DCU Loan

[CrispyButter]

Anyone who has a DCU loan can provide some insight into the direct deposit requirement?

I already have the loan set up, and have made 2 direct deposit payments of $1200 (not my full paycheck). Do they confirm if you get the Plus benefits? When does it kick in? Does my partial direct deposit work? I know they want the full paycheck.

Any insight or experiences would be greatly appreciated.

 

[glide]

Are you speaking of a direct deposit discount on your loan? It should be applied at the time it is opened.

Why do they want your whole paycheck? And how would they even know what that amount is? Any amount of direct deposit should be sufficient unless they changed something recently.

 

[CrispyButter]

Are you speaking of a direct deposit discount on your loan? It should be applied at the time it is opened.

Why do they want your whole paycheck? And how would they even know what that amount is? Any amount of direct deposit should be sufficient unless they changed something recently.

Yes I am referring to the .50% discount. When I applied for the loan, the person on the phone said it had to be full paycheck, how would they know, I have no clue. I have the discount currently, but they said that if I didnt meet the requirements, they would automatically bump up my rate.

 

[glide]

Yes I am referring to the .50% discount. When I applied for the loan, the person on the phone said it had to be full paycheck, how would they know, I have no clue. I have the discount currently, but they said that if I didnt meet the requirements, they would automatically bump up my rate.

You should be fine then. Go to a branch and confirm if necessary.

DCU doesn’t know how much your employer pays you.

 

[DayTrippin]

Actually they do know if you applied for a loan with them. They will ask for you income.

Anyway I was told to make it more than the loan amount by a few hundred and you should be fine.

 

[Arunks]

Will anyone be able to help me get into DCU? I am loan shopping now.

 

[Fakedevil]

Actually they do know if you applied for a loan with them. They will ask for you income.

Anyway I was told to make it more than the loan amount by a few hundred and you should be fine.

Income can be paid by stocks rsu etc..pure cash could be limited. I doubt they can tell for sure how much cash you are paid per month

 

[ejfirestar]

There should be a way to check what the status of your checking account is. I believe it's under "account manager > home" it will show something like "your current checking benefits". You have to be a plus or relationship member to get the .5%.

I don't know how long it takes to kick in, but they should give you 90 days after the loan to reach that status.

I've heard you only need 500/mo to qualify, I was planning on doing $300/wk (I get paid weekly) but after the first direct deposit I ended up matching the loan to Tesla/WF and declined DCU.

 

[dailo]

Will anyone be able to help me get into DCU? I am loan shopping now.

PM if you still need a referral

 

[Noflash]

To be clear, if you are just shopping DCU to get a matching rate from Tesla, do you need to actually set up direct deposit with DCU?

I'm hoping I can get DCU-approved and send a screenshot to Tesla without screwing up all my finances.

 

[dailo]

To be clear, if you are just shopping DCU to get a matching rate from Tesla, do you need to actually set up direct deposit with DCU?

I'm hoping I can get DCU-approved and send a screenshot to Tesla without screwing up all my finances.

You don't, just need to tell them you will do that to get the lower rate. You will have to actually go through the application process for them to send you the term sheet to get Tesla to match. You'll actually need to have a VIN and the purchase agreement from Tesla to start that process.

 

[ejfirestar]

To be clear, if you are just shopping DCU to get a matching rate from Tesla, do you need to actually set up direct deposit with DCU?

I'm hoping I can get DCU-approved and send a screenshot to Tesla without screwing up all my finances.

You don't. When you get the DocuSign, just send a copy to Tesla

You have to make sure you get them to add the direct deposit discount because I don't believe they offer it unless you ask. (I had a little mishap with that).

 

[zikronix]

just fyi be prepared for this line. They wouldnt match it out to 72, but were ok doing it to 60...which was frustrating. I ended up deciding not to do all that hassle with moving money etc, and just stayed with navy fed. Its a 1500.00 cost difference over the term, which I wont be having it that ling in the first place.


We are unable to provide the rate match to 72 months per the terms and conditions of the program. DCU is also offering a different rate for 72 months, so if you’re able to provide an approval from DCU listing 1.24% over 72 months, we are happy to match.


Terms & Conditions

· *Excludes Model 3 Standard Range

· Name(s) on loan approval must match the Tesla Loan.

· The interest rate must be for the same loan type, amount & payment schedule.

· Stated date of approval (not more than 30 days prior to, and not more than 7 days post Delivery date)

· Proof of approval: An official PDF, photo or screenshot are all acceptable forms of verification (Pre-approvals not valid)

· Tesla may contact the third-party bank to verify the validity of the loan rate.

 

[ejfirestar]

They wouldnt match it out to 72, but were ok doing it to 60...which was frustrating

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

 

[Noflash]

You don't. When you get the DocuSign, just send a copy to Tesla

You have to make sure you get them to add the direct deposit discount because I don't believe they offer it unless you ask. (I had a little mishap with that).

Thanks very much.

 

[Noflash]

just fyi be prepared for this line. They wouldnt match it out to 72, but were ok doing it to 60...which was frustrating. I ended up deciding not to do all that hassle with moving money etc, and just stayed with navy fed. Its a 1500.00 cost difference over the term, which I wont be having it that ling in the first place.


We are unable to provide the rate match to 72 months per the terms and conditions of the program. DCU is also offering a different rate for 72 months, so if you’re able to provide an approval from DCU listing 1.24% over 72 months, we are happy to match.


Terms & Conditions

· *Excludes Model 3 Standard Range

· Name(s) on loan approval must match the Tesla Loan.

· The interest rate must be for the same loan type, amount & payment schedule.

· Stated date of approval (not more than 30 days prior to, and not more than 7 days post Delivery date)

· Proof of approval: An official PDF, photo or screenshot are all acceptable forms of verification (Pre-approvals not valid)

· Tesla may contact the third-party bank to verify the validity of the loan rate.

Which bank wouldn't match to 72 mos?

 

[tsam23]

My SA told me they don’t rate match anymore

 

[Noflash]

ugh

 

[zikronix]

Which bank wouldn't match to 72 mos?

tesla in general when i emailed them, despite me showing them proof it was happening.

 

[ejfirestar]

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.

Edit: to clarify, there seems to be only one guy working that email, and everyone has a different experience with him. (I had to email 3 times for my rate to stick because it kept changing on me last minute.