My advice is go through Mary but understand that the decision for approval and rate is not up to her. If you do get approved for the good rate, great. It's a smooth process (just remember to submit two membership applications if applying jointly with your spouse) with relatively minimal paperwork. If you don't get the good rate or full amount that you want, then move on. It's one of many options available.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Energy Federal Credit Union
- Thread starter Kandiru
- Start date
Andrew, thanks for the explanation on how they qualify you.
I had to go with the .86 too and it made no sense to me.
I charge a lot each month (always paid off at month's end), and that could have been the reason.
Their rates are still the best that I have seen.
I had to go with the .86 too and it made no sense to me.
I charge a lot each month (always paid off at month's end), and that could have been the reason.
Their rates are still the best that I have seen.
I use a trick for this. I pay off the balance the day before the closing date. This way the credit card company reports a zero balance to the credit bureaus. In my case, my alliant car loan was still showing as open even though it was paid off. One week lag...
i'll add that my experience with EFCU was not a good one. found them to be slow to respond and fairly disorganized.
per everyone's suggestions here, i'd left a message for Mary Johnson. she did not call me back. i left her another two, and got a call back eventually from someone else.
i'd advised them that i'd need a loan offer by X date. about four weeks prior to that date, i sent them an application, and a few days later heard back that they needed a new, non-photocopied version. they told me to make sure i sent the new form Attn to them, and meanwhile they'd keep the other paperwork / check aside for me.
sent it back to them, specifically "Attn:" to the person helping me. a few days later again heard back from a second person there, asking why i'd only sent half an application. the second person hadn't read the "Attn" on the envelope, apparently. so another few days passed before they were able to get all the documents onto one desk for some reason. then they said they'd call me back the following morning to start an application, and they did not do so. four days later they got back in touch to say they could start my loan application "tomorrow probably", and that it would take another four days to get all the paperwork squared away, by which time it would be past the date i needed it.
the time i spent on this reminds me of the old Tesla website "True Cost of Ownership / How much is your time worth" question. had hoped for a better experience, but it wasn't worth it.
per everyone's suggestions here, i'd left a message for Mary Johnson. she did not call me back. i left her another two, and got a call back eventually from someone else.
i'd advised them that i'd need a loan offer by X date. about four weeks prior to that date, i sent them an application, and a few days later heard back that they needed a new, non-photocopied version. they told me to make sure i sent the new form Attn to them, and meanwhile they'd keep the other paperwork / check aside for me.
sent it back to them, specifically "Attn:" to the person helping me. a few days later again heard back from a second person there, asking why i'd only sent half an application. the second person hadn't read the "Attn" on the envelope, apparently. so another few days passed before they were able to get all the documents onto one desk for some reason. then they said they'd call me back the following morning to start an application, and they did not do so. four days later they got back in touch to say they could start my loan application "tomorrow probably", and that it would take another four days to get all the paperwork squared away, by which time it would be past the date i needed it.
the time i spent on this reminds me of the old Tesla website "True Cost of Ownership / How much is your time worth" question. had hoped for a better experience, but it wasn't worth it.
basf_audio
Member
I had a fantastic experience with Mary. Only needed to do a few e-mails back and forth, a phone call to validate my application, and a notarized power of attorney for the lien. The rest were a few moments getting validating of my car build info and amount to finance. Can't say enough good things about Mary. Closed today and drove home with my P85D.
I will say I expect that they've been swamped with applications for Tesla's - the rate (.61% in my case for 5 years) is just crazy insane. But each time I've been greeted with enthusiasm.
Thanks!!
I will say I expect that they've been swamped with applications for Tesla's - the rate (.61% in my case for 5 years) is just crazy insane. But each time I've been greeted with enthusiasm.
Thanks!!
Financing Your Model S: Energy Federal Credit Union, Thoughts? Experience?
I will be getting my MS in the next couple months and it is time to start thinking about financing. I checked the local credit union and they offer 3.95% for 60 months. But, on this forum, I read about buyers financing through EFCU at .61%, though the it has gone up to 1.11% this year. Anyone know of EFCU? It certainly seems like the best rates I have heard of or found. Any better places to finance a Model S?
I will be getting my MS in the next couple months and it is time to start thinking about financing. I checked the local credit union and they offer 3.95% for 60 months. But, on this forum, I read about buyers financing through EFCU at .61%, though the it has gone up to 1.11% this year. Anyone know of EFCU? It certainly seems like the best rates I have heard of or found. Any better places to finance a Model S?
WOW, that's an insanely low interest rate for such a long of a term, when did you close on this loan?
Mind if you share your credit score? I'm assuming somewhere in the 800s? I noticed that EFCU requires 780 for "their best rate", which looks to be 1.01% on a 72-month (including the 1% EV discount).
That's my concern as well. I have very good mortgage and revolving credit history and ~800 credit score, but have never had an auto/student/home equity loan.
Nope. Wasn't asked for in my case, so it didn't matter. I got the 0.61% rate, $90K, 48 months - exactly what I had requested. Mary couldn't have been nicer, or more helpful.
Similar threads
