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Alliant Credit Union as a Financing Option

Discussion in 'Model S: Ordering, Production, Delivery' started by supratachophobia, Feb 16, 2016.

  1. supratachophobia

    supratachophobia Active Member

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    Hey, I just posted this over on /r/teslamotors as well. Though I would share my experience with ACU since it was extremely positive. This is by no means meant as an advertisement for them, I'm just sharing my personal experience in case other owners are looking at financing options. My previous loan with Wells Fargo wasn't exactly painful, but it was lengthy and it took a while (lots of phone calls too). My total time dealing with ACU was about 30min, and half of that was listening to Jason read me off a list of the half a dozen things I needed to read, sign, and return. The other half was actually doing them. Emails/phone calls were answered immediately, if not timely and I never had to wait in a hold queue. This is huge for me, as I really appreciate personally dealing with the same person throughout a business transaction like this.

    Please don't quote me on current rates because I'm sure they'll be slightly different for everyone, but I've heard them range from .99% to 2.49% over the last 18 months or so. I was under the impression these were good rates but what's more, there weren't any hoops to jump through to get them.


    If you do some searches over on TMC for Alliant, the general consensus is that good rates/smooth transactions with Tesla are common. But to go further, I think it's important to understand that these guys seem to be really on the ball with regards to financing a Tesla purchase. They are not only familiar with the car/company, they often already know many Delivery Specialists by name and have no problems interfacing with them to get MVPA's and other paperwork pushed through.


    Contact info for who I worked with:
    Jason Freeson / 773-462-2164 / jfreese [at] alliantcreditunion [dot] com


    And of course, if anyone here as has had experience with Alliant, please share as well. It's just so refreshing having such an important part of the purchase go smoothly.
     
  2. Rockster

    Rockster Active Member

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    I've financed two Model S's with Alliant and have been happy both times. I'd echo pretty much everything you said.
     
  3. rog

    rog Member

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    Is it a requirement to become a member in order to get the loan? Their process looks like they get all your loan application details first (and I don't qualify to become a member). Just wondering if they capture all your details first, just to then turn around and say: sorry, not a qualifying member...
     
  4. kevyli

    kevyli Member

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    I believe Tesla has a special partnership with them to allow non-members to get a loan. I was not a member when I applied.
     
    • Informative x 1
  5. Shaggy

    Shaggy Member

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    My credit union had a $25 application fee to join, so it might have been baked into the loan, poof, you're a member. Credit Unions rarely have super strict membership requirements, the law was only that they had some...
     
  6. rog

    rog Member

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    Well, according to the Alliant website, there are 5 criteria, out of which at least 1 needs to be fulfilled in order to become a member. I don't fulfill any of them (but then again, I found a CT Credit Union that offers the same 1.99%, so I should be good :) )
     
  7. supratachophobia

    supratachophobia Active Member

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    I joined the Alliant union last year and they had a promo where if you opened a checking account, they would comp you $10, 5 of which would cover the membership fee.
     
  8. pedriscoll

    pedriscoll True Blue Tesla Fan

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    I used them last June and was very satisfied. They were very familiar with Tesla. The process was seamless. I highly recommend them.
     
  9. zambono

    zambono Member

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  10. Buckeye2320

    Buckeye2320 Member

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    Most of the rates above are for new car rates, but if you are doing a CPO from Alliant then the rates are more like this.

    Credit Score
    780 and Above
    - 2.24% 60 Months
    - 2.49% 72 Months

    740 - 779
    - 2.49% 60 Months
    - 2.74% 72 Months

    700 - 739
    - 2.74% 60 Months
    - 2.99% 72 Months

    I don't know how these compare to others that are buying CPO and using a different Bank/Credit Union.
     
