How exactly does cash payment work?

[T35L4]

I’m currently waiting for my VIN. What are the exact steps of cash payment and payment options? Can you split payments across many bank accounts? Can any portion be paid by credit card? How many days do you have to pay and have the payments clear? I once it clears, is the time between that and the earliest delivery date you can get it pretty much within a few days?

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[Guylouis]

I paid cash for one of my beasts. Just a simple wire transfer via SAY. funds transfer was instantaneous

 

[T35L4]

How many accounts can you transfer from?

 

[Giskard]

I paid my down payment using Plaid. You can link Plaid to your checking account in the Tesla app at any time and it takes seconds to send the payment when you decide to. I elected to wait until I had a chance to inspect my truck during delivery and pushed the button right before doing the small amount of paperwork required (I was trading in my Model Y with negative equity). It appeared to me that you could only send from one account using that method.

EDIT - You can also bring a cashiers check and pay that way, too.

EDIT 2 - Just to clarify, I financed 90% of the cost of my truck. That was approved a few days before my delivery appointment. The Plaid payment was the 10% down + taxes/registration + the balance of the loan on my Model Y (not a small amount for sure).

 

[T35L4]

I paid cash for one of my beasts. Just a simple wire transfer via SAY. funds transfer was instantaneous

What is “SAY” Funds?

 

[wtibbit]

You can wire funds from your bank or your financial institution - where you have your money. Years ago I wired money to buy a car from my bank; for my truck I used my financial institution. Tesla provides the information that your bank or institution requires to perform the transfer.

It's almost too easy....

 

[Woodrick]

I’m currently waiting for my VIN. What are the exact steps of cash payment and payment options? Can you split payments across many bank accounts? Can any portion be paid by credit card? How many days do you have to pay and have the payments clear? I once it clears, is the time between that and the earliest delivery date you can get it pretty much within a few days?

You can not pay for the vehicle with cash.

You can not use a credit card.

ACH transfers are the easiest and you should be able to split them. Checks are accepted, but they probably need to be certified.

 

[MyFirstElectricTesla]

I used Plaid to paid all cash from my bank. Believe it or not I've waited 3 months after they took $112,495 out of my bank account to drive my CT home.

 

[sharpgator]

I paid my down payment using Plaid. You can link Plaid to your checking account in the Tesla app at any time and it takes seconds to send the payment when you decide to. I elected to wait until I had a chance to inspect my truck during delivery and pushed the button right before doing the small amount of paperwork required (I was trading in my Model Y with negative equity). It appeared to me that you could only send from one account using that method.

EDIT - You can also bring a cashiers check and pay that way, too.

EDIT 2 - Just to clarify, I financed 90% of the cost of my truck. That was approved a few days before my delivery appointment. The Plaid payment was the 10% down + taxes/registration + the balance of the loan on my Model Y (not a small amount for sure).

A couple notes.
1. Not all banks are compatible with plaid. Neither of mine are
2. Even if you want to pay cash, it’s not an unreasonable thing to finance the whole thing and pay it off a few weeks later. It allows for less money movement and chance for wire fraud. It also guarantees that you won’t be paying until you inspect the car and it meets your standards.

 

[wtibbit]

A couple notes.
1. Not all banks are compatible with plaid. Neither of mine are
2. Even if you want to pay cash, it’s not an unreasonable thing to finance the whole thing and pay it off a few weeks later. It allows for less money movement and chance for wire fraud. It also guarantees that you won’t be paying until you inspect the car and it meets your standards.

If you paid off a 6%, 20% down loan on an AWD 30 days after the loan origination date it will cost over $400 in interest. I have done that in the past, but I paid off the loan the day after I bought the car.

 

[T35L4]

Is everything due at delivery? Or can you pay online before/after?

 

[Woodrick]

Before, during, but not after.

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