Alliant Credit Union 1.49% for 72 months

[tinc]

Is there a thread of GAP explanation and can someone who's a math geek among us, help us with a formula to determine what is the break even point of whether to purchase the coverage or not?

Also GAP coverage is somewhat related to loans, so for those that want to start a new thread, please do so as we do not want to go off topic since this is technically a rate/ loan referral thread as mentioned by ccutrer.

 

[Shopi01]

Getting a sub 2% loan is like free money. I would finance 105% in a heart beat and get optional gap as coverage.

Just had a 90D totaled after an accident. If no gap I would have been under by $14K+

If I had done a larger down payment I would not have gotten enough $$$ from insurance company to replace vehicle.

So in short, I support getting a loan with minimal down payment and double support getting gap.

 

[HappyHappy]

But please link the new thread here so I won't miss it!

 

[Dr Doom]

Getting a sub 2% loan is like free money. I would finance 105% in a heart beat and get optional gap as coverage.

Just had a 90D totaled after an accident. If no gap I would have been under by $14K+

If I had done a larger down payment I would not have gotten enough $$$ from insurance company to replace vehicle.

So in short, I support getting a loan with minimal down payment and double support getting gap.

where did you get your gap coverage? I just insured and they didn't offer the gap coverage! Thanks

 

[Shopi01]

where did you get your gap coverage? I just insured and they didn't offer the gap coverage! Thanks

Progressive. It is called loan/lease payoff coverage. It covered an additional 25% of payout amount - in my case that was $12k+
My Premium was &50/6mo

The best $50 that I've spent

 

[bro1999]

Not Alliant related, but when I refinanced my Bolt loan with Navy FCU, GAP insurance was an extra $199. Not sure if they price GAP the same no matter the vehicle, or if it is based on MSRP.

 

[Shopi01]

Not Alliant related, but when I refinanced my Bolt loan with Navy FCU, GAP insurance was an extra $199. Not sure if they price GAP the same no matter the vehicle, or if it is based on MSRP.

Alliant does not offer gap on loans over $100K
That's why I went with coverage through insurance

 

[ccutrer]

Alliant does not offer gap on loans over $100K
That's why I went with coverage through insurance

It's been awhile since finalizing my Alliant loan, so I don't recall the exact details, but gap coverage via Alliant seemed much more expensive than through Progressive (hey, we're twins in loan + insurance!), even if you did qualify for it through Alliant.

 

[bro1999]

Alliant does not offer gap on loans over $100K
That's why I went with coverage through insurance

Ok, I read Navy FCU's gap FAQ. Max payout is $50k, so unless you are over $50k underwater after an insurance payout, that would probably be enough coverage?

 

[Bluewater]

I ended up with US Bank at 1.49% for 72 months through Tesla Lending. TL was fantastic to work with. Same day service. Responsive. I also applied separately via the Tesla link at Tech CU. My experience with Tech CU underwriting was that they care only about income, and not about assets. So Tech CU may not be an option for retirees with substantial assets, relatively low taxable income, but who want to take advantage of very low interest rates.

 

[bigsmooth469]

When did you get this rate / term? I thought from reading through this thread that Tech CU offered the best rate / term right now.

 

[tinc]

When did you get this rate / term? I thought from reading through this thread that Tech CU offered the best rate / term right now.

Bluewater got a fantastic rate for 72 months with US Bank, with TechCU it would have been 1.75% at 72 months.

You can only get the 1.49% with TechCU if it was 60 months or less.

Congrats Bluewater!

 

[tinc]

One thing I didn't appreciate about Tesla Lending is that they shopped all over the place with my credit and it came back 1.99% or higher, despite the high credit score (800's). I've taken a huge hit on my score for the next few months because of all the inquiries by Chase, TD Bank, US Bank and others, I had to tell the Finance guy to stop shopping around because I kept getting emails and this was after I got the first offer and had already told the Finance guy to stop because I wasn't happy with what they came back with. First offer was 2.20% for 60 months. I laughed and thought it was a major mistake. Even though Tesla gave the banks my lease history for the past two years (never a late payment), they still came back with very unfavorable terms.

It's pretty annoying that different banks have drastically different rates. With TechCU, it was pretty easy, took two and a half days to get funded and at the 1.49% rate.

 

[chillaban]

They shopped around a bit for me too. I've also got 800+ credit, my annual income was over 3x the full final price of the car, etc.

They said no bank was willing to give me 1.49 for 72mo due to my lending history lacking this size of a transaction (true, my last loan was 30% less).

They ended up getting me 1.74% for 72 with 10% down. I was more annoyed at the 10% down; the interest rate was close enough to the special that I just went for it.

 

[Pando]

Bluewater got a fantastic rate for 72 months with US Bank, with TechCU it would have been 1.75% at 72 months.

You can only get the 1.49% with TechCU if it was 60 months or less.

Are these some kind of underground rates as their website spells out 2.24% for 37-66mo auto loan? Rates have been going up in the last month or two so was that some time ago?

Loan and Deposit Rates - Tech CU

 

[tinc]

Are these some kind of underground rates as their website spells out 2.24% for 37-66mo auto loan? Rates have been going up in the last month or two so was that some time ago?

Loan and Deposit Rates - Tech CU

Pando, here's the TechCU Tesla link.

Tesla Auto Financing - Tech CU

 

[bigsmooth469]

Are these some kind of underground rates as their website spells out 2.24% for 37-66mo auto loan? Rates have been going up in the last month or two so was that some time ago?

Loan and Deposit Rates - Tech CU

Yes, use the Tesla link in this thread to get the better rates, depending on credit of course.

 

[MiddKid]

Applied yesterday through Tesla Finance. They gave me 1.49% through Chase on a 60mo loan. Down payment is the equity in my Model S trade-in (about 25%).

 

[Jrogville]

The last post here is about a month old. Have rates started to go up? What are the most recent experiences with rates?

 

[Shopi01]

The last post here is about a month old. Have rates started to go up? What are the most recent experiences with rates?

Alliant gave me 2.49% for 72mo or 2.74% for 78mo. No down payment up to 105% financing