DCU Loan & Tesla Rate Match

[ModYLA]

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!

 

[pcmike]

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.

I think Tesla let’s you roll it all into the loan if you want, they just don’t quote anything like that. But yes, when getting the DCU loan request the most amount of money you’ll ever need.

 

[PackMan730]

Can anyone hook me up with a DCU referral please?

 

[PB FUTED]

Can anyone hook me up with a DCU referral please?

I got a DCU referral but found out I didn’t need one to apply. The referral just gives the member a $10 kickback and the new member a $20 kick back. They’ll ask how do you qualify and there is not one for friends referral. if you pick the one that says family, then they will ask you for the name of the family member. I had to donate to an organization “the school one” for $10. Trust me, the referral does nothing but give kickbacks.

I’m still in the application portion of getting a checking acct. the site is so not user friendly. But rate can’t be beat. I was approved for 1.74% for 65 months. If I sign up for direct deposit it’ll be another.5%. Sign up sooner rather than later bc they require that you go through several deposits before giving you the .5%. Be warned.

 

[OCJeff]

This. ^^^^^^^

Referral is a bonus. If you use DCU. Not a requirement.

 

[pcmike]

I got a DCU referral but found out I didn’t need one to apply. The referral just gives the member a $10 kickback and the new member a $20 kick back. They’ll ask how do you qualify and there is not one for friends referral. if you pick the one that says family, then they will ask you for the name of the family member. I had to donate to an organization “the school one” for $10. Trust me, the referral does nothing but give kickbacks.

I’m still in the application portion of getting a checking acct. the site is so not user friendly. But rate can’t be beat. I was approved for 1.74% for 65 months. If I sign up for direct deposit it’ll be another.5%. Sign up sooner rather than later bc they require that you go through several deposits before giving you the .5%. Be warned.

Almost none of this was true in my case and I used a referral code.

First, I never had to donate any money to any charity, I simply signed up after using the link in the referral email I got from someone in this thread and made sure to open a check and savings and when asked put in the referral code I was given in the email as well. I forget if I chose friend, family, or what during the process.. but whatever I chose, it didn't cost me anything. I think I may have chosen family figuring what the hell, it's on them to verify that the person who gave me the code isn't exactly my family. They never asked me to verify any such thing. My accounts were opened instantly and the savings was funded (from my bank account) with $5 instantly.

After that I applied for a auto loan and it was instantly approved. I went ahead and called them to finalize it and they checked over the MVPA I submitted to make sure it had a VIN and amount financed line filled out for the amount I was requesting from DCU. During this phone call I made sure to bring up the discount for direct deposit and the lady said she added it to the loan and that it was a “promise” to setup direct deposit of my paycheck within 90 days.After this phone call (which was occurring within minutes after my account and loan were approved at 7-8pm at night on a Friday) I had to wait till the following day (Saturday) to get my DocuSign (loan documents).

The next morning (Saturday) I got the DocuSign and I exported it and emailed it to ratematch and it took them over 24hours to respond, but when they did respond on Monday morning, they matched the 1.24% for 72 months.

YMMV, but I never donated to any charity, I used a referral code, and I accomplished everything with DCU in under 12hrs from start to finish with NO direct deposit being setup. I’ve been working 12h days since so I haven’t had a chance to call back to DCU and make sure the loan got canceled, but I did “refuse to sign” in the DocuSign, however the loan persists in my account for now. I don’t anticipate it being a problem to get the loan closed out tomorrow.

 

[pcmike]

Just got off the phone with DCU and my loan is officially cancelled.

 

[thinktwice]

Almost none of this was true in my case and I used a referral code.

First, I never had to donate any money to any charity, I simply signed up after using the link in the referral email I got from someone in this thread and made sure to open a check and savings and when asked put in the referral code I was given in the email as well. I forget if I chose friend, family, or what during the process.. but whatever I chose, it didn't cost me anything. I think I may have chosen family figuring what the hell, it's on them to verify that the person who gave me the code isn't exactly my family. They never asked me to verify any such thing. My accounts were opened instantly and the savings was funded (from my bank account) with $5 instantly.

After that I applied for a auto loan and it was instantly approved. I went ahead and called them to finalize it and they checked over the MVPA I submitted to make sure it had a VIN and amount financed line filled out for the amount I was requesting from DCU. During this phone call I made sure to bring up the discount for direct deposit and the lady said she added it to the loan and that it was a “promise” to setup direct deposit of my paycheck within 90 days.After this phone call (which was occurring within minutes after my account and loan were approved at 7-8pm at night on a Friday) I had to wait till the following day (Saturday) to get my DocuSign (loan documents).

