Dreaming of a Tesla? That sleek design, the cutting-edge technology, the exhilarating acceleration... it's all within reach! One of the first major steps to making that dream a reality is understanding and making your down payment. While the process is streamlined, it's essential to know the ins and outs to ensure a smooth transition from ordering your Tesla to driving it home. Let's break it down, step by step!
Step 1: Confirm Your Order & Financing Choice
Before you even think about handing over any money, you've got to finalize your Tesla order and decide how you'll finance it. This is where the excitement truly begins!
Selecting Your Tesla Model & Configuration
First things first, you'll configure your dream Tesla. This includes choosing the model (Model 3, Model Y, Model S, Model X), exterior color, interior, wheels, and any software upgrades like Full Self-Driving Capability. As you make these selections, the total price will update.
Understanding Financing Options
Tesla offers its own in-house financing, but you can also secure a loan through a third-party lender. Your down payment amount can often influence the interest rate you receive, with a higher down payment generally leading to better rates.
Tesla In-House Financing: If you choose Tesla's financing, you can apply directly through your Tesla Account after designing your vehicle. They'll review your credit and provide a decision in the "Payment Method" section.
Third-Party Financing: If you're going with an external bank or credit union, you'll need to secure your loan approval before your vehicle can be delivered. Once approved, you'll share the lienholder information with Tesla.
Step 2: Accessing Your Tesla Account and Payment Section
Once your order is placed and you've made your financing decision, your Tesla Account becomes your central hub for managing the purchase.
Logging into Your Tesla Account
You'll receive notifications and updates regarding your order in your Tesla Account. This is where you'll find all the necessary pre-delivery tasks, including the payment method section.
Navigating to Payment Method
Within your Tesla Account, look for a section typically labeled "Payment Method" or "Financing." This is where you'll indicate how you plan to pay for your vehicle, including the down payment.
Step 3: Determining Your Down Payment Amount
The down payment is a crucial part of your vehicle purchase, and the amount can vary.
Flexible Down Payment Options
Tesla financing often offers flexible down payment options, sometimes starting as low as 0%. However, putting down a larger amount can reduce your monthly payments and the total interest paid over the life of the loan.
Initial Order Fee
Keep in mind that Tesla typically charges a non-refundable order fee when you place your initial order. This fee is usually a few hundred dollars and may be deducted from your total down payment amount.
Step 4: Making Your Down Payment
This is the moment of truth! Tesla offers a few primary methods for making your down payment. It's important to note that while you might have placed the initial order fee on a credit card, the actual down payment generally needs to be made directly from your bank account via an ACH transfer. Some locations might also accept wire transfers or cashier's checks.
Option 1: ACH Transfer (Recommended)
This is Tesla's preferred method for down payments. ACH (Automated Clearing House) transfers directly link to your bank account for a secure and efficient transaction.
In Your Tesla Account/App: You can often set up an ACH payment directly through your Tesla Account or the Tesla app. You'll typically connect your bank account using a service like Plaid.
Timing: Many buyers choose to wait until they've inspected their vehicle on delivery day before initiating the ACH transfer. The process is quick, usually taking just a minute or so. However, some sources suggest completing it at least nine days before delivery to allow for processing time. It's best to confirm the exact timing with your Tesla advisor.
Option 2: Wire Transfer
Wire transfers are another secure option, especially for larger sums. Tesla provides instructions for wire transfers within your account or through your advisor. Be sure to confirm all banking details carefully to avoid delays.
Option 3: Cashier's Check
While less common for the main down payment, some Tesla locations or specific circumstances might allow for a cashier's check. If you plan to use this, always confirm with your Tesla advisor in advance and ensure the check is made out correctly. Many buyers bring a cashier's check to the delivery center on pickup day.
What About Credit Cards?
While you might use a credit card for the initial order fee, using it for the full down payment is generally not accepted by Tesla for the larger amount. Dealerships often incur significant fees for large credit card transactions, making them less desirable for big payments like a car down payment. If you're considering using a credit card for any part of the down payment, confirm Tesla's current policy directly. If allowed, be mindful of potential transaction limits or fees.
Step 5: Confirming Payment and Preparing for Delivery
Once your down payment is initiated, it's crucial to confirm its receipt and ensure all pre-delivery tasks are completed.
Payment Confirmation
Tesla will typically confirm receipt of your down payment within your Tesla Account. You may also receive email confirmations. Delays in payment can affect your delivery date, so it's vital to ensure it's processed in time.
Final Invoice and Documents
Your final invoice will be available in your Tesla Account under "Documents." Before delivery, ensure all necessary documents are uploaded and verified, including your driver's license, registration documents, and proof of insurance. If you're financing, your down payment is required for Tesla to register your vehicle.
Scheduling Delivery
Once all tasks, including payment, are complete, Tesla will schedule your delivery appointment!
Frequently Asked Questions (FAQ)
How to check my down payment status?
You can typically check your down payment status directly within your Tesla Account under the "Payment Method" or "Financing" section, or by contacting your Tesla advisor.
How to pay Tesla down payment with a credit card?
While the initial order fee can usually be paid with a credit card, Tesla generally requires the main down payment to be made via ACH transfer or wire transfer. Confirm with Tesla directly for any exceptions.
How to make a Tesla down payment via ACH?
You can usually make an ACH payment through your Tesla Account or the Tesla app by linking your bank account using a service like Plaid.
How to find my Tesla final invoice?
Your final invoice can be found in your Tesla Account under the "Documents" section once your vehicle is ready for delivery.
How to know the exact down payment amount required?
The exact down payment amount will be specified in your Tesla Account based on your chosen financing option and vehicle configuration.
How to change my payment method for the down payment?
You can update your preferred payment method in your Tesla Account under the "Payment Method" section or by speaking with a Tesla advisor.
How to confirm if my third-party financing requires a down payment to Tesla?
If you're financing through a third party, your lender will inform you if a down payment to Tesla is required. This information should also be reflected in your Tesla Account.
How to know the down payment due date?
Tesla typically requires the down payment to be completed prior to your scheduled delivery date. It's often advised to complete it at least several days in advance to allow for processing.
How to make an additional principal payment on my Tesla loan?
Once your loan is active, you can typically make additional principal payments through your financing provider's online portal or by contacting them directly.
How to get a refund if I cancel my Tesla order after making a down payment?
If you cancel your order, the refund process can take some time, potentially up to 30 days if eligible. Contact a Tesla advisor for details on your specific situation.
For more detailed information on making payments, you can check out this video:
