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Best interest rate via Tesla financing?

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Remember, to get the 1.24% rate from DCU, you need to have your paycheck deposited into their account. Some have said they were able to just deposit enough to cover the car payment, but it is still a little bit of a hassle. If Tesla can match, that is the better route.

Tesla matched the rate for 72 months!

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This is great to see! I am going to have them match as well. Just need the damn VIN!
 
Remember, to get the 1.24% rate from DCU, you need to have your paycheck deposited into their account. Some have said they were able to just deposit enough to cover the car payment, but it is still a little bit of a hassle. If Tesla can match, that is the better route.


This is great to see! I am going to have them match as well. Just need the damn VIN!
Yes, when I was on the phone with the DCU loan rep, I had told her I was already depositing $10 bimonthly to make sure I had it all setup prior to applying. She said that will not be enough, but the amount of the monthly loan will be enough to qualify and she said I had 90 days to make sure it was setup. I made sure to ask, "Does this mean the 1.24% will show on the DocuSign document?" and she confirmed yes. And yes it was on the document so I was able to send it to [email protected].
 
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I will also add that for DCU beside the direct deposit, the delivery is also a bit more of a hassle cause you have to make sure the check is delivered to you or tesla in time for delivery.

That said, I personally don't like the idea of using a CU to rate match with a big bank but that's a me thing. If you can pull it off, you will definitely save some time and energy.
 
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I will also add that for DCU beside the direct deposit, the delivery is also a bit more of a hassle cause you have to make sure the check is delivered to you or tesla in time for delivery.

That said, I personally don't like the idea of using a CU to rate match with a big bank but that's a me thing. If you can pull it off, you will definitely save some time and energy.
Bleh, too much work for maybe an additional 0.75% discount. Think I'm just gonna keep my 1.99%/72 month offer. Probably will go with the local credit union instead of U.S. Bank/Tesla though.
 
Thank you for the detailed explanation. I am a DCU member from last 10+ years, so that's taken care of.
So I will wait for the PIN, and then I will apply for DCU and tesla loan simultaneously.
Thanks once again for your help.
If you are already a DCU member, then instead of applying, you can accept the offer that shows up on the front dashboard screen to the right, that way it won't do a hard pull until the loan is approved after MVPA is uploaded.

For mine, there have been no hard pulls at all, all of my vehicle loans end up with DCU eventually, I can see the accounts on my credit report but no hard pulls from DCU.

However, you need the MVPA (which is generated after VIN is assigned) to get final approval.
 
They won't take the order agreement (MVOA). They want to see the Motor Vehicle Purchase Agreement (Mvpa). DCU accepted my Mvpa, but be mindful if it correctly lists your down payment or lack thereof.

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I guess because I initially accepted Wells Fargo / Tesla Financing I did not get a MVPA but a Finance Contract. They wouldn't accept the finance contrat either.
 
Can either you or @Fakedevil educate me on this? I've been doing research to find how to get the best rate and savings for my purchase. Similarly what I've done for mortgage rates or refinancing. Is there something I did ethically wrong? Or fundamentally bad to affect my credit?

It sort of feels wrong to just take a CU offer to force a banks hand. Like asking Amazon to price match a mom and pop store.

That being said, it's a pain to have to split direct deposits, and wait for 2 hours on hold etc. I'll probably ask for a price match, because worst case they say no and I use DCU. I already moved 1k into savings for that sweet 6%. So at least they got some money from me. And I'm looking at home loans with DCU to since they seem competitive.
 
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It sort of feels wrong to just take a CU offer to force a banks hand. Like asking Amazon to price match a mom and pop store.

That being said, it's a pain to have to split direct deposits, and wait for 2 hours on hold etc. I'll probably ask for a price match, because worst case they say no and I use DCU. I already moved 1k into savings for that sweet 6%. So at least they got some money from me. And I'm looking at home loans with DCU to since they seem competitive.
Yeah, in the end they might not be getting all of the auto loans, but they are getting some I'm sure. And the low rate is attracting people to DCU who has never heard of them. I am also keeping the $1,000 parked there. Also, all of the volume is driving $10 donations. I know its small, but there is some good happening with opening an account with them.
 
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Yup, like if you own a small business selling something a big box store sells. And the customer just uses your pricing to force match with big box store, you probably would feel a bit used at the least? I know this is how economy works but if its for the same cost, I rather just support the smaller/local stores where I can.

if the service I am getting from DCU gets worse.. then I might reconsider that too :) And man their portal needs some work too.. but their loan rates and interest rates are pretty amazing..
 
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Yup, like if you own a small business selling something a big box store sells. And the customer just uses your pricing to force match with big box store, you probably would feel a bit used at the least? I know this is how economy works but if its for the same cost, I rather just support the smaller/local stores where I can.

if the service I am getting from DCU gets worse.. then I might reconsider that too :) And man their portal needs some work too.. but their loan rates and interest rates are pretty amazing..
Understood.

Maybe if DCU offered 72 months at the low rate that might make it more equivalent. But the fact that Tesla (U.S. Bank in my case) accepts the lower rate for a longer period makes it hard to pass up.
 
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Yup, like if you own a small business selling something a big box store sells. And the customer just uses your pricing to force match with big box store, you probably would feel a bit used at the least? I know this is how economy works but if its for the same cost, I rather just support the smaller/local stores where I can.

if the service I am getting from DCU gets worse.. then I might reconsider that too :) And man their portal needs some work too.. but their loan rates and interest rates are pretty amazing..
Not exactly stealing from the poor to give to the rich though. More like very affluent to the uber rich. ;)
 
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Can either you or @Fakedevil educate me on this? I've been doing research to find how to get the best rate and savings for my purchase. Similarly what I've done for mortgage rates or refinancing. Is there something I did ethically wrong? Or fundamentally bad to affect my credit?
Nothing wrong with ethically finding the cheapest rate or better cash flow whether it is Bank/CU. I don't have my mortgages with CUs, they are with whoever can give me the cheapest rates.

Credit unions by definition are non-profit entities, they work in favor of their members instead of their owners/shareholders as in a bank. My personal experience has been a lot better with CUs over Banks, banks will nickel and dime you.

All things equal and even if slightly disadvantageous, I prefer CU just because they work for members and I'd support them over banks.

With DCU, you would be able to finance 120%, however, I am not sure if a bank would do that.
With DCU, the interest rate for the first $1,000 in the savings account is 6%
If you use any ATM they will refund up to $10 for plus checking.

DCU/Penfed/Navy, etc are not small CUs, DCU is the 15th largest credit union, it was started by employees of DEC (Digital Equipment Company) in the late '70s or so which was bought by Compaq and HP later, so don't worry about stealing from poor and giving to rich, it just that they work for their members.
 
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