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Alliant Credit Union bails on Tesla loans

Discussion in 'Model 3: Ordering, Production, Delivery' started by tpublic, May 2, 2018.

  1. tpublic

    tpublic Member

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    Apr 23, 2018
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    Location:
    Upstate NY
    I thought I'd share this awesome nugget.

    I called my bank, Alliant Credit Union in Chicago, IL on April 18th to ask about their financing options, specifically discussing the Tesla Model 3. The rep boasted they they are the "#1 Tesla Financier in the nation". At that time they offered 2.99% @ 60 mos.

    That was as of April 18th.

    I called today to ask one additional generic question and before even discussing which specific model, I was informed that they are no longer financing any Tesla in the state of NY. I was informed NYS is one of many other states they no longer finance in, as well. I was told this was effective May 1.

    What a shame. I can't seem to get a reason out of them. My guess is either they are afraid they won't get resale value out of the collateral (?) or perhaps they're short on TSLA too.

    They advised me to go through Tesla financing directly.

    So now I'm off to see what other CUs will take me in.

    So if you were thinking Alliant CU would be a good choice for you, you better check again.

    -T
     
    • Informative x 2
    • Helpful x 1
  2. ebmcs03

    ebmcs03 Active Member

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    Wow do they know something we don’t? Tesla going under and their cars will be worth nothing?
     
    • Funny x 2
    • Disagree x 1
  3. TexasEV

    TexasEV Well-Known Member

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    Or does the issue have to do with making loans in New York, rather than specifically Tesla loans?
     
    • Like x 1
  4. tpublic

    tpublic Member

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    I was told that this restriction is specific to Tesla vehicles only, and not to any other make.
     
    • Helpful x 1
  5. octoad

    octoad Member

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    It could be a simple matter of not taking on too much risk given that Tesla is different in a number of ways, which could result in more losses than they are comfortable with absorbing in large numbers.
     
    • Like x 1
  6. jelloslug

    jelloslug Active Member

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    There must be some kind of legislation problem. I cannot see Tesla purchasers being in a high default category.
     
    • Like x 2
  7. S3XY

    S3XY Active Member

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    I was able to get a rate just under 2% from a local CU. You probably can do better than what Alliant was quoting anyway.
     
  8. S3XY

    S3XY Active Member

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    For those looking for financing this thread had a lot of good information including a couple national Credit Unions that you could join by making a donation to a foundation they support. I haven't followed it in quite a while so I can't say if any of the rates are still applicable but it might help.
     
  9. soundanswer

    soundanswer Member

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    Chicago
    Just gotta say, my experience so far on “loan arranged through Tesla” has been great. I was approved within the hour. Especially considering it was .1% higher than other CUs I had been looking at. That works out to what, $50/yr? When you look at 72months they all seem to be about the same. (I’m fully prepared to go have people I’m totally wrong and only a fool would pay 3.39% on a loan- call me a fool)

    However, with the process being simple and not having to worry about institutions talking to each other and the rate being acceptable (to me anyway) I think folks shouldn’t completely disregard the ease of Tesla handling the financing end to maybe save a paltry amount down the road.
     
    • Like x 2
  10. Stretch2727

    Stretch2727 Engineer and Car Nut

    Joined:
    Nov 8, 2015
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    Location:
    Highland Park, NJ
    I am getting a loan through Alliant in NJ. Pick up car may 10th and told me today they will send funds to Tesla on the 9th.

    This sounds like more of an issue with NYS than Tesla. As well they still have an active Tesla web page.

    Tesla Car Loans from Alliant
     
    • Like x 1
  11. Malhan

    Malhan New Member

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    I believe they did not offer it for about a month, it's available now, I applied last night, wasn't an option when I ordered in July.
     
    • Helpful x 1
  12. Malhan

    Malhan New Member

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    And approved through alliant 105% LTV 2.24% 72 months this morning, high credit score 810+, low debt.

    Now I have to convince the wife about a full paint protection wrap @$8200.00, country financial quoted $800/year for insurance with 500 deductible which was also below what it was in may before I decided to buy the mx100.
     
  13. ChrisH

    ChrisH Active Member

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    What state? I was quoted 3.49% for 72 months. 810+ credit as well....
     
  14. Malhan

    Malhan New Member

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    Illinois
     
  15. Malhan

    Malhan New Member

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    I also dont have any debt except for the mortgage and wifes camry.
     
  16. ChrisH

    ChrisH Active Member

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    Super odd. We only have the mortgage and the CRV as well. I don’t understand why rates on the west coast seem to be quite a bit higher.
     

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