[ModelBeach]

I am all set to go with USAA financing and have pre-approval for my new Model 3, and they have sent me a Dealer Funding Request hardcopy page that USAA says I:

1.) Take to the dealer on delivery-day
2.) Have the dealer fill it out
3.) Then the dealer faxes it to USAA
4.) And at that point I can drive off with my new Model 3 (assuming insurance, etc. is also worked out)

This document also says "We usually send funds within 1-2 business days of receiving the document."

The conundrum is that Tesla's Self-Arranged Financing Instructions document states "Delivery cannot take place until Tesla receives funding in full" which basically says I cannot drive off with my Tesla at that point.

How do I resolve this? I called USAA, and they said that even if they were to send me a check to bring to deliver-day, that check would take 2-3 days to be delivered/clear.

 

[garsh]

How do I resolve this? I called USAA, and they said that even if they were to send me a check to bring to deliver-day, that check would take 2-3 days to be delivered/clear.

That's not a problem. The same is true with personal checks, and Tesla has no problem accepting a personal check.

 

[Ed Woodrick]

I am all set to go with USAA financing and have pre-approval for my new Model 3, and they have sent me a Dealer Funding Request hardcopy page that USAA says I:

1.) Take to the dealer on delivery-day
2.) Have the dealer fill it out
3.) Then the dealer faxes it to USAA
4.) And at that point I can drive off with my new Model 3 (assuming insurance, etc. is also worked out)

This document also says "We usually send funds within 1-2 business days of receiving the document."

The conundrum is that Tesla's Self-Arranged Financing Instructions document states "Delivery cannot take place until Tesla receives funding in full" which basically says I cannot drive off with my Tesla at that point.

How do I resolve this? I called USAA, and they said that even if they were to send me a check to bring to deliver-day, that check would take 2-3 days to be delivered/clear.

I believe that the answer is an electronic funds transfer with documentation to Tesla. Many institutions will allow the consumer to fill out the form, but the VIN is required, which means that it is a last second thing.

Simple thing, get your USAA rep to ask around and see how it was done previously. I'm pretty sure that they have done it before.

There's another one of these threads just finishing up. The answer ended up being to use Tesla directly. And Tesla ended up being cheaper anyway. The guy was so intent in using his credit union. Didn't think about alternatives.

Tesla actually doesn't do the loan themselves; they just orchestrate it. It's really easy. Apply and then pick up car.

 

[ModelBeach]

But, will Tesla accept USAA's Dealer Funding Request form method (as mentioned above), which is the way USAA prefers it be done (and they way I have done it in the past with other non-Tesla dealerships)?

I figure USAA funds tons of Tesla vehicles, so Tesla must be used to USAA's method.

Can anyone vouch for this with first-hand experience?

 

[kpanda17]

I did usaa before and about to do another. I never saw a check from usaa, seems it was an electronic transfer directly between usaa and Tesla.

 

[Ed Woodrick]

But, will Tesla accept USAA's Dealer Funding Request form method (as mentioned above), which is the way USAA prefers it be done (and they way I have done it in the past with other non-Tesla dealerships)?

I figure USAA funds tons of Tesla vehicles, so Tesla must be used to USAA's method.

Can anyone vouch for this with first-hand experience?

This is Tesla regrettably you have to turn your statement around a little.

I figure USAA funds tons of Tesla vehicles, so USAA must be used to Tesla's method.

 

[kpanda17]

USAA funding toward Tesla was seamless, perfect

 

[ModelBeach]

I did usaa before and about to do another. I never saw a check from usaa, seems it was an electronic transfer directly between usaa and Tesla.

So, doing it USAA's way and bringing in the Dealer Funding Request on delivery day did the trick?

 

[kpanda17]

I gave Tesla the form and was never involved again, again, seamless

 

[Klaus-rf]

I have used USAA's funding system many times. It as good as gold to the dealers, including TESLA. Except for payng in a stack of bills (cash), there is always a delay in the company getting the funds. Even with cash, they have to take it to a bank wnd deposit the ills, so that's a delay also.

DO NOT trust Tesla (or their reps) to complete the papaerwok. YOU fill in the amounts or Tesla will overcharge you and I've not found a way to ever get those overcharges back.

Vdify all the prices, license/tag fees taxes, etc. then add them up, subtact your deposits and pre-payments and make sure that is the proper numer entered on the loan doc. DO NOT trust the Tesla rep to do it correctly.