  11. Science fan

    Science fan Member

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    And of course, if anyone here as has had experience with Alliant, please share as well. It's just so refreshing having such an important part of the purchase go smoothly.[/QUOTE]

    I just completed my discussions with Alliant. Really could not have been easier. I was able to obtain a loan for the full cost of my S70 (Which I will be picking up on Sunday morning) at 1.49%. That is less than half of what I am getting in interest in a fixed account at TIAA. They offered me a policy that would cover total destruction of the car, even if I drove out of the dealer's parking lot into a garbage truck (or anything else), even though the car will have depreciated as soon as I drove it. The cost: $400. I spoke with my insurance company (Hartford - AARP) and they offered the same coverage for $18. I think I will go with Hartford.
     
  12. supratachophobia

    supratachophobia Active Member

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    I just completed my discussions with Alliant. Really could not have been easier. I was able to obtain a loan for the full cost of my S70 (Which I will be picking up on Sunday morning) at 1.49%. That is less than half of what I am getting in interest in a fixed account at TIAA. They offered me a policy that would cover total destruction of the car, even if I drove out of the dealer's parking lot into a garbage truck (or anything else), even though the car will have depreciated as soon as I drove it. The cost: $400. I spoke with my insurance company (Hartford - AARP) and they offered the same coverage for $18. I think I will go with Hartford.[/QUOTE]

    Careful, Alliant's coverage was 400 total, Hartford sounds like it is 18 per month.
     
  13. Dealanach

    Dealanach New Member

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    I haven't completed the purchase yet, but I went with Alliant based on my DS's recommendation. Super smooth so far. CPO financed at 2.23% for 5 years. Beat my current credit union but .76%.

    I guess they are going to overnight the physical check to my service center when requested.

    I'll update when the transaction goes through if I'm not too busy driving all over the place.
     
  14. zambono

    zambono Member

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    I just completed my discussions with Alliant. Really could not have been easier. I was able to obtain a loan for the full cost of my S70 (Which I will be picking up on Sunday morning) at 1.49%. That is less than half of what I am getting in interest in a fixed account at TIAA. They offered me a policy that would cover total destruction of the car, even if I drove out of the dealer's parking lot into a garbage truck (or anything else), even though the car will have depreciated as soon as I drove it. The cost: $400. I spoke with my insurance company (Hartford - AARP) and they offered the same coverage for $18. I think I will go with Hartford.[/QUOTE]
    18 per month right?
     
  15. Ryan MF

    Ryan MF Member

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    Would also recommend Alliant. Spent all of five minutes on the phone with the representative who asked a few questions and then emailed me the documents to sign online. No faxing or fedexing required. Really painless and almost free money @ 1.49%.
     
  16. AZ Desert Driver

    AZ Desert Driver Genesis - The Beginning - MS60D in its nest

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    I had a small issue with contacting Alliant, but once I got past the front door, the deal went fabulous - loan volume, rate and paperwork seem flawless. Next contact is the day the car arrives. Could not be better.
     
  17. Science fan

    Science fan Member

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    Careful, Alliant's coverage was 400 total, Hartford sounds like it is 18 per month.[/QUOTE]
    I actually misquoted. It is $8 per year (not per month) for three years, all that is necessary. Total cost: $24.
     
  18. supratachophobia

    supratachophobia Active Member

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    I actually misquoted. It is $8 per year (not per month) for three years, all that is necessary. Total cost: $24.[/QUOTE]

    Ahhh, much better then.
     
  19. supratachophobia

    supratachophobia Active Member

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    Oh, and I would also still recommend Alliant. Which makes sense since I started this thread.
     
  20. Atlantan

    Atlantan Member

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    #20 Atlantan, Jun 21, 2016
    Last edited: Jun 21, 2016
    Wanted to share my experience ...so when I called Alliant CU based on advice from Tesla team, the CU told me that simply buying from Tesla didn't qualify me for membership, and therefore no loan. Perhaps that is true or the member service rep I talked with was mis-informed. At any rate (no pun intended), my local credit union provided financing with just an email to my loan officer.
     

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