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Alliant Credit Union 1.49% for 72 months
- Thread starter loganintx
- Start date
Another data point, a little late:
On March 8th, Tesla Lending offered 1.99% for 60 months through TD Bank, but required ~31% downpayment.
We challenged the high downpayment, and they offered to send to a different bank to get another offer.
The same day, TechCU came back with 1.49% for 60 months, requiring ~19% downpayment.
Note that we requested 60 months, and said we were targeting 20% downpayment. I was under the impression that Tesla Lending automatically queried multiple banks and brought back the best offer, so it was surprising that my personal request to check another bank turned up a much more favorable offer. It shouldn't have been a manual negotiation, though.
CreditKarma registered hard pulls from TD Bank and Chase Auto. Not sure why we never heard about the Chase terms, or why TechCU didn't show up.
On March 8th, Tesla Lending offered 1.99% for 60 months through TD Bank, but required ~31% downpayment.
We challenged the high downpayment, and they offered to send to a different bank to get another offer.
The same day, TechCU came back with 1.49% for 60 months, requiring ~19% downpayment.
Note that we requested 60 months, and said we were targeting 20% downpayment. I was under the impression that Tesla Lending automatically queried multiple banks and brought back the best offer, so it was surprising that my personal request to check another bank turned up a much more favorable offer. It shouldn't have been a manual negotiation, though.
CreditKarma registered hard pulls from TD Bank and Chase Auto. Not sure why we never heard about the Chase terms, or why TechCU didn't show up.
I had a similar experience, with TechCU being the best offer but not automatically submitted. Tesla needs to improve transparency on this particular issue.
A likely reason for the 31% vs 19% is the Debt-to-Income ratio. I know that TechCU uses 45% which is on the high end, while more conservative lenders are around the 40% mark. It can also be in response to lower credit scores, but that isn't likely as those rates are for the highest tier of credit score right now.
I'm currently in the same boat that you guys were. I asked the Finance dept to look up some rates for me as I have to pick up the MX next week before 3/31 or else the supercharging offer goes away as told by the DS. I'm looking for a lower than 1.99% for 60 months as well. I agree with the transparency part, but Tesla is trying to be a profitable, I'm sure they get a cut per loan but .50% is a lot and every penny counts. If you guys have any suggestions, please let me know. Thanks guys.
avesraggiana
Member
The one where you had to take ownership of the car by 3/31 to have free SC with the vehicle.
Jrogville
Member
That deadline was changed to ordering by January 15 and taking delivery by April 15. In other words, both were extended by 15 days.
avesraggiana
Member
Aaaaahhhh...thank you for clarifying. I thought I had missed out. Well, I did in the end. Missed the first deadline by three weeks. Would have made the second. Too bad.
Sawyer8888
Member
TD Bank recently offered 2.79% / 72 and 1.99% / 60. At the same time, US Bank offered 1.99% / 72. These figures were obtained by going through Telsa.
TechCU is doing 1.49% for 60 months with good credit. You can become a member even if you don't live in the area by joining another group for $8. Timing is a bit tight to get that all done by 3/31, but for a half percent it might be worth pushing back delivery. As others pointed out, if you ordered before 1/15 then 4/15 is the deadline for delivery to get the free supercharging. If not, it's just that many more days before you get to drive it.
Let me clarify, I placed the order on 12/31. The car was finished and delivered to the Tesla location two weeks ago. I asked the DS if I can delay the pick up and she said that I have to take the car by 3/31 or else they will take away the free SC for the vehicle. Pretty messed up as I had asked my CSR that I want to delay the pick up as late as Tesla allows which would have been 4/15. But she also mentioned that they are just overstocked with the crush of the free SC orders and need to clear out whatever vehicles they can.
I'm compounded also by the fact that I'm returning my MS lease early which according to them that I still owe about almost 8k for returning the car early. So I'm trying to negotiate with Tesla about the dealer buyout amount due. The car is in pristine condition and it's tinted with 3M Crystalline including the front windshield. Any advice would be most appreciated. Thanks Tesla Fam!
