Deliveries of $80k X?

[mathnerd88]

I decided to apply for the loan now, as I just got approved for membership after applying this morning. I didn't give any donations to fedchoicegives, and was still approved...

Apparently, anyone can join even without a donation. MAKE SURE YOU USE A DEBIT CARD, NOT A CREDIT CARD TO FUND YOUR ACCOUNT, otherwise, it counts as a cash advance on your credit card.

On their application, this is what it said:

• Donors to FedChoice Charitable Foundation are eligible for a FedChoice membership. Select this option and FedChoice will make a donation on your behalf; or you can make a contribution through fedchoicegives.org. The FedChoice Charitable Foundation is a champion for the Federal Community and improves lives through financial education and philanthropy.

Still no VIN as of yet, but should be getting it soon as I ordered on 9/6. EDD 10/24-11/28, which was pushed back from my original EDD of 10/10-11/14.

 

[kbmoon]

I decided to apply for the loan now, as I just got approved for membership after applying this morning. I didn't give any donations to fedchoicegives, and was still approved...

Apparently, anyone can join even without a donation. MAKE SURE YOU USE A DEBIT CARD, NOT A CREDIT CARD TO FUND YOUR ACCOUNT, otherwise, it counts as a cash advance on your credit card.

On their application, this is what it said:

• Donors to FedChoice Charitable Foundation are eligible for a FedChoice membership. Select this option and FedChoice will make a donation on your behalf; or you can make a contribution through fedchoicegives.org. The FedChoice Charitable Foundation is a champion for the Federal Community and improves lives through financial education and philanthropy.

Still no VIN as of yet, but should be getting it soon as I ordered on 9/6. EDD 10/24-11/28.

Similar order date and EDD (1 day difference). I'm on the fence about applying now.

 

[mathnerd88]

Similar order date and EDD (1 day difference). I'm on the fence about applying now.

It's kind of a crapshoot, but apparently, you get 60 days, so it should be ok. I live in the West Coast, about a 9.5 hour drive from Fremont so I assume transportation won't take very long. I've noted that the rates have been increasing at other banks, and the fed may be increasing rates in the future, so I didn't want to take the risk.

I shipped two cars from PA to the West Coast and it only took one week by truck.

I figure that it won't get even looked at until Monday, so it really is 60 days from 10/23 at the earliest.

 

[NJturtlePower]

I decided to apply for the loan now, as I just got approved for membership after applying this morning. I didn't give any donations to fedchoicegives, and was still approved...

Apparently, anyone can join even without a donation. MAKE SURE YOU USE A DEBIT CARD, NOT A CREDIT CARD TO FUND YOUR ACCOUNT, otherwise, it counts as a cash advance on your credit card.

On their application, this is what it said:

• Donors to FedChoice Charitable Foundation are eligible for a FedChoice membership. Select this option and FedChoice will make a donation on your behalf; or you can make a contribution through fedchoicegives.org. The FedChoice Charitable Foundation is a champion for the Federal Community and improves lives through financial education and philanthropy.

Still no VIN as of yet, but should be getting it soon as I ordered on 9/6. EDD 10/24-11/28, which was pushed back from my original EDD of 10/10-11/14.

Same process here.... Got approved for the basic Savings Share account this afternoon (applied late last night) and then applied for the Auto Loan.

Already got a message for some additional info, but guessing due to time of day nothing more will be accomplished until Monday.

 

[KL670]

I ordered on 9/27 for a poverty edition. Live in the Bay Area. Current EDD is 11/28-1/23. Should I apply for the loan at Fedchoice now or wait? How likely will they bump the rate if we wait a bit. 60 days seems doable as that puts me at 12/23.

 

[mathnerd88]

I ordered on 9/27 for a poverty edition. Live in the Bay Area. Current EDD is 11/28-1/23. Should I apply for the loan at Fedchoice now or wait? How likely will they bump the rate if we wait a bit. 60 days seems doable as that puts me at 12/23.

It's difficult to say. Personally, since your delivery date is over a month out, I would wait until mid November. My EDD got pushed back already by two weeks before, Tesla just started giving VINs for customers who ordered on 9/5.

If you are applying for the loan now, be prepared to pick up an inventory car and jump on it. If you're looking for a tax credit model, then wait until the 60 day loan approval expires on 12/31.

The loan rate won't last forever; they're already offering the rate at LOWER than fed's interest rate, so this is definitely an anomaly. My bank's HYSA has a higher interest rate than the loan.

I also got conflicting reports that the loan was good only for 30 days when I called Fedchoice but others who got the loan approved said it was 60 days.

 

[Task]

Order date: 9/3 ultra red MXLR base, still waiting for VIN . Latest EDD 10/22-11/12. Approved for loan at USSFCU for 5.25 60 months.

 

[mathnerd88]

Order date: 9/3 ultra red MXLR base, still waiting for VIN . Latest EDD 10/22-11/12. Approved for loan at USSFCU for 5.25 60 months.

