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Financing options
- Thread starter chmod a+wrx
- Start date
EarlyAdopter
Active Member
Does anyone know if Navy Federal caps auto loans at $70,000, like Penfed does? I can't find anything in their disclosure that says anything about an maximum loan amount. If not, I think I'll go with them and trade a slightly higher rate (1.79% vs 1.49%) to be able to finance the whole amount on my Performance 85.
Navy federal does not cap at all. This is the 3rd loan we have had with them and they have been great each time. They had a local office for me and I was in and out in an hour with check in hand. Check is good for, i believe, 90 days. Now just need tesla to firm up my delivery date.
dsmith2189
Active Member
I went with Navy Federal and their "preapproval" is good for 60 days. there was a cap for me (above 70), but I told them I had $xxxxx.00 set asside for the downpayment and they went $xxxx.00 above what I asked for as a safety margin. I was able to get 1.79 for 72 months. Still need the VIN for the "preapproval" to be valid.
That's strange about needing the VIN, they gave me a blank check and told me to fill in the VIN when I sign the check over to Tesla. They just asked how much I wanted to finance, no discussion aboutmmymdownpayment or how much the car cost.
dsmith2189
Active Member
Right, they need the VIN when you give it to Tesla, or it's not valid. Guess my loan person was more chatty.
For those going with PenFed, are they ok with close to 100% financing? The only downpayment I planned on using was the original $5k reservation, I was going to finance all the rest. I saw mention elsewhere that some institutions may not be comfortable with high LTVs on new concept car.
Another one for the mix is Alliant Credit Union, a bit more expensive at 1.99%. I happened to find them looking for somewhere that did fee-free HSA's
Another one for the mix is Alliant Credit Union, a bit more expensive at 1.99%. I happened to find them looking for somewhere that did fee-free HSA's
gg_got_a_tesla
Model S: VIN 65513, Model 3: VIN 1913
To avoid any last minute hiccups with PenFed (and to boost Tesla's Q4 cash reserves! ), I've just wired the balance of my downpayment (over and above the original $5k deposit) to Tesla and requested them to send me an updated MVPA that reflects
a) the balance due to them which would be the exact amount that I'll be financing with PenFed
b) 2013 as the model year since I'll be getting mine in January (my original MVPA from August reflects a November delivery and 2012 as the MY)
The Tesla rep asked for a few days to get the paperwork updated (and I'm no rush till early January!) - they are probably swamped with all the December production craziness.
), I've just wired the balance of my downpayment (over and above the original $5k deposit) to Tesla and requested them to send me an updated MVPA that reflectsa) the balance due to them which would be the exact amount that I'll be financing with PenFed
b) 2013 as the model year since I'll be getting mine in January (my original MVPA from August reflects a November delivery and 2012 as the MY)
The Tesla rep asked for a few days to get the paperwork updated (and I'm no rush till early January!) - they are probably swamped with all the December production craziness.
Has anyone on here financed over 70k with a lender or credit union? Which ones? I also planned on financing most of a fully loaded performance....
Curious - Do you really have to meet the requirements for membership to be able to apply for their loans?
Navy Federal Credit Union: Eligibility Checklist
dsmith2189
Active Member
They told me the 1.49% would not be valid after EOY, however, the rate may still be the same in January, if that makes sense. I couldn't understand how they can say your approval is valid for 90 days then.
MTGMAN
Member
Alliant Credit Union- pay 10% and they'll finance the rest (around $80k) for me- 72 months for 1.99%.
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