The next morning (Saturday) I got the DocuSign and I exported it and emailed it to ratematch and it took them over 24hours to respond, but when they did respond on Monday morning, they matched the 1.24% for 72 months.

YMMV, but I never donated to any charity, I used a referral code, and I accomplished everything with DCU in under 12hrs from start to finish with NO direct deposit being setup. I’ve been working 12h days since so I haven’t had a chance to call back to DCU and make sure the loan got canceled, but I did “refuse to sign” in the DocuSign, however the loan persists in my account for now. I don’t anticipate it being a problem to get the loan closed out tomorrow.

I'm thinking that based on your steps you would've been able to do this even without using the referral code. I wish I could do the same. I screwed up because I already went with Tesla for financing and my MVPA doesn't show an amount financed. There doesn't appear to be a way to start over or go back on my Tesla account page.

 

[pcmike]

I'm thinking that based on your steps you would've been able to do this even without using the referral code. I wish I could do the same. I screwed up because I already went with Tesla for financing and my MVPA doesn't show an amount financed. There doesn't appear to be a way to start over or go back on my Tesla account page.

All you need to do is call into Tesla or speak with a SA and ask them to change the financing to third party so you can get the proper paperwork to submit to your local credit union. Once they make that change you should be able to go into your account and put down the amount you want to finance and with who (you literally just start to type digital federal and it will auto fill in all the correct information) and confirm it and wait a couple minutes and a new MVPA will be auto generated and contain the VIN, DFCU’s address, and amount financed and then you can submit this to DCU.

 

[thinktwice]

All you need to do is call into Tesla or speak with a SA and ask them to change the financing to third party so you can get the proper paperwork to submit to your local credit union. Once they make that change you should be able to go into your account and put down the amount you want to finance and with who (you literally just start to type digital federal and it will auto fill in all the correct information) and confirm it and wait a couple minutes and a new MVPA will be auto generated and contain the VIN, DFCU’s address, and amount financed and then you can submit this to DCU.

Would I be able to revert back to Tesla (Chase) afterwards with all the money I already put down toward the car? Or did you literally need to start over (new Tesla credit app, money down again)?

 

[pcmike]

Would I be able to revert back to Tesla (Chase) afterwards with all the money I already put down toward the car? Or did you literally need to start over (new Tesla credit app, money down again)?

You should be able to revert back, but that’s probably a question better addressed by [email protected]. Are you suppose to be taking delivery within the next 48 hours? I’d shoot the above email a message now letting them know you’d like to explore getting a cheaper loan with a local credit union immediately and that you need them to switch your financing to third party so you can get the proper MVPA to submit to them along with your loan application, but also let them know that if the terms of the loan from the credit union or more favorable you still plan on messaging [email protected] and you’d prefer to keep your loan through Tesla. Does that make sense?

 

[PB FUTED]

Almost none of this was true in my case and I used a referral code.

First, I never had to donate any money to any charity, I simply signed up after using the link in the referral email I got from someone in this thread and made sure to open a check and savings and when asked put in the referral code I was given in the email as well. I forget if I chose friend, family, or what during the process.. but whatever I chose, it didn't cost me anything. I think I may have chosen family figuring what the hell, it's on them to verify that the person who gave me the code isn't exactly my family. They never asked me to verify any such thing. My accounts were opened instantly and the savings was funded (from my bank account) with $5 instantly.

After that I applied for a auto loan and it was instantly approved. I went ahead and called them to finalize it and they checked over the MVPA I submitted to make sure it had a VIN and amount financed line filled out for the amount I was requesting from DCU. During this phone call I made sure to bring up the discount for direct deposit and the lady said she added it to the loan and that it was a “promise” to setup direct deposit of my paycheck within 90 days.After this phone call (which was occurring within minutes after my account and loan were approved at 7-8pm at night on a Friday) I had to wait till the following day (Saturday) to get my DocuSign (loan documents).

The next morning (Saturday) I got the DocuSign and I exported it and emailed it to ratematch and it took them over 24hours to respond, but when they did respond on Monday morning, they matched the 1.24% for 72 months.

YMMV, but I never donated to any charity, I used a referral code, and I accomplished everything with DCU in under 12hrs from start to finish with NO direct deposit being setup. I’ve been working 12h days since so I haven’t had a chance to call back to DCU and make sure the loan got canceled, but I did “refuse to sign” in the DocuSign, however the loan persists in my account for now. I don’t anticipate it being a problem to get the loan closed out tomorrow.

