Best interest rate via Tesla financing?

[sgalla04]

How long does it take to get a rate match? I sent my loan docs from DCU this morning and haven't heard back yet. I'm just a little nervous since I would need at least a day's notice for DCU to be able to mail me the check.

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.

I emailed [email protected] (i.e. our buddy Chris) on Monday at 1 PM EST. And I had a reply with a successful match that evening at 11:30 PM EST.

Give it a day. And also I suggest calling DCU tomorrow morning. I hadn't heard back after applying on a Saturday, but when I called Monday morning, I talked to someone who processed what I needed and had it by 1 PM for RateMatch.

 

[AlanCar]

RateMatch got back to me 8 hours later and confirmed, "I am pleased to confirm your rate match to 1.24% on your loan of $52,790.00 over 72 months." This is the price before taxes and fees, even though DCU was able to finance the out-the-door price. I will ask if they can include the taxes and fees, but unlikely based on other responses.

 

[iamcaseyf]

I think I might have jumped the gun though.. I don't have a MVPA yet with a July delivery (yeah yeah, got a little excited and applied early). Once I get the MVPA I can have DCU firm the rate up and will try to use that when I send it back to RateMatch

 

[sgalla04]

I think I might have jumped the gun though.. I don't have a MVPA yet with a July delivery (yeah yeah, got a little excited and applied early). Once I get the MVPA I can have DCU firm the rate up and will try to use that when I send it back to RateMatch

Yeah, the credit check is only good for 30-45 days. The application may expire.

 

[senor_sausage]

Anyone know if they will rate match a refi loan from DCU? I took Tesla financing with the 2.5%, and never got an MVPA (just loan docs). I know I have 7 days from pickup to do a rate match.

 

[SDM44]

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.

From what I've been seeing in the last couple of days on this forum and in some FB groups, this appears to be happening with a number of people.

I don't plan on applying for a DCU loan until late-July or until Aug, since I'm not scheduled to take delivery of my car until Aug/Sep, but I'll try to see then if they'll match the 1.24% at 72 months at that time. If they only do 60 months, then I don't mind reapplying with DCU for the 72 month loan at 2.24%, and having Tesla rate match that for me.

BTW, I did send an email to [email protected] earlier asking politely if they were able to shop around for any available rates better than what we had. Tesla immediately replied back within a minute saying 2.49% was their "floor rate" for their loan program

 

[sgalla04]

From what I've been seeing in the last couple of days on this forum and in some FB groups, this appears to be happening with a number of people.

I don't plan on applying for a DCU loan until late-July or until Aug, since I'm not scheduled to take delivery of my car until Aug/Sep, but I'll try to see then if they'll match the 1.24% at 72 months at that time. If they only do 60 months, then I don't mind reapplying with DCU for the 72 month loan at 2.24%, and having Tesla rate match that for me.

BTW, I did send an email to [email protected] earlier asking politely if they were able to shop around for any available rates better than what we had. Tesla immediately replied back within a minute saying 2.49% was their "floor rate" for their loan program

I never received an email reply back from AutoFinance, but by that time I didn’t really care cause I knew it wasn’t going to be less than 1.24% anyway.

 

[thomas.george]

This is what it says on my account:

View attachment 670515

I'm not sure I can PM you (may be too new). Can you PM me with a Referal code for DCU?

 

[weeeza]

RateMatch got back to me 8 hours later and confirmed, "I am pleased to confirm your rate match to 1.24% on your loan of $52,790.00 over 72 months." This is the price before taxes and fees, even though DCU was able to finance the out-the-door price. I will ask if they can include the taxes and fees, but unlikely based on other responses.

They gave me 1.24% match but for 60 months, I responded asking for 72 months and our friend Chris said it is not possible without an approval from DCU that says 72 months not 65

Was it Chris that got yours approved for 72 months?

 

[sgalla04]

They gave me 1.24% match but for 60 months, I responded asking for 72 months and our friend Chris said it is not possible without an approval from DCU that says 72 months not 65

Was it Chris that got yours approved for 72 months?

Yes, it was Chris. Maybe the banks are pushing back.

Still 1.24% at 65 months is pretty darn good. If Tesla wouldn’t have matched for me I would have just stuck with DCU then. You also don’t have to make a first payment for 60 days. And you can have a loan to value of 125% of the car.

