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DCU Loan & Tesla Rate Match

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This appears to be a frequently discussed topic, but I’m still struggling to figure out the process even after reading through a few threads. I just got my vin, with a delivery date expected over the next few days. Can anyone point me to a list or process to Apply for a DCU loan, and then have tesla rate match? I’m hoping that I didn’t wait too long, and now in a big rush to get financing situated. I can pay cash, but would prefer not to because I think it will make financing more challenging.

Also, do I need a referral to join DCU? If so, if anyone could raise their hand I will PM you my info.

Thanks!
 
Seriously, check out these 2 threads here and read the last few pages of both. There's people have gone through this (I'm currently going through the process) with a wealth of knowledge provided and tips on how & what to do at each step to a DCU loan doc in order to rate match it with Tesla.


 
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I tried following the process but I believe DCU may now be cracking down on people using them for a pre-qual only to get it rate matched by Tesla. Once I received my VIN yesterday, I downloaded my MVPA (which had initially been for cash purchase), switched Tesla payment option from cash to loan (applied for Tesla financing), applied for DCU loan, waited on hold for 2.5 hours for DCU to tell me that the MVPA needs to show an amount financed.

Only MVPA once you change to Tesla financing goes away, so I have no MVPA but the original which shows the amount I am to pay in cash. DCU says there is no way around this. So I am just going to close with the Tesla loan for my delivery on Monday and maybe take a post-closing crack at getting Tesla to rate match and sending me the check for the incremental interest (as others have experienced in the past)
 
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I tried following the process but I believe DCU may now be cracking down on people using them for a pre-qual only to get it rate matched by Tesla. Once I received my VIN yesterday, I downloaded my MVPA (which had initially been for cash purchase), switched Tesla payment option from cash to loan (applied for Tesla financing), applied for DCU loan, waited on hold for 2.5 hours for DCU to tell me that the MVPA needs to show an amount financed.

Only MVPA once you change to Tesla financing goes away, so I have no MVPA but the original which shows the amount I am to pay in cash. DCU says there is no way around this. So I am just going to close with the Tesla loan for my delivery on Monday and maybe take a post-closing crack at getting Tesla to rate match and sending me the check for the incremental interest (as others have experienced in the past)
Let us know how it goes!
 
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May I please get a referral as well? Also, why are folks getting Tesla matching after getting qualified with DCU?? just wondering if DCU is not easy to work with?
From what I’ve seen the good rate with DCU is for 65 months and you can get Tesla to rate match at 72 months. I think DCU also requires direct deposit for the extra .5% rate discount which may be inconvenient for some.
 
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I am new to this forum, but I joined DCU once I placed my initial Tesla deposit. They are ridiculously slow. Like, 2+ hour hold times, 1-2 business day responses, several unanswered support emails, multiple calls to update information.

It will be a 4-6 day process just to get the funds for my car. This has hands down been the slowest, most inefficient method of getting a loan I’ve ever seen.

I’m hoping Tesla will rate match, so I can close my DCU accounts & work with a lender who actually operates in the 21st century.
 
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Hi,

(I raised the same question on another thread, but perhaps this one is the more active?)

To folks who've applied for Auto Loans with DCU, did you just click through the "Apply for Auto Loan" link on the DCU dashboard (after you've logged into your online account). I don't see any option in the short form that pops up for what vehicle is being purchased - so how does one go about getting the 0.25% discount?

Thanks.
 
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Hi,

(I raised the same question on another thread, but perhaps this one is the more active?)

To folks who've applied for Auto Loans with DCU, did you just click through the "Apply for Auto Loan" link on the DCU dashboard (after you've logged into your online account). I don't see any option in the short form that pops up for what vehicle is being purchased - so how does one go about getting the 0.25% discount?

Thanks.
Once you submit online, give them a call. Expect to wait over an hour, or take an automatic call back.
They’ll ask about the type of vehicle and if you plan on getting the additional discount for direct deposit. They’ll add on EV discount to arrive at 1.24%.
They’ll send you a DocuSign request. Take a screen shot of loan terms.

