Anyone dealt with them? Allegedly one could get 0.51% financing as they offer a 1% green reduction off 1.51% for up to 60 months. Anyone with FICO north of 800 do better than this lately?
See here: Energy Federal Credit Union | Forums | Tesla Motors Oh, there is a bilingual application for the Chinese Culture and Community Service Center, Inc. to be filled out in order to become eligible, maibe recruitment for the greater cause, having grown up in a commie regime this makes me nervous to say the least: http://www.energyfcu.org/home/fiFiles/static/documents/CCACCMembershipForm.pdf What do you guys think?
I'm in the process of getting a used car loan from them. For a Tesla, you can get as low as 1.11% for used (2.11% regular + 1% discount)! Give them a call and overnight the CCACC membership form, a membership application, plus a $10 check. Then ur ready to go.
I'm in the middle of setting up a loan now. The best you can get for a Tesla is .61%. You need about 800 on your credit report, but don't hold me to that number... See my post in another thread. Getting .51% requires applying two discounts simultaneously, and they won't do that. Also, with very good credit they will finance 100% of the purchase.
I would be careful and do lots of research if I were you. Doing a quick search showed some pretty bad Yelp reviews on EFCU and they're not BBB accredited, though I did see one complaint about them on BBB.
Anyone know if they require you to open up a checking account? Or can you just join and get a car loan?
I had a loan for my S85. I have a very good FICO score. The rate was .86 for 66 months. You do not have to do direct deposit or have a checking account. The only issue is that they do not have automatic bill pay. I had to setup with my bank (BofA) to do the monthly bill pay from that side. Sandra - loan manager was very helpful. They were offering a .66 rate for 60 months. I just traded in my S85 for a P85D (after 1 month). I am trying to decide if I will use Energy Federal Credit Union again or use the resale guarantee buyback offer after 3 years (which is at 3.74% for 72 months - TechCU).
According to the Tesla credit rep I've been working with, the loans Tesla offer actually originate through Wells Fargo, Chase, and US Bank. Are you saying Tech CU is also an option for the resale guarantee value from Tesla?
Yes - Tech CU is who Tesla uses for the resale guarantee for people that do not live in ( CA, CO, FL, GA, IL, MA, MN, MO, NC, NV, NY, OH, OR and WA). - at least for VA
I have set my financing up through them as well. Talk to Mary Johnson in the loan department, she was great! .61% on 60 months. I did receive their schedule of fees, and some of them look a little high, but as stated, you won't be using the checking account anyway. For me the extra % that I would have to pay for TechCU did not seem worth it. .61% is less than my savings account ears, so why would I not do that!
Did they say you have to open a checking account, or can you setup an automated monthly payment from another bank's checking account? Also, did Energy FCU already fund your loan to Tesla, and if so, how did it go?
I was told by my Tesla delivery specialist about Alliant Credit Union out of Chicago and got 1.49% on the total amount and $0 down for a 72 months loan. It made it possible for me here in Montana to get my Model S. No local banks could touch that rate.
I just got there best rate @72 months 2.24% at 95% value of the car. I was told that is all they can do before they had any of my info, maybe I am doing something wrong?
No, the bigger CUs have upped their rates. Pentagon Federal CU is up at 2.49% now; I had financed my first MS in Jan 2013 with them at 1.49%.
I had an alliant loan 1.49 60 months 100% financed. Gap insurance for 299 I think. Going with EFCU this time. .61 60 months 100%. I need to get the details on their GAP insurance.
anyone know a reliable, free way to check credit scores? Wont make a difference at this point, but would like to know going in to the loan process rather than finding out from them.