 

[ptung07]

Hi everyone I tried to read through the last couple pages to figure out how to RateMatch and finance with Tesla and DCU.
I just checked my order status and finally have a VIN and prepping for delivery.
On my Tesla order page, I filled up everything up to the point of credit check for financing. Do I FIRST fill out the Tesla financing? THEN apply for an auto loan at DCU? Then once I get the rate I want at DCU, email the [email protected] address? Or do I only apply a DCU and then email [email protected] to see if they can match with DCU?
I don't want to apply to too many places and get my credit score hit! Thanks again!

 

[sgalla04]

Hi everyone I tried to read through the last couple pages to figure out how to RateMatch and finance with Tesla and DCU.
I just checked my order status and finally have a VIN and prepping for delivery.
On my Tesla order page, I filled up everything up to the point of credit check for financing. Do I FIRST fill out the Tesla financing? THEN apply for an auto loan at DCU? Then once I get the rate I want at DCU, email the [email protected] address? Or do I only apply a DCU and then email [email protected] to see if they can match with DCU?
I don't want to apply to too many places and get my credit score hit! Thanks again!

You cannot apply to too many places if they are all done around the same time for the same type of loan. 1 Credit check is the same as 3 credit checks for the same auto loan. Crediting agencies realize customers will shop around.

Doesn’t matter which one Tesla/DCU you apply to first. Once you have BOTH then you can send a DCU loan doc to [email protected].

 

[ptung07]

You cannot apply to too many places if they are all done around the same time for the same type of loan. 1 Credit check is the same as 3 credit checks for the same auto loan. Crediting agencies realize customers will shop around.

Doesn’t matter which one Tesla/DCU you apply to first. Once you have BOTH then you can send a DCU loan doc to [email protected].

Ah good to know. Thanks a TON! I appreciate it

 

[AlanCar]

Chris replied back to me and was able to get me a loan for the full out-the-door price, 72 months, 1.24%! I think the bank changed from US Bank to Wells Fargo after upping the loan amount.

 

[My_T3sl@]

What is the process of getting DCU membership. I don't have affiliation through my company. Does it work through reference and if so, can some existing member please refer me?

 

[Fakedevil]

What is the process of getting DCU membership. I don't have affiliation through my company. Does it work through reference and if so, can some existing member please refer me?

When you sign up, you have a chance to donate $10 to one of their organization and you become a member that way.

The big banks must be drying up of business.. or they are sick of DCU and their rate so decided to just stick it to them..

 

[Djblkthunda]

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 got 2.75 with a CS bove 700

 

[TesMY]

Got approved for loan with 2.5%, reading this post, is it worth checking with other lenders for lower rate?

Trying to understand the difference between 2.5% interest vs 1.5% ? How significant is that? Calculators are showing only $1000 difference and just around $15 in monthly payments.

 

[sgalla04]

Got approved for loan with 2.5%, reading this post, is it worth checking with other lenders for lower rate?

Trying to understand the difference between 2.5% interest vs 1.5% ? How significant is that? Calculators are showing only $1000 difference and just around $15 in monthly payments.

Those figures sound about right. To me it's not really about the immense savings, but about not being taken advantage of by the "system". If it only takes me another 15 min. to save $1,000 over the loan, then why not give it a try if you know there is a better rate out there. The banks are all competing for your business, I'm not satisfied with settling on the first rate given to me. To each their own though.

With very good credit, we know for sure that DCU is offering 1.24% for 65 months. I even saw someone recently get 0.98% for 60 months, but not sure if they have an exclusive credit union or not.

 

[SDM44]

Got approved for loan with 2.5%, reading this post, is it worth checking with other lenders for lower rate?

Trying to understand the difference between 2.5% interest vs 1.5% ? How significant is that? Calculators are showing only $1000 difference and just around $15 in monthly payments.

As mentioned, you can try applying through DCU for a lower rate, but it appears now Tesla will only match their 65 month term to a 60 month term.

If you want a term lower than 2.49% right now, probably the best bet is to apply for the 72 month auto loan with DCU and you'll be able to get it at 2.24% since they take of .25% for an EV loan. Then you would be able to rate match that with Tesla without any issues. I plan on going this route only if Tesla doesn't match the 1.24% loan to 72 months when I give it try in late July or in Aug.