Credit Unions with good rates that accept applicants anywhere within the US?

[terranx]

Predation, I see no one is getting back to you here, but did you end up funding your loan with Fedchoice, and if yes, can you share your experience? I assume you received a pre-approval, then final approval? Did you get funds to Tesla in time for your delivery appointment? TIA

I just picked up my car today.

I applied for the loan a few weeks ago. It was an instant approval for 75k at 3.99 at 60 months (that’s what I asked for, I imagine I would have been approved fine for more money and a longer term). I wasn’t asked for proof of income or anything like that. But I imagine ymmv based on your credit history, stated income, etc. The rate is locked at that point and good for 60 days. When I got my vin, I uploaded the MVPA. They were able to get everything ready from there. From that point I just waited for the Friday before to tell them to go ahead and send me the final paperwork and wire the funds to Tesla. Everything was electronically signed via DocuSign. They asked me to choose my preferred first payment date (can be upto 90 days from when the funds are dispersed, though it will collect interest in that time) and that was that.

I probably could have gotten away with having the funds wired the same day and avoided a couple days of interest, but I didn’t want to risk any issues.

 

[RunCoordinator]

I just picked up my car today.

I applied for the loan a few weeks ago. It was an instant approval for 75k at 3.99 at 60 months (that’s what I asked for, I imagine I would have been approved fine for more money and a longer term). I wasn’t asked for proof of income or anything like that. But I imagine ymmv based on your credit history, stated income, etc. The rate is locked at that point and good for 60 days. When I got my vin, I uploaded the MVPA. They were able to get everything ready from there. From that point I just waited for the Friday before to tell them to go ahead and send me the final paperwork and wire the funds to Tesla. Everything was electronically signed via DocuSign. They asked me to choose my preferred first payment date (can be upto 90 days from when the funds are dispersed, though it will collect interest in that time) and that was that.

I probably could have gotten away with having the funds wired the same day and avoided a couple days of interest, but I didn’t want to risk any issues.

Great terranx, thanks for the quick reply.

I ordered a Y from Inventory and did not expect such a quick delivery date from Tesla, Now I am approved (instant) today for a Friday pick up. Fingers crossed.

 

[Predation]

Predation, I see no one is getting back to you here, but did you end up funding your loan with Fedchoice, and if yes, can you share your experience? I assume you received a pre-approval, then final approval? Did you get funds to Tesla in time for your delivery appointment? TIA

I did. Ended up with 4.89 on a 72 month. Everything took like 2 days. But then again I had all the documents ready to go. Pretty straight forward. You apply, an underwriter gets assigned to you, review and they wire off money. Everything was done without talking to anyone. Just thriugh their messaging system.

 

[B_Dizzle]

I did. Ended up with 4.89 on a 72 month. Everything took like 2 days. But then again I had all the documents ready to go. Pretty straight forward. You apply, an underwriter gets assigned to you, review and they wire off money. Everything was done without talking to anyone. Just thriugh their messaging system.

What did they want for down-payment or was that up to you?

 

[terranx]

What did they want for down-payment or was that up to you?

Looks like they finance up to 125% MSRP.

 

[Predation]

What did they want for down-payment or was that up to you?

They never specified a down payment. I already had done the math on what i wanted to put down and sent them the purchase agreement. the purchase agreement is the most important doc as that shows a clear breakdown of charges and what they'll be sending over.

 

[RunCoordinator]

What did they want for down-payment or was that up to you?

What Predation said, but I'll add that they only approve you for what you ask...not a range or max. So best to go in with you financeable amount in mind. Of course you can get it revised, I did, but it sends your deal back to underwriting.

 

[Bimmer16]

Great terranx, thanks for the quick reply.

I ordered a Y from Inventory and did not expect such a quick delivery date from Tesla, Now I am approved (instant) today for a Friday pick up. Fingers crossed.

Did you order a MY RWD or LR from inventory?

 

[RunCoordinator]

Did you order a MY RWD or LR from inventory?

RWD from inventory. 2-3 days later they give me a delivery window for the following week. I pick up on Friday.

 

[Bimmer16]

RWD from inventory. 2-3 days later they give me a delivery window for the following week. I pick up on Friday.

When did you place the reservation? I placed an order from the inventory just like you did on November 16 and I am still waiting to get match with a vehicle. The est. delivery originally was Nov. 28- Dec. 12 but now it's showing Nov. 29 - Dec. 13.

