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Best interest rate via Tesla financing?

Discussion in 'Model Y: Ordering, Production, Delivery' started by rbaum0519, Mar 21, 2020.

  1. elementsdk1

    elementsdk1 Member

    Joined:
    Dec 5, 2020
    Messages:
    105
    Location:
    SF Bay Area
    Stanford Credit Union is 1.49% with qualifiers. 1.99% - 2.49% without qualifiers I believe.

    Qualifiers for us were $500 monthly direct deposit to SFCU and 25% down payment which we went ahead and did.
     
  2. JLOC

    JLOC Member

    Joined:
    Jun 10, 2020
    Messages:
    45
    Location:
    Orange County, CA
    That's great to know. Did you have to speak with someone to get this 25% down payment qualifier?

    On the website, it seems like you can only get that 1.49 rate if you became an Ambassador-level member, which requires direct deposit, vehicle loan and a third product (such as a credit card). While it's not a problem to open up a credit card, I was planning on putting 25% down anyway, so this makes it more enticing.

    Also, how long does it take to open an account and be approved for a loan? Thinking about moving forward with a new car in March or April, but want to make sure I have enough time to get my ducks in a row.

    Thank you!
     
  3. elementsdk1

    elementsdk1 Member

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    Location:
    SF Bay Area
    My wife was already a member so it made that part easy, but I would assume it it would not take long to get an account set up.

    As for the 25% down payment being a qualifier, it was part of the loan approval email after we applied for the car loan. The email/letter outlined what was needed to reach the lower APR tier.

    Worst case, you can always email the lending agent as well or you can contact ours. She's very familiar on how to deal with Tesla's financing and lending department. She made the entire process really smooth for us.

    Her name: Delia Vargas
    email is: [email protected]

    Tell her Dany K. (loan# 117854) referred you if you do look into SFCU.
     
  4. elementsdk1

    elementsdk1 Member

    Joined:
    Dec 5, 2020
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    Location:
    SF Bay Area
    Also, let me know if you do move forward and I'll give you my Tesla referral code
     
  5. JLOC

    JLOC Member

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    Jun 10, 2020
    Messages:
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    Location:
    Orange County, CA
    Thank you for the information! Super helpful!
     
    • Like x 1
  6. Plan B

    Plan B Active Member

    Joined:
    May 8, 2015
    Messages:
    4,840
    Location:
    Portland OR
    I got a good rate from Oregonian's Credit Union for 84 months. Also PointWest on Portland also has good rates.
     
  7. Moonbeast

    Moonbeast Member

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    Jan 12, 2021
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    11
    Location:
    Kennewick, WA
    When you apply for financing through Tesla do you get quotes from a couple of the lenders?
     
  8. Sixth

    Sixth Member

    Joined:
    Aug 12, 2020
    Messages:
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    Location:
    San Gabriel, CA
    No, but you can ask them to try other lenders such as Chase. US Bank is the default lender last I checked.
     
  9. Plan B

    Plan B Active Member

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    Location:
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    Tesla runs your credit then shops banks....it's a crap shoot.
     
  10. tamagoliu

    tamagoliu New Member

    Joined:
    Jan 13, 2021
    Messages:
    1
    Location:
    Atlanta, GA
    Jan 11 Order Date. Tesla found me 2.14% with one of their bank.
     
    • Like x 1
  11. Anna320319

    Anna320319 New Member

    Joined:
    Dec 6, 2020
    Messages:
    3
    Location:
    Vallejo
    If u don’t mind me asking what you credit score. My is now 780. Still waiting to get it up more before putting the order in
     
    • Love x 1
  12. czbuckeye

    czbuckeye Member

    Joined:
    Sep 24, 2020
    Messages:
    66
    Location:
    Ohio
    How long did it take for rate adjustments after emailing [email protected] ? I received 2.49 through US Bank and would like the 2.14 through Chase. I just sent the email and credit score over 800.
     
  13. Sixth

    Sixth Member

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    Location:
    San Gabriel, CA
    it was around 3 days for me.
     
  14. Roadsailing

    Roadsailing Member

    Joined:
    Jun 21, 2020
    Messages:
    37
    Location:
    seattle
    for me, every email i sent was replied to within 10 minutes. initial offer was 2.49% from wells, second was 2.14% through BMO, then it was 2.09% though chase.
     
    • Like x 1
  15. imola.zhp

    imola.zhp Member

    Joined:
    Jul 13, 2020
    Messages:
    382
    Location:
    Memphis
    Nice, at 2.09% I wouldn't go through the hassle of financing with CCFCU. Thanks for sharing.
     
  16. Syaoran

    Syaoran Member

    Joined:
    Jan 15, 2021
    Messages:
    15
    Location:
    Portland
    My credit is 821, they gave me 2.49% so I asked them for a lower rate, no response yet. Car ready for pickup too.
     
  17. Plan B

    Plan B Active Member

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    Location:
    Portland OR
    That's what mine was, I got 2.99 for 84 but opted for 1.99 for 60
     
  18. Moonbeast

    Moonbeast Member

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    Messages:
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    Location:
    Kennewick, WA
    Do you know which type of credit score the look at? Fico8, vantage etc
     
  19. Syaoran

    Syaoran Member

    Joined:
    Jan 15, 2021
    Messages:
    15
    Location:
    Portland
    Experian, Transunion, Equifax. Credit Karma will give you 2 of the 3.
    Still waiting on a reply from Tesla, hopefully tomorrow or Monday at the latest.
     
  20. abtheguru

    abtheguru Member

    Joined:
    Jan 18, 2021
    Messages:
    30
    Location:
    Portland, OR
    Did you guys already accept what Tesla offered? Wondering if they would be open to negotiations if one has already accepted the offer.
     

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