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Got another love note from DCU today.
Unlike every bank iand credit union I know, they won't accept your valid insurance card as proof of insurance. You must contact your insurance company and have a copy of the complete policy sent directly to them or they will secure insurance for you. 😶
Another PIA. Just when I thought it was safe to go back in the water, the fun continues.
I never had to provide proof of insurance….

Only needed to provide it to Tesla
 
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Borrowing money just for a car sure costs you! Even with 780+ credit score, you are going to pay $$Thousands extra for the car in interest! I would save up and buy it.


Screen Shot 2022-06-24 at 8.16.18 AM.png
 
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Borrowing money just for a car sure costs you! Even with 780+ credit score, you are going to pay $$Thousands extra for the car in interest! I would save up and buy it.


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It's called leverage. When I can sell the vehicle in a year after 17,000 miles for an $8000 profit, I am making more than most of my stocks are right now.
Why would I NOT use someones else's money to have a nice car every year and make a profit?
 
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I never had to provide proof of insurance….

Only needed to provide it to Tesla
My first payment is due July 23. I think you said yours was due in August. It's coming. No one financing a vehicle is going to finance it without proof of insurance. Usually, the insurance card will do, but not in the case of DCU, they want the entire policy.
 
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Got another love note from DCU today.
Unlike every bank iand credit union I know, they won't accept your valid insurance card as proof of insurance. You must contact your insurance company and have a copy of the complete policy sent directly to them or they will secure insurance for you. 😶
Another PIA. Just when I thought it was safe to go back in the water, the fun continues.
Guess the experience outcome depends on the loan agent. For the vehicles I have financed through DCU all I needed was to upload a copy of the insurance declarations page. Or maybe DCU changed their procedures. ¯\_(ツ)_/¯
 
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Another love note from DCU. Actually two.
When I spoke to the rep when financing, I asked if the check could be sent to me and if I could take it to Tesla which I am accustomed to doing.
He arrogantly insisted that "We have this process down, we do it every day, we overnight checks to Tesla all the time." I very reluctantly agreed and actually felt intimidated into doing so. Had I received the check, I would have locally taken care of registration and precluded the following.

So here's the rub. Now I get two letters, one, requesting that DCU be listed as the lienholder on the title. I listed them in every place possible, along with my business, which is on the title. They wanted to handle the transaction with TESLA themselves. Well, surprise, I guess they "don't have this process down."

The second letter is requesting a copy of the insurance face page again, which has now been emailed, faxed, and mailed twice. Grrr.
I have copies of all. Remailed, refaxed, and resent, AGAIN~

I am now despising seeing the DCU emblem in the mailbox. Ok? What more?

So now I have to take a half-day and schedule an appointment with DMV. three weeks out, spend an hour waiting because "they got this process down."

Geez! Buyer Beware. Never again. Depressing Credit Union (DCU)

I really should have gone with Navy Federal - My ship has sailed and I have to live with a Yellow Submarine.

Hey, DCU just sent out a letter indicating that they are looking for members to join their Board of Directors (I can understand why others left).
Perhaps I need to get on the Board to straighten this mess out!

Even Wells Fargo and Bank of America are not this inept!
 
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Another love note from DCU. Actually two.
When I spoke to the rep when financing, I asked if the check could be sent to me and if I could take it to Tesla which I am accustomed to doing.
He arrogantly insisted that "We have this process down, we do it every day, we overnight checks to Tesla all the time." I very reluctantly agreed and actually felt intimidated into doing so. Had I received the check, I would have locally taken care of registration and precluded the following.

So here's the rub. Now I get two letters, one, requesting that DCU be listed as the lienholder on the title. I listed them in every place possible, along with my business, which is on the title. They wanted to handle the transaction with TESLA themselves. Well, surprise, I guess they "don't have this process down."

The second letter is requesting a copy of the insurance face page again, which has now been emailed, faxed, and mailed twice. Grrr.
I have copies of all. Remailed, refaxed, and resent, AGAIN~

I am now despising seeing the DCU emblem in the mailbox. Ok? What more?

So now I have to take a half-day and schedule an appointment with DMV. three weeks out, spend an hour waiting because "they got this process down."

