Best interest rate via Tesla financing?

[Nolegirl01]

Tesla financing quoted me 2.79 @ 72 months with a significant down payment. Navy Federal got me 2.29 @ 72 with no downpayment so Navy Federal it is. I have an account with them already so made the process easier. Those that got less than 2% that's awesome! Congrats on that.

 

[OCJeff]

DFU is easy to join and can get you 1.24% currently for 65 months (with excellent credit I assume).... That saves about $1500 over the live of the loan. Not life changing but a decent chunk of change.

 

[AmunRa51]

DFU is easy to join and can get you 1.24% currently for 65 months (with excellent credit I assume).... That saves about $1500 over the live of the loan. Not life changing but a decent chunk of change.

whts their wesite?

 

[OCJeff]

whts their wesite?

DCU.ORG - Auto Loans

 

[Mini23]

Looks like you need to be a DCU member and that can only happen if you are part of their employer affiliation/relative of an existing member or part of their MA community

Is there a way to sign up if I am none of the above?

 

[OCJeff]

Looks like you need to be a DCU member and that can only happen if you are part of their employer affiliation/relative of an existing member or part of their MA community

Is there a way to sign up if I am none of the above?

Yes, just donate $10 to one of their supported organizations. I donated to Reach Out For Schools. DFU did not verify but it’s for a good cause and if they do then I’m golden. Already joined now just waiting on timing for the order.

 

[sgalla04]

Looks like you need to be a DCU member and that can only happen if you are part of their employer affiliation/relative of an existing member or part of their MA community

Is there a way to sign up if I am none of the above?

As @OCJeff said, just donate $10 and you can become a DCU member. I used a referral code from another user on this forum thread and will get $10 back once my direct deposit is confirmed. So it’s a wash. Plus I’ll be keeping the savings account since it’s 6% on $1,000. There is no cost and I haven’t been able to find a cheaper rate anywhere else. Of course, I still need to accept delivery, but I am definitely prepared for financing.

 

[Insyder22]

As @OCJeff said, just donate $10 and you can become a DCU member. I used a referral code from another user on this forum thread and will get $10 back once my direct deposit is confirmed. So it’s a wash. Plus I’ll be keeping the savings account since it’s 6% on $1,000. There is no cost and I haven’t been able to find a cheaper rate anywhere else. Of course, I still need to accept delivery, but I am definitely prepared for financing.

DCU signed me up and then refunded and closed my account within a couple of days for some reason. For me, Chase was the lowest - 2.34%.

 

[ejfirestar]

Does anyone know how long DCU takes on applications? I've been pending for over a week now, and the autoloan was pre-approved (just an email sent saying accepted but upload more docs) but requires my membership application to be complete. Based on the last reply of this thread, I fear they are ghosting me too.

Luckily I have a month before I really need to get financing (ordered 5/3, looking at maybe a 6/30 delivery). Currently have 2.49 through Tesla/Wells Fargo, haven't clicked accept.

 

[buyinvestsell]

I was told 2.99 is the lowest Tesla has to offer, other CU in the area offer 2.75, both for 72 months. Is there cheaper?

I received 2.49% for 72 months from Tesla, could probably match it at my CU, but it saves me a lengthy appt in the branch

 

[noob_hunter_gu]

Does anyone know how long DCU takes on applications? I've been pending for over a week now, and the autoloan was pre-approved (just an email sent saying accepted but upload more docs) but requires my membership application to be complete. Based on the last reply of this thread, I fear they are ghosting me too.

Luckily I have a month before I really need to get financing (ordered 5/3, looking at maybe a 6/30 delivery). Currently have 2.49 through Tesla/Wells Fargo, haven't clicked accept.

I applied 2am PT and was approved at 8 am PT. Call them to check?

 

[gkmanu8]

I have a pre approval from DCU for 1.99%, 65mo, 50k(was told it could be 1.24% with direct deposit and ev). I see an accept button under that offer in my DCU account. What exactly happens when I accept it?

