Alliant Credit Union as a Financing Option

[andrewket]

Fwiw, the GAP insurance at $399 may not be a good deal. Many auto insurance companies will provide the same coverage for less.

 

[ssrajputev]

Delivery date of the vehicle has nothing to do with loan closing. Two things Alliant needs to close the loan: 1. MVPA 2. Insurance within 2 weeks of closing. Your loan is in effect as soon as you close and the car is technically yours even though you don't have possession of it yet

To get the promo rate and avoid additional credit pull, you would need to apply and close within 30 days of each other (and before 9/30).

Yes, Alliant needs the final purchase agreement (MVPA) and will need to be listed as the lienholder on your insurance policy.

I'll tell what I did. Before, my Alliant LO and others here said the promo rates would expire by July 18. I had just placed my order on July 9. If If I had applied for the loan at that time, then Alliant would have to do a hard credit check again 30 days later (if my car wouldn't be ready). I just applied in late July, after receiving confirmation for my DES that my car would definitely be going into production by early August. It just so happened that Alliant extended the promo until September 30 as well.

Also, I wouldn't always follow what MyTesla shows, because it can be slow to update. It was first telling me late August-early September. Then, my DES confrimed my car would be done a few weeks earlier. After that MyTesla, showed late July-early August, which ended up being correct, as my car finished production on August 5.

 

[Austin Powers]

Fwiw, the GAP insurance at $399 may not be a good deal. Many auto insurance companies will provide the same coverage for less.

Might want to check the fine-print on insurance coverage. Usually, it is the first year or there is a mileage limit (15k). Alliant's coverage will pay $500 towards deductible, 2 times a year, per car, for 3 years. The GAP coverage on the Tesla is for the life of the car.

 

[ssrajputev]

Fwiw, the GAP insurance at $399 may not be a good deal. Many auto insurance companies will provide the same coverage for less.

Might want to check the fine-print on insurance coverage. Usually, it is the first year or there is a mileage limit (15k). Alliant's coverage will pay $500 towards deductible, 2 times a year, per car, for 3 years. The GAP coverage on the Tesla is for the life of the car.

I found the GAP coverage to be a great deal, which is why I added it to my loan. The $399 is a one-time fee. Geico doesn't even offer this coverage, and even if other insurance companies offer it, that would be added to your monthly premium. That would make the cost much greater than $399 over six years or 72 months. As Austin mentioned above, your deductible is paid per the specific requirements. Also, if your car does end up being totaled or stolen, Alliant will be give you a $1,000 credit towards your next car's auto loan. Those are three things covered with the GAP coverage for a simple fee.

The other offer my Alliant LO mentioned was the unemployment payment coverage. Basically, if you become unemployed, Alliant will cover your payments for up to three months. I forgot the exact cost, but it was more than the GAP coverage. I declined it though.

 

[hillestadk]

Hi all. Great reading through the posts on this site. Confirmed a Model S 60 for late November-Early December delivery. I have read about the tiered financing rates through Alliant on this thread, but was wondering if anyone knows if they pull an "Auto Enhanced" score? My score is in the low 700's on average (based on score that shows up with credit cards bills), but when I buy cars (once every 3 years or so) the score is always around 780. I am just trying to find other peoples experiences since I don't want to have 2 Hard Inquiries since I'm well over the 30 day mark. Thanks in advance.

 

[dehydratedH2O]

I don't know if Alliant does it for sure or not, but the majority of auto lenders tend to use auto-specific scores. It's likely that Alliant does the same.

 

[fallen888]

I'm working with Alliant now and was approved for 1.74% for up to 78 months.

Keep in mind that they'll need to re-pull your credit if things are not finalized within 30 days of initial application/approval.

And, no you don't need to be a member to get the loan. They'll set you up as a member when the loan paperwork stuff takes place.

 

[GFORCED]

I had a similar experience with Alliant as some other members. I applied upon putting deposit down. Guy calls back and seems confused. Asks questions and requests documents which I send. He denies loan with no explanation - I have 780 credit score and make enough money to buy car. I email back asking why I was denied. No response. Call back 3 days later, another guy says he has no app. I do app, he approves and all good.

 

[Science fan]

I found the GAP coverage to be a great deal, which is why I added it to my loan. The $399 is a one-time fee. Geico doesn't even offer this coverage, and even if other insurance companies offer it, that would be added to your monthly premium. That would make the cost much greater than $399 over six years or 72 months. As Austin mentioned above, your deductible is paid per the specific requirements. Also, if your car does end up being totaled or stolen, Alliant will be give you a $1,000 credit towards your next car's auto loan. Those are three things covered with the GAP coverage for a simple fee.

The other offer my Alliant LO mentioned was the unemployment payment coverage. Basically, if you become unemployed, Alliant will cover your payments for up to three months. I forgot the exact cost, but it was more than the GAP coverage. I declined it though.

