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Financing options

Discussion in 'Model S: Ordering, Production, Delivery' started by chmod a+wrx, Aug 14, 2012.

  1. ma91pmh

    ma91pmh New Member

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    I think that would essentially be a re-finance/used car loan with PenFed, but I don't see any reason it should not work. Given their used/new rates are the same should be no impact.
     
  2. DrTaras

    DrTaras R254->R725->S1364-->X769

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    Its called a "Title Loan" and the delay you'll have is that you need your DMV to get you a "Free & Clear" Title; Not sure how that all works.

    That being said, another 2 cents with PenFed is that you have to be on top of them; the squeaky wheel gets the grease. I started the loan process on 11/27/12, on 11/29/12 they told me what they needed from me, on 11/30/12 I faxed it in (they had no option to scan and e-mail securely), on 11/30/12 I called them to see if they received my faxes and they could not tell me because the faxes go to one center and the calls to another. On 12/1/12 they said they did get my faxes and they were going to a loan officer but that I was not able to talk directly to the loan officer (& I believe if I was in their presence I would not be able to directly look into their eyes). On 12/4/12 there had still been no update to my online status from 11/29/12. I called today, 12/5/12. They said that they had not received the faxes until 12/4/12 which I said was odd since I had faxed them on 11/30/12! They asked why I had not provided my car type and VIN which I said was odd because I provided that EACH time I called in because the phone-jockeys kept misplacing it. They asked where were my W-2s and I mentioned that when I told them I was self-employed that they wanted my tax returns instead that I had already faxed that in along with bank statements and other income. Its going to be reviewed. Time to catch some Zzzzzs. This seems like a loan mill and when you are non-conforming with respect to the car choice & for me with respect to being self-employed, the wheels seem to fall off the efficiencies.
     
  3. Petrokalis

    Petrokalis S P2420 / X S207

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    Just following up with my PenFed saga:

    Just received a "conditional approval" email from PenFed today. The condition listed in the email is:

    PLEASE PROVIDE VIN PRIOR TO DISBURSAL.

    So, Tesla, are you listening? I need to get a VIN to send you guys some money! Help me help you! :biggrin:
     
  4. GDH

    GDH Banned

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    PenFed has awesome rates right now, not as good as my rate through Volvo but when the time comes they will get my loan!:rolleyes:
     
  5. pete8314

    pete8314 Vendor

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    Would someone that's gone for the full $70k from Penfed over 60 months (I assume that's the longest term?) mind confirming what the monthly payment is? According to my calculations it's around $1185pm, assuming a 1.49% ?
     
  6. gg_got_a_tesla

    gg_got_a_tesla Model S: VIN P65513, Model 3 Res Holder

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    It'd be $1,211.39. http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

    Btw, in response to my email (posted earlier on this thread) to PenFed, received this response today; so, maybe, like Andrew Wolfe did, I may get a check rightaway (and may have to start payments before the car arrives?!) - will update when I hear back.

     
  7. DrTaras

    DrTaras R254->R725->S1364-->X769

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    Denied! My DTI was too high and they would not assess wealth! :cursing:
     
  8. nrcooled

    nrcooled P#8946 VIN 03225

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    I worked with Navy Federal and they were great. The rate isn't as low as Pen Fed but 1.79% for 60 months isn't bad. They are overnighting the pre-approval check to me and I just have to complete it when the car shows up.

    This is going to be a tough couple of weeks waiting for the car.
     
  9. yobigd20

    yobigd20 Well-Known Member

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    You don't have to answer this but I'm curious what your DTI was...
     
  10. beck.christopher

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    so what are you going to do?
     
  11. brianman

    brianman Burrito Founder

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  12. yobigd20

    yobigd20 Well-Known Member

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  13. brianman

    brianman Burrito Founder

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  14. pete8314

    pete8314 Vendor

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    A couple of questions....

    - With PenFed, I think I've read that once approved, you have to drawdown within 90 days. I'd like to get approval before I lock in my spec, so if I then do not get delivery within the 90 days, what happens? Does the approval stay, but the rates might change, or do you have to start all over?

    - In terms of the 72 month rate, has anyone seen better than PenFed's 3.49%? USAA isn't an option for me, although I'm member, auto loans are not open to non-US citizens.

    Thanks
     
  15. yobigd20

    yobigd20 Well-Known Member

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    I think I had seen some people getting around 2.74% for 84 months...probably with a credit union but don't recall exactly.

    https://www.safecu.org/loan_rates.aspx shows 72 and 84 at "as low as" 2.99%
    https://www.jfcu.org/rates_consumerrates.asp shows 72 and 84 "as low as" 2.49%

    key is "as low as" - dunno if people actually get those rates...
     
  16. JohnQ

    JohnQ Active Member

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    Take a look at the payment difference between 60 mos at 1.49% and 72 mos at 3.49%. The 72 mo payment is about 10% lower. Is that difference worth the additional interest cost over time?
     
  17. pete8314

    pete8314 Vendor

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    Almost certainly not, just keeping my options open though.
     
  18. DrTaras

    DrTaras R254->R725->S1364-->X769

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    Thanx for the tip

    - - - Updated - - -

    You're correct; I don't have that answer

    - - - Updated - - -

    bake sale! :rolleyes:
    (of course if I was getting a Fisker it would be a fire sale - ok, that was a joke, sorry) :tongue:
     
  19. TXjak

    TXjak Owner/Investor/Advocate

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    #139 TXjak, Dec 9, 2012
    Last edited: Dec 9, 2012
    If you have family in the Austin area, the Amplify Federal Credit Union is offering 1.69 for up to 66 months, 2.09% for 72 months, and more.
     
  20. GDH

    GDH Banned

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