Best interest rate via Tesla financing?

[Rovin]

Did DCU change their terms today? I no longer see the 1.249 rate - I only see 1.49% with no mention of additional savings due to EV.

same here...they just put 1.49%

 

[Yes007]

same here...they just put 1.49%

I still see it on their auto loan page - Auto Loans | DCU

DCU Discounts​

0.50% -- Included for Plus and Relationship Members with Electronic Payments.

0.25% --- Additional Discount For Energy Efficient Vehicles

 

[brianld]

Can someone please DM me a referral code?

 

[SDM44]

Help! I applied and got approved for a loan from DCU @ 1.24% but I can’t get them to provide any paperwork until I give them a MVPA with vin on it. When will that come? I sent the one from my documents section but because there was no vin they won’t budge. My Y is arriving tomorrow and I want to pick it up

I believe that a Tesla finance order will not have a MVPA but instead a Finance agreement. That’s why you need to keep the order in as Cash until you get a VIN. Then flip to 3rd party financing unless you are financing the full amount. And that will list the amount financed on your updated MVPA. Then DCU will approve and send e-sign docs which you can then use to rate match (flip back to Tesla financing).

What @OCJeff said is correct. You will not see a MVPA link in your account unless you either have Cash or Self Arranged financing selected as your payment option. If you selected the Tesla financing option, then you're not going to get a MVPA. You will need to have your SA reset your payment option on your account so you can select Cash or Self Arranged financing (for self-arranged, you will enter in DCU's info for that and the loan amount you want to apply for through them), and then you will get a MVPA doc that you can download and send to DCU. As a FYI, I just left my payment option as Cash and submitted that MVPA doc to DCU, and they approved my auto loan at 1.24% without any issues.

FYI - if you change your payment option BEFORE receiving a VIN, this will bump you to the back of the line as it'll be considered a change on your order. Then, if you select your new payment option then your account will become 'finalized' again at that time. If you change your payment option AFTER receiving a VIN, then this will not delay anything and your delivery will still be on schedule. This is what SA's strongly advise doing, and what a lot of people end up doing as you normally have a few days between receiving your VIN and taking delivery of your car, to get your payment options squared away.


My only other piece of advice would be to apply for the same loan amount on both the DCU auto loan and through Tesla's financing, if you're going to submit a rate match request. If you're unsure of what the amount will be, just use any auto loan calculator online and plug in the 1.24% @ 72 months and play around with the monthly payment, and also calculate how much your out-of-pocket expense is going to be so there's no surprises. I'm not sure if it really matters, but having the same loan amount when asking Tesla to rate match the terms should increase the chance of getting the request approved.

 

[brianld]

Can someone please DM me a referral code?

All set, thanks guys!

 

[CWalston108]

Emailed tesla financing today and they said, and I quote, "2.49 is the lowest Tesla offers. If you find a better rate elsewhere feel free to use them instead."

 

[BlueGhost]

How long the process took and how many days its approved for 30 or 60 days?

Tesla offered me 2.49% for 72 months. PenFed credit union has 1.99% for 60 or even lower if you want to go with a 36 or 48 month loan. You do not have to be a veteran or federal employee to join. Good luck

 

[coolxiangm]

I applied at DCU last night. I got 2.99% without fill out referral code. Can I re-apply again if anyone send me a referral code? The rate is higher than Tesla offers. It is weird I don’t see 1.99%

 

[sgalla04]

I applied at DCU last night. I got 2.99% without fill out referral code. Can I re-apply again if anyone send me a referral code? The rate is higher than Tesla offers. It is weird I don’t see 1.99%

I am happy to provide a referral code. However, this shouldn't reduce your rate. It's based on your credit score. But if you want your spouse to apply, I can generate a code for you. You get $20 and I get $10, that is all a referral does. I will PM you.

 

[SDM44]

Emailed tesla financing today and they said, and I quote, "2.49 is the lowest Tesla offers. If you find a better rate elsewhere feel free to use them instead."

That is Tesla's typical response when you email them at [email protected] to ask if they can find you a lower rate than 2.49%, or they'll tell you they're already at the floor rate and can't go any lower.

Your best best is to find an auto loan that offers a lower interest rate on similar terms, apply for it and get approved, and then submit that to [email protected] and see if they can match that rate to one of their lending banks at 72 months.

 

[Webmd]

Can someone please DM me a referral code? TIA

 

[coolxiangm]

I am happy to provide a referral code. However, this shouldn't reduce your rate. It's based on your credit score. But if you want your spouse to apply, I can generate a code for you. You get $20 and I get $10, that is all a referral does. I will PM you.

I’m new to here, so could you email referral code to my email:[email protected]. I will let my wife try. Thank you bro

 

[nycsteven]

These are the steps I took after I got vin (Saturday)
1. Get checking (must get for direct deposit discount) and savings (must get)account with Dcu (can be done before vin which will help the process)
2. Called tesla to change from cash to finance.
3. Applied auto loan with Dcu on Sunday but because loan office is closed on sundays I couldn’t speak with anyone.
4. Monday called them and did the call back option.
5. received call and explained I wanted auto loan and they were able to pull up the information I placed online. They saw tesla and knew it was supposed to have ev credit discount and also I told them I wanted to do direct deposit. Got email while on the phone to send them mvpa( didn’t state Dcu on the form)
6. told me docusign will be sent to by end of business day.
7. didn’t receive by end of day so called again and did the call back option for following morning (Tuesday)
8. Got call and asked them to send docusign and they said they are backed up and may take to end of business day.
9. Got focusing about 1hr later
10. Send docusign to rate match.