 

[RunCoordinator]

When did you place the reservation? I placed an order from the inventory just like you did on November 16 and I am still waiting to get match with a vehicle. The est. delivery originally was Nov. 28- Dec. 12 but now it's showing Nov. 29 - Dec. 13.

Ordered on 11/24. Received a delivery window invite on 25th for a window of 11/28-12/01. I'm in Sac.

Not that you asked, but to remain on topic, I applied for membership with Fedchoice on the 25th, funds wired on 11/29. They were awesome.

Didn't they discount the price of the Ys since the 16th?

 

[amoney805]

Will Fedchoice wire you the money and you wire it to Tesla? I would prefer to pay Tesla the day of delivery in case I have to reject delivery.

 

[terranx]

Will Fedchoice wire you the money and you wire it to Tesla? I would prefer to pay Tesla the day of delivery in case I have to reject delivery.

They won't.

You can still cancel the delivery if you need to. It'll be a little bit of a pain to deal with the funds, but it can be done.

 

[Bimmer16]

Ordered on 11/24. Received a delivery window invite on 25th for a window of 11/28-12/01. I'm in Sac.

Not that you asked, but to remain on topic, I applied for membership with Fedchoice on the 25th, funds wired on 11/29. They were awesome.

Didn't they discount the price of the Ys since the 16th?

I'm happy that you're getting your RWD MY this coming Friday. It's just crazy how this all played out because I placed mine ahead of you and I'm still waiting to get match with a vehicle. All I'm looking for is the basic configuration midnight silver metallic which is the cheapest trim of the 2023 MY RWD.

I know most people that have gotten delivery recently bought their RWD MY. I wonder if that's a factor and Tesla is prioritizing purchase deals vs. lease which is what I am doing

 

[Bimmer16]

I'm happy that you're getting your RWD MY this coming Friday. It's just crazy how this all played out because I placed mine ahead of you and I'm still waiting to get match with a vehicle. All I'm looking for is the basic configuration midnight silver metallic which is the cheapest trim of the 2023 MY RWD.

I know most people that have gotten delivery recently bought their RWD MY. I wonder if that's a factor and Tesla is prioritizing purchase deals vs. lease which is what I am doing

By the way, I am in the Bay Area which is even closer to the Fremont factory.

 

[idenis.s]

I just picked up my car today.

I applied for the loan a few weeks ago. It was an instant approval for 75k at 3.99 at 60 months (that’s what I asked for, I imagine I would have been approved fine for more money and a longer term). I wasn’t asked for proof of income or anything like that. But I imagine ymmv based on your credit history, stated income, etc. The rate is locked at that point and good for 60 days. When I got my vin, I uploaded the MVPA. They were able to get everything ready from there. From that point I just waited for the Friday before to tell them to go ahead and send me the final paperwork and wire the funds to Tesla. Everything was electronically signed via DocuSign. They asked me to choose my preferred first payment date (can be upto 90 days from when the funds are dispersed, though it will collect interest in that time) and that was that.

I probably could have gotten away with having the funds wired the same day and avoided a couple days of interest, but I didn’t want to risk any issues.

Wow how are you guys getting such low rates even though on their website they don't have anything lower than 5.24%?

And to become their member did you just have to donate and open checking account?

 

[terranx]

Wow how are you guys getting such low rates even though on their website they don't have anything lower than 5.24%?

And to become their member did you just have to donate and open checking account?

When I applied for the loan they were advertising 4.49. They offer a 1% discount for people applying for loans within the first 90 days of membership. However they also have a rate floor policy and a discounted rate can't go below that. At the time that was 3.99. Not sure what it is now.

I stated I was a family member of a federal employee (which is true), but they asked for zero verification of that.

 

[OlderThanDirt]

I believe the discount now is .25%

The rates increased also.

Those who applied earlier locked in the old rates even if they had closed on their loans yet.

My understanding is they are making a LOT of Tesla loans.

 

[terranx]

Looks like you’re right, it says auto loans only get a 0.25% discount now https://www.fedchoice.org/join/events/#:~:text=25%25%20discount.,Credit%20Union's%20rate%20floor%20policy.

And yeah, they do seem to honor the rate lock. I didn’t sign any of the actual paperwork until after they had already raised their rates, but I still got the 3.99

 

[OlderThanDirt]

I believe the discount now is .25%

The rates increased also.

Those who applied earlier locked in the old rates even if they had not closed on their loans yet.

My understanding is they are making a LOT of Tesla loans.