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Finance Rates
- Thread starter pbfoot
- Start date
jmatero
Member
My credit union in Utah offered 2.89% I found 2.38% but wanted to go with the nearby CU offering 2.89% the best they said they could do is rate (almost) match lol, down to 2.49% and they didn't seem happy about it. So I ended up doing it as you are down to a couple dollars a month diff at that point. They are still advertising 2.89%, so no change with the government drop.
Although it is not in the pull down menu you can enter it manually in the application. Got approved doing that without a problem.
rackley
Member
rackley
Member
jmatero
Member
Was quoted 4.59% for 72mos through Tesla and I have excellent credit. Selected it as the payment option but was just approved for 2.69%... same loan... through Bank of America. Do I have to let Tesla know now or is that something I share once I get a delivery notification. No VIN yet.
I would think if you went through Tesla finance they would just print up the paperwork with the current approved rate but I'd ask my SA just to be safe. (They should have software that tracks all the banks they sent your application to and it will show the latest approval.)
jmatero
Member
Asked my SA and he said I have 2 options:
- Keep the Tesla financing and they'll do a rate match and refund me the difference in the APR cost over the length of the term.
- Change to Bank of America and it could cause a delay in delivery if they can't complete their funding process in 1-3 days. Reason being, as they get close to end of a quarter, they won't hold a car... it will go to another buyer
lowtek
Active Member
Ok, I guess I didn't understand. I thought you meant that Tesla finance got you both approvals, just a lower approval later. Not that you went out on your own and applied despite them shooting it out to several lenders. If you got a separate approval for less I'd ask BofA how quickly you can get a check in your hands, if quick (shouldn't be more than 24hours if you gave them everything they need) I'd just go that route and forget the fuss. There has been interest rate drops, is Telsa still saying 4.59% is the best they can do? That would be insane right now for someone with excellent credit, the BofA approval is more in line with what you should expect with excellent credit.
jmatero
Member
Called BoA and they said they did $100,000,000 in funding with Tesla in December 2019 and have an arrangement where they don't have to cut a check... they transfer the funds to Tesla directly. They can do it within 3 BUSINESS days of receiving the Purchase Order with VIN. My main concern is that there are numerous people posting that they are getting delivery confirmation calls but not ever seeing a VIN on their account until after the call.
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I see... I got my MVPA on Monday and I am taking delivery in Utah tomorrow. With you being so close to the factory I can see where it might be tight. I was given my delivery day and up to two days after delivery day before they would have to release my car to someone else.
AlanSqB
Dog Chauffeur
Just saved a full % going with BofA over the Tesla arranged Wells Fargo loan. Very easy process. Not as low as what some of you are seeing, but not bad at all.
Now I just need an MVPA to send them.
Now I just need an MVPA to send them.
