Alliant Credit Union 1.49% for 72 months

[TslaMom]

You're right. I have mixed feedback about Alliant since depending on which loan officer I spoke to, I received different answers. As easy as the loan process was, they could do better in the customer service department.

+1

I started another thread about how one of their loan officers didn't bother following up with us after we submitted our documents to her.

The same thing happened to me regarding getting different answers from loan officers.

It's hard to believe this is a bank.

 

[ML2001]

My car will get to production next week "That is what my DS said, He said the same thing 3 weeks ago." So I am started to look at my options for a loan. I can get 1.49% from Alliant, but an unsecured loan from Lightstream at the same rate sounds great to avoid the Title, insurance etc paperwork. Anyone tried LightStream? It seems like I need to apply to Alliant and got approved so that they can match it.

Onur

I'm thinking about going with LightStream as they rate match any loan out there. However, you can get a max of 100K via Light Stream. I have had nothing but good experiences with SunTrust, but then again I live in Florida and bank with them for most of my needs.

I'm waiting for a delivery date confirmation on my Model X90D before I start the application process, which seems to be a straightforward application I could do online and they approve and deposit the money in my account almost same day so that I could write the check to Tesla on the delivery date. They did mention that I need to show them the proof of 1.49% rate from the outside bank (Alliant) for them to match the rate, but I'm not sure if I need to go through Alliant officially before they could price match. I'm thinking about just showing an email from Alliant and getting them to do the price match hopefully to avoid two credit pulls.

 

[Ramisanders]

One month.

30 days

 

[sheadxn]

I'm thinking about going with LightStream as they rate match any loan out there. However, you can get a max of 100K via Light Stream. I have had nothing but good experiences with SunTrust, but then again I live in Florida and bank with them for most of my needs.

I'm waiting for a delivery date confirmation on my Model X90D before I start the application process, which seems to be a straightforward application I could do online and they approve and deposit the money in my account almost same day so that I could write the check to Tesla on the delivery date. They did mention that I need to show them the proof of 1.49% rate from the outside bank (Alliant) for them to match the rate, but I'm not sure if I need to go through Alliant officially before they could price match. I'm thinking about just showing an email from Alliant and getting them to do the price match hopefully to avoid two credit pulls.

I thought if they credit pull was around the same time that you only got dinged once. Food for thought!!!

 

[number12]

With this loan offering and getting tax credit at once how does anyone lease?

 

[Rich Meister]

They also offered me 78 months not 72. At 1.

I thought if they credit pull was around the same time that you only got dinged once. Food for thought!!!

I'd get both done on the same day. The hit won't be as great. The Loan officer from Alliant was great.

With this loan offering and getting tax credit at once how does anyone lease?

It's so apparent now that I won't be leasing the MX. The lease MF is pretty high so the 1.49% blows that out of the water. It actually made financing cheaper albeit for a longer term.

 

[outie]

With this loan offering and getting tax credit at once how does anyone lease?

Many reasons -
1) not everyone qualifies for the rate
2) business tax deduction
3) monthly payment is lower (yes, there are many people who only care about this number)
4) lease end flexibility and less risk on residual (if you were to sell your purchased car in 3 years it might not have the same residual as a lease contract, especially with bigger batteries and AP2)

 

[Rich Meister]

Many reasons -
1) not everyone qualifies for the rate
2) business tax deduction
3) monthly payment is lower (yes, there are many people who only care about this number)
4) lease end flexibility and less risk on residual (if you were to sell your purchased car in 3 years it might not have the same residual as a lease contract, especially with bigger batteries and AP2)

My monthly finance payment was almost $200 cheaper. Tesla MF is right around 4% to lease. But I'm with you on the flexibility however after 3 years, i would be around 57% of my loan balance. So its coincides w/ Tesla's residual. Tesla residual is just more concrete while a used MX 3 years from now may not be worth $58,000.

Also the tax deduction, I have asked my CPA about the "Hummer Tax" Section 179 and he's still looking into for my situation.

 

[gmtom1]

Many reasons -
1) not everyone qualifies for the rate
2) business tax deduction
3) monthly payment is lower (yes, there are many people who only care about this number)
4) lease end flexibility and less risk on residual (if you were to sell your purchased car in 3 years it might not have the same residual as a lease contract, especially with bigger batteries and AP2)

4a) Leasing also adds certainty and less hassle dealing with selling or trading in your X in three years, even if the lease residual vs. estimated market value at 36 months is about the same. Selling a Tesla to a private party takes time and effort. I'm trying to sell my S now, and it's far more difficult than I would have expected and I'm not seeing as much interest as I would have thought, but some of that is probably due to the big feature additions that are available in new vehicles now vs. my "classic" 2013 S. I'm happy that I have the backup of the Tesla RVG, but I'm hoping I don't have to use it when my X finally arrives.

 

[number12]

Many reasons -
1) not everyone qualifies for the rate
2) business tax deduction
3) monthly payment is lower (yes, there are many people who only care about this number)
4) lease end flexibility and less risk on residual (if you were to sell your purchased car in 3 years it might not have the same residual as a lease contract, especially with bigger batteries and AP2)

for me though.. $13,000 down or get ($5000) back... almost exact same monthly payment. If depreciation is $18,000 less than residual at end of 3 years then maybe... but that is a huge swing up front. If you do not qualify for this rate either 1) shouldn't be buying at $90K+ car or 2) you wont qualify for lease anyways

With an SUV in particular there is probably more tax write offs for purchase vs lease.


peace of mind maybe, but if you are paying for it all up front... who cares?

