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Best interest rate via Tesla financing?

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sgalla04

Member
Mar 24, 2021
558
540
Philadelphia, Pennsylvania
So, I got my vin last weekend, had my wife finalize the loan through DCU but forgot to remind her to ask about direct deposit discount, so they didn't add it. Got the DocuSign at 10:30am PST showing only 1.74%. spent the next 2 hours on hold to get them to change it. They were able to send me the fixed one about 30min after that.

I forwarded the PDF to Tesla ratematch, and an hour later I was approved for 1.24% for 72mo through Wells Fargo.

Once again feel bad for sort of using them, but my monthly payment is significantly lower, and the difference between 65mo and 72mo interest is like $220, which their savings account interest will cover the difference in the 6 years time assuming it stays about 6%
Don’t feel bad. I spoke to my sister-in-law this past weekend. She is a manager for a small bank in Florida. I asked if this is something that is frowned upon in the industry.

She said “No, they just have a lot of money to loan out and can therefore offer those rates. They are making money hand over fist on deposits and need to lend. Auto loans are just one lever to balance out their books. They are issuing mortgages and other forms of loans as well. And rate matching is just part of the business they are in. They will adjust their auto loan rates once their deposits aren’t generating enough income. So their rates will just fluctuate based on supply and demand and it’s just a part of banking.”
 
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G2bme

Member
Jun 12, 2021
340
159
Los Angeles
2.49% could very well be the floor with "Tesla" themself. But when I completed the paperwork on the Tesla website after I ordered my car, I got an email within 15 minutes that said I had been approved with 1.94% through Chase.
What are your terms. That gives more detail to your rate. Downpayment? How much are you financing, location? Trade in?
 

G2bme

Member
Jun 12, 2021
340
159
Los Angeles
Don’t feel bad. I spoke to my sister-in-law this past weekend. She is a manager for a small bank in Florida. I asked if this is something that is frowned upon in the industry.

She said “No, they just have a lot of money to loan out and can therefore offer those rates. They are making money hand over fist on deposits and need to lend. Auto loans are just one lever to balance out their books. They are issuing mortgages and other forms of loans as well. And rate matching is just part of the business they are in. They will adjust their auto loan rates once their deposits aren’t generating enough income. So their rates will just fluctuate based on supply and demand and it’s just a part of banking.”
to both of you with DCU financing, was approved as well and they have the rate to the 1.24 pending direct deposit and EV vehicle. They stated that we don't get the term sheet till we get the VIN and MVPA so how did you get Tesla to rate match when i have no documentation for this? Lastly, the term on this is 65 months because that's what the 1.24 is around. Anything higher than that then it's the 2.99 base rate, less the .5 for direct deposit and .25 for EV credit. So i'm presuming your terms are 65 months?
 

HillClimb

Member
Mar 20, 2019
98
22
Colorado
to both of you with DCU financing, was approved as well and they have the rate to the 1.24 pending direct deposit and EV vehicle. They stated that we don't get the term sheet till we get the VIN and MVPA so how did you get Tesla to rate match when i have no documentation for this? Lastly, the term on this is 65 months because that's what the 1.24 is around. Anything higher than that then it's the 2.99 base rate, less the .5 for direct deposit and .25 for EV credit. So i'm presuming your terms are 65 months?
Just call tesla and say you need the MVPA. If you dont have a vin they cant help you though.
 

sgalla04

Member
Mar 24, 2021
558
540
Philadelphia, Pennsylvania
to both of you with DCU financing, was approved as well and they have the rate to the 1.24 pending direct deposit and EV vehicle. They stated that we don't get the term sheet till we get the VIN and MVPA so how did you get Tesla to rate match when i have no documentation for this? Lastly, the term on this is 65 months because that's what the 1.24 is around. Anything higher than that then it's the 2.99 base rate, less the .5 for direct deposit and .25 for EV credit. So i'm presuming your terms are 65 months?
I originally had my order as Cash since my SA said to change to finance when ready. Once I had a VIN I downloaded my MVPA and told my SA to change to financing. I used the MVPA to apply to DCU for 65 months and received 1.24%. Tesla rate matched the 65 month loan to a 72 month term. Some people have said Tesla replied with only matching it for a 60 month term. So YMMV is possibly applicable here.
 

OCJeff

OD: 6/4 MYLR5 White/White/20” Del. 9/16
Feb 18, 2021
941
1,168
SoCal (RSM)
I originally had my order as Cash since my SA said to change to finance when ready. Once I had a VIN I downloaded my MVPA and told my SA to change to financing. I used the MVPA to apply to DCU for 65 months and received 1.24%. Tesla rate matched the 65 month loan to a 72 month term. Some people have said Tesla replied with only matching it for a 60 month term. So YMMV is possibly applicable here.
Did DCU require that your mvpa note their name anywhere? I heard that there is a spot for the 3rd party lender to be listed in the document for DCU to accept it. True?
 

sgalla04

Member
Mar 24, 2021
558
540
Philadelphia, Pennsylvania
Did DCU require that your mvpa note their name anywhere? I heard that there is a spot for the 3rd party lender to be listed in the document for DCU to accept it. True?
No, I never informed Tesla that I was going to apply with DCU. DCU did think that I didn't want to put anything down, since the MVPA was based on me paying cash and therefore nothing being financed. DCU just rolled all the taxes and fees into the loan since it was under the 125% loan-to-value. I still had to pay about $4,500 in sales tax and fees up front by going with Tesla, but that wasn't a big deal. I can see why someone may not want to go with Tesla since DCU allows up to 125% LTV.
 

