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Alliant Credit Union 1.49% for 72 months
- Thread starter loganintx
- Start date
Sorry, forgot to say I got the same as everyone else has been getting: Up to 100% financing, 1.49 @ 72 mos; 1.99 @ 78 mos, and 3.49 @ 84 mos. No prepayment penalties
Sounds like my experience has been different than most??
Initial response from Alliant re financing was a rate of 1.74%. When I was notified that my Model X was complete I reached out to them to finalize financing and was told the rate was now ~4.5%??? The credit score they reported to me is ~ 40 points lower that what is currently listed on my credit report. Can anyone shed some light one this? Or have similar experiences? I've since gotten an update that my Model X is in transport - if it wasn't for this I'd be excited but currently I am very deflated and confused. Thanks for any insight.
Initial response from Alliant re financing was a rate of 1.74%. When I was notified that my Model X was complete I reached out to them to finalize financing and was told the rate was now ~4.5%??? The credit score they reported to me is ~ 40 points lower that what is currently listed on my credit report. Can anyone shed some light one this? Or have similar experiences? I've since gotten an update that my Model X is in transport - if it wasn't for this I'd be excited but currently I am very deflated and confused. Thanks for any insight.
Everyone's credit situation is different and so no one can help you with that. It sounds like something happened to your credit between now and then (bad debt reported?) as you did qualify for 1.74 before (is that 72 months?)
yup...looking into leasing as well. apparently they have some new leasing options - waiting to get additional information.
yes it was for 72 months. what i'm not understanding is when i look at my credit report on equifax (which is what alliant used) it is 40 points higher than what they're telling me. Is there some other manipulation that it is done by the lender/alliant? always figured your credit score was the end all be all - guess it may not be.
My score is 730's-740's...not the best but figured it should be good enough. Especially since when Alliant offered the 1.74% they said the score they got from Equifax was 701 - which is totally confusing because my score on Equifax has never been that???
Yes, they pull Equifax but they don't use the FICO (or FAKO) score you're looking at. There are soooo many flavors of FICO scores out there.
Alliant (and PenFed) use an Equifax product known as Pinnacle 2.0 or NextGen. You're not going to know what that score is until it's pulled by a financial institution that uses it. It can be higher or lower than the FICO (or FAKO) score you're looking at.
2virgule5
Member
Same situation here - for some unknown reason they only offered 4.49%. We got 1.49% a couple of months ago very easily and our credit score, whatever the calculation they have did not change meaningfully.
What is somewhat worse is that we learned that yesterday, 3 weeks after our application and 1 DAY before delivery. They literally never returned our numerous call or tried to contact us in any way and we only got them out of a desperate last trial. They are either swamped by the Q3 delivery push or some are trying dirty tricks knowing how close delivery is and betting on desperation soon to bump their numbers, who knows? Of course we didn't have a backup plan. We don't want to postpone much and generate unnecessary pulls on our scores by looking elsewhere, but I'll never give a business to them after this, so we'll pay cash (so much for being a risky profile at 4.49...). This part of the Tesla survey won't be good this time.
What is somewhat worse is that we learned that yesterday, 3 weeks after our application and 1 DAY before delivery. They literally never returned our numerous call or tried to contact us in any way and we only got them out of a desperate last trial. They are either swamped by the Q3 delivery push or some are trying dirty tricks knowing how close delivery is and betting on desperation soon to bump their numbers, who knows? Of course we didn't have a backup plan. We don't want to postpone much and generate unnecessary pulls on our scores by looking elsewhere, but I'll never give a business to them after this, so we'll pay cash (so much for being a risky profile at 4.49...). This part of the Tesla survey won't be good this time.
Ah sucks. Wonder if previous application a couple months ago temporarily lowered your score not to qualify. Could you accept the 4.49 and refi?
2virgule5
Member
Could do that but the whole point is to reduce paperwork to close to nothing, not to run from one to another, opening and closing accounts that are short-lived and therefore also affecting scores... I've done enough of that this year ;-)
Sorry to hear about that. A friend had a similar experience. They pre-approved him at 100% and then days before delivery, they said they couldn't count his home business income and couldn't approve him at all even though he had the money in the bank. He ended up paying cash as well.
Now everyone is scaring me.. He couldn't get approved at all. not even at higher interest rate and he had $100,000 in the bank?
Any alliant experts please help me out here
Upcoming new owner... last minute questions!
Mainly relates to putting in business name.
That's correct. Shortly after he placed the order, he contacted them and they pre-approved him at 100%. Then when he got word that his car was on the way for delivery, he tried getting the actual loan and they wouldn't approve him for a single cent even though he had over $100k in the bank. Since he's in Colorado, it's possible they thought the money was obtained from other, less than federally legal sales but it was earned income, legal in all states. He then tried working with a local credit union. They approved him but then wouldn't fund the loan since they needed the title first and Tesla doesn't operate that way since they aren't a regular car dealership. After a day of going back and forth trying to figure out the paperwork issues, he just decided to pay cash and got the car on his scheduled delivery date.