 

[air2high]

Alliant pre-approval process was quick and simple over the phone. Maybe 10 minutes. However, Not sure if others would get the same result but I went to my local credit union and they matched the rate. Also they are willing to finance 125% of purchase price and have same GAP coverage for a little bit less cost. Alliant only offers GAP on loans up to $105k. Pre-approval and all with local credit union was just as painless. And I get to keep things local

 

[number12]

Alliant pre-approval process was quick and simple over the phone. Maybe 10 minutes. However, Not sure if others would get the same result but I went to my local credit union and they matched the rate. Also they are willing to finance 125% of purchase price and have same GAP coverage for a little bit less cost. Alliant only offers GAP on loans up to $105k. Pre-approval and all with local credit union was just as painless. And I get to keep things local

What state? Was it because it was a tesla or do they just PM car loan offers? Did you have to get approved for them to match it (two inquiries)?

 

[air2high]

What state? Was it because it was a tesla or do they just PM car loan offers? Did you have to get approved for them to match it (two inquiries)?

South central PA - Patriot Federal Credit Union. I don't think it was just because it was Tesla. I just walked in and asked if they would match or beat Alliant (I showed them the email preapproval) and also said that I'd rather keep my money local. I also already have an account with them.

They did not tell me that they were running my credit again. Regardless, I believe that if you have your credit checked a few times close together, it doesn't badly affect your rating as they know that you are shopping around.

 

[ithinkmac]

179 applies if the GVWR > 6k lbs. I would imagine the 75D should be heavy enough. And depending on your business income, you can also qualify for bonus depreciation.

*Disclaimer*
I'm not a CPA, tax expert, or play one on TV. What I know, I learn from uncle Google. But 179 has been a tremendous help for me in the past decade with business vehicle purchases. YMMV. Keep records of all your driving is very important. Good thing there are apps to do that for you now. I used have a clipboard in the car with mile tracking forms.

-ThinkMac-

My monthly finance payment was almost $200 cheaper. Tesla MF is right around 4% to lease. But I'm with you on the flexibility however after 3 years, i would be around 57% of my loan balance. So its coincides w/ Tesla's residual. Tesla residual is just more concrete while a used MX 3 years from now may not be worth $58,000.

Also the tax deduction, I have asked my CPA about the "Hummer Tax" Section 179 and he's still looking into for my situation.

 

[ML2001]

179 applies if the GVWR > 6k lbs. I would imagine the 75D should be heavy enough. And depending on your business income, you can also qualify for bonus depreciation.

*Disclaimer*
I'm not a CPA, tax expert, or play one on TV. What I know, I learn from uncle Google. But 179 has been a tremendous help for me in the past decade with business vehicle purchases. YMMV. Keep records of all your driving is very important. Good thing there are apps to do that for you now. I used have a clipboard in the car with mile tracking forms.

-ThinkMac-

I'm not a CPA, but this is what I have learned reading about section 179 if you own a small business. With the section 179 + bonus depreciation + regular depreciation, you can write off 70.6% of the vehicle price provided the vehicle's GVWR >6000lbs during your first year itself.

So, with a Model X with a price of 100K:

• Section 179 lets you write off the first 25K.
• You can then write off 50% of the leftover 75K as a bonus depreciation, which would be 38K.
• Finally you can then write off 20% of the leftover 38K as a regular depreciation, which would be 7.6K.
• This would total to an amount of 70.6K that you could write off in the first year.
• You can then write of the rest as regular depreciation at a rate of 20%/year over a period of 4 years I believe.

All these apply only if you drive the vehicle 100% for business. If you only drive 90% for example, then you should only claim 90% of each of these deductions.

 

[Oceanwolf]

Alliant pre-approval process was quick and simple over the phone. Maybe 10 minutes. However, Not sure if others would get the same result but I went to my local credit union and they matched the rate. Also they are willing to finance 125% of purchase price and have same GAP coverage for a little bit less cost. Alliant only offers GAP on loans up to $105k. Pre-approval and all with local credit union was just as painless. And I get to keep things local

I applied to Alliant CU for 75K "I don't want to see more than 1K payments for my car, it is just something psychological" I got 1.49% for 72 Months. Checking if Lightstream will match it, if not I am good to go with Alliant.

Onur

 

[travwill]

Just additional feedback for those on fence with these guys. They are great to work with. Using them for my 2nd loan now. Rates can not be beat, and services is great - not that huge bank response/feel at all.

 

[air2high]

I applied to Alliant CU for 75K "I don't want to see more than 1K payments for my car, it is just something psychological" I got 1.49% for 72 Months. Checking if Lightstream will match it, if not I am good to go with Alliant.

Onur

I hear you about the >$1K payments but I was initially thinking of paying for the car in cash but the loan interest rate is so low that I'd rather just move/keep my money in investments, which earn more than 1.49%. And, I think I can pay biweekly instead of monthly to reduce how much interest I actually pay on the loan and even shorten it's payoff.

 

[Insureit1]

Could not have been easier working with Alliant. Took two phone calls and two emails over the course of a couple of weeks and a total of about 30 minutes. Finalized today and picking up Saturday. I use them again with no hesitation.

 

[Oceanwolf]

Reporting back my experience with LightStream. After providing a lot of finance information I was approved for 75K secured auto loan that they said they would match Alliant's rate. The only reason I was considering them was that they would offer unsecured loan, no lien's on the title or the insurance. Since I have not had an auto loan for more than 28k in my credit history, I was told that an unsecured loan was not granted. I should have bought a Lamborgini years ago..
I will go with the proven and well regarded Alliant in that case.

Onur