Best interest rate via Tesla financing?

[OCJeff]

Finally have a VIN. I applied through Tesla and instantly approved for:

U.S. Bank N.A.
72 months, 2.49% APR

I subsequently emailed [email protected] and asked for them to shop around for a better rate.

I already have everything set up with DCU. So I’ll apply tomorrow to get the 1.24% for 65 months. If approved for that rate, I’ll ask Tesla to rate match for the 72 month term. If they do not, I intend to stick with DCU.

Also keeping DCU’s savings account since the first $1,000 has a 6.17% APY. That’s a nice account to stash away some emergency cash and get a guaranteed return.

I’ll be in the same boat. Only concern is the DD requirement. I’m not doing my Net deposit there. But even if I lose the .5% I’ll still be at 1.74%. But then that is so close to the 1.89% with USAA or 1.99% with PenFed. I question if it’s worth managing another account/financial institution just for the tiny bit of savings.

 

[onlymovies]

Finally have a VIN. I applied through Tesla and instantly approved for:

U.S. Bank N.A.
72 months, 2.49% APR

I subsequently emailed [email protected] and asked for them to shop around for a better rate.

I already have everything set up with DCU. So I’ll apply tomorrow to get the 1.24% for 65 months. If approved for that rate, I’ll ask Tesla to rate match for the 72 month term. If they do not, I intend to stick with DCU.

Also keeping DCU’s savings account since the first $1,000 has a 6.17% APY. That’s a nice account to stash away some emergency cash and get a guaranteed return.

How did you get 1.24? I am seeing 1.49 is the Lowest. I am DCU customer from last 10 years.

 

[Seminole]

Same boat. I had applied with DCU, was accepted for the account but applied for the loan and it’s been silence. I’m not going to do direct deposit, that’s too much of a pain and I want to keep that with my actual main bank that I use. My current credit union that I have my loan with is offering 1.9% for 72 so I just went with them and they approved me and had a check in the mail even without the mvpa in 40 minutes. The loan agent even said she’s heard of Tesla sometimes moving up delivery so she’d overnight the check so I didn’t have to be in a bind if that happened. It’s been a week and still nothing from DCU on the loan application.

 

[jfort]

Same boat. I had applied with DCU, was accepted for the account but applied for the loan and it’s been silence. I’m not going to do direct deposit, that’s too much of a pain and I want to keep that with my actual main bank that I use. My current credit union that I have my loan with is offering 1.9% for 72 so I just went with them and they approved me and had a check in the mail even without the mvpa in 40 minutes. The loan agent even said she’s heard of Tesla sometimes moving up delivery so she’d overnight the check so I didn’t have to be in a bind if that happened. It’s been a week and still nothing from DCU on the loan application.

I think you have to call to get things moving. They wouldn’t accept my MVOA and screen shot of VIN.

 

[zikronix]

has any one written down the extension for the loan people at dcu

 

[Fakedevil]

has any one written down the extension for the loan people at dcu

9150

 

[zikronix]

9150

Thx I lost it lol

 

[onlymovies]

When we get the car, will it be charged 100%?

 

[iamcaseyf]

When we get the car, will it be charged 100%?

probably 80% or so. Not good to always fully charge unless you are going on a long trip. Keep it typically at 80% SoC

 

[onlymovies]

probably 80% or so. Not good to always fully charge unless you are going on a long trip. Keep it typically at 80% SoC

Thank you for the response

 

[k333]

I’ll be in the same boat. Only concern is the DD requirement. I’m not doing my Net deposit there. But even if I lose the .5% I’ll still be at 1.74%. But then that is so close to the 1.89% with USAA or 1.99% with PenFed. I question if it’s worth managing another account/financial institution just for the tiny bit of savings.

The DD requirement can be easily fulfilled, do an ACH transfer to the free checking account. At least $500, maybe you can send the payment amount to the checking account, and set up an AutoPay from checking to your loan.

You can call and ask them about the DD requirement to confirm what I mentioned above. This is what I was told a couple of years ago, not sure that has changed.

Agree about the headache of managing another institution for $500 or so savings depending on the loan amount.

 

[k333]

Same boat. I had applied with DCU, was accepted for the account but applied for the loan and it’s been silence. I’m not going to do direct deposit, that’s too much of a pain and I want to keep that with my actual main bank that I use. My current credit union that I have my loan with is offering 1.9% for 72 so I just went with them and they approved me and had a check in the mail even without the mvpa in 40 minutes. The loan agent even said she’s heard of Tesla sometimes moving up delivery so she’d overnight the check so I didn’t have to be in a bind if that happened. It’s been a week and still nothing from DCU on the loan application.

I had to call (why is it slow this time), they are overwhelmed this year because of the used car market and low interest rates.

Tip: when you call (choose the option to call back instead of staying online), the wait times are over 2 hours.

 

[sgalla04]

The DD requirement can be easily fulfilled, do an ACH transfer to the free checking account. At least $500, maybe you can send the payment amount to the checking account, and set up an AutoPay from checking to your loan.