Jrogville
Member
They can't defend that statement that they'll take away the free SC if you don't take delivery by march 31. They've publically stated that April 15 is the deadline. It's on their blog. I can root around and find it if you need. I would call the 800 number directly and tell them what you're being told locally. Now if what they mean is that they don't have any more appointment close to April 15, that would be another situation.
MXFan
Member
Another data point.
On March 13th, Tesla Lending offered 1.99% for 72 months through TD Bank and required a 10% downpayment.
My FICO score was over 800 at the time.
On March 13th, Tesla Lending offered 1.99% for 72 months through TD Bank and required a 10% downpayment.
My FICO score was over 800 at the time.
I took another look and according to the Agreement, this is what it states:
Delivery. We will notify you of when we expect your Vehicle to be ready for delivery at your local Tesla Service Center, or other location
as we may agree to. You agree to schedule and take delivery of your Vehicle within one week of this date. If you are unable to take
delivery within the specified period, your Vehicle may be made available for sale to other customers. The estimated delivery date of your
Vehicle indicated in this Agreement is an estimate only and is not a guarantee of when your Vehicle will actually be delivered. If, on your
behalf, we are coordinating the shipping of the Vehicle to you via a third party common carrier, you agree that delivery of the Vehicle,
including the transfer of title and risk of loss, will occur at the time your Vehicle is loaded onto the common carrier’s transport (i.e.., FOB
shipping point). The carrier will insure your Vehicle while in transit and you will be the beneficiary of any claims for damage to the vehicle
or losses occurring while the vehicle is in the possession of a common carrier. To secure your final payment and performance under the
terms of this Agreement, we will retain a security interest in the Vehicle and all proceeds therefrom until your obligations have been
fulfilled.
I guess they are technically doing me a favor although I did mention to the OA when I placed the order that I wanted the car to be picked up in April. In this case, it's a he said, she said thing. I just wished I had corresponded with her through text and email about the delivery date so I have something in writing. Oh well.
Delivery. We will notify you of when we expect your Vehicle to be ready for delivery at your local Tesla Service Center, or other location
as we may agree to. You agree to schedule and take delivery of your Vehicle within one week of this date. If you are unable to take
delivery within the specified period, your Vehicle may be made available for sale to other customers. The estimated delivery date of your
Vehicle indicated in this Agreement is an estimate only and is not a guarantee of when your Vehicle will actually be delivered. If, on your
behalf, we are coordinating the shipping of the Vehicle to you via a third party common carrier, you agree that delivery of the Vehicle,
including the transfer of title and risk of loss, will occur at the time your Vehicle is loaded onto the common carrier’s transport (i.e.., FOB
shipping point). The carrier will insure your Vehicle while in transit and you will be the beneficiary of any claims for damage to the vehicle
or losses occurring while the vehicle is in the possession of a common carrier. To secure your final payment and performance under the
terms of this Agreement, we will retain a security interest in the Vehicle and all proceeds therefrom until your obligations have been
fulfilled.
I guess they are technically doing me a favor although I did mention to the OA when I placed the order that I wanted the car to be picked up in April. In this case, it's a he said, she said thing. I just wished I had corresponded with her through text and email about the delivery date so I have something in writing. Oh well.
spoke to Alliant and Chase bank. Looking for a 60 or 72 months loan with 15-20% down.
Alliant terms were 2.49% for 72 months.
Chase is 2.39% for 60 months.
I am going to try to look into Techcu and TD bank? Does anyone have any other recommendations? Thanks
Alliant terms were 2.49% for 72 months.
Chase is 2.39% for 60 months.
I am going to try to look into Techcu and TD bank? Does anyone have any other recommendations? Thanks
thanks MasterT. I filled out application and got a callback and quote of rate at 1.74% at 72 months. this is the best deal I have seen so far. Thanks for the help guys. Going to go with them. It's so much better than the Chase or Alliant rate.