I’m still navigating through my application. Read your response and scrolled back to the qualification page and the options for family asks for a name. I then spoke to DCU customer service, after a call back request, and they confirmed there is no friend referral only 1) immediate family or 2) you are afflicted with a business or religious organization they work with, 3) you live in one of the counties in MA, or 4) you donate to an affiliate of theirs. At the end of the application that’s is the only opportunity I had to enter the referral code. . It’s been a frustrating process for sure.

 

[pcmike]

I’m still navigating through my application. Read your response and scrolled back to the qualification page and the options for family asks for a name. I then spoke to DCU customer service, after a call back request, and they confirmed there is no friend referral only 1) immediate family or 2) you are afflicted with a business or religious organization they work with, 3) you live in one of the counties in MA, or 4) you donate to an affiliate of theirs. At the end of the application that’s is the only opportunity I had to enter the referral code. . It’s been a frustrating process for sure.

Ya I’m pretty sure I just put family and put whatever name was in the email from DCU when I got referred from someone on TMC. They never verified that I was related in any way to the person who referred me.

 

[OCJeff]

Just donate the $10. They need it more than you, and then you don't have to lie.

 

[pcmike]

Just donate the $10. They need it more than you, and then you don't have to lie.

In all honesty, I don’t ever remember seeing the option to donate to a cause on my application, otherwise I would have gladly done it. Their website is pretty abysmal, especially when using a phone (which I was doing).

 

[OCJeff]

In all honesty, I don’t ever remember seeing the option to donate to a cause on my application, otherwise I would have gladly done it. Their website is pretty abysmal, especially when using a phone (which I was doing).

I'm sure it's clearly called out in there membership agreement. As mentioned above:

confirmed there is no friend referral only 1) immediate family or 2) you are afflicted with a business or religious organization they work with, 3) you live in one of the counties in MA, or 4) you donate to an affiliate of theirs.

Then just go to their list of affiliates, and pick one. I think I did "Reach Out For Schools". Just gave them $10 and then I'm on the up and up. No need to lie about family memberships.

 

[Peekabooo]

I got a DCU referral but found out I didn’t need one to apply. The referral just gives the member a $10 kickback and the new member a $20 kick back. They’ll ask how do you qualify and there is not one for friends referral. if you pick the one that says family, then they will ask you for the name of the family member. I had to donate to an organization “the school one” for $10. Trust me, the referral does nothing but give kickbacks.

I’m still in the application portion of getting a checking acct. the site is so not user friendly. But rate can’t be beat. I was approved for 1.74% for 65 months. If I sign up for direct deposit it’ll be another.5%. Sign up sooner rather than later bc they require that you go through several deposits before giving you the .5%. Be warned.

I wish I read this earlier. I spent the whole last week trying to set up an account with them. The website is killing me and also due to time zone, i communicated with them once a day. I found out this week that I can apply loans without membership so I did. My car arrived early but I have to wait for my loan now. smh..

 

[Peekabooo]

In all honesty, I don’t ever remember seeing the option to donate to a cause on my application, otherwise I would have gladly done it. Their website is pretty abysmal, especially when using a phone (which I was doing).

There is an drop down box for this, something like "how did you know about us?", the donation is the last one. I could be wrong tho. But I totally feel your pain on their website. They sugguest me to use laptop instead of phone/iPad which I did for the first couple times and ran into error.

 

[OCJeff]

I wish I read this earlier. I spent the whole last week trying to set up an account with them. The website is killing me and also due to time zone, i communicated with them once a day. I found out this week that I can apply loans without membership so I did. My car arrived early but I have to wait for my loan now. smh..

You can also just finance through Tesla. Then you can re-if or rate match (they will send you a check for the difference in interest rates.)

 

[PB FUTED]

There is an drop down box for this, something like "how did you know about us?", the donation is the last one. I could be wrong tho. But I totally feel your pain on their website. They sugguest me to use laptop instead of phone/iPad which I did for the first couple times and ran into error.

I feel your pain. Took a week to just submit an application for me as well. If it wasn’t for the great rate, I’d have given up. Today, I finally completed and submitted the application. I’d recommend calling them at 8am and the call back wait is 20 min-40 min. Make sure you stay on the phone with the customer service person until your application is complete. They are really friendly and patient. If anyone wants to delet and restart their application due to mistakes, email DCU [email protected]. You’ll need to give them your name. They are good about canceling within an hour and send an email confirmation. Then you can try again.

 

[talhas3]

When should we start the process with DCU? My estimated delivery is In November. Should I go ahead and create an account with them now and wait till I get the documents to proceed further? When do they do the credit check?