-
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
el-guapin
Trust no One
Need DCU referral but cannot locate PM function. I’m a supporting member.
email: [email protected]
also I am intending to use DCU for the loan and not for leverage with a Tesla loan rate. I prefer a bank being involve. Thanks.
email: [email protected]
also I am intending to use DCU for the loan and not for leverage with a Tesla loan rate. I prefer a bank being involve. Thanks.
el-guapin
Trust no One
OCJeff
Active Member
FYI... No one NEEDS a referral. You get $20 and the referrer gets $10, but it has NOTHING to do with membership.
OCJeff
Active Member
DCU will need an MVPA with them listed as the 3rd party financer and the mount to be financed by DCU. Tesla needs to provide this to you prior to officially applying and getting approved for the loan (you can still do pre-approval without it). Tell Tesla you are doing 3rd party financing, name DCU and the amount (you can do this with Tesla Chat I believe).
Once approved they will overnight you a check to use for payment (they will offer to send to Tesla direct, but I would get it in your hands).
Alternatively you can finance through Tesla and then just Re-Fi into DCU. This would simplify the transaction and not require a check from DCU to pick up your car.
Thanks for this - seems a lot simpler than I'd feared. I'm assuming that the MVPA won't be available until I'm assigned a VIN, correct?
el-guapin
Trust no One
OCJeff
Active Member
Exactly. If your order is currently Cash or Tesla Finance then they will have to switch it for you (but wait for a VIN first!! Can't stress that enough).
Got the 1.24% rate @ 72 months matched by Tesla. I mostly followed the steps outlined by others in here, but I'll list specifically what I did just in case it helps others:
- When ordering the car, I immediately chose 3rd party financing with DCU. I didn't even have an account yet at DCU at the time.
- Created an account with DCU. I did not use a referral. I donated $10 to whatever charity was the $10 one to become a member, and funded the mandatory $5 in the savings account with my credit card.
- A few days later, DCU sent me a PIN and my member number in the mail. Hold on to this / remember it.
- <<Weeks pass here while waiting for my VIN>>
- Once my VIN was assigned, I was expecting a MVPA to show up in my account, but it didn't. I had to contact my SA a few times but they eventually fixed whatever needed to be fixed and a MVPA showed up under my documents.
- Applied for the loan with DCU and uploaded the MVPA.
- Called DCU (1-800-328-8797) and waited on hold for about 45 minutes. I entered my account number and PIN (which they sent to you in the mail in step 3) for "priority" service. Spoke to the DCU representative and mentioned I wanted the direct deposit discount (0.5%) and EV discount (0.25%) to bring the rate down to the magical 1.24%. There was no issue doing this and the person I spoke to was very pleasant. They also will give you the PIN required to open the Docusign document in the next step.
- Roughly 2-3 hours after hanging up with DCU, the Docusign appeared in my email. The document is PIN protected - use the PIN the representative in the previous step should have provided to you. In my case, my PIN was my 4-digit birth year - I assume that's what they always use.
- Saved the Docusign as a PDF and mailed it off to [email protected]. They responded late the following day saying that the document looks good, but I'd need to apply for Tesla financing to be able to match it.
- Sometime in the morning following the reply from ratematch, my financing automagically switched to Tesla and I was asked to apply. I submitted my info and was instantly approved for the standard 2.49% @ 72 months.
- I replied to the email I sent in step 9 and mentioned I had finished applying for Tesla financing and I'd like to match the DCU rate but at 72 months.
- LATE last night (11:59pm central), I received confirmation that Tesla will match 1.24% for 72 months.
- I currently am waiting for a callback from DCU so I can cancel my loan with them. The loan shows up in my account, but I never signed the Docusign they sent, so I think it will be simple enough to cancel it. I'll update with the result of that.
- Edit: Just got off the phone with DCU - they are canceling my loan. She mentioned that since I didn't sign the Docusign, the loan would have dropped off my account regardless, but since I called in and confirmed I want it cancelled, it'll be dropped off my account within a few days.
Last edited:
Gurule92
Member
el-guapin
Trust no One
For people who have asked for referrals and gotten them already, I'd suggest editing your request message that have your emails and names and deleting them so that scraper bots don't harvest them.
SublimeAndEtc
Member
My delivery appointment is in two weeks. Do I need an actual track record of direct deposits to make this happen or can I start the process now for opening a checking, getting ev discount, and then just calling and telling them I’ll do direct deposit when asking for an auto loan? Am I missing anything?
I’m obviously close and feel late to the party with this, so any help will be greatly appreciated.
I’m obviously close and feel late to the party with this, so any help will be greatly appreciated.
Last edited:
el-guapin
Trust no One
SublimeAndEtc
Member
SublimeAndEtc
Member
OCJeff
Active Member
Just tell them you’ll set up the DD. And that the purchase is for an EV. That will get you the 1.24%. If you go with DCU you have 90 days to set up DD. Only takes 60 days for them to recognize the payments and set you to plus benefits.
- Status
Similar threads
