Yes007
7/Red/Blk/OD7-21/EDD(11/02-11/30)/Order on hold
At the time of rate match, should I ask SA to flip from Tesla Financing to third party lender? OR can I rate match without flipping to third party lender. TIA
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Best interest rate via Tesla financing?
- Thread starter rbaum0519
- Start date
- Status
if you flip to 3rd party then Tesla would not rate match. Have you applied for Tesla financing already ? I would suggest, if you have VIN, start the ball rolling with DCU, get your mvpa from Tesla account to DCU. Call them and get a loan terms and agreement document to sign (BUT DO NOT SIGN). Send that document to [email protected] and wait to hear from them.
Yes007
7/Red/Blk/OD7-21/EDD(11/02-11/30)/Order on hold
Thanks. Not that lucky yet about VIN, loooong way to go. Just getting the knowledge so that I am aware of the process. So, if I don't flip to third party finance, how can Tesla provide MVPA on DCU name. I believe this MVPA doc is key for DCU to process. Am I correct?
BlackHawk2383
Member
You are correct. Before I applied for a second loan I submitted by request to rate match to tesla to make sure they would rate match to 72 before I applied for the 72mo loan. If they had said they would only match rate to 60 then I would have applied for that. Once they got back to me and said they would match the 72mo no problem they told me apply though tesla and let them know once I did. It was instant approval and once I saw the "agree to terms" blue button I emailed ratematch back and they created their own loan term doc with the details and it showed up in my account with a check mark next to payment and showed $0 due.
So you can probably apply for the Tesla loan before submitting the ratematch but are taking a chance on if they will and risk two credit pulls. If they had told me they would not rate match I would have just stuck with DCU and saved my credit from applying for a second loan.
BlackHawk2383
Member
Tesla was very adamant about not matching me to a 60 or 72 month term unless my DCU term sheet listed that. I got that same response from 2-3 different people. I asked if this was a new policy, told them my referral got a 72 month match, asked to speak with a supervisor. Tried everything and they straight up said no. They also took forever to respond every time and DCU was extremely nice and responsive. The only negative I had with DCU was wait times but they have a system set up to call you back so you don't have to wait on hold. I'm actually glad Tesla didn't match at this point because DCU has some pretty nice member benefits I wasn't going to get with the large bank Tesla was going to use.
BlackHawk2383
Member
That is so strange because while we had same experience with DCU customer service my service from Tesla has been even faster and had no issues rate matching to 72 including 100% financing with no down payment...so I literally have 0$ due at delivery. Not sure if this is a credit rating type of thing or just what mood the guy at Tesla is in that specific day but he was very prompt responding to me.
If you apply with multiple banks for an auto loan within a 30 day window then there will be only one hard credit pull. Apply to 3 or 4 if you want to shop around. Credit agencies know this and it will not impact your score more than if only applying with 1 bank.
Has to be the mood, I have like a 820-830 credit score, so that shouldn't of been an issue. Tesla finance actually never responded to me the last time either and I was getting close to delivery date so that made the choice to go with DCU easier
You just need to sign up for one of their membership choices, the cheapest is $10 and with a referral they will give $20 back so a net $10 gain. Its very easy to get their cheapest rate you just need the term to be 65 months or less and you get a 0.5% discount for adding direct deposit for their cheapest rate of 1.24%. The benefit of Tesla match is if you are lucky you can get Tesla to extend the rate to 72 months and you don't need a direct deposit account. For me DCU is nice because they give you a free savings account with 6% interest for first 1000 dollars and with the direct deposit you can just have the monthly loan total taken out and then automatically paid out of your account. Tesla also would not rate match me because the term sheet said 65 months, they were requiring me to get a new term sheet with either a 60 month or 72 month term. No clue why they were being so stubborn with me but they were also extremely unresponsive every e-mail to them took over 24 hours. I ran out of time to argue with them and ending up just sticking with DCU.
Yes - this should work - I just completed everything today and take delivery tomorrow but felt like I cut it too close. The key is that when you apply for the DCU auto loan you have to stay on them to go through approval. I called two days after applying and that’s when they approved me over the phone. And then it took a day to get them the purchase agreement, and another day to get the loan docs. Also, I got my VIN on a Saturday mid-day - which made it harder to get approved or do anything because banks are generally closed or short staffed. DCU is SLOW
I got Vin Saturday and taking delivery tomorrow.
generally the timeline is as follows:
- apply for DCU loan immediately after getting VIN (allow 4 days to get loan docs for the rate match - you can speed that up by continuing to bother them on the phone lines which have 2 hour hold times at peak hours) - they will need a purchase agreement from Tesla showing DCU as lender - that took some time to Procure as well
- Tesla finance approval - 24 hours
- rate match - took 24 hours but could be longer if they don’t want to match for some reason - mine went through smoothly
- I scheduled deliver the very first chance they had which was Friday (after a Saturday VIN). You want all your financing and paperwork in order 24 hours before taking delivery or I think you could risk having delivery delayed
- you also have to factor in the time/effort to
get or shop around for insurance
- overall I think I spent about 6-7 hours on the whole process - most of it on-hold with DCU
- would have felt better if I had more than 4 business days to do it all
They matched me today at 72 without a question - but I put down a $20k down payment… not sure why some get lucky…
Yes007
7/Red/Blk/OD7-21/EDD(11/02-11/30)/Order on hold
Have you tried sending ratematch thru your SA, probably he/she can push for you.Has to be the mood, I have like a 820-830 credit score, so that shouldn't of been an issue. Tesla finance actually never responded to me the last time either and I was getting close to delivery date so that made the choice to go with DCU easier
Yes007
7/Red/Blk/OD7-21/EDD(11/02-11/30)/Order on hold
"they will need a purchase agreement from Tesla showing DCU as lender". How do you get this doc?
This where confusion is, so should the setting be flipped to thrid party lender to get this doc OR Tesla can provide this doc even if it Tesla Financing.
BlackHawk2383
Member
Your MVPA is located in the document section of your dashboard. DCU did not require mine to indicate financing as my MVPA showed cash payment. My experience is not guaranteed however based on other people's feedback here.
I just called and had them switch to third party financing and downloaded the MVPA, and the called and had them switch to
Tesla financing. When DCU approved I sent them MVPA
SDM44
.
Just a word of caution for anyone wanting to do this. Make sure you have your VIN before requesting a change in your order's payment option.
If you have your SA "change" it for you, all they can do is reset the payment option and you'll have to go into your Tesla account and select Cash or Self-Arranged Financing as your option in order to get the MVPA. Once you've selected your payment option and "re-finalized" your order, this will bump you down the queue as the system will see that you've just finalized your order on that date, which right now means a December delivery.
This is what happened to my friend who ordered in early May, but requested for a payment change on his account in June. He should've been taking delivery of his car right around now with the rest of the May orders, but instead he has mid-late Sept EDD.
- Status
Similar threads
