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!
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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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I'm not sure I follow, there are no fees, so the APY = APR. This is a screenshot from my DCU loan agreement:
ejfirestar
Member
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
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.
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.
I’m not sure if it was soon after accepting Tesla Vision or before I applied for Tesla Financing. It was definitely there after I was approved for Tesla Financing. I would just reach out to your SA and say you want one.
SDM44
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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?
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?
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 - 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
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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.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
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.
iamcaseyf
Member
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.
iamcaseyf
Member
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.
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
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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