Alliant Credit Union 1.49% for 72 months

[Xenius]

Indeed! Yielding 13% right now and they didn't waver in '09 and '11.

I got nervous as I started seriously prepping for my Tesla, wanted cash so I sold out at about 9 bucks (only like 1500 shares), of course now the price is almost a full quarter per share more. Ah well, had I not sold I'm sure the reverse would be true.

 

[MSullivan]

I saw that Alliant was offering $100 to new members that financed a car within 90 of membership. I didn't see this offer till after I closed and figured I was getting the 1.49% deal and was eligible.
This morning I woke up and saw that with no prodding they deposited $100 in my savings account.
Nice surprise.

 

[ccutrer]

I saw that Alliant was offering $100 to new members that financed a car within 90 of membership. I didn't see this offer till after I closed and figured I was getting the 1.49% deal and was eligible.
This morning I woke up and saw that with no prodding they deposited $100 in my savings account.
Nice surprise.

Oh hey, check that out. Me too!

 

[MSullivan]

I just reread my post, I meant I didn't think I was eligible, can't edit it now.

 

[Poiuy09]

Oh wow.. that was a nice surprise. I see $100 in my account too.

 

[SD_Engnr]

So, yesterday, while I was in a Tesla Gallery, I was told that Alliant's great rates are expiring on 7/7.

Can anyone else confirm this?

 

[m2140]

So, yesterday, while I was in a Tesla Gallery, I was told that Alliant's great rates are expiring on 7/7.

Can anyone else confirm this?

I too heard the same from 2 showrooms this weekend. So i quickly put in my Model X order this weekend to lock in the rate.

I was told by Tesla and Alliant that if you apply and are approved before 7/7 you can lock in the rate. Even if the delivery is not till Sep like mine. They will need to run your credit again about 30 days before the actual delivery, but again the rate and terms are locked.

 

[TacC]

I too heard the same from 2 showrooms this weekend. So i quickly put in my Model X order this weekend to lock in the rate.

I was told by Tesla and Alliant that if you apply and are approved before 7/7 you can lock in the rate. Even if the delivery is not till Sep like mine. They will need to run your credit again about 30 days before the actual delivery, but again the rate and terms are locked.

The only thing I can think of is that they're reducing their exposure to Tesla loans.

Projected resale values should be re-evaluated in light of the Autopilot PR. We don't know how this plays out with state and federal legislatures. And the threat of competition is real. Even if these pieces only knock $2k off the resale value, that is almost 50% of the yield on a loan like this.

We can assume that Tesla will keep car values inflated with their repurchase guarantees; however, their fate is less certain with the SolarCity acquisition.

Tesla may be attracting a new buyer with less disposable income and a lower credit rating. As a result, Alliant could be on the hook for some dubious loans.

Interesting to say the least. Rates are coming down and Alliant appears to be pulling out of a market as it becomes more profitable.

 

[Priyank]

Here is the response I received from Alliant loan consultant.

"I know for sure it will go through the end of July-not sure about August. But if we lock you in some time in July, you will be locked in at that rate for 30 days."​

 

[Super_Popular]

Here is the response I received from Alliant loan consultant.

"I know for sure it will go through the end of July-not sure about August. But if we lock you in some time in July, you will be locked in at that rate for 30 days."​

I was told that they didn't have an end date to this rate.

 

[ksquared]

The only thing I can think of is that they're reducing their exposure to Tesla loans.

Projected resale values should be re-evaluated in light of the Autopilot PR. We don't know how this plays out with state and federal legislatures. And the threat of competition is real. Even if these pieces only knock $2k off the resale value, that is almost 50% of the yield on a loan like this.

We can assume that Tesla will keep car values inflated with their repurchase guarantees; however, their fate is less certain with the SolarCity acquisition.

Tesla may be attracting a new buyer with less disposable income and a lower credit rating. As a result, Alliant could be on the hook for some dubious loans.

Interesting to say the least. Rates are coming down and Alliant appears to be pulling out of a market as it becomes more profitable.

All of to explain the fact that Alliant may be ending a low interest rate period? Solar City and Autopilot PR evoked here? Seems like a bit of a doomsday explanation to me. And based on what other people are hearing from Alliant, likely false.

