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!

 

[OCJeff]

Yes I would open the account now. No credit check until you apply for the loan. I had DD set up for about 2 months and then it registered me as PlUS status. I’m not going to apply until I have a VIN or a narrowing EDD window.

 

[el-guapin]

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

Thanks!

Still need. Referral? PM me you full name and email. I’ll send you a referral

 

[PB FUTED]

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?

You can open a savings account now $5 minimum. Then start doing direct deposits in small amounts right away. They do a credit check, it’s a hard check, while you’re on the phone for the loan so I don’t think you should apply now. The approved rate is only good for 45 days. If your EDD slips and the loan expires, you’ll have to apply again. It’s a gamble as rates can fluctuate. You can’t get around it bc Tesla dictates your delivery.

 

[PackMan730]

I got approved for Tesla Wells Fargo. Do I need to accept the terms then ask them to rate match DCU? Or do I ignore the accept terms button on tesla website until I get the DCU loan approved then request the rate match?

 

[pcmike]

I got approved for Tesla Wells Fargo. Do I need to accept the terms then ask them to rate match DCU? Or do I ignore the accept terms button on tesla website until I get the DCU loan approved then request the rate match?

Don’t accept the terms, get the DCU documents, then email the documents to ratematch.

 

[PackMan730]

Don’t accept the terms, get the DCU documents, then email the documents to ratematch.

Thanks for the heads up. Sales advisor told me to switch back to cash while I figure out the DCU and rate match so I can potentially get my car sooner instead of leaving my status as pending. Going to wait until DCU gets approved. Hopefully my car isn't ready before then or else I'm going to just confirm the 2.49 percent.

 

[thecavalry]

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?

Don’t apply for a loan until you have a VIN assigned. If you do it too early, your application will expire and they’ll have to pull credit for a second time when you actually are ready to get your car.

 

[PackMan730]

I kept telling myself I wouldn't apply too early, but my SA told me I would get the car within next 2 weeks and I believed him, so I frantically applied to DCU and Tesla to get it squared away. I heard from many people that I shouldn't but I panicked and applied. Lol

 

[Peekabooo]

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.)

Yeah that would be my plan c, I heard you can re-rate match within a week or so after you picked up the car. Ummm too intense for me. Thanks for the advise tho!

 

[Peekabooo]

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.

Totally! My case is the ACH disappeared and the representative didn’t know what happened neither. I agree, they all are super nice people. I’ve been talking to few of them and they all trying their best to help me. The website is just a disaster in general. I did withdraw my application and restarted. Running into same error and plus have to reset my password everyday I’m so glad I don’t have to do that now.

 

[Paoay168]

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.

LTV for Tesla financing is 105%, for DCU they can go up to 120%.

 

[talhas3]

Has anyone gotten rates from anyone else besides DCU? I guess most of you are going that route but was just wondering.

 

[OCJeff]

Has anyone gotten rates from anyone else besides DCU? I guess most of you are going that route but was just wondering.

Like from where? USAA has 1.89% and PenFed has 1.99%. A few other CU (Stanford?) had good rates but DCU is consistently among the lowest and easy to join.

 

[talhas3]

Like from where? USAA has 1.89% and PenFed has 1.99%. A few other CU (Stanford?) had good rates but DCU is consistently among the lowest and easy to join.

Thanks for sharing. Can someone send me a referral link to join DCU. Thanks

 

[PB FUTED]

Thanks for sharing. Can someone send me a referral link to join DCU. Thanks

You don’t need a referral. Just donate to one of their charitable orgs. Referral from an existing member does not get you access.

 

[el-guapin]

Thanks for sharing. Can someone send me a referral link to join DCU. Thanks

PMed

 

[talhas3]

You don’t need a referral. Just donate to one of their charitable orgs. Referral from an existing member does not get you access.

So this is listed as one of their organizations.. so I can go to their website and become a member of Reach out for Schools? And by doing that, I will automatically become a member of DCU?

Welcome to Reach Out for Schools | Reach Out For Schools

www.reachoutforschools.org

 

[PB FUTED]

So this is listed as one of their organizations.. so I can go to their website and become a member of Reach out for Schools? And by doing that, I will automatically become a member of DCU?

Welcome to Reach Out for Schools | Reach Out For Schools

www.reachoutforschools.org

there is a button on the DCU application to donate. They will charge you $10 at the end as part of the application then voila you are a DCU member.

 

[talhas3]

there is a button on the DCU application to donate. They will charge you $10 at the end as part of the application then voila you are a DCU member.

Oh got it.. so I'll do the application then.. Thanks for clarifying.

 

[GTJacket]

Just curious, if we have to jump through these hoops and get all the way to formal documents with DCU, why not just keep the loan with DCU instead of adding all the steps to then go back to Tesla? What are the benefits to going with Tesla other than potentially ending up with a big bank that you are already doing business with? Is there a perceived risk DCU will not pay Tesla in a timely manner and impact delivery?