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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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Sorry that I was not very clear. What I meant was, I was able to apply for the car loan, and then opened the savings, and checking account, in that order, without requiring any kind of referral codes from another member. Neither have maintenance fees, so I was fine with that. So really, based in living in Georgia, I was eligible.
And by the time I am replying to this post, I have received the loan agreement via DocuSign, where 1.24% is given with assumption of setting up the direct deposit of 'net pay' within 90 days, otherwise it will be reverted to 1.74%. If I use them, then I plan to just go ahead and only deposit enough to make my monthly payment. And as someone said earlier, will they really know the difference between net pay vs partial deposit of your paycheck?
I got the loan document from DCU about 1/2 hr ago, and had started the process yesterday.
Thanks for your responses. I have received the DCU referral code at this time.
I got the same, declined to sign, sent the approval to rate match email id, waiting to hear back. Meanwhile to match the rate finance guy on phone opened the finance through Tesla option for me. Right now 2.49 through BMO Harris bank. Waiting to hear from rate match guys (2 hours and counting)
What stage are you in approval at ?
1. Apply when you get the MVPA
2. Get the email from DCU to upload MVPA. Call to expedite. Prepare to wait for Long time. Best to call in early morning hours (adjust according to your timezone).
3. Upload MVPA, call again.
4. Agent on phone will go through the terms. Offer Gap insurance, credit card (decline, if you wish). Then he will have a DocuSign document emailed to you in few hours.
5. Now the fun part. If you want to keep DCU for financing, sign the document asap. If not, then step 8. Once they send the DocuSign, your online banking for DCU will show the loan account.
6. Once they get the document signed they will overnight the check payable to Tesla through FedEx.
7. When you get the check, you take it to the delivery center (no home delivery for 3rd party financing) and get the car, give them the check if you accept the delivery.
8. If you do not wish to keep DCU, do not sign the DocuSign document. Decline to sign and call them to cancel the loan. But before that open financing with Tesla and send a rate match email at [email protected] with the DocuSign document PDF.
Simple
This is awesome write up, thanks for doing that.What stage are you in approval at ?
1. Apply when you get the MVPA
2. Get the email from DCU to upload MVPA. Call to expedite. Prepare to wait for Long time. Best to call in early morning hours (adjust according to your timezone).
3. Upload MVPA, call again.
4. Agent on phone will go through the terms. Offer Gap insurance, credit card (decline, if you wish). Then he will have a DocuSign document emailed to you in few hours.
5. Now the fun part. If you want to keep DCU for financing, sign the document asap. If not, then step 8. Once they send the DocuSign, your online banking for DCU will show the loan account.
6. Once they get the document signed they will overnight the check payable to Tesla through FedEx.
7. When you get the check, you take it to the delivery center (no home delivery for 3rd party financing) and get the car, give them the check if you accept the delivery.
8. If you do not wish to keep DCU, do not sign the DocuSign document. Decline to sign and call them to cancel the loan. But before that open financing with Tesla and send a rate match email at [email protected] with the DocuSign document PDF.
Simple
I just got MVPA today, so have to start from 0
may i ask what was your initial deposit for one of their accounts, since you have to open an account to become a member on top of the loan? Depositing into their account they use PLAID so you have had to put a bank account or debit card to make a deposit. Wondering if your deposit is less than what you stated for...because they debit your non profit membership out your first account deposit. Unless you stated your associated with one of their non profits or organizations they service.
You got to go fast. Not much time until your date of delivery. Assuming you are in CA, you have to call them tomorrow morning 5 AM (they open in East coast 8 AM). or try calling NOW
My bank doesn't allow PLAID. DCU actually let me use a credit card (didn't have to use a debit card, I was surprised) for the $10 donation and the $5 minimum deposit to open the account since I couldn't use PLAID. Pretty simple. Then it took a few extra days to initiate ACH deposits between my PNC and DCU accounts.
My account won’t let me reply to private messages apparently. Can you e-mail me at [email protected] and I can send you all my information for The DCU referral? Thank you!
yep, PLAID or a credit card. So to clarify your statement early.... your $10 donation, which i think is to the Children's Education one, because that's what I did....that's your membership to that organization.
you can accept the terms on tesla.com. Ratematch will update your terms there after. you might as well accept it now so have your profile completed as of today. Words of Internet advice here, which i'm sure many will echo the same thing.... just do a cash option. The loan, unless you know your delivery will be happening in the next 30 days, accept it. If not, and you're just completing your profile now.... just do a cash option till you get your vin.
For the savings, it was $5.00, and for checking, $25.00. I noticed it used Plaid for the latter, but allowed me to either use CC or e-check for the savings one.
One more thing I wanted to add to this thread is that I had also seen a mention somewhere about how DCU would expect to have their name on the MVPA, before they approve the loan and basically I would have to go back to Tesla to generate a new one. However, my DCU officer basically said that MVPA I had uploaded (using cash as a method of payment on Tesla's website, prior to switching to Tesla lending to get their 2.49% approval first), would suffice. Not sure if this is because I am putting 25% in down payment of total price with taxes.
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