Financing - non-Alliant options?

[BruceR61]

My default mode would have been to do the opposite of what you did, apply for $0 down first and then 5% or 10% down if I was not approved. I prefer your method.

I would have preferred that but the website had a min. 10% downpayment and 72 mos max. I was approved by Chase for 1.99% for the 72 months, but they want 10% and the sales tax (total of $17K down less the $2,500 original deposit. I hope they will absorb the tax into the loan!

 

[avesraggiana]

I would have preferred that but the website had a min. 10% downpayment and 72 mos max. I was approved by Chase for 1.99% for the 72 months, but they want 10% and the sales tax (total of $17K down less the $2,500 original deposit. I hope they will absorb the tax into the loan!

The main website, meaning Tesla Lending? Did you try inputting 0% in the down payment field before completing the application. I haven't submitted mine yet but I think that's one of the fields you can change. I did notice the 72 month maximum term. My intent is to submit a request for 5% down plus tax and license, approximately $10800. 0% on the pre-tax and license price ($98,000) looks great but I'm not keen on the monthly payments.

Are you going to shop elsewhere, and contact other credit unions and banks directly?

 

[avesraggiana]

I would have preferred that but the website had a min. 10% downpayment and 72 mos max. I was approved by Chase for 1.99% for the 72 months, but they want 10% and the sales tax (total of $17K down less the $2,500 original deposit. I hope they will absorb the tax into the loan!

My plans keep changing. 10% down, 0% down, now 5% down. The idea being, parting with as little cash as possible but keeping the resulting monthly payments manageable.

 

[BruceR61]

The main website, meaning Tesla Lending? Did you try inputting 0% in the down payment field before completing the application. I haven't submitted mine yet but I think that's one of the fields you can change. I did notice the 72 month maximum term. My intent is to submit a request for 5% down plus tax and license, approximately $10800. 0% on the pre-tax and license price ($98,000) looks great but I'm not keen on the monthly payments.

Are you going to shop elsewhere, and contact other credit unions and banks directly?

I did mean the Tesla Lending page. It would not allow me to submit the application with less than 10% down. I would like to end up with $10K down (less the $2,500 I already paid) - which works out to be an overall 10%, for the 72 mos. I plan to call the financing people and see what they will do but I think I can get a similar deal from USAA if I call them.

 

[avesraggiana]

I did mean the Tesla Lending page. It would not allow me to submit the application with less than 10% down. I would like to end up with $10K down (less the $2,500 I already paid). I plan to call the financing people and see what they will do.

That would work for me too. If you wouldn't mind, please report back. I'm going to be submitting my loan application mid-week. Thanks.

 

[thegangler]

Emailed the Tesla financing guy, they can only get TechCU rates for CA residents? Suggested I reach out to them directly. FIlled out an app on their site yesterday, they got back to me today. Financed to 100% @ 1.74% for 72 months - a no brainer.

 

[avesraggiana]

Emailed the Tesla financing guy, they can only get TechCU rates for CA residents? Suggested I reach out to them directly. FIlled out an app on their site yesterday, they got back to me today. Financed to 100% @ 1.74% for 72 months - a no brainer.

Good to hear. I'm more encouraged than ever to apply to TechCU directly, if Tesla Lending can't or won't, offer them to me as a financing option.

 

[BruceR61]

I tried to call Tesla Finance today to ask a few questions about the offer of financing I received. I got voice mail and did not hear back yet. I also called USAA for an insurance quote and was surprised the Tesla was quoted at a big discount from my 2012 Mercedes Convertible. USAA does not offer gap insurance for car loans - does anyone know if the lenders routinely offer it as an option? I thought I read someone offered it for $300 or so (one time add-on).

 

[avesraggiana]

I tried to call Tesla Finance today to ask a few questions about the offer of financing I received. I got voice mail and did not hear back yet. I also called USAA for an insurance quote and was surprised the Tesla was quoted at a big discount from my 2012 Mercedes Convertible. USAA does not offer gap insurance for car loans - does anyone know if the lenders routinely offer it as an option? I thought I read someone offered it for $300 or so (one time add-on).

I've read so many things on so many threads, I might be getting things confused. Alliant CU offers that GAP insurance for $300, almost universally panned because it covers the car for the entire length of the loan. Another outfit offered it on year-to-year basis for $8 a month, and I could have sworn it was USAA. A shame to hear it's not since I have USAA too.

 

[BruceR61]

I've read so many things on so many threads, I might be getting things confused. Alliant CU offers that GAP insurance for $300, almost universally panned because it covers the car for the entire length of the loan. Another outfit offered it on year-to-year basis for $8 a month, and I could have sworn it was USAA. A shame to hear it's not since I have USAA too.

It may be that USAA offers it with their loan. I am not financing through USAA, only insuring through them - I guess my post was confusing/misleading. Hopefully Chase offers it but frankly the odds of totaling a $95K car are really slim.

 

[avesraggiana]

It may be that USAA offers it with their loan. I am not financing through USAA, only insuring through them - I guess my post was confusing/misleading. Hopefully Chase offers it but frankly the odds of totaling a $95K car are really slim.

I should hope so.

Ahhhhh, that's probably it. I'm not financing through them either. Yet. But you're giving me pause to think...

 

[holycow]

In September of last year when I financed my Tesla I used my local credit union they gave me 1.39% over 6 years. Alliant could not meet or beat that. I put the credit union auto specialist and the Tesla coordinator in touch and between them when I went to pick up my Tesla everything was done and I just had to sign.