I had Tesla rate match 1.24% at 72 mos. It might’ve helped that I submitted loan app for Tesla financing at 72 mos and asked themt
I roll all of the taxes and fees into the loan.
If you get 1.24%, you should consider doing the same. THATS CHEAP MONEY!
 
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I am new to this forum, but I joined DCU once I placed my initial Tesla deposit. They are ridiculously slow. Like, 2+ hour hold times, 1-2 business day responses, several unanswered support emails, multiple calls to update information.

It will be a 4-6 day process just to get the funds for my car. This has hands down been the slowest, most inefficient method of getting a loan I’ve ever seen.

I’m hoping Tesla will rate match, so I can close my DCU accounts & work with a lender who actually operates in the 21st century.
And they tell you you have to deposit 100% of your paycheck with them. Doesn't matter how big or small, its gotta be 100%
 
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Hi,

(I raised the same question on another thread, but perhaps this one is the more active?)

To folks who've applied for Auto Loans with DCU, did you just click through the "Apply for Auto Loan" link on the DCU dashboard (after you've logged into your online account). I don't see any option in the short form that pops up for what vehicle is being purchased - so how does one go about getting the 0.25% discount?

Thanks.
Yes, apply through there or the app. The .25% EV discount is applied when you call DCU to finalize the loan. After you apply the lowest you can get is 1.99%. When you call to finalize it you get an additional .50% for direct deposit (if you rate matching you don’t have to actually do the DD. Just say “yes” when they ask.)
 
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I tried following the process but I believe DCU may now be cracking down on people using them for a pre-qual only to get it rate matched by Tesla. Once I received my VIN yesterday, I downloaded my MVPA (which had initially been for cash purchase), switched Tesla payment option from cash to loan (applied for Tesla financing), applied for DCU loan, waited on hold for 2.5 hours for DCU to tell me that the MVPA needs to show an amount financed.

Only MVPA once you change to Tesla financing goes away, so I have no MVPA but the original which shows the amount I am to pay in cash. DCU says there is no way around this. So I am just going to close with the Tesla loan for my delivery on Monday and maybe take a post-closing crack at getting Tesla to rate match and sending me the check for the incremental interest (as others have experienced in the past)
For anyone reading this later… DCU didn’t crack down, this poster didn’t follow the process properly. You have to choose third party financing and put down DCU as the third party as well as put down the amount of money DCU is loaning you and then the MVPA that is auto generated will list DCU and also have the loan amount on the “amount financed” line. Then you send that to DCU and they’ll send you your loan documents. They can’t send you loan documents based on an MVPA that doesn’t actually show you financing anything.
 
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For anyone reading this later… DCU didn’t crack down, this poster didn’t follow the process properly. You have to choose third party financing and put down DCU as the third party as well as put down the amount of money DCU is loaning you and then the MVPA that is auto generated will list DCU and also have the loan amount on the “amount financed” line. Then you send that to DCU and they’ll send you your loan documents. They can’t send you loan documents based on an MVPA that doesn’t actually show you financing anything.
This is super helpful! I didn’t know we need to do all these steps while getting the DCU Loan. Thanks!
 
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Yes007

7/Red/Blk/OD7-21/EDD(11/02-11/30)/Order on hold
Jul 23, 2021
282
226
SF Bay - East Bay
For anyone reading this later… DCU didn’t crack down, this poster didn’t follow the process properly. You have to choose third party financing and put down DCU as the third party as well as put down the amount of money DCU is loaning you and then the MVPA that is auto generated will list DCU and also have the loan amount on the “amount financed” line. Then you send that to DCU and they’ll send you your loan documents. They can’t send you loan documents based on an MVPA that doesn’t actually show you financing anything.
So, One question. I believe Tesla only finances vehicle value and customer need to pay sales tax and fees as down payment. When we apply for DCU, do we need to pick the vehicle value only to rate match with tesla? Or can we put total value (vehicle value + tax + fee) as loan amount.

The reason I ask is, later down the process if don't want to go rate match route and keep DCU amount, I do not need to pay down payment.
 
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