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Energy Federal Credit Union

I applied at Alliant for my S85 and was approved for the full value of the car, but then I cancelled it when I switched to the 85D in October. I called them back to start the process again but I asked if they would match or beat the DCU rates for 65 months (1.24% with a checking account and direct deposit). The person I spoke with at Alliant got back to me and told me that they might be able to beat the DCU rate (as an exception) but would need to see a pre-approval from another lender in writing. So I have now applied with DCU and I am waiting to see if they approve the loan. I am not sure why Alliant thinks I would be willing to go through the application process with two lenders just to see if they can beat 1.24% for 65 months when their rate is 1.99% for 60 months.


Did you get Alliant to match or beat the DCU rate? i am in similar scenario.
 
I just finished up my delivery today. I took delivery at the Rockville service center which is just down the road from EFCU, so I picked up the check in person and took it straight to Tesla. Took about 20 minutes on-site to sign everything and get the check issued. Easy, pleasant, and highly recommended.

Glad EFCU worked out for you.

Based on the posts here on TMC I joined their odd charity, opened an account, and applied for a Tesla loan. Broke out into laughter at their rate of 6+% for about half the price of the car. A complete and utter waste of my time and funds.

Last month we completed the purchase of our fourth MS with PenFed (Pentagon Federal CU) at 0.99% APR (yes, that's under 1%) for six-figures worth of Tesla, with nothing down. They were a pleasure to deal with and the process was seamless and efficient.

Thus, in OUR experience, while some have had a good experience in past years with EFCU, we highly recommend PenFed CU instead. Keep an eye out for the regular PenFed's rate "special offers" as they make the Tesla purchase that much more possible when the cost of funds is so much less.
 

Kandiru

Active Member
Oct 20, 2014
1,669
717
USA
This is straight from the EFCU email I received today:

The best rate now is 1.43% for 5 years with the maximum amount of $69,999.00.

We are doing a special from Nov 15[SUP]th[/SUP] to Dec 15[SUP]th[/SUP] with the best rate at 0.99% for 4 years only and the maximum amount is $50,000.00

You must close on the loan before Dec 15[SUP]th[/SUP].

Above poster is right, look elsewhere, as above the limits rates increase.
 
This is straight from the EFCU email I received today:



Above poster is right, look elsewhere, as above the limits rates increase.


Where do you suggest looking? I just called DCU and they are asking for a direct deposit from employer as well as only a .25% on electric loans bringing total to 1.49%?

Any suggestions helpful. Taking delivery in 48 hours
 

Max*

Charging
Apr 8, 2015
6,672
3,838
NoVa
Where do you suggest looking? I just called DCU and they are asking for a direct deposit from employer as well as only a .25% on electric loans bringing total to 1.49%?

Any suggestions helpful. Taking delivery in 48 hours

Are you in DC itself or VA or MD?

I used these guys: https://www.applefcu.org/Loans/AutoLoan not sure they serve DC... They're not the cheapest, but they have competitive rates, and are local, so that was a plus to me.
Right now the 5-year 80% LTV (there was no $ amount, you just need good credit and good DTI) is 1.99%
5 year 100% financing (or up to 115%) should be 2.49% (they add 0.5% if you want to finance more than 80%)
 

andrewket

Well-Known Member
Dec 20, 2012
5,704
1,543
0.51.. That was it. I couldn't remember. Essentially free money. I've got my monthly payment set to push automatically from my account. It actually cuts them a check and mails it because apparently they lack the infrastructure to receive it as an ACH. They're a bit antiquated.
 
Last edited:

andrewket

Well-Known Member
Dec 20, 2012
5,704
1,543
on my cpo s85 i got 1.99 over 72 months with a 30% down payment through Tesla, Chase denied me at the lower rate, because three banks checked my rating
I think this a bad setup in the long run as your credit score will take a hit.

You get 3 days to shop for auto loans and have the inquires count as one with most scoring models. You get 2 weeks for mortgages.
 

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