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Credit Unions with good rates that accept applicants anywhere within the US?
- Thread starter YNoVA
- Start date
I used Adelfi Credit Union. Their rates were better than Wells and BofA and they seemed to know how to do tesla purchases.
Anyone know if either Tower or USSFCU still have somewhat competitive rates?
Super_Popular
Well-Known Member
Hell, My Bmw M3 I financed for 72 months for 0.9%. Those days are gone, i know.
Anything under 4% are factory special finances. I'm hoping for Tesla to come out with some special before my X arrives.
LOL good luck. Tesla financing rates are just from normal banks which tend not to be giving any interest rate specials.
I just remembered that this thread was I first heard about "Fedchoice FCU".
I got approved for 3.99% for 72 months on this Monday 10/16. (I applied for it last Friday 10/13).
I think this is the lowest rate available these days from a credit union has no restriction on becoming a member.
Thank you all!
I got approved for 3.99% for 72 months on this Monday 10/16. (I applied for it last Friday 10/13).
I think this is the lowest rate available these days from a credit union has no restriction on becoming a member.
Thank you all!
Thank you for sharing! How quickly did Fedchoice go through the Tesla process? How many days did it take from when you submitted vehicle information to when they sent you tracking information and pictures for the check?
No problem at all.
Here is where I am at right now. I will explain in detail as I would explain to "myself from a month ago" who had no clue about anything.
I ordered MX on 9/5 but still no VIN assigned.
Once VIN gets assigned, "Motor Vehicle Purchase Agreement"(MVPA) will be available for me to send it to Fedchoice. Fedchoice will finalize the loan in 24 hours after receiving MVPA.
After the loan is finalized, Fedchoice can either wire the money or send the check directly to Tesla. Wire can be done within 1 day so it would take 2 days. (I heard this from their customer service but I strongly recommend you to confirm again) If I have more window, I will let Fedchoice know in advance so everything goes smoothly on D-day. (FYI, unfortunately, Fedchoice does not have the option of sending the check to me. It would be nice to have a check in my hand before D-day to prevent any drama)
On delivery day, if I end up reject the car (I hope this doesnt happens) , I can ask Tesla to wire the money back to Fedchoice. There will be a re-wire fee of $15 to $45.
Here is where I am at right now. I will explain in detail as I would explain to "myself from a month ago" who had no clue about anything.
I ordered MX on 9/5 but still no VIN assigned.
Once VIN gets assigned, "Motor Vehicle Purchase Agreement"(MVPA) will be available for me to send it to Fedchoice. Fedchoice will finalize the loan in 24 hours after receiving MVPA.
After the loan is finalized, Fedchoice can either wire the money or send the check directly to Tesla. Wire can be done within 1 day so it would take 2 days. (I heard this from their customer service but I strongly recommend you to confirm again) If I have more window, I will let Fedchoice know in advance so everything goes smoothly on D-day. (FYI, unfortunately, Fedchoice does not have the option of sending the check to me. It would be nice to have a check in my hand before D-day to prevent any drama)
On delivery day, if I end up reject the car (I hope this doesnt happens) , I can ask Tesla to wire the money back to Fedchoice. There will be a re-wire fee of $15 to $45.
I have a question I just signed up this morning, Did they do a Hard pull on you. for a checking /savings account? And did they request documents such as a social security card and a utility bill?
I have a couple of referrals that are considering their financing options. This is a potentially viable option for them. I know at least one will ask what the minimum down payment FCU will require?
Glad I found this post. I just got approved for 3.99 @ 60 months (probably could have gotten 72, but didn't try for that).
How did the rest of the process work for you? The website seems rather empty at the moment, so not sure what my next steps are as far as getting the money to Tesla
Edit: never mind, I somehow missed the post above here that describes your process.
Last edited:
1.21gigawatt
Member
This was great! I applied to be a member which literally took 48 hours. Woke up today and called in to confirm the rate which was 3.99 for 72 months. I applied online for instant approval! So easy so far! They sent me a confirmation email asking for a copy of the signed purchase order and an application for certificate of title from the dealership listing fed choice as the lien holder. They also requested the wire information/instructions from the dealer and sent a link to upload all of this. They didn't ask for any confirmation of income or tax information. My credit score is 832/850 and I have deep clean history, probably like 5-7 car loans paid in full over the years. I just placed the order for my new red/white Y performance and they said the approval is good for 60 days. I figure they will make me a car before then....lol
I can confirm FedChoice is still offering 3.99% rates in November for 72 month loans. I requested funds for entire purchase, including taxes and registration. They did not ask about down payments. Currently waiting on loan officer to finalize, but no extra documentation was requested.
Applied with wife. Credit scores both above 800. Relatively high income but still eligible for tax credit.
Note of interest - they did a hard credit pull to set up the required savings account with minimum $5 dollar deposit.
Applied with wife. Credit scores both above 800. Relatively high income but still eligible for tax credit.
Note of interest - they did a hard credit pull to set up the required savings account with minimum $5 dollar deposit.
cw78
Member
can you confirm which credit agency they hit?? mine are all currently frozen...thanks
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