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Best interest rate via Tesla financing?
- Thread starter rbaum0519
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Just went through the whole process and followed instructions to a "T". Honestly, the longest and most frustrating part is actually waiting for DCU to approve your membership. I would highly recommend signing up for your DCU savings/checking ahead of time.Update from earlier today.
Rather than waiting on hold with DCU for an hour, I just selected the call-back option and they called me back exactly 2 hours later just as the message predicted. Pretty good if you ask me, and I'll probably use that option again when I call them back next week to cancel my loan. When I was on the phone, the guy pushed my MVPA through and finalized my loan at 1.24% and said I would see it within 24 hours in my email. I received it about an hour later and download the doc. While I was waiting for it, I had my SA reset my payment option on my Tesla account and I then applied for Tesla financing, and got approved for the 'usual' 2.49% through US Bank. I did NOT click the "accept terms" blue button at that point.
I then emailed my DCU loan doc to ratematch@tesla and politely asked them if they could match the rate on my credit union loan, which I was requesting in the same amount. I received an email back from the proverbial "Chris" who actually said he was happy to confirm my rate match at 1.24% at 72 months for my account, and he then went ahead and finalized everything. I logged back into my Tesla account and sure enough that was all taken care of, and still going through US Bank.
Basically everyone I learned and did was from what I've read in this thread, and there's lots of good info provided. People have slightly different experiences each time, but you can take away the main points of everything and piece together a strategy that will work for you. That's what I did, and fortunately it worked out perfectly for me. Now I'm just waiting to take delivery in the next few days
Chris was in a good mood and rate matched me 72months @ 1.24% with Wells Fargo.
capn00
Member
When did you submit your request to RateMatch? I sent in my approved DCU documents pdf around 5:00 PM EST yesterday, and haven't received a response yet. My delivery is scheduled for Saturday.
Yes007
7/Red/Blk/OD7-21/EDD(11/02-11/30)/Order on hold
I was told by DCU rep that membership approval is not needed to apply for loan. The loan team would be able to tie up your loan account with membership account based on SS# when membership gets approved.
Can someone please refer me to DCU? I’d really appreciate it. Thank you!
Also, I remember seeing there is a special process to follow when filling in the details on your Tesla order in order to get the proper documents to give to DCU in order to qualify for the loan. Can someone enlighten me on that process? I think I remember seeing that I should fill in the details as if I’m paying cash up until a certain point. If someone can either point me to a post to read or fill me in I would greatly appreciate it! Thank you
Also, I remember seeing there is a special process to follow when filling in the details on your Tesla order in order to get the proper documents to give to DCU in order to qualify for the loan. Can someone enlighten me on that process? I think I remember seeing that I should fill in the details as if I’m paying cash up until a certain point. If someone can either point me to a post to read or fill me in I would greatly appreciate it! Thank you
I sent the Ratematch e-mail around 1PM EST and got a response in about 3 hours.
That is correct. You can apply for the loan before becoming a member but in order to get the lower rates on the actual paperwork you need to be approved as a member.
Just to share my experience - when trying to get loan stuff pushed through at DCU I sent them the MVPA and luckily my Loan Agreement from Wells Fargo. Initially they said they couldn’t accept MVPA because it did not have the contact information (address) from Tesla but the Loan Agreement had it so they approved the loan at 1.24%.
The DCU process is very clunky and you need to stay on top of them. Took a little over 48 hours for everything to go through on their end from applying to be a member to sending me their loan agreement.
I sent everything to rate match yesterday but ended up taking delivery yesterday as well so we’ll see if they will retroactively approve the 1.24% for 72 months. *fingers crossed* But I have my car and am very happy regardless.
The DCU process is very clunky and you need to stay on top of them. Took a little over 48 hours for everything to go through on their end from applying to be a member to sending me their loan agreement.
I sent everything to rate match yesterday but ended up taking delivery yesterday as well so we’ll see if they will retroactively approve the 1.24% for 72 months. *fingers crossed* But I have my car and am very happy regardless.
Once you get your VIN and are reasonably sure that you will get the car within ~60 days I would do this:
0. Keep the tesla reservation set to Cash, no reason to change it.
1. Apply for the loan with DCU, specifying the exact amount you want. DCU should then send you a notification asking for an MVPA.
2. Contact [email protected] and ask them to provide an MVPA that specifies that amount as financed from DCU. You can tell them that DCU requires an MVPA in order to approve loans and they should expedite it for you.
3. Upload the MVPA to the DCU loan application.
4. Call DCU and tell them that you have uploaded the MVPA and would like the loan documents. Make sure to tell them that you plan to do direct deposit for the extra 0.5% rate discount. They should send you the docusign.
5. export the docusign to PDF and send to ratematch, asking for the 72mo loan at a matching rate.
6. ratematch will automatically update your reservation to Financed with the proper terms. Once you have verified that, cancel the docusign and reject/close the loan with DCU.
capn00
Member
Just heard back from Rate Match Chris. He’s feeling quite generous and retroactively rate matched me for 1.24% for 72 months and will be sending me a check for the difference in interest in 6-8 weeks!
OCJeff
Active Member
This just makes no sense to me (and, yes, I have heard of them doing this fairly commonly). What if you now just pay off the vehicle, or re-financed it into a lower rate (after you get and cash the check of course).
This practice just seems crazy to me.
capn00
Member
I am in the same camp as others who used this thread to successfully secure a 1.24% rate for 72 months from Tesla via DCU RateMatch. I want to thank everyone that supplied the information that helped me through the process.
