My Tesla journey is 3 years in the making from when I flew out to LA to test drive one.
Clicking off the list of things the car didn't have that I wanted, I finally pulled the trigger on a P100d. 150k
This was not a decision I made lightly, as I am a conservative guy.
Saving you the details, FF to me emailing Alliant based on them being the goto. Aug 28th, I get a reply:
----------------------------
Tuesday, August 30, 2016 7:38 PM
We have you pre-approved for $150,000 at 3.24% over 84 months. We can Offer 1.49% for 72 months and 1.74% for 78 months. The rate is locked for 30 days. After 30 days we will need your authorization to re-pull credit. If your credit score has changed significantly or our offered rates have changed, you will be approved at the applicable rate at that time. The rate already includes the 0.40% rate discount for automatic monthly payment.
I will need the following documents from you:
1. Your 2 most recent paystubs
2. Your 2014 and 2015 W2s
3. Tesla Vehicle Configuration (you would have received this when you ordered your Tesla. It shows the price with applicable options)
At the time of loan closing we will also establish a savings account for you as Alliant Credit Union membership stems from the savings account and you have to be a member to finalize the loan. Alliant will make the initial $5 deposit to the savings for you. You have to maintain the $5 minimum balance at all times to maintain your membership.
Finally, I encourage you to take advantage of our GAP Advantage for $399.00 (brochure attached) for loans $100,000 or less. Given the unique nature of the Tesla in terms of there not being an established secondary market, insurance companies do not have the required data and research to underwrite them if stolen, totaled, or considered a total loss. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle when deemed a total loss if financed with Alliant Credit Union. At no additional cost when taking advantage of GAP, we are including Auto Deductible Reimbursement (refer to ADR brochure attachment) which pays up to ($500) per Loss when a loss is filed and paid by the auto insurance company. GAP Advantage can also be wrapped into the loan which equates to $5.00 per month.
Please feel free to take a look at the brochures and feel free to give me a call if you have any questions.
Daniel Tovar
------------------------
I thought the process was a little easy but ordered the car and got the normal email updates. About 2 weeks ago, I called and said 'hey, do I need to fill out paperwork or do anything? I haven't heard from you'. Daniel tells me, no we're all set. You just sign when you get the car.
-So I worked lightly with Tesla and tomorrow 9-30 is the day they are delivering it. They are asking me about financing and I put them in touch with Daniel.
So tonight 9-29, I get a call at 7:41PM. Kind of late for a bank but whatever.
They put me through verifications and tell me we're all set for a payment of 19xx at 3.x% for 84 months. I reply, no. Check your emails. I replied and told you I wanted 72 months at 1.49%. He says OK, let me change that and puts me on hold.
He then comes back on line about 10 min later and says 'your credit score changed so we can still do the loan but now your rate is 6.5%!!!!
Obviously I'm upset and tell him that this is bait and switch and I take delivery in 16 hours! He talks down to me like I'm an idiot trying to explain rates and credit scores.
So basically my agreed rate of 1.49 went to 3.x% then ten min later to 6.5%. I ask him, how do I know it won't change again tomorrow (I do real estate and have seen banks try to change at the table). He says they wouldn't do that, I reply 'well, you already did and clearly can't be trusted'. He gave me some more customer service speak and I just hung up.
I realize this has nothing to do with Tesla and will probably just call my reg bank in the morning who was like 2.5% but people hear need to know the story of Alliant. I know many/most have had good experiences. I did not. They are shady as all getout and change their statements as bad as our 2 political candidates. /rant
Clicking off the list of things the car didn't have that I wanted, I finally pulled the trigger on a P100d. 150k
This was not a decision I made lightly, as I am a conservative guy.
Saving you the details, FF to me emailing Alliant based on them being the goto. Aug 28th, I get a reply:
----------------------------
Tuesday, August 30, 2016 7:38 PM
We have you pre-approved for $150,000 at 3.24% over 84 months. We can Offer 1.49% for 72 months and 1.74% for 78 months. The rate is locked for 30 days. After 30 days we will need your authorization to re-pull credit. If your credit score has changed significantly or our offered rates have changed, you will be approved at the applicable rate at that time. The rate already includes the 0.40% rate discount for automatic monthly payment.
I will need the following documents from you:
1. Your 2 most recent paystubs
2. Your 2014 and 2015 W2s
3. Tesla Vehicle Configuration (you would have received this when you ordered your Tesla. It shows the price with applicable options)
At the time of loan closing we will also establish a savings account for you as Alliant Credit Union membership stems from the savings account and you have to be a member to finalize the loan. Alliant will make the initial $5 deposit to the savings for you. You have to maintain the $5 minimum balance at all times to maintain your membership.
Finally, I encourage you to take advantage of our GAP Advantage for $399.00 (brochure attached) for loans $100,000 or less. Given the unique nature of the Tesla in terms of there not being an established secondary market, insurance companies do not have the required data and research to underwrite them if stolen, totaled, or considered a total loss. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle when deemed a total loss if financed with Alliant Credit Union. At no additional cost when taking advantage of GAP, we are including Auto Deductible Reimbursement (refer to ADR brochure attachment) which pays up to ($500) per Loss when a loss is filed and paid by the auto insurance company. GAP Advantage can also be wrapped into the loan which equates to $5.00 per month.
Please feel free to take a look at the brochures and feel free to give me a call if you have any questions.
Daniel Tovar
------------------------
I thought the process was a little easy but ordered the car and got the normal email updates. About 2 weeks ago, I called and said 'hey, do I need to fill out paperwork or do anything? I haven't heard from you'. Daniel tells me, no we're all set. You just sign when you get the car.
-So I worked lightly with Tesla and tomorrow 9-30 is the day they are delivering it. They are asking me about financing and I put them in touch with Daniel.
So tonight 9-29, I get a call at 7:41PM. Kind of late for a bank but whatever.
They put me through verifications and tell me we're all set for a payment of 19xx at 3.x% for 84 months. I reply, no. Check your emails. I replied and told you I wanted 72 months at 1.49%. He says OK, let me change that and puts me on hold.
He then comes back on line about 10 min later and says 'your credit score changed so we can still do the loan but now your rate is 6.5%!!!!
Obviously I'm upset and tell him that this is bait and switch and I take delivery in 16 hours! He talks down to me like I'm an idiot trying to explain rates and credit scores.
So basically my agreed rate of 1.49 went to 3.x% then ten min later to 6.5%. I ask him, how do I know it won't change again tomorrow (I do real estate and have seen banks try to change at the table). He says they wouldn't do that, I reply 'well, you already did and clearly can't be trusted'. He gave me some more customer service speak and I just hung up.
I realize this has nothing to do with Tesla and will probably just call my reg bank in the morning who was like 2.5% but people hear need to know the story of Alliant. I know many/most have had good experiences. I did not. They are shady as all getout and change their statements as bad as our 2 political candidates. /rant