You can call and ask them about the DD requirement to confirm what I mentioned above. This is what I was told a couple of years ago, not sure that has changed.

Agree about the headache of managing another institution for $500 or so savings depending on the loan amount.

Anyone able to confirm the minimum amount to trigger DCU accepting it as your “net pay”?

I had $10 bimonthly being deposited and it doesn’t look like I obtained PLUS Membership on June 1st. I intend to have a $800 monthly loan payment and will change to $400 bimonthly direct deposit. Looking for confirmation this will be enough to trigger PLUS Membership.

 

[Seminole]

I think you have to call to get things moving. They wouldn’t accept my MVOA and screen shot of VIN.

I had to call (why is it slow this time), they are overwhelmed this year because of the used car market and low interest rates.

Tip: when you call (choose the option to call back instead of staying online), the wait times are over 2 hours.

Appreciate it. I just went with my existing CU. The extra 1/4 of a percent isn’t a big deal and they did 72 vs 65 mo. If I didn’t have access to them I’d have pushed further with DCU.

 

[OCJeff]

Anyone able to confirm the minimum amount to trigger DCU accepting it as your “net pay”?

I had $10 bimonthly being deposited and it doesn’t look like I obtained PLUS Membership on June 1st. I intend to have a $800 monthly loan payment and will change to $400 bimonthly direct deposit. Looking for confirmation this will be enough to trigger PLUS Membership.

This. Same question.

 

[Fakedevil]

Anyone able to confirm the minimum amount to trigger DCU accepting it as your “net pay”?

I had $10 bimonthly being deposited and it doesn’t look like I obtained PLUS Membership on June 1st. I intend to have a $800 monthly loan payment and will change to $400 bimonthly direct deposit. Looking for confirmation this will be enough to trigger PLUS Membership.

How do you know you didn't obtained PLUS membership? Does your loan interest rate reflect you losing the 0.5%?

 

[sgalla04]

How do you know you didn't obtained PLUS membership? Does your loan interest rate reflect you losing the 0.5%?

When I log in to my DCU account, it still says I have Free Checking. I haven’t been approved yet for the loan. Probably because I applied yesterday on a Sat? I’ll call them tomorrow and check on both the loan and my membership status.

 

[Fakedevil]

When I log in to my DCU account, it still says I have Free Checking. I haven’t been approved yet for the loan. Probably because I applied yesterday on a Sat? I’ll call them tomorrow and check on both the loan and my membership status.

I dont think that matters. Mine shows free checking as well.

I have a free checking, a primary savings and the vehicle loan. What is important is when you talk to dcu loan officers, make sure they know you want to do the loan with the direct deposit setup etc, so when you do get the document, it shows 1.24%
Then you have 90 days to setup the direct deposit, personally I will just deposit a few thousands. I don't believe they can find out your net pay cause some people W2 is actually made up by RSU where there is no cash or monthly cash deposit anyway.

 

[xceler8tion]

I got approved for 1.99 through penfed, but did not click the select offer button and only took a screen shot. Autofinance team from Tesla said they needed the full letter with terms. I have a few questions.

1) If I click select through penfed, would I be obligated to take their loan?

2) If I can get Tesla to rate match it, can I cancel the loan from Penfed?

3) How did you guys get the PDF from penfed? I saw a hard inquiry alert from my credit report from penfed already.

4) If I reapply, will my credit report show another inquiry?

 

[k333]

When I log in to my DCU account, it still says I have Free Checking. I haven’t been approved yet for the loan. Probably because I applied yesterday on a Sat? I’ll call them tomorrow and check on both the loan and my membership status.

How do you know you didn't obtained PLUS membership? Does your loan interest rate reflect you losing the 0.5%?

On the DCU page, the Account page does not show the level.
Click on the "Account Manager" (Not Accounts) tab then "Account Manager Home", one of the cards will tell you the Checking benefits level.

The qualifications for Plus/Relationship are recurring deposits per month, as per their site and also my personal experience with them for the last 2 decades.

From their webpage:
"How to Qualify: Add and maintain direct deposit (qualifying direct deposit is a recurring electronic credit of your payroll, retirement, Social Security, or other recurring monthly income)"

However, it doesn't say the amount. A couple of years ago I was told a minimum of $500 per month but there is no written number, the DCU reps can confirm that.

I dont think that matters. Mine shows free checking as well.

I have a free checking, a primary savings and the vehicle loan. What is important is when you talk to dcu loan officers, make sure they know you want to do the loan with the direct deposit setup etc, so when you do get the document, it shows 1.24%
Then you have 90 days to setup the direct deposit, personally I will just deposit a few thousands. I don't believe they can find out your net pay cause some people W2 is actually made up by RSU where there is no cash or monthly cash deposit anyway.

I agree to asking them for the 1.24% confirmation and telling them your intentions of monthly recurring deposits and autopay setup.