It has been stated a few different ways already, but I will provide a summary of my experience as well due to some people still having questions:
Best of luck if you are still working through the process. In my opinion, It was worth the effort to get the 1.24% rate for 72 months. I also plan to keep the DCU account open as I may use them for my Bronco order if it ever gets scheduled for build.
It has been stated a few different ways already, but I will provide a summary of my experience as well due to some people still having questions:
- Ordered our Model Y in June. Applied for Tesla rate at that time and was provided 2.49% for 72 months via US Bank
- Then, I checked vehicle eta on a weekly basis. I DON'T recommend that approach unless you enjoy misery.
- VIN appeared over the weekend August 15.
- I was busy with work travel that week but started reading through this thread late on Friday, August 20.
- August 23: Applied for a DCU Membership, donated $10 to Reach out for Schools and funded the Savings Account with $1,000 to take advantage of the 6.17% rate offer. Initiated Loan application that same day. Used the Tesla Order Agreement from my Tesla Account for documentation.
- Called DCU and left a callback request on August 24 at 10 AM EST. Received call back in an hour, and rep stated she needed the equivalent of the MVPA with DCU listed and a VIN.
- Tesla SA kept telling me to use the Order Agreement even after I indicated DCU would not use it, so I "officially" requested they change my payment option to 3rd Party DCU loan for the amount I wanted to finance. 20 minutes later I had an updated MVPA. Sent to DCU, and called back to get in the call back queue. 2 hours later they called back, confirmed offer 1.24% offer for 65 months, and said I would receive documents that day.
- August 24 at 5:00 PM EST I received the DocuSign DCU loan offer documents via email. Downloaded, and sent request to RateMatch@Tesla 15 minutes later. My email only included the following: "Can you please let me know if Tesla is able to match the rate from the attached offer from DCU for RN115XXXXXX. I am scheduled to take delivery of VIN: 5YXXX on August 28 and looking forward to finalizing all documents soon."
- August 25 at 2:00 PM EST, I sent a follow up to RateMatch politely requesting an update due to pending delivery date.
- August 25 at 4:58 PM EST Tesla RateMatch replied with "I am pleased to confirm your rate match to 1.24% on your loan of $XX,000.00 over 72 months". Tesla account was updated (I did NOT request the change back to Tesla finance, they did that upon confirmation of the Rate Match which was my hope) and I am ready for delivery. Updated Finance documents are in my Tesla Account.
Best of luck if you are still working through the process. In my opinion, It was worth the effort to get the 1.24% rate for 72 months. I also plan to keep the DCU account open as I may use them for my Bronco order if it ever gets scheduled for build.
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ConchChick
Member
This…my snag was getting Tesla to provide an agreement with DCU listed on it. Once I got in touch with the right person at Tesla, I was able sent DCU the paperwork (which they would not accept a screenshot of, had to send as a PDF), 3 hours later got the DocuSign, sent that over to Tesla & heard from them within an hour. Now I’m able to upload my insurance info and I can take delivery today!!!!
Thank you everyone for all the great information!!
I ordered my MY last week and have tried to get Tesla to provide a lower rate, but then found out that I should have waited to accept the terms as its way to early for me to even accept the terms and to price match.
I will apply to become a member to DCU once the EDD is within 45 days and apply for the DCU loan once I get the vin. Then do the rate match with Tesla.
So from my understanding, there isn't any restrictions to become a member to DCU? Do I need a referral to become a member?
Thanks again!
I ordered my MY last week and have tried to get Tesla to provide a lower rate, but then found out that I should have waited to accept the terms as its way to early for me to even accept the terms and to price match.
I will apply to become a member to DCU once the EDD is within 45 days and apply for the DCU loan once I get the vin. Then do the rate match with Tesla.
So from my understanding, there isn't any restrictions to become a member to DCU? Do I need a referral to become a member?
Thanks again!
Car was delivered today, here was the process I used to get the 1.24 over 72 months. Hope this helps someone...
- Applied for Tesla financing during ordering process - Approved for 2.49% / 72 months
- Learned about 1.24% from DCU
- Applied for DCU Savings Account, signed up with one of their partner charities as part of the process
- Contacted Tesla to change financing option to 3rd Party Financing - This generated required MVPA document
- Applied for DCU Auto Loan, uploaded Tesla MVPA
- Called DCU to finalize Auto Loan, approved for 1.24% / 65 months
- Downloaded DCU Loan Agreement (DLA)
- Sent DLA to [email protected] politely asking for a match @ 72 months
- Tesla Rate Match department granted the request and changed my financing from 3rd Party back to Tesla financing
- Emailed [email protected] with member info to cancel loan application, had Tesla denied the match or DCU allowed a 72 month term I would have used DCU
- Applied for Tesla financing during ordering process - Approved for 2.49% / 72 months
- Learned about 1.24% from DCU
- Applied for DCU Savings Account, signed up with one of their partner charities as part of the process
- Contacted Tesla to change financing option to 3rd Party Financing - This generated required MVPA document
- Applied for DCU Auto Loan, uploaded Tesla MVPA
- Called DCU to finalize Auto Loan, approved for 1.24% / 65 months
- Downloaded DCU Loan Agreement (DLA)
- Sent DLA to [email protected] politely asking for a match @ 72 months
- Tesla Rate Match department granted the request and changed my financing from 3rd Party back to Tesla financing
- Emailed [email protected] with member info to cancel loan application, had Tesla denied the match or DCU allowed a 72 month term I would have used DCU
Tes-ty
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