mtx450
Member
Just applied at DCU and got 3.24% for 72 mo. The Chase rate (via Tesla) is much better at 2.49%!
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I used it and opened/funded a savings account (donated $10 and deposited $5). Thank you. I am waiting to initiate the auto loan application closer to delivery. If Tesla will not match, then I will use DCU since it doesn't seem like there are better rates out there. Not including limited access credit unions.sure here you go
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What was the initial rate you received from DCU (before the discounts)?I used it and opened/funded a savings account (donated $10 and deposited $5). Thank you. I am waiting to initiate the auto loan application closer to delivery. If Tesla will not match, then I will use DCU since it doesn't seem like there are better rates out there. Not including limited access credit unions.
An FYI for those interested in DCU. You must be a PLUS or Relationship Member to get the rate discounts (0.50% + 0.25%). I talked to a DCU representative and you have 90 days to open and initiate direct deposit into a new checking account upon completion of an auto loan application to keep the discounted rate as a PLUS Member. If after 90 days the direct deposit is not completed, then the loan will revert to the non-discounted rate. A Relationship Member in addition to direct deposit must also have 5 monthly transactions.
With a great credit score, I anticipate being able to obtain the current 1.99% rate plus the additional 0.25 discount for an energy efficient vehicle = 1.74%. I will go with 65 months if I use DCU and with Tesla if they match at 60 or 72.
I have not applied yet since the credit check will only be good for 30 days and I am more than 30 days away from delivery. I am just getting setup so I am not rushing around come delivery. Also the savings account gets 6.17% APY on the first $1,000. Therefore, I'm going to park a grand in there just in case I end up using them. I'll sign up for the free checking soon and then direct deposit like $20 a paycheck to activate the promo (I'll get $10 which covers the $10 donation I made) and if I end up going with Tesla financing anyway, then at worst I made 6% on the money I held in the savings account. I may just keep it open anyway since I can't find any high yield savings accounts any higher than 1-2%.What was the initial rate you received from DCU (before the discounts)?
I emailed [email protected] about my situation and they asked if they can shop around letting me know there would be additional credit checks. Got 2.24% for 72 month note with Chase.How were you guys able ask Tesla to shop for a better rate? ie. with chase?
It’s probably not worth it for me 2.29 vs 2.49I emailed [email protected] about my situation and they asked if they can shop around letting me know there would be additional credit checks. Got 2.24% for 72 month note with Chase.
What is the best rate they offer?For anyone going through USAA, the process was quite painless and more straight forward that I had anticipated. I had expected at least a couple of bumps.
I was able to get 72 months @ 2.49, but I am also banking/insured with them so I also value the convenience of having everything under 1 vendor.What is the best rate they offer?
Where did you end up going with? And monthly how much does that save you?I was able to get 72 months @ 2.49, but I am also banking/insured with them so I also value the convenience of having everything under 1 vendor.
Edit: with automatic payments enabled, it actually drops my rate down to 2.24 (save 0.25% by having automatic payments).
I went with USAA and it ends up saving me a little over 500 for the life of the loan I thinkWhere did you end up going with? And monthly how much does that save you?
Wow, that's 1.24% with the 0.25% Energy Efficient vehicle reduction! I doubt this will hold for a couple more months when I take delivery, but at least it's going down and not up currently.DCU is doing 1.49% starting today for 65 months.
Looks like it went down another .25% today from yesterdayWow, that's 1.24% with the 0.25% Energy Efficient vehicle reduction! I doubt this will hold for a couple more months when I take delivery, but at least it's going down and not up currently.
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If you just applied, having them run it again wont affect your credit score too much.It’s probably not worth it for me 2.29 vs 2.49
decisions... decisions
That’s crazy! I was given 1.74 in the phone a few days ago which I thought was pretty low. Then they just dropped to 1.49 on their website and I was aiming for that before loan finalized. But 1.24, Man! I’m in the process of finalizing the loan with DCU, but they do ask for VIN before I can proceed. Since I still do not have it in my Tesla account, I will have to wait. My preapproval is good for 45 days and hopefully I can get my VIN before that.Holy cow, I just got the 1.24% rate at 65 months from DCU. Holy crap! $2,000 of interest for a $60,000 car. I'm getting this thing for free! Plus, no payments for the first two months of ownership. So crazy
Wish I lived, work or worshipped in that areaThat’s crazy! I was given 1.74 in the phone a few days ago which I thought was pretty low. Then they just dropped to 1.49 on their website and I was aiming for that before loan finalized. But 1.24, Man! I’m in the process of finalizing the loan with DCU, but they do ask for VIN before I can proceed. Since I still do not have it in my Tesla account, I will have to wait. My preapproval is good for 45 days and hopefully I can get my VIN before that.
You just have to join an approved organization like "Reach Out for Schools". Scroll down to "Participating Organizations" Member Eligibility | DCUWish I lived, work or worshipped in that area