DCU Loan

[mshergill27]

So I was notified of my car delivery Saturday and had until today to get my financing together and DCU was so quick! I applied this morning and already have approval by the afternoon. I was able to get 1.24% @ 65 months (with a DCU account and direct deposit).

Does anyone have experience with this? I was told my entire check needs to go there but would they even know if I’m putting the entire amount? Also, how is the bank to work with? I’m seeing mixed reviews and I live in Los Angeles. From what I have experienced today they were MUCH more proactive than BOA or Chase.

 

[pgcoco]

I applied for financing at DCU and my approval was instant but after that I have not heard from them at all. I have submitted them all documentation but no idea what is next. I am in the Sacramento area.

 

[CrimsonO2]

I applied for financing at DCU and my approval was instant but after that I have not heard from them at all. I have submitted them all documentation but no idea what is next. I am in the Sacramento area.

Most people I have read from in these forums have said, calling them on the phone and being very hands-on soon after the approvals helps to usher/expedite the process.

 

[mshergill27]

Update: I was told that I would need to open an account with them to get the 1.24% so the associate I spoke with earlier in the morning said that I would should open the account and then give her a call back so that they could link the account to the loan and get me the documentation sent out right away. I did exactly that I called them back I waited for a callback it took about an hour to hear from them and that’s when I got different news. The associate now told me that I have to wait for my account to be approved to open which can take 3 to 5 business days I told him again that I have until tomorrow to pick up the car before it gets assigned to somebody else and he said there was nothing he can do to expedite the process except for I know in and hope for the best.

 

[whydontwe]

I thought Tesla matches DCU rate/term?

 

[el-guapin]

I thought Tesla matches DCU rate/term?

Tesla stopped rate matching a few months ago.

 

[Druidv1]

Wondering if anyone else has a DCU loan? I got it and plan on making the payments through the cash I get in direct deposit since they said I get a discount for having it on. I was thinking if making my payment using a different bank account and wanted to see if anyone else is doing that and if they get mad when you do that instead of paying with the included checking account?

 

[el-guapin]

Are you saying you will be paying cash or with DD? There is .25%( might be .50%)discount if you setup DD.

 

[Druidv1]

Are you saying you will be paying cash or with DD? There is .25%( might be .50%)discount if you setup DD.

I was going to keep the direct deposit on so I get the discount but actually pay the monthly loan payment using my yotta account which gives me a 1 in 150 chance in getting the payment for free.

 

[el-guapin]

You can pay their(DCU) loan with whatever funds you have available. Even from other institutions. Its just easier/faster to xfer payments in house. Meaning from their bank to their loan. Be advised, If you have already received a discount for DD but you do not set it within a period of time, that discount will be removed and your loan terms will change accordingly.