The Alliant GAP coverage is a TERRIBLE deal, IMHO. I was pressured by the saleswoman to buy it without reading the policy while I was driving and unable to do so. She even falsely claimed that I would not be able to read the policy unless I purchased it. My mother may have given birth to a funny looking son, but not a stupid one. I then called my own insurance agent and was told that GAP coverage is only needed for three years, after which time the amount owed will exceed the value of the car. I had borrowed the full cost of the car, including sales tax, less the $2,500 deposit (at 1.49% for 60 months). The total cost for what Alliant wanted to charge me $399 was only $8 per YEAR for three years. No mileage limit. Glad I did not cave in to her pressure over the phone before I could check.

 

[ssrajputev]

The Alliant GAP coverage is a TERRIBLE deal, IMHO. I was pressured by the saleswoman to buy it without reading the policy while I was driving and unable to do so. She even falsely claimed that I would not be able to read the policy unless I purchased it. My mother may have given birth to a funny looking son, but not a stupid one. I then called my own insurance agent and was told that GAP coverage is only needed for three years, after which time the amount owed will exceed the value of the car. I had borrowed the full cost of the car, including sales tax, less the $2,500 deposit (at 1.49% for 60 months). The total cost for what Alliant wanted to charge me $399 was only $8 per YEAR for three years. No mileage limit. Glad I did not cave in to her pressure over the phone before I could check.

Hmmm, what auto insurance carrier do you have? I have Geico, which doesn't offer GAP coverage. That's probably why in my experience, Geico offers the cheapest insurance rates.

As far as what I read and found out, there is no restriction for the GAP coverage, in terms of mileage or years.

 

[Science fan]

Hmmm, what auto insurance carrier do you have? I have Geico, which doesn't offer GAP coverage. That's probably why in my experience, Geico offers the cheapest insurance rates.

As far as what I read and found out, there is no restriction for the GAP coverage, in terms of mileage or years.

My insurance company is Hartford, via AARP. Rates are reasonable for good coverage. There is no restriction on GAP coverage per se. I only need it for three years (total cost: $24) because my car will be worth less than what I will have owed on it by that time.

 

[ssrajputev]

That is a great price for the GAP coverage. I'm still happy I got it through Alliant, as it will cover me for six years over the life of the loan.

 

[habanero69]

Anyone able to share what current Alliant money factor is? At time of purchase I was told effective interest rate would be 1.49%. I hear from them today and now 4.32%. My credit score and/or debt would not be an issue.

 

[fsubrett48]

Anyone able to share what current Alliant money factor is? At time of purchase I was told effective interest rate would be 1.49%. I hear from them today and now 4.32%. My credit score and/or debt would not be an issue.

On their website they are advertising 1.99%. I know through Tesla we get the special rate of 1.49% for 60 and 72 months for top tier credit and 1.74% for 78 months (top tier credit).

I was just approved this past Monday for 1.49% 72 months.

 

[dehydratedH2O]

Anyone able to share what current Alliant money factor is? At time of purchase I was told effective interest rate would be 1.49%. I hear from them today and now 4.32%. My credit score and/or debt would not be an issue.

Alliant doesn't do the leases, if I remember correctly, so there's no "money factor." Tesla rates are 1.49 up to 72mo or 1.74 for 78mo with best credit and autopay thru 9/30.

 

[habanero69]

On their website they are advertising 1.99%. I know through Tesla we get the special rate of 1.49% for 60 and 72 months for top tier credit and 1.74% for 78 months (top tier credit).

I was just approved this past Monday for 1.49% 72 months.

That matches their loan offers, but apparently for lease it must be different. When I build my car and pick the lease, the final monthly amount is slightly higher than what they officially sent me (but not by much). From that, I must assume the lease rates are not 1.49% or 1.74%, but more like the 4.32% that I seem to have been provided. I am searching for other leasing sites in hope that there are lower deals. Problem is, each application dings my credit and at some point that will stink up everything. I thought car buying was supposed to be different with Tesla? Well for the sales part, the same old bait/switch or smoke and mirrors seems to be occurring.

 

[dehydratedH2O]

I do remember when I was first considering lease vs loan it was super hard to get a straight answer on what the money factor was on the lease. It's one of the reasons I decided to just do a loan.

 

[TSLATed]

If you live in Central Florida, Fairwinds Credit Union is offering 36 month auto loans for 0.75% (0.89% APR) plus no payments for 90 days. I haven't seen anything better than that recently. https://www.fairwinds.org/personal/loans/auto/36-month-low-rate-special.html

 

[nuevodesi]

Applied to ACU and was disappointed when I got pre approved for 2.99% for 84 months. Having excellent credit score (800+), I was expecting to see a 1.49% rate. Have emailed the LO to figure how to bring it down. Was financing my entire purchase price of the MX along with the Sales tax as well.

Any ideas why I got hit with a 2.99% rate ?

 

[fsubrett48]

Applied to ACU and was disappointed when I got pre approved for 2.99% for 84 months. Having excellent credit score (800+), I was expecting to see a 1.49% rate. Have emailed the LO to figure how to bring it down. Was financing my entire purchase price of the MX along with the Sales tax as well.

Any ideas why I got hit with a 2.99% rate ?

The 1.49% is only for 60 and 72 month loans.

1.74% is for the 78 month loan.

3.24% is what it shows for the 84 month loan.

So it looks like they gave you a better rate than advertised for the length of the loan.