Best interest rate via Tesla financing?

[el-guapin]

Anyone needing /wanting a DCU referral, PM me your full name and email address.

 

[OCJeff]

do you need to initiate a loan with Tesla Finance before trying to rate match? If not I wonder how Tesla know which SSN to run credit check against

Yes, you do at some point need to apply with Tesla Finance before the rate match request. Even after, you'll have to apply before you are approved for any Tesla Financing. I recommend doing all of that post VIN.

 

[Noixd]

Yes, you do at some point need to apply with Tesla Finance before the rate match request. Even after, you'll have to apply before you are approved for any Tesla Financing. I recommend doing all of that post VIN.

That’s not true. You can keep it as cash and apply on DCU. Then contact ratematch for an MVPA. Stating that DCU needs one in order to process the loan. After to get approval from DCU, you contact ratematch requesting if they can match the rate. Ratematch will use the SS that’s included in the DCU’s docusign!

 

[OCJeff]

That’s not true. You can keep it as cash and apply on DCU. Then contact ratematch for an MVPA. Stating that DCU needs one in order to process the loan. After to get approval from DCU, you contact ratematch requesting if they can match the rate. Ratematch will use the SS that’s included in the DCU’s docusign!

Yes, but they will need to run your credit (ie: apply for credit through Tesla). No getting around the Tesla credit check.

 

[Golradaer]

Anyone needing /wanting a DCU referral, PM me your full name and email address.

I can't seem to send a PM first (new member limitation?). Could you send me one first and I'll reply with my info? Thanks so much!

 

[Noflash]

I initially went through Tesla and got Wells Fargo. Do I really have to change to 3rd party financing?

 

[el-guapin]

I can't seem to send a PM first (new member limitation?). Could you send me one first and I'll reply with my info? Thanks so much!

PM sent

 

[OCJeff]

I initially went through Tesla and got Wells Fargo. Do I really have to change to 3rd party financing?

Yes, if you need an MVPA for a 3rd party lender to use. You won’t get an MVPA with Tesla Finance set as your pmt method.

 

[jlin24]

Can I get a referral for DCU as well. New member and can't PM

 

[el-guapin]

Can I get a referral for DCU as well. New member and can't PM

PM sent

 

[Peekabooo]

Does anyone have same issues? I tried to apply for DCU membership and after I verified my ACH bank info, it shows error message “ACH Verification disabled. Please use other funding method.” I called their customer service, nothing they can do. They suggested to withdraw the application (which is another hassle…), anyway none of it worked.. try not to use credit card/debit card cash advance if possible.

 

[Yes007]

Does anyone have same issues? I tried to apply for DCU membership and after I verified my ACH bank info, it shows error message “ACH Verification disabled. Please use other funding method.” I called their customer service, nothing they can do. They suggested to withdraw the application (which is another hassle…), anyway none of it worked.. try not to use credit card/debit card cash advance if possible.

In my case i had the same issue, I used a second bank to proceed with process

 

[CrownDad]

I applied for a loan through DCU for 72 months and was given a 2.99% rate even after direct deposit discount. He was saying it would drop if i did 60 months but the instructions ive read on here said doing 72 would have worked?

i have a pretty good credit score so not sure what the issue is. Im going to have to stick with the 2.49% from Tesla (JPM)

 

[pcmike]

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:

• 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.

Now, I just have to call DCU back and decline the offer as it is already showing in my online account even though I never executed the DocuSign loan documents.

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.

What’s this 6.17% savings account rate offer? I’d love to put way more than $1K at that rate!

 

[OCJeff]

I applied for a loan through DCU for 72 months and was given a 2.99% rate even after direct deposit discount. He was saying it would drop if i did 60 months but the instructions ive read on here said doing 72 would have worked?

i have a pretty good credit score so not sure what the issue is. Im going to have to stick with the 2.49% from Tesla (JPM)

You have to apply for a 65 month loan with DCU. That is the lowest rate. Then hope Tesla will match you into a 72 month term.

 

[capn00]

What’s this 6.17% savings account rate offer? I’d love to put way more than $1K at that rate!

That is just a special rate on the first $1,000. From what I could tell on the website, anything above $1,000 will earn 0.25% so I just deposited $1,010 and used the $10 to cover the donation needed to join.

 

[h4nneman]

Anyone able to send me a referral code please? Thank you!

 

[OCJeff]

Just to confirm, a DCU Referral is only beneficial if you plan to actually open and hold the Auto Loan with DCU. If you only plan to rate match you won't get a benefit.

A DCU Referral is not needed to join DCU. That is done with a simple application and $10 donation to one of their causes.

 

[chadelectric]

What does Direct Deposit mean for lower rate- is there a minimum amount on top of loan amount they expect?

 

[Peekabooo]

In my case i had the same issue, I used a second bank to proceed with process

ACH was removed from my page and I only have credit/debit card option left.