How did you all get full approval from DCU with a "paying cash MVPA" from Tesla? DCU is telling me to get an updated MVPA showing that I plan to finance the car before they will provide anything in writing evidencing the 1.24% rate. They could be wising up to all the people simply using them to get Tesla to rate match?
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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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I sent them my cash MVPA and they were fine with that, doesn't really make sense that you would need a finance MVPA since as far as Tesla is concerned they are getting a cash check for the full amount from you.
That's what I tried explaining to this loan officer but she was insistent that I needed to obtain an amended MVPA showing a line for "Amount Financed" as the one I have shows zero financed (all cash).
SDM44
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I put my financing as "self arranged financing" so a MVPA will still be made available to me, since I'll need to give that to DCU in order to complete my auto loan paperwork.... which I can then use to rate match with Tesla.
I actually ran into the same situation but I complained and asked to speak to a supervisor. They were able to make an exception, but it is also extremely easy to call your SA and have them change it to third party financing on the backend and your MVPA will update really quickly. I just didn't want to have to call DCU again and wait on hold for another 1.5 hours.
BlackHawk2383
Member
I've asked a few places but if there is anyone here willing to give me DCU referral I would greatly appreciate it. PM me for name and email. Thanks. I got my VIN today and my earliest delivery day could be next Thursday so I'm now panicking a bit that I don't have all this financing stuff figured out but I thought I'd have more time as my SC said I would have 2 weeks.
Wolfhausen
Member
People, don't use DCU's low APR to negotiate a better rate with Tesla. Tesla is not financing you. They are not getting your loan business, they farm it out with a lending organization like US Bank. If DCU is giving you the lowest rate, why not finance through them and reward them for beating the competition? I gave Tesla a shot and they financed me at 2.49%. If DCU beats their rate, I won't ask for a match. I'll take my business to DCU.
Yes007
7/Red/Blk/OD7-21/EDD(11/02-11/30)/Order on hold
I believe it's more of convenience factor with Tesla financing and turn around time working with external bank. Especially, given Tesla reputation of keeping up with ETAs and dates, it will be hard to co-ordinate with delivery day.
There are a few reasons, if DCU offered exceptions or essentially the "same deal" as Tesla after matching I think more people would stay with DCU. Personally I was going to stay with DCU if Tesla would only match to a 60mo term. Below are the other main differences though:
- Need to setup and maintain direct deposit with them for the 1.24% rate. After Tesla match, you can use whatever bank account you want.
- They only do 65 months at 1.24%. Tesla will (in some cases) match the 1.24% rate to a 72 month term. DCU does not offer this.
- When financing through DCU, the loan seemed to start the day they send out the check. With Tesla, it starts the day you take delivery. This is especially nice if there are unexpected delays.
Hey everyone - trying to figure out this process quickly as I was just allocated a VIN for delivery this week. I’m in the process of getting approved for a DCU auto loan. Should I also apply for Tesla Loan now? Once approved for Tesla loan then I can work on rate match? Any help greatly appreciated!
OCJeff
Active Member
BrianD
Member
I’m having trouble getting Tesla to match:
“The term must match unfortunately. Our lenders offer 36/48/60/72 month terms only.
Please provide an updated approval document that matches one of our lenders’ terms so we can review for a rate match.”
Any tips on how to get past this?
“The term must match unfortunately. Our lenders offer 36/48/60/72 month terms only.
Please provide an updated approval document that matches one of our lenders’ terms so we can review for a rate match.”
Any tips on how to get past this?
Wolfhausen
Member
Probably a strategy by DCU to address all these chumps wasting their time and using them as a bargaining tool.
Just see if they can get close on a 72 month - what are you trying to have then match?
BrianD
Member
I received the 1.24% 65 months from DCU which I thought was pretty standard and what others were using. I would have been fine with either Tesla’s 60 or 72 but they did not offer either in their response. I’ll try again.
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