Noflash

Member
Aug 11, 2020
240
183
Denver
Do you actually have to switch your direct deposit to get the 1.24% from dcu? That would be a major hassle for my finances.
 

dailo

Member
Jul 22, 2017
773
862
Bay Area
Do you actually have to switch your direct deposit to get the 1.24% from dcu? That would be a major hassle for my finances.
I am not really sure how they would really enforce it after they have already paid out the loan, but possibly the document says they have the right to change the interest at any time. Easiest thing would just to be to get Tesla to match so you can avoid it. If for some reason they can't, most companies allow you to have multiple deposits so you could just deposit a portion enough for the monthly car payment per pay period.
 

ejfirestar

Member
May 17, 2021
91
92
Santa Barbara
to both of you with DCU financing, was approved as well and they have the rate to the 1.24 pending direct deposit and EV vehicle. They stated that we don't get the term sheet till we get the VIN and MVPA so how did you get Tesla to rate match when i have no documentation for this? Lastly, the term on this is 65 months because that's what the 1.24 is around. Anything higher than that then it's the 2.99 base rate, less the .5 for direct deposit and .25 for EV credit. So i'm presuming your terms are 65 months?
65 months at 1.24. they can approve you without the MVPA, but you can't get the docs for the loan without it. (Ie can't rate match without the MVPA and the loan agreement from DCU)
Because 65 is odd, my term was matched to a 72mo through Wells Fargo at the same 1.24. (I heard some people got 60mo instead)
 

BayWarrior

Member
Jul 13, 2021
11
11
Boston
I checked and if you do a post delivery rate match where they send you a check for the difference in payments, you can refinance at any time and get both the rebate check and the low loan rate from another lender.
Going to try this - I'm at the stage of having DCU send me the paperwork. Does Tesla care about what date it shows (if it's prior to pick up for instance) on the the DCU loan offer? Also any idea how long the check takes?
 

senor_sausage

Member
May 30, 2021
45
35
Pennsylvania
Going to try this - I'm at the stage of having DCU send me the paperwork. Does Tesla care about what date it shows (if it's prior to pick up for instance) on the the DCU loan offer? Also any idea how long the check takes?
I don't know the answer to the first question. The rebate check takes 6 to 8 weeks, I have not gotten mine yet.
 

MYNNJ

Member
May 7, 2021
60
14
NJ
Hi I got 2.49 with Tesla via us bank, I am also waiting for DCU. Can I Accept the 2.49 after I get rate matched with DCU or just accept and later it will be adjusted
 

Wshowell

Member
Jan 1, 2015
517
381
Arroyo Grande Ca
Can I get a referral for DCU, please?
You can send me your name and email address via pm i’ll send over a referral for DCU. Same for anyone else. Please just use them as your actual,lender versus use it as leverage to get Tesla lenders to drop their rates. DCU has been very good to me and financed both our Tesla’s at amazing rates. To further clarify amazing, 1.24% on our Y financed in May 2021 and 1.49% for our used S back in December of 2016.
 

bcuzYnot

Member
Jul 16, 2021
116
168
NYC
Hi I got 2.49 with Tesla via us bank, I am also waiting for DCU. Can I Accept the 2.49 after I get rate matched with DCU or just accept and later it will be adjusted
Hi we have similar rates. I received 2.49% 60mo, no down payment, no trade with Wells Fargo through Tesla financing. I am responsible for $4,770 for the taxes and fees in NY. You can accept Tesla's for now and ask the SA to switch once you receive approval from DCU.
 

bawertu2220

Member
Apr 9, 2019
306
430
california
You can send me your name and email address via pm i’ll send over a referral for DCU. Same for anyone else. Please just use them as your actual,lender versus use it as leverage to get Tesla lenders to drop their rates. DCU has been very good to me and financed both our Tesla’s at amazing rates. To further clarify amazing, 1.24% on our Y financed in May 2021 and 1.49% for our used S back in December of 2016.
pm sent, thank you!
 

sgalla04

Member
Mar 24, 2021
558
540
Philadelphia, Pennsylvania
You can send me your name and email address via pm i’ll send over a referral for DCU. Same for anyone else. Please just use them as your actual,lender versus use it as leverage to get Tesla lenders to drop their rates. DCU has been very good to me and financed both our Tesla’s at amazing rates. To further clarify amazing, 1.24% on our Y financed in May 2021 and 1.49% for our used S back in December of 2016.
Yeah the Tesla rate match worked for me. They matched the DCU 1.24% 65 months to a 72 month term for me. Saved about $2,000 in interest. All that savings for accessories and tint. Haha.
 
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