Traveling to another state to sign loan paperwork????

Traveling to another state to sign loan paperwork????

I was just told that in order to get the buyback guarantee with Wells Fargo or US Bank that I would have to travel from Minnesota to Chicago to sign the loan paperwork. This seems odd to me. Has anyone else had a similar experience?

ian | 23 August 2013

Not personally but the deal is not available in all states so it makes sense.

Joe H. | 24 August 2013

I live in south eastern Virginia and would be required to travel to NJ. I'm definitely looking elsewhere as I do not care about the buyback guarantee.

Brian H | 24 August 2013

Joe H;
Smart thinking. The benefits of he buyback will show up in the general marketplace.

Haeze | 29 August 2013

This is entirely up to the bank, and the laws that govern the sale of vehicles in your state.

In most states, you can purchase a car out-of-state, and have it delivered to you, with all paperwork being done via Notary Public to verify authenticity.

Some banks do not accept a Notary Public as an authoritative source they can rely on, so they require documents get signed in the presence of a bank employee. If a branch is not available in your area, you would need to travel to them to sign documents, or they would have to send their employee to you, at great cost.

In other cases, State laws may dictate that the car must be registered in another state before you would be able to legally transfer the registration to your state. Depending on the state you must register the vehicle, you may be required to be present to do that registration process, thus you would have to travel.

Absolute worst-case scenario, if travel is not an option, and you live in a state that will not let you register a new vehicle that was not purchased from a dealer, you can always choose the lender that works best for you, and choose a state that allows you to register a vehicle in absentia (either via mail or the internet. I believe California lets you do so). Once the vehicle is registered in that state, you simply get the vehicle shipped to you from Tesla, and you take the out-of-state registration to your local DMV and register it in your state. The only down-side of this, is you don't get the guaranteed resale on the car.