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Alliant Credit Union as a Financing Option
- Thread starter supratachophobia
- Start date
hybridbear
Active Member
Never mind my concern. I just received the approval notification from John Yu at Alliant. I will send it to my DS now to get the final MVPA and to see if he has an update on shipping status.
alexvirital
Member
Austin Powers
Member
I am supposed to close the loan this week and my loan officer has been very unresponsive so far. Has anyone switched LO's?
I'm a big fan of phone calls. I would follow-up with both.
I mean, his loss if he is unresponsive. I always call it the five phone call rule, nothing ever gets done until you make 5 phone calls. I think Alliant is seeing a huge influx of financing from Tesla since it's now seems to be listed as a preferred lender. Which makes sense because their rates are great and financing process was SOOO easy.
FYI for those looking: the % of purchase financed is dependent on more than just FICO. I have a high score, but have never had an auto loan this big, so they're only willing to finance 90% as "the underwriter would like to see a down payment." I was just hoping to max out the financing because the rate is so crazy low, so it doesn't really impact me, but for others it could make a difference.
AZ Desert Driver
Rare combination
As an interesting side note...I tried to finance with USAA and their first question was "Who is the Dealer". When they finally recognized that Tesla was not part of their program, they explained their program as: Various dealers pay USAA to lower the finance rate, especial if USAA puts that car into their car buyer program. No dealer incentive from Tesla, so the loan rate was not as good (2.24% and 36 months ) as from Alliant (1.49% for 72 months). I called Alliant, and they (suggested) that Tesla pays them something to be a preferred supplier and let us get better loan rates.
Yes, banking is a simple commodity transaction, but customer service and loan rate can cause loyalty.
Yes, banking is a simple commodity transaction, but customer service and loan rate can cause loyalty.
Caboom
Member
i had great experience with ACU as well. I got approved for 106k but then today when finalizing ACU told me if i wanted the gap insurance i would need to reduce loan to below 105 and pay 399 so they do have a cap on gap protection on high dollar loans.
It was touch and go there as us tesla buyers are not a patient group.
Very easy contact to start, then no response in the middle, but then I realized how fast and efficient it was at final MVPA/delivery stage I realized I was being impatient.
Total time actually spent with Alliant on phone calls and emails less than an hour through the whole process.
Got the GAP coverage as well as that was a no brainer.
Fantastic experience.
Very easy contact to start, then no response in the middle, but then I realized how fast and efficient it was at final MVPA/delivery stage I realized I was being impatient.
Total time actually spent with Alliant on phone calls and emails less than an hour through the whole process.
Got the GAP coverage as well as that was a no brainer.
Fantastic experience.
Xenius
Active Member
Same here, very easy experience, great customer service. They worked well with Tesla.
Interesting. I was also approved for 106k but had to reduce loan to 100k to get the gap protection. My credit score is in the 780s and I have around $850k in outstanding loans (primary home and rental mortgages); wonder if that had anything to do with it.
I wouldn't have minded not coughing up the extra 6k, but it won't kill me.
CarShipCarrier
Car Shipping Carriers
I just purchased a used 2013 Tesla Model S 60 from Tesla.com and I used Alliant CU and I had a fast and great experience. The rate was the lowest I could find by far and it was done within two days. The only hold up was on Tesla's end. I will for sure use Alliant for other vehicles in the future.
ssrajputev
Member
I got the 1.49% Alliant loan for 72 months. I have an excellent credit score of 800+. But, according to my loan officer, Brandon Bierut, since I don't have a history of large auto loans, my loan only covers the actual purchase price (taxes and license fees aren't included). Since I live in the Bay/Alameda County, my sales tax is 9.5%, so I had to come up with about 10% with the license fee. It wasn't an issue, but just surprising how everyone here talks about the 105% LTV ratio for the Alliant loan for anyone with a 740+ Equifax credit score.
Anyways, the entire loan process was very easy. I highly recommend using Brandon Bierut ([email protected]; 773.462.3937). He always answered my emails and phone calls. I found him on my own after calling Alliant directly. I turned down the other Alliant loan officer my Tesla OA originally referred me to, as she was not in the office or on vacation. Brandon said Alliant has done over $2 billion in Tesla loans alone!
Anyways, the entire loan process was very easy. I highly recommend using Brandon Bierut ([email protected]; 773.462.3937). He always answered my emails and phone calls. I found him on my own after calling Alliant directly. I turned down the other Alliant loan officer my Tesla OA originally referred me to, as she was not in the office or on vacation. Brandon said Alliant has done over $2 billion in Tesla loans alone!
I believe it!
It's almost TOO easy if that makes any sense but I guess a large percentage of Tesla owners have a higher income bracket and credit worthiness than other car purchasers but thats a major assumption.
alexvirital
Member
Locked in my rate Friday when my Model S entered production. (Accidentally gave them post-tax, rather than pre-tax, income, which caused one pants-browning event but otherwise all clear.)
Unfortunately, it looks like my delivery won't be until Week 3-4 of September, but my Alliant rep agreed to process the loan when the MVPA comes in, which ought to be within our 30day window.
Overall - veeerrry happy. I'm psyched.
Unfortunately, it looks like my delivery won't be until Week 3-4 of September, but my Alliant rep agreed to process the loan when the MVPA comes in, which ought to be within our 30day window.
Overall - veeerrry happy. I'm psyched.
hybridbear
Active Member
I was very pleased with Alliant. The one thing that would prevent them from getting 10/10 on a survey was that my loan officer was too pushy with their GAP coverage. I was financing only about 2/3 of the MSRP of my car so I don't think it would be possible for me to end up in a situation where the GAP coverage would pay out. He only sent the documents for me to sign with the GAP $399 included. Because he sent the documents to me late on Friday with a pick up scheduled for today I had to process the loan with the coverage and then cancel it immediately. I said that I don't want to be accruing interest on the $399 and he said that since he was processing the cancellation the same day that the funds were transferred to Tesla that he would make sure I didn't.
ssrajputev
Member
Yep, it's practically free money with how low the interest rate is compared to the rate of inflation! Brandon said Alliant isn't even making profit with these loans. I think as long as the rate is around 2% people will continue to use them, as the major banks have rates closer to 2.5/3%.
Diehard7
Member
I called Alliant today to get the details on how & when I could finance my MS that was ordered last week & confirmed for production Saturday. I purchased my car not thinking my credit wouldn't be good enough, well you know what they say about assumptions? I was told that to get the best rate as it's been reported here, you have to have >740 from Equifax.I float in and around that number but I see I need get my life together, folks talking about 800+. What was new to me is that you have to take delivery of the car before September 30. I assumed you just had to be approved prior to 9/30 and the loan could fund anytime after end of the Tesla rate program. The LO mentioned funding the loan prior to 9/30/16 but the actual delivery couldn't be more that 10 days from the funding.Am I understanding this correctly?
My estimated deliver per the site is late September - early October. Fingers crossed...
Cheers,
My estimated deliver per the site is late September - early October. Fingers crossed...
Cheers,
Austin Powers
Member
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).
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