 

[ModelBeach]

USAA funding toward Tesla was seamless, perfect

So, doing it USAA's way and bringing in the Dealer Funding Request on delivery day did the trick? You were able to drive off in your Tesla? Makes me a little nervous that.USAA still relies on faxes. LOL.

 

[ModelBeach]

I have used USAA's funding system many times. It as good as gold to the dealers, including TESLA. Except for payng in a stack of bills (cash), there is always a delay in the company getting the funds. Even with cash, they have to take it to a bank wnd deposit the ills, so that's a delay also.

DO NOT trust Tesla (or their reps) to complete the papaerwok. YOU fill in the amounts or Tesla will overcharge you and I've not found a way to ever get those overcharges back.

Vdify all the prices, license/tag fees taxes, etc. then add them up, subtact your deposits and pre-payments and make sure that is the proper numer entered on the loan doc. DO NOT trust the Tesla rep to do it correctly.

Thanks for the input. I've already dealt with a $500 overcharge for delivery that just got resolved today.

 

[FRC]

This isn't exactly on point, but Tesla makes several statements about pre-delivery requirements that are either untrue or not enforced. Tesla will lead you to believe that all payments must be made prior to delivery day. But they will accept your personal check at delivery (I'm unsure, but I think they have to).

I wish that I could guarantee that they'll honor your USAA transaction because I believe they will. Go to delivery with as many forms of payment as you have available to you, they want to sell worse than you want to buy. They will make it work.

 

[Ed Woodrick]

This isn't exactly on point, but Tesla makes several statements about pre-delivery requirements that are either untrue or not enforced. Tesla will lead you to believe that all payments must be made prior to delivery day. But they will accept your personal check at delivery (I'm unsure, but I think they have to).

I wish that I could guarantee that they'll honor your USAA transaction because I believe they will. Go to delivery with as many forms of payment as you have available to you, they want to sell worse than you want to buy. They will make it work.

If you are going to go with USAA or any other loan, don't pay with a check or cash whatever you do. If you do, many institutions then consider the car used and will not finance it. One of the BIG rasons to make sure that your lender is who pays for it is because the lender is put as a lienholder on the car when sold.

 

[FRC]

If you are going to go with USAA or any other loan, don't pay with a check or cash whatever you do. If you do, many institutions then consider the car used and will not finance it. One of the BIG rasons to make sure that your lender is who pays for it is because the lender is put as a lienholder on the car when sold.

Perhaps I stand corrected, I'm unfamiliar with car loans.

 

[Ed Woodrick]

Perhaps I stand corrected, I'm unfamiliar with car loans.

I even hate to have to mention it, because it is so stupid. But then again people always try to game the system. Person asks for an auto loan and the banks send the loan to the individual. Individual then decides not to buy car but keeps money as low interest loan. Individual doesn't make payments; Institution doesn't have any collateral to recover. Institution loses money.

Banks make sure this never happens again.

 

[Reid]

I can't help, but I'm amused that this is still an issue. When we picked up our 3 in July 2018, and I had a USAA funding request, half the people on the forums said "it'll be fine" and the other half said "you're screwed".

When I went to pick up the car, they gave us a lot of hassles and I had to spend 30 minutes or so monkeying with a mobile hotspot and a laptop trying to find various files in dropbox and eventually came up with something that satisfied Tesla. I don't remember exactly what it was that I needed, but it wasn't seamless. Hopefully it's gotten somewhat better in the past 5 years

FWIW as far as I can tell no other automakers have this issue. I'm not a frequent new-car buyer but I bought my only other new car (a VW) with a USAA funding request and it was smooth.

 

[kpanda17]

guys, Tesla gives you the funding form, you get it over to USAA, then its an electronic transfer
this is my 2nd usaa go around scheduled for this Friday, but the first go around was seamless
the day of delivery and once the vehicle was accepted by me, the delivery person had to perform something on his computer, no phone call, and it was done

 

[ModelBeach]

Took delivery yesterday. The transaction took about 5 minutes. We signed docs, handed him USAA's "Dealer Funding Request" and cashier's check for the down payment, he escorted us to our Model 3, then he came back in a few minutes to us at the car and asked us to open the Tesla app to push a few buttons and fully take delivery and ownership. Super easy.

The instructions my Tesla advisor gave me over the phone/text/email were wrong. If I had followed his instructions (instead of USAA's) things would have been really messed up. For anyone else using USAA to finance, it is pretty easy. Just follow the instructions USAA gives you.