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Energy Federal Credit Union

Discussion in 'Model S: Ordering, Production, Delivery' started by Kandiru, Nov 1, 2014.

  1. Kandiru

    Kandiru Member

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    #1 Kandiru, Nov 1, 2014
    Last edited: Nov 1, 2014
    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?
     
  2. Madartist

    Madartist Member

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    That's a great deal, if you can get it. Seems too good to be true.
     
  3. Kandiru

    Kandiru Member

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    #3 Kandiru, Nov 1, 2014
    Last edited: Nov 1, 2014
    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?
     
  4. ww73

    ww73 Member

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    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.
     
  5. dweeks

    dweeks Member

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    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.
     
  6. MarcG

    MarcG Active Member

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    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.
     
  7. commasign

    commasign Active Member

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    Anyone know if they require you to open up a checking account? Or can you just join and get a car loan?
     
  8. K85D

    K85D Member

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    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).
     
  9. MarcG

    MarcG Active Member

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    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?
     
  10. K85D

    K85D Member

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    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
     
  11. rjatc

    rjatc Member

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    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!
     
  12. MarcG

    MarcG Active Member

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    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?
     
  13. DrGuest

    DrGuest Member

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    #13 DrGuest, Nov 11, 2014
    Last edited: Nov 12, 2014
    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.
     
  14. andrewket

    andrewket 2014 S P85DL, 2016 X P90DL (soon 100)

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    Is that a typo? 15 year auto loan?
     
  15. Majerus

    Majerus Member

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    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?
     
  16. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    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%.
     
  17. andrewket

    andrewket 2014 S P85DL, 2016 X P90DL (soon 100)

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    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.
     
  18. Bobbyducati

    Bobbyducati Member

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    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.
     
  19. DrGuest

    DrGuest Member

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    GetAmped, Yup big typo, sorry about the mis info. Corrected by editing now.
     
  20. Majerus

    Majerus Member

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    Sign up for a trial at experian its free for a few weeks, then cancel.
     

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