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Best interest rate via Tesla financing?

zikronix

Member
Apr 16, 2021
75
17
AZ
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.
Our credit score is in the 830s lol. Thats more than sufficent. I even sent the pics of your email lol. Most likely the banks are saying wait bruh we cant do that...because you know....banks!
 

sgalla04

Member
Mar 24, 2021
408
416
Philadelphia, Pennsylvania
Is 1.24 the rate on the loan contact, or the APR? Thanks, in advance!
I'm not sure I follow, there are no fees, so the APY = APR. This is a screenshot from my DCU loan agreement:
1623288508795.png
 

ejfirestar

Member
May 17, 2021
63
52
Santa Barbara
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.
More % is more money. That's why they have the email. It's in their best interest to give you the higher number just to see if you would accept without calling their bluff, which plenty of people do.
 

ejfirestar

Member
May 17, 2021
63
52
Santa Barbara
Policy must have changed because Chris approved 72 mos. for me at the end of April!
From all the posts I've read, it seems to be random. Either the banks are changing their minds, or Chris is flipping coins. Lol.

I didn't even know they were still matching DCU. But from all I've seen, it's either 60 or 72 or "sorry we can't go that low". Also seems like all or at least most of them are through USAbank when they are able to match.

I've also heard they just cut you a check for the difference, but you still post the original rate. Like you pay the 2%, but they give you $2000 or whatever the difference in interest would be up front.
 

sgalla04

Member
Mar 24, 2021
408
416
Philadelphia, Pennsylvania
From all the posts I've read, it seems to be random. Either the banks are changing their minds, or Chris is flipping coins. Lol.

I didn't even know they were still matching DCU. But from all I've seen, it's either 60 or 72 or "sorry we can't go that low". Also seems like all or at least most of them are through USAbank when they are able to match.

I've also heard they just cut you a check for the difference, but you still post the original rate. Like you pay the 2%, but they give you $2000 or whatever the difference in interest would be up front.
I believe the check for the difference is if you have already accepted delivery of the car and asked for a rate match within the 7 days post delivery.
 
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acdavis123

Member
Apr 19, 2021
159
233
Bay Area
From all the posts I've read, it seems to be random. Either the banks are changing their minds, or Chris is flipping coins. Lol.

I didn't even know they were still matching DCU. But from all I've seen, it's either 60 or 72 or "sorry we can't go that low". Also seems like all or at least most of them are through USAbank when they are able to match.

I've also heard they just cut you a check for the difference, but you still post the original rate. Like you pay the 2%, but they give you $2000 or whatever the difference in interest would be up front.
I am picking up today so I finalized my financing agreement last night. I can confirm that it’s with US Bank for 72 mos at 1.24%. Just a straightforward agreement.
 

AlanCar

Member
May 21, 2021
7
10
Los Angeles
How long does it take to get a rate match? I sent my loan docs from DCU this morning and haven't heard back yet. I'm just a little nervous since I would need at least a day's notice for DCU to be able to mail me the check.
 

SDM44

Member
Aug 9, 2019
342
263
Los Angeles
Will Tesla let you submit for a 'rate match' in a different loan amount? Or does the DCU loan need to match the loan amount Tesla quote you in order for them to match the rate?

For example, let's say you're approved for a $55,000 loan through Tesla at 2.49% for 72 months, and you're putting $0 down payment but the amount due when taking delivery is $4000 for taxes, lic & doc.

Can you apply for a DCU loan in the amount of $59,000 (and get a 1.24% rate) at 65 months, so your "amount due" fees are rolled into the loan? Will Tesla accept that to 'rate match' your initial quote from them, and adjust for either 60 or 72 months?

Or, does the loan amount that you request through DCU need to match the Tesla loan you were approved for ($55k in the example), and then still pay the $4000 'amount due' fee upon taking delivery?
 

JavD4

Member
May 3, 2021
23
15
New Jersey
Ok, so I have a bunch of questions, but will ask one at a time...as some of the responses may be so thought out I may not need to review further---TMC is too good!

1 - When should I apply for financing? My delivery date is 07/18-08/07.
2 - I'm thinking of Leasing...does that have to be done through Tesla only?

More to come.
 

SDM44

Member
Aug 9, 2019
342
263
Los Angeles
Remember, to get the 1.24% rate from DCU, you need to have your paycheck deposited into their account.

You only need to tell DCU that you will be setting up the direct deposit, when you are initially applying for the loan. You then technically have 90 days to complete the direct deposit setup after that, but most people just get their rate matched with Tesla well before that and end up not using DCU.

