK]

This will be my first Tesla purchase so bare with my naive questions….

so I submitted my order and I have to do a check list before the delineate with includes having my CU run my credit to approve a loan only to have to have them run my credit again at time of actual delivery?

They shouldn’t have to. You should have them run it once you get your VIN with the amount you would like to finance. Then you provide them with the Motor Vehicle Agreement (or whatever it’s called) and they’ll either cut you a check, mail a check or wire the money. That’s my understanding.

The only time I think they’ll pull your credit twice is if you pass the 30-60 days of the original pull so that they get the most recent report.

 

[Kaz109]

They shouldn’t have to. You should have them run it once you get your VIN with the amount you would like to finance. Then you provide them with the Motor Vehicle Agreement (or whatever it’s called) and they’ll either cut you a check, mail a check or wire the money. That’s my understanding.

The only time I think they’ll pull your credit twice is if you pass the 30-60 days of the original pull so that they get the most recent report.

Maybe I missed something , don’t you have to show Tesla you are approved before they start the process of building your truck?

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