Current Best Tesla Loan Rate?

[thecavalry]

Just got 2.09 @ 72 mom through USAA

Anyone have advice for dealing with the Dealer Funding Request form?

Email it to your SA, or take it to Tesla and have them fill it out and fax it. Personally I would call support and email it to the rep who answers, or ask them.

 

[norcalbowler94]

Yup. Sounds like BoA.

At worst, if they don't come through in time... call your SA or chat and switch to Tesla financing. It will take a few minutes MAX and your rate will be 2.49% (BoA offered 2.29%)

I was approved by tesla 2.49% tonight and the sa told me they will do a match if I had the letter to forward them. I do and I’ll will see if they will tomorrow.

edit - I waited one hour for the person to tell me I need to talk to a loan agent because Tesla is not a approved dealer or something like that. Total hold time today was 2 hours and 35 minutes and I didn't speak to anyone else. I hung up because I uploaded the doc and they need to generate a doc for me to sign. Ugh!

 

[norcalbowler94]

I was approved by tesla 2.49% tonight and the sa told me they will do a match if I had the letter to forward them. I do and I’ll will see if they will tomorrow.

edit - I waited one hour for the person to tell me I need to talk to a loan agent because Tesla is not a approved dealer or something like that. Total hold time today was 2 hours and 35 minutes and I didn't speak to anyone else. I hung up because I uploaded the doc and they need to generate a doc for me to sign. Ugh!

I was told they don’t match anymore, so now back to boa for a min.

 

[norcalbowler94]

I was told they don’t match anymore, so now back to boa for a min.

I decided to take the 2.49 for now to get the Y and refi it later. The difference is 10 bucks a month and just not worth the effort to secure the boa loan.

 

[norcalbowler94]

What do you need to bring to bofa in order to process the loan?

What do you need to bring to bofa in order to process the loan?

Price list- that’s drives the whole process.

 

[norcalbowler94]

I got approved too. That wasn't hard. Post-approval. the BofA loan officer examined all the documents (MVPA was incorrectly generated as cash which fails to add various doc/stamp fees for FL) and then incorrectly/illegally asked me to do things that violate Federal laws (BofA customer service said they would not change my foreign address either). My demo MYLR was arriving the next day so I picked Tesla financing instead and got approved in 2 mins.

You’re right boa is disorganized. By not calling and telling me what I needed I ended up having to move the delivery date to Saturday. With boa I spent three and half hours applying and waiting without a funded loan. I cut my losses and took the loan approved by a tesla lender. If possible refi later.

 

[voxel]

You’re right boa is disorganized. By not calling and telling me what I needed I ended up having to move the delivery date to Saturday. With boa I spent three and half hours applying and waiting without a funded loan. I cut my losses and took the loan approved by a tesla lender. If possible refi later.

I would go with BoA if I had two weeks to delivery... lol. That's how long they take to process your loan from approval, review, to final...

If you had a trade in like me, the process is even more time-consuming. Tesla takes a while for evals and you will need a final MVPA for BoA to FINALLY approve the loan.

 

[norcalbowler94]

I would go with BoA if I had two weeks to delivery... lol. That's how long they take to process your loan from approval, review, to final...

If you had a trade in like me, the process is even more time-consuming. Tesla takes a while for evals and you will need a final MVPA for BoA to FINALLY approve the loan.

I do have a trade in . Is the price tesla offering in their current evaluation subject to change?

 

[voxel]

I do have a trade in . Is the price tesla offering in their current evaluation subject to change?

No. There is a final payoff amount for the trade in but I've never heard Tesla changing their offer.

What the trade in does is tweak the MVPA. BoA wants everything explicitly laid out before approval.

 

[norcalbowler94]

No. There is a final payoff amount for the trade in but I've never heard Tesla changing their offer.

What the trade in does is tweak the MVPA. BoA wants everything explicitly laid out before approval.

There is a number in the mvpa. Boa wouldn’t be satisfied with it?

 

[Trizzle29]

Penfed has decent rates, you can get 1.99% at 60 months.
View attachment 734403

https://www.penfed.org/auto/new-auto-loans

Penfed offered me 3.99 and dcu smoked their offer.

 

[eXalentEV]

I decided to take the 2.49 for now to get the Y and refi it later. The difference is 10 bucks a month and just not worth the effort to secure the boa loan.

How soon after you uploaded insurance were you able to finish payment details and schedule delivery?

I’ve done insurance but payment and docs are still grayed out.

 

[OCJeff]

How soon after you uploaded insurance were you able to finish payment details and schedule delivery?

I’ve done insurance but payment and docs are still grayed out.

Once you have a VIN assigned and a delivery date set you should be able to complete the transaction (docs 24 hours before delivery).

 

[eXalentEV]

Once you have a VIN assigned and a delivery date set you should be able to complete the transaction (docs 24 hours before delivery).

Got it - so since no delivery date I’m guessing 1. Still in transit 2. Risk of VIN getting reassigned

Wondering how many were able to do all right away. I presume there is a human controlling the next steps. I’m happy to receive the car after 1/1 anyways so not rushing the process

 

[norcalbowler94]

How soon after you uploaded insurance were you able to finish payment details and schedule delivery?

I’ve done insurance but payment and docs are still grayed out.

Did you get your vin number yet? I seem to remember I did everything after my vin was assigned. I sent them payment when it was still cash. I didn't change to finance in the app. I ended up talking to a SA about the loan situation and he changed it and I applied for the loan at that time.

Not sure that answered the question but I hope it provided some clarity.

FYI-I did the refi yesterday with DCU and after all the discounts the rate was 1.24% for 65 months. Not sure why it's 65 but okay I'll take it!

 

[preilly44]

DCU was awesome for me too! They couldn't get Tesla the check fast enough for my delivery so the took a picture of it and sent that with the tracking number to Tesla. I picked up the car a couple days ago without issue.

 

[Predation]

Does tesla do lease buy outs from credit unions? I currently have a lease I’m working on lining up to get rid.

 

[Rugg3r]

Seems like USAA at 1.99 or DCU at 1.74 (without direct deposit) are currently the best rate options?

 

[thecavalry]

Seems like USAA at 1.99 or DCU at 1.74 (without direct deposit) are currently the best rate options?

Usaa for 72 months is 2.09

I think for 60 months they are 1.89

 

[Rugg3r]

Usaa for 72 months is 2.09

I think for 60 months they are 1.89

Yes usaa 1.99 for 60/mo or 2.09 for 72. Just want to be sure these are the best to options out there currently.