This is what the DCU loan agent told me over the phone when I was setting up my checking account with them.... minus the rate matching part and dumping them and going back to Tesla 😁
 

zikronix

Member
Apr 16, 2021
75
17
AZ
You only need to tell DCU that you will be setting up the direct deposit, when you are initially applying for the loan. You then technically have 90 days to complete the direct deposit setup after that, but most people just get their rate matched with Tesla well before that and end up not using DCU.

This is what the DCU loan agent told me over the phone when I was setting up my checking account with them.... minus the rate matching part and dumping them and going back to Tesla 😁
except for it appears tesla shut that down.
 

sgalla04

Member
Mar 24, 2021
408
416
Philadelphia, Pennsylvania
Ok, so I have a bunch of questions, but will ask one at a time...as some of the responses may be so thought out I may not need to review further---TMC is too good!

1 - When should I apply for financing? My delivery date is 07/18-08/07.
2 - I'm thinking of Leasing...does that have to be done through Tesla only?

More to come.
Don't apply for financing until you have a VIN. No need to and it would be a waste. You live in NJ, it takes about 2 weeks for the car to get to the east coast once a VIN is assigned. Financing and rate matching took me 4 days.

Not sure about your leasing question, but I think so. Leasing is another way dealers (in this case Tesla) make money.
 
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iamcaseyf

Member
Sep 13, 2019
66
100
Peoria, AZ
Ok, so I have a bunch of questions, but will ask one at a time...as some of the responses may be so thought out I may not need to review further---TMC is too good!

1 - When should I apply for financing? My delivery date is 07/18-08/07.
2 - I'm thinking of Leasing...does that have to be done through Tesla only?

More to come.

1. typically Tesla financing approvals are good for 60 days but wait til you have a VIN.
2. I believe leasing needs to be done through Tesla.
 
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iamcaseyf

Member
Sep 13, 2019
66
100
Peoria, AZ
How long does it take to get a rate match? I sent my loan docs from DCU this morning and haven't heard back yet. I'm just a little nervous since I would need at least a day's notice for DCU to be able to mail me the check.

My BFF Chris from RateMatch got back to me within like 4-5 hours yesterday just to tell me I couldn't rate match something.
 

sgalla04

Member
Mar 24, 2021
408
416
Philadelphia, Pennsylvania
Will Tesla let you submit for a 'rate match' in a different loan amount? Or does the DCU loan need to match the loan amount Tesla quote you in order for them to match the rate?

For example, let's say you're approved for a $55,000 loan through Tesla at 2.49% for 72 months, and you're putting $0 down payment but the amount due when taking delivery is $4000 for taxes, lic & doc.

Can you apply for a DCU loan in the amount of $59,000 (and get a 1.24% rate) at 65 months, so your "amount due" fees are rolled into the loan? Will Tesla accept that to 'rate match' your initial quote from them, and adjust for either 60 or 72 months?

Or, does the loan amount that you request through DCU need to match the Tesla loan you were approved for ($55k in the example), and then still pay the $4000 'amount due' fee upon taking delivery?
Yes they rate match for different loan amounts. DCU let's you borrow up to 125% of the car value. I had a $0 down payment with my DCU loan terms, even though Tesla still had me paying the taxes and fees as my down payment. This info in the DCU Auto Loan FAQs. Tesla's bank will not roll the taxes and fees, they don't allow greater than 100% loan to value.

They will match the APR and term length. However, the term length gets a bit tricky because DCU's 65 months in unique. Tesla (U.S. Bank) did give me 72 months matched against the DCU 65 months. However, I have heard of them only matching DCU's 65 months for a 60 month term.
 

iamcaseyf

Member
Sep 13, 2019
66
100
Peoria, AZ
Yes they rate match for different loan amounts. DCU let's you borrow up to 125% of the car value. I had a $0 down payment with my DCU loan terms, even though Tesla still had me paying the taxes and fees as my down payment. This info in the DCU Auto Loan FAQs. Tesla's bank will not roll the taxes and fees, they don't allow greater than 100% loan to value.

They will match the APR and term length. However, the term length gets a bit tricky because DCU's 65 months in unique. Tesla (U.S. Bank) did give me 72 months matched against the DCU 65 months. However, I have heard of them only matching DCU's 65 months for a 60 month term.

Exactly what they did to me - RateMatch said that they would only honor the 65 month on a 60 month term which is annoying but whatever.
 
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