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Energy Federal Credit Union
- Thread starter Kandiru
- Start date
My negative experience with Energy FCU
FWIW, I applied for a $100k+ auto loan for our 4th Model S with them on 31 Dec 2014, hoping to squeak under the wire before they removed the 0.61% APR program. Had to send $10 and sign up for the CCACC, the "Chinese Culture and Community Service Center" of course . . . .
Took some effort to reach Mary, and despite a 4-year 1.49% APR auto loan on our remaining Model S, and a long history of large auto loans and mortgages, all never "late paid" and all paid off early, Mary said, "You're not going to like this, but the loan committee came back with 6.61% and a loan amount limited to $60k." I laughed out loud.
Mary advised that I had a previously unknown "public record of $52" (yes, fifty-two dollars) so I'm attempting to remove that given that I'd never even seen a bill from the party dinging my credit report.
Thus, my suggestion is to be wary. I'll probably send a letter to their president advising that their loan committee is a little nuts, especially given an 800+ scores and 30+ years of excellent credit history, a long list of paid off home mortgages and car loans, and strong income and ratios.
Complete speculation on my part, but my hunch is that they look for any excuse they can find to minimize their Tesla auto loans as they didn't realize their High Efficiency Vehicle loan program would get such wide distribution and result in so many very expensive Tesla loans? As I type this, the link regarding this discount on their loan program doesn't even work (redirects to their home page) so I'll guess it's gone for 2015 or perhaps just under review:
Types and Terms :: Vehicle Loans :: Loans & Credit Cards :: Energy Federal Credit Union
Will update if they clear up my loan and re-instate their previous offer, but I'm certainly not holding my breath given their absurd loan offer (600 basis point hit for an unknown $52 ding?!?).
Lastly, if you're in any way related to the air travel business, or have a relative who is, the AA FCU currently offers 1.49% APR and has for years (and hopefully will continue doing so going forward). We're likely to use them again for our next Tesla if the Energy FCU doesn't get their act together:
American Airlines Credit Union
While they're based in Texas, it's not just for Texas residents, obviously.
Best of luck with your Tesla loans.
FWIW, I applied for a $100k+ auto loan for our 4th Model S with them on 31 Dec 2014, hoping to squeak under the wire before they removed the 0.61% APR program. Had to send $10 and sign up for the CCACC, the "Chinese Culture and Community Service Center" of course . . . .
Took some effort to reach Mary, and despite a 4-year 1.49% APR auto loan on our remaining Model S, and a long history of large auto loans and mortgages, all never "late paid" and all paid off early, Mary said, "You're not going to like this, but the loan committee came back with 6.61% and a loan amount limited to $60k." I laughed out loud.
Mary advised that I had a previously unknown "public record of $52" (yes, fifty-two dollars) so I'm attempting to remove that given that I'd never even seen a bill from the party dinging my credit report.
Thus, my suggestion is to be wary. I'll probably send a letter to their president advising that their loan committee is a little nuts, especially given an 800+ scores and 30+ years of excellent credit history, a long list of paid off home mortgages and car loans, and strong income and ratios.
Complete speculation on my part, but my hunch is that they look for any excuse they can find to minimize their Tesla auto loans as they didn't realize their High Efficiency Vehicle loan program would get such wide distribution and result in so many very expensive Tesla loans? As I type this, the link regarding this discount on their loan program doesn't even work (redirects to their home page) so I'll guess it's gone for 2015 or perhaps just under review:
Types and Terms :: Vehicle Loans :: Loans & Credit Cards :: Energy Federal Credit Union
Will update if they clear up my loan and re-instate their previous offer, but I'm certainly not holding my breath given their absurd loan offer (600 basis point hit for an unknown $52 ding?!?).
Lastly, if you're in any way related to the air travel business, or have a relative who is, the AA FCU currently offers 1.49% APR and has for years (and hopefully will continue doing so going forward). We're likely to use them again for our next Tesla if the Energy FCU doesn't get their act together:
American Airlines Credit Union
While they're based in Texas, it's not just for Texas residents, obviously.
Best of luck with your Tesla loans.
I reached out to Mary @ Energy earlier this week and heard back from her -
"The lowest rate is 1.11% for 60 months with a maximum amount of $69,999.99."
So sounds like the .61% is gone. 1.11 is still great, but disappointed with the $70k max. I'm not willing to put that kind of money down when someone is offering me money at 1%!
"The lowest rate is 1.11% for 60 months with a maximum amount of $69,999.99."
So sounds like the .61% is gone. 1.11 is still great, but disappointed with the $70k max. I'm not willing to put that kind of money down when someone is offering me money at 1%!
EFCU had a change in their lending terms as of Jan 1, 2015. Raising their best rate to 1.1% with a maximum loan of $70K. While there may be a person or two that have reported negative dealings with them the vast majority of people posting here and on the TM forum have found them to be very easy to deal with during the entire process.
Alliant, EFCU and DFCU Rates
I have an 85D on order and am told that delivery should be around March 10th. I previously had orderd an S85 and changed to the D when TMC announced the new version. I had applied with Alliant and got an approval. I found them reasonably easy to work with but I did have to send them a lot of information as I am self employed. As I get closer to 25 days from expected delivery I plan to reconfirm current rates with EFCU, Alliant and Digital (DFCU).
Here is a quick summary of the current offerings for credit score above 690:
Alliant:
60 months 1.99%
72 months 2.24%
84 months 2.99%
Alliant will loan 100% of the car value (everything except the taxes!)
DFCU:
Up to 65 months at 1.99%.
They will reduce the rate by 0.5% to 1.49% if you direct deposit your paychecks.
DFCU will loan up to 120% of purchase price or value.
EFCU:
1.11% for 60 months
$69,999 loan limit
For those of you that are going through this process soon, please post to let us know if you find any better financing!
I have an 85D on order and am told that delivery should be around March 10th. I previously had orderd an S85 and changed to the D when TMC announced the new version. I had applied with Alliant and got an approval. I found them reasonably easy to work with but I did have to send them a lot of information as I am self employed. As I get closer to 25 days from expected delivery I plan to reconfirm current rates with EFCU, Alliant and Digital (DFCU).
Here is a quick summary of the current offerings for credit score above 690:
Alliant:
60 months 1.99%
72 months 2.24%
84 months 2.99%
Alliant will loan 100% of the car value (everything except the taxes!)
DFCU:
Up to 65 months at 1.99%.
They will reduce the rate by 0.5% to 1.49% if you direct deposit your paychecks.
DFCU will loan up to 120% of purchase price or value.
EFCU:
1.11% for 60 months
$69,999 loan limit
For those of you that are going through this process soon, please post to let us know if you find any better financing!
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