1. Will DCU send over an email listing out loan terms and conditions? or Will they require a VIN and purchase agreement to generate the loan terms and conditions?
2. I would like to use Tesla financing. Also, my pre approval is expiring on July 2 but I'm holding on to delivery till Aug 1st. Is there a way I can get some kind of letter from DCU before the offer expires and send it over to Tesla and get my loan ready?

 

[Pyre]

I have a pre approval from DCU for 1.99%, 65mo, 50k(was told it could be 1.24% with direct deposit and ev). I see an accept button under that offer in my DCU account. What exactly happens when I accept it?

1. Will DCU send over an email listing out loan terms and conditions? or Will they require a VIN and purchase agreement to generate the loan terms and conditions?
2. I would like to use Tesla financing. Also, my pre approval is expiring on July 2 but I'm holding on to delivery till Aug 1st. Is there a way I can get some kind of letter from DCU before the offer expires and send it over to Tesla and get my loan ready?

My situation slightly different but, my credit union required "booking of the loan" by date X. They basically needed the VIN, mileage, bill of sale/purchase agreement. I presume you cannot get a bill of sale/purchase agreement until the dealer has you sign final papers and therefore they will not hold your rate.

 

[ejfirestar]

So update on my DCU experience.
After waiting a week for them to open my membership, I emailed their support. I was finally approved before their support could reply to my email. Then I immediately set up an ACH transfer to fund my account and it took 5 business days to process. I then called about my loan, and the wait was over 2 hours so gave up waiting. Called again today and at least was given the option for them to call me back. I'm approved for 1.74, with a discount if I deposit my "net income". This was all verbally over the phone. The email they sent just says that I'm approved with no rate or anything.

So now my steps are to set up direct deposit. But I don't want to send my net pay, just the monthly payment for the loan. But they are asking for more recent pay stubs when I send them the purchase agreement (with the vin). Maybe they don't care if the deposit doesn't match...
Ultimately I want to go with Tesla finance, but I don't think they will match 1.24.

 

[bronxct1]

I have 2 Model Y's on order so I've just applied to DCU as getting 1.24 on both these loans would change the way I decide to handle cash. I usually pay the doc fee and sales tax, but at 1.24 it only adds like $150 of interest to the loan so I'd be better off investing the almost 10k instead of laying it out.

Anything else I should be aware of. Also, one of the Model Y's will be registered in just my name and the other will be registered in both my wife and my name. Will I have to have her join DCU as well?

 

[ejfirestar]

Also, one of the Model Y's will be registered in just my name and the other will be registered in both my wife and my name. Will I have to have her join DCU as well?

I don't think so, my loan is in mine and my wife's name, but I'm the only one on the DCU account. You can easily add a joint owner of you need to.

 

[Fakedevil]

For folks who did DCU, what document did you all upload for the purchase and sales agreement?

 

[EVHokie07]

I received 2.49% for 72 months from Tesla, could probably match it at my CU, but it saves me a lengthy appt in the branch

same here, congrats!

 

[jfort]

I read somewhere else in a order thread that DCU is on to the rate match game and won't send out a term sheet as easily (not until you submit a VIN / PO). All that I have is a verbal rate and a generic e-mail stating that my loan was approved.

 

[NikolaTs]

I read somewhere else in a order thread that DCU is on to the rate match game and won't send out a term sheet as easily (not until you submit a VIN / PO). All that I have is a verbal rate and a generic e-mail stating that my loan was approved.

i also read somewhere that Tesla's lenders weren't able to match the 1.24% rates DCU was handing out. Between that, and the delays in approval, and no term sheet till the VIN is in, I'd recommend only applying to DCU if you want to actually close with them.

FWIW I've banked with them since the too big to fail crash of 2008 and have had nothing but good experiences compared with big 10 banks. Great rates, free credit scores, no BS fees and nickel and diming, and get paychecks 2 days early - but don't expect international SWIFT codes and the big bank level of features. Works for 99% of my needs to mobile deposit an occasional check and transfer in and out of brokerage accts, but YMMV