Best interest rate via Tesla financing?

[k333]

I have already picked up at this point.

I see. You can apply for refinancing or tell them you already have purchased and convert it to refinancing instead of the new loan app, in refinancing, they will ask for VIN and they will accept that contract.

 

[OCJeff]

DCU offers 1.99% initially, then you get 0.50% deduction after direct deposit and 0.25% for an EV model. What actual DCU documents do you show to Tesla to get them to rate match though?

see post below….

Yes, when I was on the phone with the DCU loan rep, I had told her I was already depositing $10 bimonthly to make sure I had it all setup prior to applying. She said that will not be enough, but the amount of the monthly loan will be enough to qualify and she said I had 90 days to make sure it was setup. I made sure to ask, "Does this mean the 1.24% will show on the DocuSign document?" and she confirmed yes. And yes it was on the document so I was able to send it to [email protected].

 

[DayTrippin]

I went with DCU but I think there might have been a rate issue. I think maybe they didn't add in the .25% for EVs. Overall the process was pretty easy with them. I'd rather support a CU than a bank anyway. They were better than the CU I typically use but it wasn't worth getting my normal one to match.

 

[sgalla04]

I went with DCU but I think there might have been a rate issue. I think maybe they didn't add in the .25% for EVs. Overall the process was pretty easy with them. I'd rather support a CU than a bank anyway. They were better than the CU I typically use but it wasn't worth getting my normal one to match.

They should be able to add the discount after the fact if you call. Since it is an additional discount they should honor it once they are aware it’s an energy efficient vehicle.

 

[zikronix]

Tesla offered to match DCU but at 60months and not 72. I told them to try again.

 

[iamcaseyf]

Adding in here

Emailed: [email protected] prior to filling out financing. They said they couldn't do anything with financing until that section is completed (my misunderstanding of the process)

Filled it out, followed up with them again via the same email thread and I went from:

Wells Fargo @ 2.49% -> Chase @ 1.89%

Stoked

Assuming you applied at Chase separately right? I cannot figure out how to do that, whenever I do it directs me to Tesla.com

 

[monacodk]

Emailed [email protected] inquiring about financing options are was told they are only offering 2.49% across all durations

 

[ejfirestar]

Assuming you applied at Chase separately right? I cannot figure out how to do that, whenever I do it directs me to Tesla.com

Fill out the financing section with Tesla financing. When you get approved, you can email autofinance, and ask them if they have a better rate than what they originally offered you

 

[iamcaseyf]

Fill out the financing section with Tesla financing. When you get approved, you can email autofinance, and ask them if they have a better rate than what they originally offered you

ah yeah I’ve tried that, all they say now is that 2.49 is the “floor rate” and that I should pack sand.

 

[vksr]

ah yeah I’ve tried that, all they say now is that 2.49 is the “floor rate” and that I should pack sand.

Same

Another hurdle I am facing is that, I have already accepted Chase financing through Tesla at 2.24%, and I have a VIN assigned. Since I am financing through Tesla, I can only get a "Lending agreement" and not a MVPA which is required by DCU. SA tells me that she needs to change my financing to third party financing to generate a MVPA. I am afraid I will lose the current slight lower rate if I do that. Anyone else work around this?

 

[jfort]

Same

Another hurdle I am facing is that, I have already accepted Chase financing through Tesla at 2.24%, and I have a VIN assigned. Since I am financing through Tesla, I can only get a "Lending agreement" and not a MVPA which is required by DCU. SA tells me that she needs to change my financing to third party financing to generate a MVPA. I am afraid I will lose the current slight lower rate if I do that. Anyone else work around this?

You can get a pre-approval with DCU without the MVPA. If you qualify for the 1.24% then I would let the SA do what they need to generate the MVPA. Then either stick with DCU or ratematch.

 

[kingamoon]

ah yeah I’ve tried that, all they say now is that 2.49 is the “floor rate” and that I should pack sand.

I applied back in April and was approved the typical 2.49% for 72 months with WF. Today I emailed Tesla to see if they can find me a better rate. I was told that when I applied back in April, I was also approved by Chase for 2.04%, so they gave me that. What's confusing is, why didn't they give me the lowest rate? I wonder if Tesla gets a better incentive to go with WF vs Chase.

 

[acdavis123]

Tesla offered to match DCU but at 60months and not 72. I told them to try again.

Surprised by this. Tesla automatically bumped me up to 72 months when matching DCU’s 1.24%.

 

[sgalla04]

Surprised by this. Tesla automatically bumped me up to 72 months when matching DCU’s 1.24%.

Yeah, same here. Unless you originally applied with Tesla for 60 months? I saw a while back someone got the longer term which gave me confidence to do it this way. I’d maybe also try emailing [email protected] too.

 

[iamcaseyf]

Ratematch told me the same thing about matching DCU. Ugh.

 

[zikronix]

Ratematch told me the same thing about matching DCU. Ugh. View attachment 671431

yep chris has been shutting fools down all day. sent me the same email

 

[thomas.george]

I had to call DCU and discuss with them. I wanted to put a down payment down, but the loan wasn't approved because the amount I requested differed from Tesla's MVPA document since I told Tesla I was paying "cash" and the total amount for the car was listed with no down payment.

So DCU updated my loan application and increased the amount to cover the full cost of the car. I was then approved for the 1.24% @ 65 months. She said I will receive a document with the terms and agreements later today to sign via DocuSign. I intend to use this document to first ask Tesla to rate match for 72 months. And I'll take it from there.

Is 1.24 the rate on the loan contact, or the APR? Thanks, in advance!

 

[iamcaseyf]

yep chris has been shutting fools down all day. sent me the same email

damn Chris! Gonna try the autofinance email and finesse them somehow haha

 

[sgalla04]

yep chris has been shutting fools down all day. sent me the same email

I wonder if it has to do with credit score? Or state? Or the mood he is in? Looks like its the same Chris...last name ends with an "n" that I had who did match for the 72 months.

 

[zikronix]

damn Chris! Gonna try the autofinance email and fineness them somehow haha

Good luck I did that too. They are pointing to their terms. Im just going to use my navy fed loan. its at 2.29 @ 72. Sure its going to cost me an extra 1500.00 over the life of the loan, but I get a lower payment, its with my bank I dont have to direct deposit anything, Its just over all easier. Plus I just walk into navy fed and get a blank check.