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I liked DCU,org's rate (1.74% with an account or 1.24% account with paycheck deposit, both for up to 65 months). However, living in NC there wasn't a physical branch anywhere near me and I was a tad uncomfortable depositing my entire paycheck into a cu without a brick/mortar building nearby.Why are so many comments here about getting a loan from DCU and getting tesla to rate match? Anything wrong in going with DCU?
If you want to pay with you current checking account and not have to manage another account for payments, then with Tesla it might be simpler.Why are so many comments here about getting a loan from DCU and getting tesla to rate match? Anything wrong in going with DCU?
Also some people prefer to have Tesla shop loans from the major banks. But DCU had great reviews, so I'm going with them rather than rate matching with Tesla.Why are so many comments here about getting a loan from DCU and getting tesla to rate match? Anything wrong in going with DCU?
Yeah, I don't think they can tell. I intend to direct deposit what my loan payment comes out to.I am curious if DCU can tell if it's really your whole paycheck... I selected on my employer's website to put in 5%. They say to deposit your net pay, but they've no way of telling of what that amount should be.
Smart, very good idea.Yeah, I don't think they can tell. I intend to direct deposit what my loan payment comes out to.
Let us know!I was setup to do cash because I was going to use navyfed or DCU, just emailed tesla im hoping they will take the 1.24 @ 65 and offer it at 72
Did your purchase agreement have the VIN? DCU told me they can’t process the loan otherwise. However I don’t know that we ever get the VIN anywhere besides our account page.When you say "entire process", did you finalize the loan with DCU before they sent you the loan agreement? I've uploaded my purchase agreement and I was approved for the loan. However, after talking with a couple of rep there, the only way they would send me any kind of loan document is if I finalize the loan with them. Otherwise they will only do verbal approval.
Yes it does. Just trying to figure out if I can still back out of the loan from DCU after I finalize the loan with them so I can get the loan paperwork to send to Tesla. Anyone knows?Did your purchase agreement have the VIN? DCU told me they can’t process the loan otherwise. However I don’t know that we ever get the VIN anywhere besides our account page.
Usually it would be able to be cancelled unless they actually fund the loan. Once the money is in your account or Tesla's then you can't back out (but you could pay it off immediately). If they haven't provided the funds then you can usually cancel without a penalty. You can ask DFU if you aren't sure (or it doesn't say in the paperwork). From my experiences with PenFed they send you a draft (a check of sorts) once approved. Then once you use the draft to buy your car they fund the load my honoring the draft. If you don't actually use the draft then there is no loan and no fees.Yes it does. Just trying to figure out if I can still back out of the loan from DCU after I finalize the loan with them so I can get the loan paperwork to send to Tesla. Anyone knows?
Thanks for this info. They did say they are sending me a check and then proceeded by telling me my first month pay will be next month and when I asked them what if I haven’t gotten delivery of the car by next month and they said I still have to start paying next month. I need to try calling again and check with a different rep.Usually it would be able to be cancelled unless they actually fund the loan. Once the money is in your account or Tesla's then you can't back out (but you could pay it off immediately). If they haven't provided the funds then you can usually cancel without a penalty. You can ask DFU if you aren't sure (or it doesn't say in the paperwork). From my experiences with PenFed they send you a draft (a check of sorts) once approved. Then once you use the draft to buy your car they fund the load my honoring the draft. If you don't actually use the draft then there is no loan and no fees.
That sounds like they have already funded the loan. If they are expecting you to make payments and they are charging interest then they have funded the loan. Could you deposit the check and pay it off immediately? Or is the check made out to Tesla?Thanks for this info. They did say they are sending me a check and then proceeded by telling me my first month pay will be next month and when I asked them what if I haven’t gotten delivery of the car by next month and they said I still have to start paying next month. I need to try calling again and check with a different rep.
so tesla told me i need to apply with them, and then send them the dcu paperwork. Im trying to find out if tesla bumps it to 72 months from 65 at the same rate and how long the approval is good for. I dont have a vin yet. I dont think DCU will approve me with out that vin. I know ill qualify for their best rate, im not worried about that. Now im reaching out to ratematch to see what they sayLet us know!
After she told me that, I told her not to proceed with the finalizing the loan and I will call her back. Called this morning and finally able to get someone to send me an email confirmation of my approval. Forwarded that to Tesla to rate match and they did! The loan is $1600 less than what DCU approved, but it would be for 72 months and I don't have the hassle of doing direct deposit with DCU! Thanks for everyone who's been posting valuable information! Now I just need to wait for delivery next week!That sounds like they have already funded the loan. If they are expecting you to make payments and they are charging interest then they have funded the loan. Could you deposit the check and pay it off immediately? Or is the check made out to Tesla?
Tesla does bump it to 72... at least they did in my case. I was able to get 1.74% but wasn't sure if they would apply the new promo rate DCU is offering of 1.24%. Looks like they are!so tesla told me i need to apply with them, and then send them the dcu paperwork. Im trying to find out if tesla bumps it to 72 months from 65 at the same rate and how long the approval is good for. I dont have a vin yet. I dont think DCU will approve me with out that vin. I know ill qualify for their best rate, im not worried about that. Now im reaching out to ratematch to see what they say
Can you please give me details of your config, order date and pickup location? I guess you got a VIN?Tesla does bump it to 72... at least they did in my case. I was able to get 1.74% but wasn't sure if they would apply the new promo rate DCU is offering of 1.24%. Looks like they are!
No VIN yet! Ordered 4/11. 7 Seater LR White on White with tow hitch and 20 inch wheels. Ordered in WC. Delivery estimate is currently May 14 - June 3. I was able to forward an email from DCU to get the rate match but I haven't tried getting the 1.24 yet.Can you please give me details of your config, order date and pickup location? I guess you got a VIN?
I am in the bay area too. Picking up from Colma. Blue LR, with white interior. No VIN yet. Delivery june 02-June 30. Ordered 4/4