Hi, I am interested in finding out more. Can you please let me know info for the contact person
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Alliant Credit Union 1.49% for 72 months
- Thread starter loganintx
- Start date
MSullivan
Member
The guidelines are most likely set by Alliant and not an individual loan officer. I think there you are just dealing with some people that are better than others at returning calls, etc.
ccutrer
Active Member
I had no problem financing >$100k. I did have a problem financing 105%. I'm in Utah where Tesla can't sell directly, so sales tax, title and registration is not on the MVPA. And the $5000 reservation deposit was. Alliant refused to finance anything not on the MVPA, or to finance more than the balance due so that either they or Tesla could refund me the $5000 (so that I could use that to go pay the sales tax).
The $100k limit might also be because they caught your credit score below their preferred threshold. I hate how credit cards report your balance. They should do the lowest it's been for the past 30 days, rather than a random snapshot. That way if you pay it off every statement or every paycheck, they'll always report $0.
No question it's so stupid. Credit score will never go up yet I pay off my balances in the thousands every single month on every card. I pay with card to get travel points. Duh. Yet my score has taken a dump even tho I never carry a balance. The reporting system is BS and needs overhauling. When I bought my house and shopped mortgages 3 separate banks pulled 3 scores that varied by 75+points! What!?
I think that is a bit of a straw man. I'm simply saying that they can't raise rates if they want to continue originating Tesla loans. I'll play along, though.
On July 5th I can buy a shirt at Bloomingdale's for the original price or at Amazon for the sale price. Who gets my business?
Strangely enough, people do shop even when they're paying retail. I would agree with your statement with one minor revision:
"...they can't raise rates if they want to continue originate {a disproportionate share of} Tesla loans."
Back to your original post, I think there could be a multitude of reasons why they're originating Tesla loans that appear to be below market for well qualified customers. Perhaps this is effectively a loss leader (or minimal profit business) to increase their visibility.
Certainly I hadn't heard of them previously and used them this time only because of their ultra-low rate. However, after my positive experience originating the loan I might consider them even if they provided the same rate as my local credit union, as their customer service and ease of accessibility was vastly superior (something I never thought I'd say given I've originated my last two loans with my local CU and they have a branch literally steps from my office).
You evoked all kinds of scenarios related to Tesla's microeconomic environment (Autopilot issues, Solar City acquisition) and I'm just saying that perhaps the situation is much simpler than that. Even if Tesla sales drop significantly (let's say in half) selling loans to customers with good credit is still what banks do as their line of business. Even if Tesla resale prices drop due to FUD about Autopilot, I can't see typical Tesla owners abandoning their loans en masse and putting a credit union (and their own credit histories) at risk.
I also financed 90%, but the loan value was above 100K. So this situation probably did relate to their assessment of risk. Although my score is typically over 800, I often get dinged for not having enough revolving credit. And my AMEX bill (paid in full each month) variably affects my score depending on what day of the month it is pulled.
jsollender
Member
I'm at 1.49% with Alliant, 2.49% with Chase and 2.69% with TD all for 72 months. Don't yet know the down payment requirement, but my question is the buyback guarantee. I know it existed (PAST TENSE...see No more Tesla buyback guarantee as company cuts prices again)
But, did this guarantee also apply to the X or only the S model? If the higher rates with the TM preferred vendors buys me no insurance, I see no reason to finance with the 2.49 or higher vendors. Does anyone know if the buyback guarantee applied to the X, and if it disappeared this week also? My car arrives next Thu/Fri and TM finance already pulled my credit report...
But, did this guarantee also apply to the X or only the S model? If the higher rates with the TM preferred vendors buys me no insurance, I see no reason to finance with the 2.49 or higher vendors. Does anyone know if the buyback guarantee applied to the X, and if it disappeared this week also? My car arrives next Thu/Fri and TM finance already pulled my credit report...
jsollender
Member
TaoJones
Beyond Driven
Eh? The GRV program ended 6/30. Go with the lower rate.
Given that there are thousands of dollars of interest on the line, you might want to *email Tesla* to get the answer in writing as well (versus reading about it on the internet and such
).
Given that there are thousands of dollars of interest on the line, you might want to *email Tesla* to get the answer in writing as well (versus reading about it on the internet and such
).So there's no mystery to be solved, after all. Alliant is still offering 1.49% on 72 mo loans.
ccutrer
Active Member
I didn't even know I was getting it. I just checked my account after hearing about it on the forums, and it was there.I've heard many people on here received $100 for opening the new auto loan at Alliant. I didn't receive the $100 and called today and the guy said that Tesla loans are excluded. But many people here received it, how did y'all manage such an accomplishment?
Pandamoanium
Member
I'll start by saying I agree, the system is kind of BS, but not in the same way as you.
I'm not sure if you know this, but by utilizing more than 30% of your credit is what's hurting you. They don't care that you pay off your balances, even if it's in the thousands. As for your credit being pulled and it being that different, if you had a decent amount of time in-between the credit pulls they are reported. Each time you have a hard check (which is what mortgages do) it is reported almost immediately and will drop your score. If you don't believe me I suggest you look into this and seek a professional.
Thanks for the tips. Yea I'm aware. I just had one particular card that's foreign transaction free and used it entirely for an Ireland vacation. (Royal county down ain't cheap) Just so happened to be same month I'm applying to buy a Tesla. Hahaha. So when she pulled it they reported a 25% of total credit available on that one card and it dinged me. I just hate the system but oh well, what can we do. Now for any big purchase I'll be paying cards off weekly so my balance appears to be about $50 hahahaha.
For the house it was stupid. I shopped loans over 10 days. Each bank used a "different credit report system" and it varied by massive amounts. Kinda silly and eye opening. 1 bank straight denied and 2 others gave me loan offers and j went with best offer, which was really good.
Oh and I asked a pro about the hard pulls. If you do them within 30 days they know you are shopping and won't ding you for each one. They ding your score once for the whole group. Just a tid bit you may find interesting.
Pandamoanium
Member
I'm in the same boat, the system is pretty much *sugar* IMHO. In today's society, there's so much emphasis on getting and using credit cards. Then you have us who can max the cards out at above 15K and pay them in full, yet we're apparently the idiots.
One thing I learned is that banks are not always the best for mortgages. They say they're competitive but the mortgage companies were way more competitive and much better at getting *sugar* done. They were on top of things throughout the process and advocated for us. We stated we didn't want to close unless something was fixed/finished, they made it clear to the builder we were getting our way or they were going to lose money.
Hahaha so true. We are some sort of "risk". Yea ok.
Yea I was in a unique situation shopping for a physician loan. Most mortgage companies said "huh". So I said screw it and went straight to the banks for their offers. Maybe on home #2!
AZ Desert Driver
Rare combination
Gee - I've never tried to loan my physician to anyone. Never thought that was a thing.
Austin Powers
Member
It's the DTI that gets you not the balances. So you'd want to minimize the number of you cards you actively use since the minimum payments on those cards affects DTI adversely.