Was your rate locked only for 30 days or 60 days?

 

[SabrToothSqrl]

Ugh. My date could be all the way to Dec 20th. Merry Christmas!
You guys are making me think I should be applying to FedChoice now.
Was going to wait for a VIN first.
I applied for, and got a tesla loan, and fear waiting too long and it negatively impacting my credit (multiple applications close together count as one).
Ordered Sept 8th.
Tesla (JP Morgan) approved Oct3
72 month at 6.5%
Dec 20th is 61 days away.

I guess I should apply Tuesday then? Oct 24th. Ugh.

My current loan is 72 a 3.5% (from 2019).

I also paid the $2k they made me put down, I assume if FedChoice can do 100%, Tesla would just mail me an overage check?

I believe I have to call Tesla to change the loan/funding? You just call the main number?

thanks everyone. This waiting is KILLING me.

 

[gaubong053]

Same process here.... Got approved for the basic Savings Share account this afternoon (applied late last night) and then applied for the Auto Loan.

Already got a message for some additional info, but guessing due to time of day nothing more will be accomplished until Monday.

I got Auto Loan approved from FedChoice but can't find the rate mentioned anywhere in the approval email. How do you know the rate when Fedchoice approve your loan? I asked them but has not received response.

 

[Visvism]

I ordered on 9/27 for a poverty edition. Live in the Bay Area. Current EDD is 11/28-1/23. Should I apply for the loan at Fedchoice now or wait? How likely will they bump the rate if we wait a bit. 60 days seems doable as that puts me at 12/23.

I should have waited but since I already opened the savings account (which requires a hard pull) I went ahead and applied for the loan since you have 30 days to apply with no additional hard pulls. I doubt I will receive my MXP during the time frame as my EDD is currently 12/21 - 2/15 while my pre-approval with FedChoice is only good until 12/18. It's likely I will re-apply for another loan with them if they're still around 3.99% once I get a more refined date for delivery.

My recommendation to you is to wait until a couple of days before the end of the month, and apply then. The fed meet again on 11/1 and it's possible they will raise rates again. If they do, FedChoice may raise their loan rates. But it's also possible that the fed holds rates steady which may mean no FedChoice loan adjustments. But unfortunately no one knows right now what the Fed or FedChoice will do.

 

[Visvism]

I got Auto Loan approved from FedChoice but can't find the rate mentioned anywhere in the approval email. How do you know the rate when Fedchoice approve your loan? I asked them but has not received response.

Call. During business hours they pick up within minutes and a loan specialist will easily tell you your rate. My rate was 4.64% but because of the 1% reduction I was informed it would be 3.99% and that I have 60 days to complete the process. They now just need the final signed pricing sheet... which of course I do not have at this time.

 

[gaubong053]

Call. During business hours they pick up within minutes and a loan specialist will easily tell you your rate. My rate was 4.64% but because of the 1% reduction I was informed it would be 3.99% and that I have 60 days to complete the process. They now just need the final signed pricing sheet... which of course I do not have at this time.

Thanks, will call them on Monday.

 

[Task]

Was your rate locked only for 30 days or 60 days?

I assume at least 30 days. Will call on Monday to confirm. I was hoping to get VIN by now.

 

[Beatsonfilm]

i received instant approval from fed choice with this rate I wonder if I can get 1% lower than that lol

 

[gsxdsm]

View attachment 984038
i received instant approval from fed choice with this rate I wonder if I can get 1% lower than that lol

No that is the floor.

 

[mathnerd88]

View attachment 984038
i received instant approval from fed choice with this rate I wonder if I can get 1% lower than that lol

Can you let me know if the rate is good for 30 days or 60 days?

 

[Beatsonfilm]

Can you let me know if the rate is good for 30 days or 60 days?

I’ll see Monday when they open up

 

[Visvism]

The rate you receive is good for 60 days with FedChoice. People keep asking with the information already posted above. If you don’t believe the info posted, Google it for yourself and see that people have been using FedChoice for a while and also have posted in the past that their rates were good for 60 days. They’ve also gone on to state that FedChoice typically updates their rates on the 1st of the month so we’ll have to tune in first week of November to see what the new rates are. Finally, you have 90 days from account opening to lock in a rate with the 1% new customer discount.

But for those who still remain skeptical, instead of asking again and again how long the rate lock is for, just call FedChoice yourself on Monday when they open to hear it directly from the source. Then you don’t have to trust us internet strangers.

 

[Neon001]

But for those who still remain skeptical, instead of asking again and again how long the rate lock is for, just call FedChoice yourself on Monday when they open to hear it directly from the source. Then you don’t have to trust us internet strangers.

Understand your point, but multiple others have posted contrary info after speaking directly with fed choice reps, and no one seems to be able to reference any documented policy (their website seems a bit light on that in general, to be honest). As you say, those concerned should probably reach out themselves to verify.