 

[avesraggiana]

So my financing was approved through Tesla Lending. 10% down payment PLUS tax and license. That's $9800 + $8300, less my $2500 deposit. Payment due at delivery is approximately $15,000. USBank picked up my loan at 1.99% for 72 months.

Which is, okay... But I'm wondering if I could do better. Say, putting $5000 down instead of $9800. I'm waiting to hear from Tech CU, and now I want to apply to Alliant CU. I've written back to Tesla Lending to inquire about financing through Alliant CU, just in case they had their own contact person at Alliant. Now I'm wondering if I should just go ahead and apply on my own, just like I did with Tech CU. I'm getting antsy. More correctly, I've BEEN antsy.

 

[BruceR61]

So my financing was approved through Tesla Lending. 10% down payment PLUS tax and license. That's $9800 + $8300, less my $2500 deposit. Payment due at delivery is approximately $15,000. USBank picked up my loan at 1.99% for 72 months.

Which is, okay... But I'm wondering if I could do better. Say, putting $5000 down instead of $9800. I'm waiting to hear from Tech CU, and now I want to apply to Alliant CU. I've written back to Tesla Lending to inquire about financing through Alliant CU, just in case they had their own contact person at Alliant. Now I'm wondering if I should just go ahead and apply on my own, just like I did with Tech CU. I'm getting antsy. More correctly, I've BEEN antsy.

Almost identical terms with Chase. They also won;t budge on the amount down but that actually makes my payment lower so I won't complain. Chase also does not offer Gap insurance so I'll have to risk I won't total the car where I am at fault (if someone else is at fault I'll make a claim against them). I accepted the financing but am still waiting to actually be told the car is in production. 23 days until the end of the month so there is still time!

 

[tlouden]

Spoke with TechCU today, call was escalated twice to get answers to some of my questions.
60mo @ 1.49% and 72mo @ 1.74% are available for Tesla loans (these rates aren't on the site).
They allow 100% of the vehicle price (tax and registration cannot be financed).
DTI threshold is 45%, although the decision is still based on more than just FICO and DTI.

 

[tlouden]

Spoke with TechCU today, call was escalated twice to get answers to some of my questions.
60mo @ 1.49% and 72mo @ 1.74% are available for Tesla loans (these rates aren't on the site).
They allow 100% of the vehicle price (tax and registration cannot be financed).
DTI threshold is 45%, although the decision is still based on more than just FICO and DTI.

Forgot to mention, the approval is valid for 60-days. The rate might only be 30-day lock, I never got a confident answer on that.

 

[cardoe]

I also applied with TechCU. I'm purchasing a CPO, which they told me means 0.25% higher rates than their new vehicle rate. They ended up coming back with 60mo/72mo for 1.74% so it only appears to have affected the 60mo rate. The downside with them is that it took them over a week to approve me. They said their lending dept didn't receive my application until a Friday afternoon so they didn't process it until Monday. I applied through the link on a Wednesday. Then apparently their verification of me lead to confusion over my job title... Principal Software Engineer vs Principle Software Engineer. Which required "re-verification of my application over the phone". When they re-verified me I had to tell them I was referred by Tesla and given a special link by Tesla themselves. Otherwise they were going to increase the rate by 0.5% due to not being part of their special referral program. So the link in this thread should be used and don't just go to their website.

 

[Matt_Matt]

Spoke with TechCU today, call was escalated twice to get answers to some of my questions.
60mo @ 1.49% and 72mo @ 1.74% are available for Tesla loans (these rates aren't on the site).
They allow 100% of the vehicle price (tax and registration cannot be financed).
DTI threshold is 45%, although the decision is still based on more than just FICO and DTI.

I got the same. Went with 60mo @ 1.49%. I first applied directly to TechCU and was told I should go through Tesla to get this rate. Then I applied with Tesla and tell the financial person to refer my application to TechCU. Got the approval same day.

 

[Hbey5]

I also applied with TechCU. I'm purchasing a CPO, which they told me means 0.25% higher rates than their new vehicle rate. They ended up coming back with 60mo/72mo for 1.74% so it only appears to have affected the 60mo rate. The downside with them is that it took them over a week to approve me. They said their lending dept didn't receive my application until a Friday afternoon so they didn't process it until Monday. I applied through the link on a Wednesday. Then apparently their verification of me lead to confusion over my job title... Principal Software Engineer vs Principle Software Engineer. Which required "re-verification of my application over the phone". When they re-verified me I had to tell them I was referred by Tesla and given a special link by Tesla themselves. Otherwise they were going to increase the rate by 0.5% due to not being part of their special referral program. So the link in this thread should be used and don't just go to their website.

Thank you all for this info - very helpful as I'd like to lock in a rate for 72 months on my CPO that's scheduled for early April delivery.
QUESTION - which link do I use? there are 2 on this thread for TechCU. I'm a cali resident - do I need to donate $8 to that Fitness site?

Tech CU - Online Loan Application Center

OR IS IT THIS ONE?

Tech CU - Auto Loan

Thanks

 

[avesraggiana]

Thank you all for this info - very helpful as I'd like to lock in a rate for 72 months on my CPO that's scheduled for early April delivery.
QUESTION - which link do I use? there are 2 on this thread for TechCU. I'm a cali resident - do I need to donate $8 to that Fitness site?

Tech CU - Online Loan Application Center

OR IS IT THIS ONE?

Tech CU - Auto Loan

Thanks

Hey, if you want to go by my experience, contact your Tesla Lending rep and have them link you to Tech CU. I applied directly to Tech CU, completely on my own using their website. I got approved for the full amount I asked for, but at a rate of 5.49% for 72 months. I went back to the 1.99% rate, 0 down, for 72 months that my Tesla Lending rep found for me, through US Bank.