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Bank of America SUCKS! Who Wants my Loan!?

chriSharek

Member
Feb 19, 2015
873
70
Sarasota, FL
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.
 

GoTslaGo

Learning Member
Dec 25, 2015
3,063
4,740
US
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.
 

chriSharek

Member
Feb 19, 2015
873
70
Sarasota, FL
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.

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! :)
 

GoTslaGo

Learning Member
Dec 25, 2015
3,063
4,740
US
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.
 
Last edited:

Chris TX

Active Member
Sep 30, 2013
1,531
188
Dallas, TX
Other than Alliant - who I have left messages with - any other ideas or suggestions on financing?

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.
 

mspohr

Well-Known Member
Jul 27, 2014
10,056
12,631
California
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.
 

bfukumoto

Member
Feb 10, 2016
33
15
Morgan Hill, CA
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.


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.
 

DavidM

P2624, Delivered
Aug 18, 2011
451
21
Florida
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.

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.
 

Max*

Charging
Apr 8, 2015
6,672
3,835
NoVa
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.
 

andrewket

Well-Known Member
Dec 20, 2012
5,704
1,541
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.
 

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