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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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Thanks for that info. If you do not accept the loan with DCU how does that work you just never have the check mailed out and then the loan falls off basically?
They never send you a check if you don't sign the DocuSign document. I "declined to sign" about 10 days later and then its like it never happened.
JackieBoy
Member
El joe
Active Member
Ordered a Model Y last night and was offered 2.49%. Might shop around but it’s by far the lowest I’ve ever been offered on a car so I may just settle.
Mod Y Guy
Supporting Member
Three days after I applied I received an info email with my PIN and other details about my DCU account. However, I called and spoke to a person a couple times to speed up the process and make sure I would be getting the lowest possible rate (1.24%). Took about a week all in to receive my loan docs that I could then rate match with Tesla.
OCJeff
Active Member
Mod Y Guy
Supporting Member
All wrapped up! Tesla Financing matched the 1.24% rate that DCU was offering for 72-months instead of 65! Sweet!! Getting the car on Saturday! You all think it best to wait on paying the down payment through ACH until I inspect the car? I’m almost certainly not going to reject it but I guess it’s smartest to wait. What do you all think?
OCJeff
Active Member
Wait until you see and are ready to take the car home. It could be a no show.
I agree with @OCJeff, no need to prepay. Bring personal check to delivery and they will initiate the ACH before you leave the SC.
Exciting to see others getting the 1.24% for 72 months!
Mod Y Guy
Supporting Member
My email to Tesla Rate Match:
Tesla Rate Match email back to me (just over an hour later):
Tesla Rate Match email back to me (just over an hour later):
SDM44
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After you got the DCU loan with the 1.24% rate (that you obviously didn't docusign it), did you have your SA switch your payment option back to Tesla Financing and then fill out the application on the website? Then once you were approved, did you then send the email & copy of the DCU loan to ratematch@tesla asking them to match the rate?
This is what I was planning on doing, but just wanted to make sure that it goes seamless.
BTW, to the other person asking about how long it takes to setup your DCU account and loan, if you have extra time (like I do now), setup the free checking account now and sign up for the Schools membership program for $10 now, as that all may take a couple of days to finalize. Within a week, you'll have a new debit card and PIN from DCU in the mail, and you will be able to log into your account online as soon as your checking account has been verified and setup (usually the next day after you open it up).
This way when you go to apply for an auto loan through your account, most of your info is already there and pre-filled out and it'll save you time when applying and waiting on the approval since you will already be a member.
Mod Y Guy
Supporting Member
Mod Y Guy
Supporting Member
So, my payment method was "cash" as of yesterday when I got word a car was available that matched my exact config. The SA I was working with called me and asked if I was sticking with cash or would be financing. I told her I would be financing but would be rate matching with Tesla. I told her I would be using DCU to rate match and she put that on my MVPA. I received the MVPA a couple hours after getting my VIN and then I sent the MVPA over to DCU. I called DCU right after I did that, waited about 25 minutes, and then spoke to a rep that got everything in order. She went over all the loan details and asked if I would be using direct deposit, I said yes, and I made sure I would be getting the EV discount as well. Before I got off the phone I confirmed the 1.24% rate at 65-months. I received the DocuSign with rate details this morning, saved it as a PDF, and sent it straight over to Tesla Rate Match. As you noted, I of course signed nothing with DCU. I will, however, be keeping the savings account with them and would have used them if Tesla denied the 1.24%, 72-month term. Tesla Rate Match did approve the terms in about an hour, using Wells Fargo, and it was reflected in my loan agreement on the Tesla App. I'm now just waiting for Saturday so I can inspect the car, make the down payment, and drive off into the sunset. Haha
SDM44
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So, my payment method was "cash" as of yesterday when I got word a car was available that matched my exact config. The SA I was working with called me and asked if I was sticking with cash or would be financing. I told her I would be financing but would be rate matching with Tesla. I told her I would be using DCU to rate match and she put that on my MVPA. I received the MVPA a couple hours after getting my VIN and then I sent the MVPA over to DCU. I called DCU right after I did that, waited about 25 minutes, and then spoke to a rep that got everything in order. She went over all the loan details and asked if I would be using direct deposit, I said yes, and I made sure I would be getting the EV discount as well. Before I got off the phone I confirmed the 1.24% rate at 65-months. I received the DocuSign with rate details this morning, saved it as a PDF, and sent it straight over to Tesla Rate Match. As you noted, I of course signed nothing with DCU. I will, however, be keeping the savings account with them and would have used them if Tesla denied the 1.24%, 72-month term. Tesla Rate Match did approve the terms in about an hour, using Wells Fargo, and it was reflected in my loan agreement on the Tesla App. I'm now just waiting for Saturday so I can inspect the car, make the down payment, and drive off into the sunset. Haha
Nice. I already selected DCU under my Self-Arranged Financing so I assume all of their info should already be on a MVPA once I can see that on my account, so I can send that to them.
Did you end up applying with Tesla for their financing, and getting their "standard" 2.49% rate? Then submit your DCU loan doc to the ratematch@tesla email after getting the Tesla rate through Wells Fargo? I'm assuming you would need to apply for a loan through Tesla in order to match the rate, as they (Wells Fargo in this case) would need to do a credit check and not just take DCU's loan and automatically offer you a new loan. Just making sure since I didn't see that step mentioned above.
Mod Y Guy
Supporting Member
Yes, I left that step out. When I initially ordered on 5/18/21 I chose Tesla Financing right away and was approved at 2.49% with Wells Fargo. It was only later that I shopped the rate and found out I wouldn't actually get an MVPA because Tesla only furnishes a "loan agreement" (DCU requires an MVPA). Therefore, I changed to "cash" in order to get an MVPA so that I could shop the rate. The way you have it set with DCU already on there as your self-arranged financing is perfect. You're good to go. Honestly, if I didn't have time off work right now I most likely wouldn't be hoop-jumping for $25 a month in savings. The fact is, I do have the time, so why not. 2.49% is a pretty good rate... 1.24% is better. Thanks again to everyone here that helped me along the way.
ScoobyDoo82
Member
2.75 isn’t bad, but like others have said.. shop around. I got a better rate then what Telsa first offered simply by asking my bank. Some people take 3.75 without knowing they can get lower.. others get 1.75 without knowing they can get .9 from their credit union. Point is: never take their first offer.
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