Geez! Buyer Beware. Never again. Depressing Credit Union (DCU)

I really should have gone with Navy Federal - My ship has sailed and I have to live with a Yellow Submarine.

Hey, DCU just sent out a letter indicating that they are looking for members to join their Board of Directors (I can understand why others left).
Perhaps I need to get on the Board to straighten this mess out!

Even Wells Fargo and Bank of America are not this inept!
sorry to hear about your experience. but it is a nice warning to others.

thanks
 
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If you live in the Bay Area, CA and have the option to use Stanford Federal Credit Union I would.
I already had an account with them, but when I got my EOQ MY VIN last Thursday the rush for financing was on. I applied on Friday night online with Stanford Federal along with a few other CUs. I reveived an automated pre-approval email a few hours later from Stanford Federal. Surprisingly in the email it states to forward a copy of the pre-approval email to the third party Tesla lending email address provided. Send Stanford Federal your reservation number and that’s it. Not really understanding how it could be that easy, I followed the instructions and on Sunday morning I was cc’d on an email from Tesla’s third party lending department to the Stockton showroom that stated I was good to go and I could pick the car up without providing payment.
Apparently Stanford Federal has a deal with Tesla that they will wire the money to Tesla after the customer picks up the car. You will get a Docusign version of the MVPA from Tesla after you accept the car. That then goes to Stanford Federal to verify you accepted the car and they will then begin processing your loan docs.
The rate wasn’t the lowest I received approval for, around 0.5% higher. But not having to deal with the stress of rushing to get paperwork done, and a check overnighted was well worth the higher rate.
 
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Some additional info on DCU: I filled out the DMV paper to have the electronic title sent to DCU.

Took it to the DMV. Surprise. When they looked it up, DCU was already on the title. DMV says that they don't routinely provide that information to credit unions and the credit unions can easily access it online.

They said if I want a copy of the title, it would cost $75 and after a paper title has been issued, it cannot be returned to electronic.

Of course, the Title section of DCU is closed for the day. Only half a day was wasted on DCU today. Let's see what tomorrow brings.

I have owned 28 vehicles and NEVER have I had such a hassle. Be forewarned.
 
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Has anyone tried using: myautoloan??

As for the rates do you guys think it'll keep going up?

DCU and Alliant CU seem to be the popular picks.
 
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3.75 was of last month. Should keep going up

I heard it's 4.24% now. I got 3.08 at my credit union but Tesla fcked me yesterday. Got a VIN 2 days ago, scheduled delivery yesterday for the 11th but they called and told me it was a mistake and that the car was an older one for a customer in Tampa (I'm in Atlanta) and now im sure my offer will expire by the time I get another VIN which means another hard pull...
 
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I heard it's 4.24% now. I got 3.08 at my credit union but Tesla fcked me yesterday. Got a VIN 2 days ago, scheduled delivery yesterday for the 11th but they called and told me it was a mistake and that the car was an older one for a customer in Tampa (I'm in Atlanta) and now im sure my offer will expire by the time I get another VIN which means another hard pull...
Yeah I wouldn't be surprised if by the end of the year Tesla rates were 5 to 6% interest and other automakers will probably be 7% 8% maybe
 
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Yikes... figured it would...
If the feds have their way absolutely they're going to raise the rates again and auto rates will go up again for sure sometime this summer
Do you think it'll change before August? How often do auto rates change typically? I guess it depends on when the meetings are with the feds and what comes out of that?

ie... think the current rates will hold through this month?

I looked it up - credit union - current rates around 3.%

3.75 was of last month. Should keep going up

I heard it's 4.24% now. I got 3.08 at my credit union but Tesla fcked me yesterday. Got a VIN 2 days ago, scheduled delivery yesterday for the 11th but they called and told me it was a mistake and that the car was an older one for a customer in Tampa (I'm in Atlanta) and now im sure my offer will expire by the time I get another VIN which means another hard pull...

Alliant is sitting at 3.39% for 60 months. Also, check your local credit unions where you live... I've seen them lower than the popular online credit unions.

Yeah I wouldn't be surprised if by the end of the year Tesla rates were 5 to 6% interest and other automakers will probably be 7% 8% maybe

Ouch.
 
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