I did the application online, then they called me and said my loan is approved but the title needs to be in CA to move forward.
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Finance Rate Went Down
- Thread starter obana1990
- Start date
I did the application online, then they called me and said my loan is approved but the title needs to be in CA to move forward.
Croathlete
Member
The email confirmation only mentioned it was approved without the rate/term information.
preilly44
Member
Sam
Same with mine. I think they know people rate beat...The email confirmation only mentioned it was approved without the rate/term information.
preilly44
Member
I sent Tesla the email confirmation and they said they need the truth in lending disclosure with the terms/rate.
What's the email address you sent to? Telsa never responded to any of my emails.
preilly44
Member
I applied without being a member. The loan specialist called me and reviewed my info then said the car needs to be titled in CA so we stopped there.
Yes that's what I did (I'm from California). It took 45 seconds to fill out the online loan application (didn't touch anything membership related). Within one hour they sent me a secured link to access documents. From there it had the letter in there stating 2.2% for 72 months and the loan amount. I sent it as an attachment to the ratematch tesla email address and within one hour Tesla matched it and I was done. Never became a member of EECU. Now financed with Tesla.
So essentially it took me a total of 1 minute of effort and 45 min of waiting to get a letter from EECU and hand it off to Tesla.
If you wanted to end up doing a loan through EECU then you need to fill out and paper mail a membership application.
DennyL
Member
Thanks for the break down. Since I am financing the entire loan amount (hoarding my cash for a rainy day), its 900 vs 1000 monthly payment from 2.69% to 2.20%. Every dollar adds up.
Indeed. Every dollar matters right now. I had initially started to go through DCU for the loan but they did an absolutely horrible job. I had to go back and forth with them for weeks and wasted a ton of time. They couldn't care less.
The EECU then Tesla combo was flabbergastingly easy.
The EECU then Tesla combo was flabbergastingly easy.
When you are approved for EECU, did they give you 30 day window to accept loan or price match w/ Tesla?
I want to take advantage of the 2.2% rate but won't be able to make my down payment until 2nd week of April.
preilly44
Member
I applied via phone the first time so I tried again under my wife's name online. We received a letter via secure email saying the car has to be titled in CA. So if you live in CA, go for it, if you don't, don't bother.
FredMertz
Member
I think you need to check your math again. A half-percentage point decrease should not lower your monthly payments by more than $15 or so max. In fact, going to a zero interest rate from 2.69% wouldn't even save you $100 a month on any Model Y loan.
DennyL
Member
$66500, monthly payment of $1,001.18 vs $986.76 to be exact. Sorry if I had misled anyone, but there are still some savings for a few minute effort.
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Wow. Got a response back in a few minutes. Rate accepted but they are waiting on my trade-in to be finalized. Hopefully all this will be finished by the end of the day or tomorrow. New car is supposed to be transported down from Arizona (it's a dealer demo) by Tuesday hopefully.
