Alliant Credit Union 1.49% for 72 months

[silentsnow31802]

Great news, I did receive a pending approval to finance $120,000 or 80% per the configuration page at 7.24% for 78 months or 6.49% for 72 months. The approval/rate is good for 30 days.

I got the above with a credit score of 648.

 

[gfb107]

Are those rates typos? They are nothing like the rates other people are quoting.

Great news, I did receive a pending approval to finance $120,000 or 80% per the configuration page at 7.24% for 78 months or 6.49% for 72 months. The approval/rate is good for 30 days.

I got the above with a credit score of 648.

 

[dalamchops]

probably because of the 648 credit score..

 

[loganintx]

I got the above with a credit score of 648.

You'll need a 720/740 or higher score to get the premium rates.

 

[silentsnow31802]

Are those rates typos? They are nothing like the rates other people are quoting.

Not typos. Copied and pasted from original email.

probably because of the 648 credit score..

This is exactly it.

You'll need a 720/740 or higher score to get the premium rates.

I was told 740 to get the premium rates. Just posting up what I was quoted for a reference.

 

[ccutrer]

Just wanted to give a heads up about Alliant's "105% LTV" financing. They will _not_ do refundable financing, so if you live in a state (like Utah) where Tesla can't handle the registration for you, and the final price sheet shows no government taxes or fees, you can't do more than 100% financing. Actually, I'm getting ~96% financing, cause Alliant won't refund the original $5000 reservation payment either. Best they'll do is cover the destination and doc fee, and the final amount due to/from me at signing is $0.

Grumble grumble oh well I can pull from another credit line at a slightly higher interest rate for the shortfall, and just deal with a higher "downpayment" than I was expecting.

 

[loganintx]

Just wanted to give a heads up about Alliant's "105% LTV" financing. They will _not_ do refundable financing, so if you live in a state (like Utah) where Tesla can't handle the registration for you, and the final price sheet shows no government taxes or fees, you can't do more than 100% financing. Actually, I'm getting ~96% financing, cause Alliant won't refund the original $5000 reservation payment either. Best they'll do is cover the destination and doc fee, and the final amount due to/from me at signing is $0.

Grumble grumble oh well I can pull from another credit line at a slightly higher interest rate for the shortfall, and just deal with a higher "downpayment" than I was expecting.

This is how it was for me in Texas. I financed with Alliant for the full MSRP minus the $5k deposit.

 

[ccutrer]

This is how it was for me in Texas. I financed with Alliant for the full MSRP minus the $5k deposit.

I want to post a follow up that I'm already impressed with Tesla. I don't really want to say what exactly they did, in the spirit of not wanting others to demand similar treatment and being able to point at me and say "see, he got special treatment!" Suffice it to say that my DS came up with a clever solution that doesn't meet my original expectation of 105% LTV, but is much better than my disappointment this morning. It's very refreshing in a car buying experience to have the seller proactively come up with a solution that not only makes it easier on the customer, but is something they have absolutely no legal obligation to do. They simply want to make the the customer happy, and do the right thing.

So, I want to reiterate my "grumble grumble," but clarify that it is directed at the State of Utah (and other states that create this confusing situation). Tesla is definitely building some brand loyalty. It's definitely nice to have actual experiences to tell people about of Tesla going above and beyond than the simple "omg I love Tesla they're sooooo cool" fanboi isms that I've been going on for years.

 

[DiveDeep]

Glad to hear Carlos is good to go the extra mile.. Did you end up goon with Alliant?

 

[ccutrer]

Glad to hear Carlos is good to go the extra mile.. Did you end up goon with Alliant?

Yes, still with Alliant.

 

[masam]

Is Alliant still offering the 1.49% ? Their website says 1.99.
Thanks !

