DCU Loan

[zikronix]

Tesla uses different banks, US, WF, Chase etc. But they should be able to use anyone of them to ratematch.

You email [email protected]. our buddy Chris will flip a coin and you either get 60mo or 72. Sometimes you get unlucky and he can't match.

literally what happened to me

 

[Arunks]

PM if you still need a referral

Not able to PM you for some reason, would you be able to PM me an invite. TIA.

 

[Trip McNealy]

What does DCU stand for and what website? I would assume this is a credit union that has some cool advantage over others? I live in NJ for reference, if it matters for eligibility, etc. Thanks!

 

[Stephan Bogan]

What does DCU stand for and what website? I would assume this is a credit union that has some cool advantage over others? I live in NJ for reference, if it matters for eligibility, etc. Thanks!

Digital Federal Credit Union

www.dcu.org

 

[Suspendmix]

Does anyone know how long the DCU loan approval is for? I was planning on applying for loans a few weeks before EDD but my EDD dates have fluctuated 1-2 2 months either way so it could be any time between now until the end of September. I don't want to apply too early and have to re-apply again if the EDD gets pushed out again. I think Tesla's is good for only 30 days?

 

[zikronix]

Does anyone know how long the DCU loan approval is for? I was planning on applying for loans a few weeks before EDD but my EDD dates have fluctuated 1-2 2 months either way so it could be any time between now until the end of September. I don't want to apply too early and have to re-apply again if the EDD gets pushed out again. I think Tesla's is good for only 30 days?

45 days

 

[Sal_berris]

They matched mine Wells Fargo 1.24 for 72mo. I financed about 91% of the car.

What’s the order of operations to get them to match? I’m already approved through the tesla financing for a 2.49% rate with Wells Fargo so I guess I need to wait for a VIN before applying through DCU.

Was there a way I could’ve avoided doing the financing until closer to delivery when ordering?

 

[oktane]

Just send at least 4k every month and they won't know or care. $48k/year in DD is plenty. They just want money in the account so they can lend it out and make interest off your money.

 

[Suspendmix]

45 days

Thanks!

 

[ejfirestar]

What’s the order of operations to get them to match? I’m already approved through the tesla financing for a 2.49% rate with Wells Fargo so I guess I need to wait for a VIN before applying through DCU.

Was there a way I could’ve avoided doing the financing until closer to delivery when ordering?

Yeah, you don't want to do any financing until you are within I'd say 2 weeks of expected delivery (that gives you a few week buffer if things are delayed). It took me 2 weeks to even get an account set up with them.

You can't get the loan docs until you have a Vin, but you can start the process ahead of time. However, I've heard that you might not get the MVPA doc needed to get a loan unless you change to either cash, or 3rd party financing.

Tldr order doesn't matter. If I did it again I would have said cash offer, signed up for DCU membership, get Vin, apply for DCU loan, email [email protected].

 

[CrispyButter]

Just an update to my original post. I have a DD of $1200/bi-weekly and it finally kicked in saying I am at Plus Checking benefits

• Special ½% consumer loan rate discount with electronic payment from a DCU account

 

[amatt101]

Which bank and insurance provides the best rate for Tesla MY/EV ? DCU give a 0.25% for enerfy efficient cars, like that are there other banks ?

 

[OCJeff]

Which bank and insurance provides the best rate for Tesla MY/EV ? DCU give a 0.25% for enerfy efficient cars, like that are there other banks ?

A few. Membership can be a pain. DCU is one of the best rates. PenGed is easy at 1.99% for 60 months. A few others.

 

[Trip McNealy]

.....

Tldr order doesn't matter. If I did it again I would have said cash offer, signed up for DCU membership, get Vin, apply for DCU loan, email [email protected].

I keep seeing a lot of people here on the board do that rate match process after securing a DCU membership... why? I'm confused by that. Is there anything wrong with keeping DCU as the financier instead of going over to Tesla Finance or any other bank that would rate match?

 

[mvng]

I keep seeing a lot of people here on the board do that rate match process after securing a DCU membership... why? I'm confused by that. Is there anything wrong with keeping DCU as the financier instead of going over to Tesla Finance or any other bank that would rate match?

DCU UX is terrible...

 

[ejfirestar]

I keep seeing a lot of people here on the board do that rate match process after securing a DCU membership... why? I'm confused by that. Is there anything wrong with keeping DCU as the financier instead of going over to Tesla Finance or any other bank that would rate match?

I wanted lower monthly payment. 72mo gives me that. And it only costs like an extra $300 in interest over the 65mo DCU was offering.
That $300 should be covered by the fact I'm earning 6% on 1000 that I have in DCU savings, ie 60/yr for 6 years.

It's more that I'm hacking things to get the longest term at the lowest rate.

 

[Noflash]

I wanted lower monthly payment. 72mo gives me that. And it only costs like an extra $300 in interest over the 65mo DCU was offering.
That $300 should be covered by the fact I'm earning 6% on 1000 that I have in DCU savings, ie 60/yr for 6 years.

It's more that I'm hacking things to get the longest term at the lowest rate.

Holy crap - how can they offer 6%? What's the catch?

EDIT: Catch found - it's only on the first $1000, the 0.25%.

 

[ejfirestar]

Holy crap - how can they offer 6%? What's the catch?

EDIT: Catch found - it's only on the first $1000, the 0.25%.

If you want to squeeze a bit more out, their checking account is currently .5% so if you move the interest earned on savings to checking you could get a bit more

 

[(HCDAW)OK3]

Do you actually have to join DCU to get the loan approval sheet with the 1.24 APR in order to get Tesla to match?

 

[MYNNJ]

Do you actually have to join DCU to get the loan approval sheet with the 1.24 APR in order to get Tesla to match?

Yes, you need to have checking account with direct deposit to get 1.24