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Credit Union Won't Finance New Teslas

Discussion in 'Model Y: Ordering, Production, Delivery' started by ShamDeluxe, Feb 24, 2021.

  1. ShamDeluxe

    ShamDeluxe Member

    Joined:
    Feb 16, 2021
    Messages:
    6
    Location:
    Colorado
    Just got off the phone with my credit union, Canvas, and was told they will NOT finance the Tesla Model Y that I just ordered. They will only finance used Tesla vehicles. I was not planning on using 100% financing, but they will not even finance a penny if its for a Tesla. No reason was given and I didn't feel like inquiring further. Loan rep, who owns a Tesla, recommended that I finance through Tesla and added that the Tesla APR was better than the credit union's anyway.
     
  2. babaoriley7

    babaoriley7 Member

    Joined:
    Jan 21, 2021
    Messages:
    6
    Location:
    Minneapolis
    That is dumb. Sorta seems like time to get a new bank. My CU is cheaper than everything but the 72 month term (which is way too long for a car IMO).
     
    • Like x 3
  3. SabrToothSqrl

    SabrToothSqrl Active Member

    Joined:
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    Location:
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  4. WADan

    WADan Member

    Joined:
    Sep 28, 2020
    Messages:
    134
    Location:
    Bellevue WA
    Have you considered getting a credit line from your brokerage? I got one from Schwab at 1.99 perc.
    (I could have paid cash for the car, but wanted to use the money to buy TSLA. So far, I paid a few hundred in interest, but the stock has appreciated at least 2X)
     
  5. ShamDeluxe

    ShamDeluxe Member

    Joined:
    Feb 16, 2021
    Messages:
    6
    Location:
    Colorado
    UPDATE: I went ahead and submitted a loan app through Tesla and was approved for a Wells Fargo loan at 2.49% on a 72/mo term.

    Interesting twist to this is that I was originally with Wells Fargo out of college and only left them when they wouldn't give me a car loan. That's how I ended up at a credit union!
     
    • Like x 2
    • Funny x 1

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