 

[MSullivan]

I got 1.49 last week. I think it is available, give my loan guy a call. Mike Preston, he was great. (773) 462-2062
My paperwork came in on a Saturday incorrect. It took Tesla till late Monday to fix it, delivery was set for the truck to depart at 10 AM EST Tuesday and Mike got it processed in time (and he is in CST).

 

[masam]

Thanks MSullivan!

 

[phren0logy]

I tried to use Alliant, but being self-employed caused a lot of problems. They wanted a crazy amount of paperwork. Local credit union matched their rate.

 

[achen]

I was never going to do that anyway. It has very little value for me and would cost me money.

I would still go for Tesla Lending. The buy back guarantee is an insurance, I believe I would be able to sell it to private party at a price way higher than that, but just in case anything unexpected happens to Model X (I mean in a global scale, which affects the resale value of it, not anything particular to my car), I have Tesla's buy back guarantee as the last option. The difference in interest rate is about 1.25% and I think paying $1250 more in years is wroth it for me to have some peace in my mind.

 

[MSullivan]

I would still go for Tesla Lending. The buy back guarantee is an insurance, I believe I would be able to sell it to private party at a price way higher than that, but just in case anything unexpected happens to Model X (I mean in a global scale, which affects the resale value of it, not anything particular to my car), I have Tesla's buy back guarantee as the last option. The difference in interest rate is about 1.25% and I think paying $1250 more in years is wroth it for me to have some peace in my mind.

Not a bad idea but not available in all states.

 

[ZERO260]

This what I'm doing. My sales price is $86k including sales tax. I'm coming to the table with $40k of my own cash and $15K from a home equity line of credit for a total of $55k down payment leaving $31k to finance. My cash outlay will be about $700 for 4-5 months until tax time. $400 with Alliant at 1.49%, approx. $300 on the line of credit. I opted for a delayed deliver in the Sep- Oct time frame to lessen by burden for as short a period as possible. I'm expecting a $16k tax refund in Feb 2017 which will be used to pay off the line of credit bring my monthly cash outlay down to $400 a month.

Most lenders have criteria for what's a new car e.g. Age, mileage etc. and what's considered used with higher rates for used. Refi's cost more. Most would not allow me to apply my refund to the original loan and refi under one roof without penalties (higher interest rates). Prior to today I was thinking of using two lenders not including my line of credit, but this was a little problematic trying to go with the highest rate for original loan (short term) and refinancing with the lower rate lender for the long term.

I don't work on Wall Street or wear pinstripes on a daily basis, just an old country boy trying to save a buck thru CREATIVE FINANCING

Hopes this helps!

 

[jeffaa]

Bank error in my favor, collect 1.1% (off)!
I was approved with Alliant for 1.49%, and my bank for 2.6%. My wife wanted to go with our bank for a few of her own reasons, so we did. Then they made a mistake and under-funded the loan (funded for my down payment amount, instead of how much Tesla requested). After all the hassle they put us through to fix their error, we were able to get our rate lowered to 1.5%, which made me happy because I wanted the lower rate, and kept my wife happy because we're still financing with our bank. Happy days!

 

[MSullivan]

Bank error in my favor, collect 1.1% (off)!
I was approved with Alliant for 1.49%, and my bank for 2.6%. My wife wanted to go with our bank for a few of her own reasons, so we did. Then they made a mistake and under-funded the loan (funded for my down payment amount, instead of how much Tesla requested). After all the hassle they put us through to fix their error, we were able to get our rate lowered to 1.5%, which made me happy because I wanted the lower rate, and kept my wife happy because we're still financing with our bank. Happy days!

I did a 72 month loan at full value. The difference in interest between 1.49 and 2.6 is over $3000 over the life of the loan. Unless the CEO of that bank had given me a kidney I would have gone to Alliant in a heartbeat. Glad it worked out OK for you in the end.

 

[AdamSM]

Is Alliant still offering the 1.49% ? Their website says 1.99.
Thanks !

I got quoted and pre-approved for 1.49%, 72 month term today on the phone.