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Bank of America SUCKS! Who Wants my Loan!?

Discussion in 'Model S: Ordering, Production, Delivery' started by chriSharek, Mar 7, 2016.

  1. chriSharek

    chriSharek Member

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    Maybe I'm posting something most of you already know, but had to vent . . . They don't offer loans on "independent" car dealers. I was hoping to go through them as our home loan and personal finances are all with them. Oh well - their loss, right!?

    I've received quotes from Chase and TD Bank through Tesla: 2.29% and 2.69% for 72 months. I was thinking closer to 2. My wife and I have over 800 credit scores, only have a small mortgage (@ 1/2 the value of our home), 401ks, 2 cars completely paid off, and 2 motorcycles paid off. I'm pretty sure our credit is up there . . .

    Other than Alliant - who I have left messages with - any other ideas or suggestions on financing?

    Also, if the warranty is 8 years/unilimited mileage, why can't we finance for maybe 7 years? I understand the rate might be higher, but is that the only harm in that? Just trying to minimize that monthly payment while my engineering business is getting off the ground. Thanks for your input.
     
  2. psingram

    psingram Member

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    Try one or more of your local / Federal Credit Unions. Ours here in the GNW not only offer great financing, they add your old gas charges to you annual income. Nice
     
    • Like x 1
  3. GoTslaGo

    GoTslaGo Learning Member

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    I used Bank of America. I saw that note and called them to find out if Tesla is an "independant" car dealer. They said they will finance Tesla automobiles, no problem. My loan is with Bank of America.
     
  4. chriSharek

    chriSharek Member

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    Wow! I actually took the time and went IN to their local office? Did you go through the website or a national number?

    And thank you for letting me know! :)
     
  5. GoTslaGo

    GoTslaGo Learning Member

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    #5 GoTslaGo, Mar 7, 2016
    Last edited: Mar 7, 2016
    Website number (go to the loans header, get into the auto loans. There's a number you can call and you can enter the information on the site). I saw that comment so I called them. Got someone in Rhode Island, who was talking to her supervisor right there and she said they Definitely fund Tesla.

    When I was ready to buy the car they provided me a contact number. When I got the production information (VIN etc...) and was ready to get the car, I called the number, got another person in Georgia who got everything together. Sent me a check out which I got the next day. Brought it into Tesla when I picked up the car, All were happy.
     
  6. Chris TX

    Chris TX Active Member

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    Alliant.

    Go online, spend $5 or more to donate to their adoption charity, open a checking account with them, apply for an auto loan, sit back and wait for THEM to quickly contact you. It's worth it, I promise. I have two car loans and a high limit CC through them.
     
  7. mspohr

    mspohr Active Member

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    I originally had a loan with BofA. No problem getting the loan. They FedEx'd the check to Tesla and I picked up the car.
    However, I titled the car in the name of our family trust (it's a California probate thing). It took them about two months for some low level bureaucrat in Florida to call me up and tell me that I had to change the title to me personally, no trusts. He was persistent.
    I then applied for a new loan at Energy Federal Credit Union (Contact Us :: Energy Federal Credit Union) and they were happy to give me a loan at a lower rate (1.62%) and had no problem with the trust.
    (Note: I was not a member of EFCU but was able to join the Chinese Culture and Community Service Center which is a member organization... I'll have to visit them sometime and thank them.)
    I'd recommend a Credit Union over BofA.
     
  8. bfukumoto

    bfukumoto Member

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    BofA does fund loans for Tesla direct purchases

    I also have my loan with BofA for a CPO purchased MS P85+ through Tesla. No issues at all. In fact, BofA FedEx'd a check made out to Tesla Motors one day after the loan closed. They were very easy to work with with everything online and electronic docs/signature. And to my surprise, they also offered the best rate when I shopped Wells Fargo, Technology Credit Union, and PenFed Credit Union.


     
  9. DavidM

    DavidM P2624, Delivered

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    It sounds like you're good to go with an Auto Loan at BofA. However, another alternative (also w/ BofA) would be a Home Equity Line of Credit. The rate will be a bit higher (~3.5%), but you should be able to deduct the interest on your taxes, which may (or may not) be beneficial for your particular situation. Although, if you want to sell your home before you pay off the HELOC, you'll have to pay off the HELOC before or at the closing of your home. The HELOC payoff would be taken from your home equity.
     
  10. Wknapp0924

    Wknapp0924 Member

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    2.2 through Logix credit union - 72 months and $349.00 for gap insurance which also extends payment to 78 months if needed.
     
  11. Mike K

    Mike K Member

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    My local credit union gave me 2.2% on a used private party 2013. You should be able to do better than that.
     
  12. Max*

    Max* Autopilot != Autonomous

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    Looks like rates have gone up in the past few months (comparing what I got from my CU to what my CU offers now).

    Are you putting down 20%? I know some banks/credit unions will lower the APR if you put down at least 20%.


    Also, it's very fairly easy to check your credit score nowadays. Many banks/creditcards offer your FICO score once a month for free. I know Amex and Citibank do.

    And lastly, if they already ran your credit score and DTI, you can request these numbers from the banks that gave you the 2.29% and 2.69% (you can check creditkarma.com, it wont be your FICO, but it'll give you an idea of where you stand)

    ETA: If you finance for 6 or even 7 years, and don't put a lot down, make sure to get GAP insurance. If your car is totaled, the insurance company might not pay out the full loan value.
     
  13. Cyclone

    Cyclone Active Member

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    I am very happy with my loan at Digital Federal Credit Union. 1.49% at 110% financing.
     
  14. supersnoop

    supersnoop Tesla Roadster #334

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    1.99% with PenFed.org. 1.4% if you only do 36 months.
     
  15. Max*

    Max* Autopilot != Autonomous

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    I think you guys are missing that he's trying to do a 72 month loan. I haven't seen anyone offer rates that low for a term that long.
     
  16. taurusking

    taurusking Member

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    Wish I had know this :eek:
     
  17. Cyclone

    Cyclone Active Member

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    True, but mine is a 65 month loan. So still rather close.
     
  18. DougH

    DougH Active Member

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  19. andrewket

    andrewket 2014 S P85DL, 2016 X P90DL (soon 100)

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    EFCU and Alliant. Alliant is super easy to work with. EFCU tends to have slightly better rates if you only need to borrow 70k or less.
     
  20. Mike K

    Mike K Member

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    Nah, 72 months here because it's basically free money at 2.2%.
     

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