 

[krazineurons]

I spoke with Alliant today, I wish I had waited to read the latest updates on this thread. Found some interesting things.

When they ran my score it came in between 700 and 730 though credit karma showed it at 780. They said they use the pinnacle model and everything looked good it was just that some credit cards hadn't reported the updated balances to the Bureau yet.

Net result, I am getting 1.74% for 72 months instead of 1.49% since I missed it by two points. Also I was told that this promotional offer of 1.49% runs only through 7/15, he is not sure post that date what the new rates are going to be. He also said that he will take care of preventing the second hard check by keeping the account open, not sure what that meant but it went too quick that he wasn't in mood of answering questions.

So right now my options are to either get my score updated and ask them to pull again or get refinanced after accepting current offer or just go to a different provider.

Any advice how I can get a better deal?

 

[ccutrer]

I spoke with Alliant today, I wish I had waited to read the latest updates on this thread. Found some interesting things.

When they ran my score it came in between 700 and 730 though credit karma showed it at 780. They said they use the pinnacle model and everything looked good it was just that some credit cards hadn't reported the updated balances to the Bureau yet.

Net result, I am getting 1.74% for 72 months instead of 1.49% since I missed it by two points. Also I was told that this promotional offer of 1.49% runs only through 7/15, he is not sure post that date what the new rates are going to be. He also said that he will take care of preventing the second hard check by keeping the account open, not sure what that meant but it went too quick that he wasn't in mood of answering questions.

So right now my options are to either get my score updated and ask them to pull again or get refinanced after accepting current offer or just go to a different provider.

Any advice how I can get a better deal?

A refinance likely won't get you a better rate. The 1.49% and similar offers are usually only for the original loan on a new vehicle only.

 

[Oceanwolf]

Did any of you tried TechCU? They have a 1.99% Tesla rate, I wonder if they match Alliant.

Onur

 

[TacC]

All of to explain the fact that Alliant may be ending a low interest rate period? Solar City and Autopilot PR evoked here? Seems like a bit of a doomsday explanation to me. And based on what other people are hearing from Alliant, likely false.

I'm not saying any of those fears will be validated; just offering an explanation. Rates are headed lower and they're ending a promotional deal. Unless they're going to introduce a new structure at a lower rate, this is a de facto departure from the Tesla market.

If you don't think any of those issues are playing a factor, what do you believe is driving their decision?

 

[krazineurons]

If you don't think any of those issues are playing a factor, what do you believe is driving their decision?

they ran out of available cash to lend? Is that a possibility. Given such a low interest rate what are they really being benefitted from?

 

[miemrich]

Anyone interested I'll shoot you a PM to let you know who I'm working with. She has been great.

Yes, please. Can you provide a name, phone number and email address from the person you were working with.
Thank you.

 

[krazineurons]

@Oceanwolf @MSullivan @Xenius i haven't had a great experience so far, reached out to Jason Freese who was heavily recommended on the forum. He persisted to not finance beyond $100k and dinged my interest rate from 1.49% to 1.74% since my score was 2 points off. Credit karma said 780 but it showed up 730, indicating balances were not yet updated on the score. He offered to check back on the score after i talk with the banks to update my score but i have a ultimatum of 7/15 as that is when the 1.49% guarantee expires. Wanting to know why am i being forced to limit to $100k? Do i have to sweet talk to them to get the 105% value?

 

[Xenius]

Hrm, well I haven't done my confirmation with them yet so I guess YMMV. I'm waiting until my car actually goes into production before I move ahead, otherwise they'll ding my credit with another hard pull. I'm well into the high 700's right now so I guess that's less of an issue. I don't remember the name of the person I spoke to but he was very helpful.

 

[ksquared]

I'm not saying any of those fears will be validated; just offering an explanation. Rates are headed lower and they're ending a promotional deal. Unless they're going to introduce a new structure at a lower rate, this is a de facto departure from the Tesla market.

If you don't think any of those issues are playing a factor, what do you believe is driving their decision?

I honestly have no idea. But I think your conjecture is a bit akin to saying Bloomingdale's 4th of July sale is ending because the market for clothing is collapsing.