Alliant Credit Union as a Financing Option

[ssrajputev]

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 ?

Any reason why you wanted 84 months instead of 72 months? I promo rate is 1.49% for 72 months and 1.74% is for 78 months? I personally got the 1.49% deal on my Model S. My loan doesn't cover sales tax (9.5%) or the license/registration fees. My loan only covers the actual purchase price. It's fine though, because my total down is almost exactly the same as the $7,500 federal tax credit anyway.

 

[nuevodesi]

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.

Now that I looked at it again, this was in plain sight. Thanks for pointing that out ...

 

[nuevodesi]

Any reason why you wanted 84 months instead of 72 months? I promo rate is 1.49% for 72 months and 1.74% is for 78 months? ...

Primarily was looking at keeping monthly payments as low as possible with the best possible interest rate. Hard to beat the 72 month promo rates when you see that the cumulative interest over the life of the loan is over double.

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I've attached spreadsheet to provide a side by side comparison for the different rates (could not find something similar online) .. Feel free to reuse/modify to your needs.

 

[AZ Desert Driver]

Can someone explain to a thick skull like me what a GAP coverage is. What would I be buying for $399 or $8.00 beyond three letters?

 

[dehydratedH2O]

Can someone explain to a thick skull like me what a GAP coverage is. What would I be buying for $399 or $8.00 beyond three letters?

It is often the case, especially with luxury vehicles and little-or-no down payment, that one becomes "upside down" on their loan (i.e. they owe more than the vehicle is actually worth) immediately and for the first few years of the loan. Insurance companies do not pay out what you owe on your loan -- they pay what the vehicle is worth. So if you don't have a large downpayment and your vehicle is totaled, you are still on the hook for the difference between what the car is worth and what is still due on your loan. GAP insurance covers this... gap... in what you owe, meaning you get to walk away in the event of a total loss without still owing money.

 

[AZ Desert Driver]

It is often the case, especially with luxury vehicles and little-or-no down payment, that one becomes "upside down" on their loan (i.e. they owe more than the vehicle is actually worth) immediately and for the first few years of the loan. Insurance companies do not pay out what you owe on your loan -- they pay what the vehicle is worth. So if you don't have a large downpayment and your vehicle is totaled, you are still on the hook for the difference between what the car is worth and what is still due on your loan. GAP insurance covers this... gap... in what you owe, meaning you get to walk away in the event of a total loss without still owing money.

OH...now I get it. Never been in an upside-down position, so had no reason to know the jargon. Thanks for the clear explanation .

 

[Science fan]

OH...now I get it. Never been in an upside-down position, so had no reason to know the jargon. Thanks for the clear explanation .

I agree. Very clear explanation. Just to add to it, it makes no sense to me that GAP coverage is advertised as lasting for the length of the loan. Once you have paid enough of your principal to equal, or be less than, the remaining value of your car (three years in my case, as I borrowed the entire cost of the car for 60 months, including sales tax, less $1,200 delivery), GAP coverage serves no meaningful purpose.

 

[dehydratedH2O]

I agree. Very clear explanation. Just to add to it, it makes no sense to me that GAP coverage is advertised as lasting for the length of the loan. Once you have paid enough of your principal to equal, or be less than, the remaining value of your car (three years in my case, as I borrowed the entire cost of the car for 60 months, including sales tax, less $1,200 delivery), GAP coverage serves no meaningful purpose.

In the case of Alliant's GAP plan (most are not like this), the coverage would still continue because it would cover $500 of your insurance deductible in the case of a claim.

 

[Austin Powers]

Have y'all been able to setup the auto payment online? It's been a pain so far to setup auto-debit or even find a 'make payment' link.

 

[dehydratedH2O]

Have y'all been able to setup the auto payment online? It's been a pain so far to setup auto-debit or even find a 'make payment' link.

When I did my final paperwork in DocuSign there was an auto-debit sheet attached.

 

[ssrajputev]

Have y'all been able to setup the auto payment online? It's been a pain so far to setup auto-debit or even find a 'make payment' link.

When I did my final paperwork in DocuSign there was an auto-debit sheet attached.

Yes, right before I finalized my loan in DocuSign, I entered my bank account and routing info on for that option. I should check with my LO, but my first payment isn't due until September.

Thanks for bringing that up. I need to check that.

 

[Austin Powers]

Yes, right before I finalized my loan in DocuSign, I entered my bank account and routing info on for that option. I should check with my LO, but my first payment isn't due until September.

Thanks for bringing that up. I need to check that.

I see it now on my application. Doh!

 

[alexvirital]

Is first billing 30 days after signing? Eg, if I take delivery in Sept, should I expect my first payment to be in October?

 

[dehydratedH2O]

Is first billing 30 days after signing? Eg, if I take delivery in Sept, should I expect my first payment to be in October?

Your loan advisor will give you a range of payment dates when they prepare the final documents for signing. The latest date I was about to choose was about 6 weeks from signing.

 

[NicB72]

I must have typed something wrong in the application. I have a credit score between 750-800, high six digit income and a chunk of liquid assets but they rated me 4.24% for 60month loan.

My bank was better than that but I really want to go with ACU due to their relationship with Tesla.

Very confused.

 

[dehydratedH2O]

I must have typed something wrong in the application. I have a credit score between 750-800, high six digit income and a chunk of liquid assets but they rated me 4.24% for 60month loan.

My bank was better than that but I really want to go with ACU due to their relationship with Tesla.

Very confused.

That seems odd for sure. I'd call your loan officer and ask why the rate is so high.

 

[ssrajputev]

Is first billing 30 days after signing? Eg, if I take delivery in Sept, should I expect my first payment to be in October?

Yes. My delivery was on August 12. I finalized my loan on August 9. My first payment isn't due until September 16.

 

[Xenius]

Yes. My delivery was on August 12. I finalized my loan on August 9. My first payment isn't due until September 16.

Very similar for me. Took delivery on the 13th, first pay is next month.

 

[NicB72]

That seems odd for sure. I'd call your loan officer and ask why the rate is so high.

All resolved. Happy, for the rate I wanted and model S due to arrive early November

 

[nuevodesi]

How has the experience been with Allied.

Thus far I have had sub-par experience. Communication is horrible, multiple emails and phone messages remain unanswered. Such a waste of my time.

May be I should look for some more loose change.