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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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No reason not to open the account now to ensure a smoother process when applying for the auto loan. Do not apply for a loan until you receive a VIN from Tesla. I agree, their explanation isn't clear. I had to talk to a Rep. to fully understand. Yes, they offer a 90-day grace period to setup the direct deposit to get the rate discount.
It is basically just the direct deposit to maintain PLUS membership. You can also qualify as a Relationship Member, but it isn't necessary to do so to get the lowest rates.
www.dcu.org/bank/checking/free-checking.html
PLUS Membership- How to Qualify: Add and maintain direct deposit (qualifying direct deposit is a recurring electronic credit of your payroll, retirement, Social Security, or other recurring monthly income). If at any time you fail to maintain these qualifications, your benefit level will be automatically adjusted without notice and you will no longer be eligible to receive the associated benefits.
Relationship Membership- How to Qualify: Add and maintain direct deposit (qualifying direct deposit is a recurring electronic credit of your payroll, retirement, Social Security, or other recurring monthly income) AND make at least 5 transactions per month (qualifying transaction types include debit and/or credit card transactions, bill payments, balance transfers, or P2P transfers that clear your account within the same month). If at any time you fail to maintain these qualifications, your benefit level will be automatically adjusted without notice and you will no longer be eligible to receive the associated benefits.
SDM44
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Become a member (takes a few minutes to setup - read this thread to see the best & cheapest way to do it) and once you have an account, you can call them and ask to move the terms to the 65-month loan that gives you 1.49% (which turns into 1.24% when you're buying an EV).
The biggest struggle with them is calling them during their business hours, as it's at least an hour wait on the phone. Or call them and use the call-back feature and they'll call you back within a couple of hours.
johnc925
#1 MYLR/Blue/wht/20" | #2 MYP/MSM/wht/OD-9/25
Good thread but too many pages to read through it all so will ask...
Has anyone gone with the 0.99% 48 month DCU option and then had Tesla rate match that? All the posts seem to talk about rate matching 65 mo @ 1.24% in the form of 72 mo match by Tesla.
Also, I think my EDD is holding steady with early Sept - Mid Sept (05/28 OD) so I'll be needing a DCU referral code soon if someone can be so kind.
Has anyone gone with the 0.99% 48 month DCU option and then had Tesla rate match that? All the posts seem to talk about rate matching 65 mo @ 1.24% in the form of 72 mo match by Tesla.
Also, I think my EDD is holding steady with early Sept - Mid Sept (05/28 OD) so I'll be needing a DCU referral code soon if someone can be so kind.
pm’ed you. I have not heard of 0.99% 48 month but personally would go with 1.24% 65/72
OCJeff
Active Member
I'm still of the opinion that you should seriously consider giving DCU your business and not just use them and cast them aside for a rate match.
Worst case I would purchase with Tesla financing to keep the purchase super simple, and then just re-finance the auto loan into DCU. I get that it's only 65 months and not 72, but I still feel like we should support the little guy who is offering these incredible rates.
Worst case I would purchase with Tesla financing to keep the purchase super simple, and then just re-finance the auto loan into DCU. I get that it's only 65 months and not 72, but I still feel like we should support the little guy who is offering these incredible rates.
OCJeff
Active Member
Just a regular Savings is the standard. Then you need checking for DD set up.
SDM44
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Yes, but you need to setup the Savings account first, then adding the Checking account is free. As mentioned above, it's needed to setup the direct deposit in order to get the .5% rate reduction they they offer on their loan terms.
Does anybody by chance know if I can complete all this DCU stuff if I forgot my member number? I became a DCU member two months ago and I applied for the loan over the phone but I just realized I can't find my member number and I called support and they said the only way to get it is via mail and it can take up to two weeks. We'll my delivery date is in 10 days. Did I kind of screw myself?
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