Now just waiting for tesla

was rate matched in about 3.5 hours after sending email.

Final step is to call DCU again tomorrow to cancel the loan.

THANK YOU to all who provided their experiences before me. I was able to gather bits and pieces from what others have done. Just make sure to be on top of things as things move fast once you get VIN.

 

[brianld]

Apologies if I've missed this in the previous 60+ pages, but does DCU pull your credit when you open a checking and/or savings account? I realize they will need to for an auto loan, but I'm just looking to join for now, and don't want multiple inquiries on my credit report. Current delivery window is 09/10 - 09/30.

 

[Yes007]

Apologies if I've missed this in the previous 60+ pages, but does DCU pull your credit when you open a checking and/or savings account? I realize they will need to for an auto loan, but I'm just looking to join for now, and don't want multiple inquiries on my credit report. Current delivery window is 09/10 - 09/30.

I just opened yesterday and still waiting for membership approval. So far, no hard pull. As per rep, it will be soft pull.

 

[Yes007]

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?

If you still have the original email when submitted membership regarding application status, the link will take you to login page. After you login, the first email after your approval will have membership number. If you forgot your password, call them they can reset it. That is the only way to get it otherwise wait till it arrives in mail. Hope this helps!

 

[ConchChick]

What @OCJeff said is correct. You will not see a MVPA link in your account unless you either have Cash or Self Arranged financing selected as your payment option. If you selected the Tesla financing option, then you're not going to get a MVPA. You will need to have your SA reset your payment option on your account so you can select Cash or Self Arranged financing (for self-arranged, you will enter in DCU's info for that and the loan amount you want to apply for through them), and then you will get a MVPA doc that you can download and send to DCU. As a FYI, I just left my payment option as Cash and submitted that MVPA doc to DCU, and they approved my auto loan at 1.24% without any issues.

FYI - if you change your payment option BEFORE receiving a VIN, this will bump you to the back of the line as it'll be considered a change on your order. Then, if you select your new payment option then your account will become 'finalized' again at that time. If you change your payment option AFTER receiving a VIN, then this will not delay anything and your delivery will still be on schedule. This is what SA's strongly advise doing, and what a lot of people end up doing as you normally have a few days between receiving your VIN and taking delivery of your car, to get your payment options squared away.


My only other piece of advice would be to apply for the same loan amount on both the DCU auto loan and through Tesla's financing, if you're going to submit a rate match request. If you're unsure of what the amount will be, just use any auto loan calculator online and plug in the 1.24% @ 72 months and play around with the monthly payment, and also calculate how much your out-of-pocket expense is going to be so there's no surprises. I'm not sure if it really matters, but having the same loan amount when asking Tesla to rate match the terms should increase the chance of getting the request approved.

Ugh! I received my vin, i was set to cash & printed out the mvpa prior to switching over to third party financing then I contacted DCU. Was approved for the 1.24 but can’t get them to send me anything to confirm this. Seems I didn’t get the right person at DCU?? Maybe I should try again tomorrow. However, someone please correct me if I’m wrong..,,,I can’t get a card from my insurance company to upload to Tesla until I have financing. I don’t think I can get a more detailed mvpa from Tesla that DCU wants until I upload the insurance info. And DCU won’t give me the docusign/final loan documents until I get the more detailed mvpa from Tesla…..so it seems I’m stuck??!! HELP! I just want my model Y

 

[Ikem]

These are the steps I took after I got vin (Saturday)
1. Get checking (must get for direct deposit discount) and savings (must get)account with Dcu (can be done before vin which will help the process)
2. Called tesla to change from cash to finance.
3. Applied auto loan with Dcu on Sunday but because loan office is closed on sundays I couldn’t speak with anyone.
4. Monday called them and did the call back option.
5. received call and explained I wanted auto loan and they were able to pull up the information I placed online. They saw tesla and knew it was supposed to have ev credit discount and also I told them I wanted to do direct deposit. Got email while on the phone to send them mvpa( didn’t state Dcu on the form)
6. told me docusign will be sent to by end of business day.
7. didn’t receive by end of day so called again and did the call back option for following morning (Tuesday)
8. Got call and asked them to send docusign and they said they are backed up and may take to end of business day.
9. Got focusing about 1hr later
10. Send docusign to rate match.

Now just waiting for tesla

Thank you for all the information on DCU.
Would you please DM me a referral code for the DCU . Thanks

 

[OCJeff]

I just opened yesterday and still waiting for membership approval. So far, no hard pull. As per rep, it will be soft pull.

No hard pull for the savings and checking. Just the loan.

 

[OCJeff]

Apologies if I've missed this in the previous 60+ pages, but does DCU pull your credit when you open a checking and/or savings account? I realize they will need to for an auto loan, but I'm just looking to join for now, and don't want multiple inquiries on my credit report. Current delivery window is 09/10 - 09/30.

No.