Well brick and mortar stores and banks are slowly vanishing. Take Tesla buying experience for instance, I didn’t talk to a soul during the entire process. Ordered thru app, got Tesla insurance thru app, applied loan at DCU thru website, took delivery of the car thru app. Boom done ! No hassle..no bargaining..no upsell ..nothing plain and simple. I understand it’s not for everyone, but that what the new generation is going towards . Right or wrong !
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DCU not being fixed rate anymore?
- Thread starter Kchiao1994
- Start date
Triplem086
Member
Do they ask for proof of income, were planning on purchasing a Tesla for my mom as well she has a credit score of 750+ but planning on retiring soon so was curious with $10k down and stellar credit, do they ask for proof of income?
Bassmanbrett
Member
You get to that rate through a couple of discounts. It starts at around 2%, but you deduct .25% for Tesla being an EV, then you deduct another .5% if you set up a direct deposit of any amount. Assuming you have high enough credit, this will bring you to 1.24%.
DCU does have physical locations in NH and MA. I admit, their relative inaccessibility and unusually long hold times are detriments. I'm not trying to make DCU out to be something they're not. You said "I'm not sure why people are all over DCU," so I responded with why they're so attractive.
The rate is 1.49% for ICE vehicles, 0.25% discount for EV's making it 1.24% for Tesla purchasers with direct deposit setup.
$50k purchase at 1.24% for 65 months would cost you $1724 in interest. Raising the rate to 1.79% increases that cost to $2500. $775 isn't exactly splitting hairs when you're going to spend the time applying for a loan at either place, why not take the one that saves the most money? DCU is also brick and mortar if you live in Mass. Not everyone qualifies for NFCU/USAA. PenFed/NFCU are only 1.79% for up to 36 months.
Bassmanbrett
Member
I can't speak for other people, but they didn't ask me for proof (and I'm self employed, which usually invites higher scrutiny for income verification.)
You mentioned putting 10k down. If you want my unsolicited opinion, provided you do get approved at or near 1.24%, I wouldn't put anything down. Maybe pay the taxes and fees, but at least take the loan for the entirety of the car. Assuming you finance for 65-72 months, you're paying 10k to lower your monthly payment by about $12. With interest this low, you're better off investing that 10k in something else that would provide a significantly greater return after the 5-6 year period of your loan.
OCJeff
Active Member
Closer to $160/month. @ 1.24%. Agreed on the investment side, but just wanted to say more than $12. Maybe $5.50 in interest per month.
Where were you 3 weeks ago
that’s a good thought . Had I seen this I would have done exactly what you said. But I also put 10k down ! 
Bassmanbrett
Member
That is what I meant; that much lower of INTEREST. Obviously your total monthly payment is going to be higher without a down payment.
Thats because of the very (very) rampant referral exploitation that we asked repeatedly for people to stop, and they would not. So now, we are "making" people stop it.
If you notice, I havent shut down every discussion about it, but invariably, people start either promoting it with basic "wink wink" PM me type stuff, or something else.
I dont mind if people are clear that it doesnt need a referral and point them to DCU website for them to do whatever, but anything that looks like referral is going to meet action, because of what I said before.
People simply would not stop when we repeatedly said "Hey TMC doesnt allow referrals like that, and yes we are well aware there is a financial incentive for people pushing DCU referrals so please stop."
This is not directed at the person I am quoting, but Anyone asking for a DCU referral or saying "PM me for a referral" is likely to get a temp ban, and if its a person I know has seen the previous messages it wont be a 1 day "get your attention" one.
OCJeff
Active Member
I can appreciate the expectation that members don’t solicit referrals by saying "If anyone needs a referral PM me". I don’t think I‘be ever posted anything like that, but have seen them for sure. But I’m curious if we are also discouraging new comers from saying "Can someone send me a referral?".
100% agree that membership is not dependent on a referral code. I joined with just a $10 donation to an affiliated organization.
I realize my post earlier when someone asked "Can you send me a referral?" And I replied "I could, PM me" so I may have crossed the line, but to be clear I don’t think I’ve ever actively solicited referrals.
Just trying to clear things up.
Yes, we are, especially because some of them are sockpuppets of other accounts, or start threads specifically asking for DCU referrals. Those threads we delete, and those users get banned for 1 day and sent a PM as a warning.
I second this experience. I just closed a loan for $100k with them at 1.24%. The variable rate feature allows them to bump the rate by 50bps if you fail to satisfy their direct deposit requirement. I'm not sure if you cure that default if you revert back to the 50bps lower rate.
Smoothest banking/borrowing experience I've had in a long time. The only downside is that getting DCU on the phone can be a long wait time.
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Metaphorically, there's no guarantee on the weight of the baby until it's delivered.
It's 1.24% for anything that gets 35MPG or better combined. Assuming you finance 100% of the car, 1.24% vs 1.79% is $1000 in savings. Not splitting hairs.
This..same experience. But i was able to set up an account when they were offering referrals.
I started filling out the new member application and then stopped short of giving consent to check my credit. I am still waiting on my vin before applying for a loan but thought it would be proactive to become a member first. So do they check your credit to become a member and when applying for a loan? TIA!
There's a hard pull when you apply for a loan but not when you open an account to become a member.
Once you get approved for a loan, the rate/approval is good for 45 days. 1.99 approval means 1.24 interest rate after factoring in the direct deposit and EV discount. This isn't clear during the approval process. I applied (without VIN) and did not "accept" the loan on the final screen but they pulled my credit and the loan was considered approved. Once I received a VIN and MVPA, I reached out and they finalized it.
I saw something in the consent form that said it was ok to check my credit so I backed out of it. How long does it take to approve a request for membership? Also do I need to open both a savings and a checking to get the best rate?
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