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]

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?

Nope. Nothing wrong with DCU at all, in fact they’re super nice when you finally get them on the phone. I think that right there is the biggest drawback; it takes forever to get them on the phone… that and their website is terrible.

 

[Plasmid_Boy]

Tesla didn't want to match the rate, saying that the lowest they go is 2.4%, so I just went with DCU’s 1.24% instead.

 

[Peekabooo]

Tesla didn't want to match the rate, saying that the lowest they go is 2.4%, so I just went with DCU’s 1.24% instead.

Oh no, How long did they get back to you?

 

[talhas3]

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!

You need to do the application for DCU to create your account. Thats what I just did today. I donated to an organization. Its an option towards the end of the application. Once approved, you need to apply for the car loan. Once you have that approved, you send that to Tesla rate match so they can match the same rate and your financing will be now with Tesla. When are you taking delivery?

 

[talhas3]

Tesla didn't want to match the rate, saying that the lowest they go is 2.4%, so I just went with DCU’s 1.24% instead.

Are they not matching the rates now? Is that the case?

 

[OCJeff]

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?

3 main reasons:

1) Tesla Financing is an easier transaction (no 3rd party checks to deal with)
2) Bigger Banks give a better experience (better web/app interface)
3) 72 Months is a lower payment than 65 months

I think that's really it. But I do agree, give DCU the business they are giving great rates!

 

[OCJeff]

Nope. Nothing wrong with DCU at all, in fact they’re super nice when you finally get them on the phone. I think that right there is the biggest drawback; it takes forever to get them on the phone… that and their website is terrible.

I called this weekend, 10am on Saturday (Pacific) and they answered in 5 minutes. They said they have 24x7 phone coverage. Maybe it's a different department once you actually have an application in to them?

 

[Ookies]

Should we go through this process. I’m tempted to just go through LightStream and use rate beat to get the title outright

 

[Plasmid_Boy]

Are they not matching the rates now? Is that the case?

Yes, in my case.
The email said “
All of our lenders offer 2.49% as their floor rate at this time.

If you can find better rates elsewhere, feel free to bring in your own financing. “

 

[coolasice]

Yes, in my case.
The email said “
All of our lenders offer 2.49% as their floor rate at this time.

If you can find better rates elsewhere, feel free to bring in your own financing. “

Did you send them a agreement which shows you got 1.24%?

 

[Plasmid_Boy]

Did you send them a agreement which shows you got 1.24%?

No I didn't. I didn't try hard as I was happy to support a credit union vs. Wellsfargo.

 

[coolasice]

No I didn't. I didn't try hard as I was happy to support a credit union vs. Wellsfargo.

for DCU did you do direct deposit ? I guess they require that for 0.5% discount.

 

[Plasmid_Boy]

for DCU did you do direct deposit ? I guess they require that for 0.5% discount.

Yes I did. But only a portion.

 

[coolasice]

Yes I did. But only a portion.

oh that good to know.. I thought you need to do 100%.. .do you mind telling me what percentage you did ?

 

[OCJeff]

oh that good to know.. I thought you need to do 100%.. .do you mind telling me what percentage you did ?

I did $350 per pay period. That was enough.

 

[Plasmid_Boy]

oh that good to know.. I thought you need to do 100%.. .do you mind telling me what percentage you did ?

I did about 10%

 

[pcmike]

Tesla didn't want to match the rate, saying that the lowest they go is 2.4%, so I just went with DCU’s 1.24% instead.

Are they not matching the rates now? Is that the case?

Yes, in my case.
The email said “
All of our lenders offer 2.49% as their floor rate at this time.

If you can find better rates elsewhere, feel free to bring in your own financing. “

Did you send them a agreement which shows you got 1.24%?

No I didn't. I didn't try hard as I was happy to support a credit union vs. Wellsfargo.

Seriously? Why did you bother making your initial post and start to spread completely false information when you didn’t even try to ratematch properly?

For anyone reading this thread now, Tesla is absolutely rate matching! Everything spelled out in previous posts is absolutely still relevant. Just ignore Plasmid_Boy’s later posts and you’ll be doing just fine.

 

[Plasmid_Boy]

Seriously? Why did you bother making your initial post and start to spread completely false information when you didn’t even try to ratematch properly?

For anyone reading this thread now, Tesla is absolutely rate matching! Everything spelled out in previous posts is absolutely still relevant. Just ignore Plasmid_Boy’s later posts and you’ll be doing just fine.

Dude, wtf!

 

[PackMan730]

Tesla does rate match 100 percent sure of that. I emailed them and they asked me to send them proof so they can apply the same rate. This takes 1 to 2 business days.

DCU takes a while to approve the membership so make sure you apply for it first along with opening a checking account. DCU customer service takes about an hour to 1.5 hours to pick up probably because of new Tesla buyers. I applied for my membership last Friday and I'm waiting for my membership to get approved. My loan was already approved through DCU at 1.75 percent, but they won't send me any documents until my membership gets approved.

 

[el-guapin]

Anyone needing /wanting a DCU referral, PM your full name and email address.