Financing options

[Marcus Adolfsson]

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....

I financed 90% (92k) of a Performance car this morning with Bank of America 70mo 2.12% APR (all my personal accounts are with BOA). BOA was incredible convenient, filled in the web form at 10am, received approval email by 11am, faxed the Tesla MVPA after lunch, and had 92k deposited to my checking account in the afternoon. Wired to full balance to Tesla a few minutes later and took "delivery" on 12/31

 

[Brian H]

I financed 90% (92k) of a Performance car this morning with Bank of America 70mo 2.12% APR (all my personal accounts are with BOA). BOA was incredible convenient, filled in the web form at 10am, received approval email by 11am, faxed the Tesla MVPA after lunch, and had 92k deposited to my checking account in the afternoon. Wired to full balance to Tesla a few minutes later and took "delivery" on 12/31

Wow! That has to be a speed record. From web financing app late morning to Model S shipped the next day.



Wow! That has to be a speed record. From web app for a loan late one morning to a Model S the next day!!

 

[yobigd20]

I financed 90% (92k) of a Performance car this morning with Bank of America 70mo 2.12% APR (all my personal accounts are with BOA). BOA was incredible convenient, filled in the web form at 10am, received approval email by 11am, faxed the Tesla MVPA after lunch, and had 92k deposited to my checking account in the afternoon. Wired to full balance to Tesla a few minutes later and took "delivery" on 12/31

Awesome! Thats great too, thank you! Now at least I have some good options...

 

[gg_got_a_tesla]

I spoke with PenFend today and they conformed 1.49% after New Year!:biggrin:

Confirmed on the website in the fine print:

PenFed - New Auto Loans

Rates and offers current as of January 2013 and are subject to change.

 

[markb1]

Confirmed on the website in the fine print:

PenFed - New Auto Loans

Of course, that text means they could change it at any time. But they probably intend for the rate to remain until the end of the month.

I wonder how soon I should apply, given my 1/27-2/10 delivery range? I'm currently refinancing my house, so I think I should probably wait until that closes.

 

[pete8314]

I wonder how soon I should apply, given my 1/27-2/10 delivery range? I'm currently refinancing my house, so I think I should probably wait until that closes.

My delivery window is the same, I've just started the application process with PenFed, which would appear to be (so far):

1. Sign up for one of their causes to qualify for membership
2. Deposit $5
3. Set up online account access
4. Apply for Auto loan
5. (for me anyway) it gets referred to a Loan Officer
6. Get to the next page that asks for details, but since I do not yet have a VIN, and Tesla is not an available option to select, stop and save there.
7. Copy and paste gg_wants_a_tesla's excellent email template from post 117 in this thread, making the appropriate changes
8. Send to [email protected], together with the pre-MVPA, and wait and see what happens.....

Since the loan is locked for 90 days, I would assume you're safe to start now, though I'm not sure how your refi could impact anything (it'll show as a hard credit search, but that'll be there next month too)

 

[markb1]

Since the loan is locked for 90 days, I would assume you're safe to start now, though I'm not sure how your refi could impact anything (it'll show as a hard credit search, but that'll be there next month too)

It's the hard credit pull that I'm worried about. If the mortgage lender sees that, they'll want it explained. And when I explain that I'm borrowing a bunch of money for a car, they may decide not to close the loan. Better for the hard pull to show up after the refi has closed and the mortgage lender is stuck with me.

 

[sp4rk]

It's the hard credit pull that I'm worried about. If the mortgage lender sees that, they'll want it explained. And when I explain that I'm borrowing a bunch of money for a car, they may decide not to close the loan. Better for the hard pull to show up after the refi has closed and the mortgage lender is stuck with me.

You are indeed a wise man! Credit inquiries are a bitch!

 

[yobigd20]

You are indeed a wise man! Credit inquiries are a bitch!

If possible I would wait until after your mortgage loan is secured. I wouldn't be concerned with the hard inquiry affecting your credit score (probably get dinged about 10 points), but rather the amount of $ you are financing and how that affects your debt to income ratio -> meaning that if your monthly mortgage + the new car loan now exceeds the typical amount they deem as 'acceptable' whereas before you were under that ratio ... thats what might get you in some trouble.

 

[hvb]

It's the hard credit pull that I'm worried about. If the mortgage lender sees that, they'll want it explained. And when I explain that I'm borrowing a bunch of money for a car, they may decide not to close the loan. Better for the hard pull to show up after the refi has closed and the mortgage lender is stuck with me.

I'm in the same boat. Refi is set to close later this month and there was a document we had to sign promising not take out any loans until after the house closes. Underwriting seems to be taking its sweet time, though. Markb1, you should definitely wait until after your refi is completely done.

 

[pete8314]

My delivery window is the same, I've just started the application process with PenFed, which would appear to be (so far):

1. Sign up for one of their causes to qualify for membership
2. Deposit $5
3. Set up online account access
4. Apply for Auto loan
5. (for me anyway) it gets referred to a Loan Officer
6. Get to the next page that asks for details, but since I do not yet have a VIN, and Tesla is not an available option to select, stop and save there.
7. Copy and paste gg_wants_a_tesla's excellent email template from post 117 in this thread, making the appropriate changes
8. Send to [email protected], together with the pre-MVPA, and wait and see what happens.....

Story continues...

9. Noticed that the loan was conditionally approved on the website (no other notification sent), with a comment requesting all the stuff I'd sent via email.
10. Call them to check they have everything they need. The CSR locates my email, and forwards it to loan processing, asking that I give it 24 hours or so.

...

 

[pete8314]

I got this email from Penfed, I'd mentioned on my first email that I heard about them via the forum...I bolded the bit I liked

Dear Member,

Thank you for your response. I built in the vehicle details into the application. I forwarded these documents to your Processor for review. Please check back with us in 24-48 hours for a status update either online at PenFed or via phone at 800-247-5626. Please let the Tesla Forum know that we are happy to work with member's financing Tesla's!

Sincerely,

Pentagon Federal Credit Union

 

[jomo25]

Anyone who got GAP insurance for their loan (PenFed or elsewhere): Do you care to tell how much you paid for it? Either via reply or PM. Thanks!

 

[pete8314]

Anyone who got GAP insurance for their loan (PenFed or elsewhere): Do you care to tell how much you paid for it? Either via reply or PM. Thanks!

I think $349 with Penfed (maybe $399, not sure til I get the paperwork).

 

[dsmith2189]

Anyone who got GAP insurance for their loan (PenFed or elsewhere): Do you care to tell how much you paid for it? Either via reply or PM. Thanks!

Navy Federal Credit Union was about $250.

 

[jomo25]

Thanks for the reference points! Awesome.

 

[pete8314]

Story continues...

9. Noticed that the loan was conditionally approved on the website (no other notification sent), with a comment requesting all the stuff I'd sent via email.
10. Call them to check they have everything they need. The CSR locates my email, and forwards it to loan processing, asking that I give it 24 hours or so.

...

Story continues....

11. No change on the status of loan, so I call. Get told that they cannot finalize the loan approval until there's a VIN, and an accurate number on the MVPA (it must show my down payment, thus, amount borrowed =MVPA-Downpayment.)
12. Also told they they're happy to cut 2 checks, one for the MVPA total, and another for the sales tax - this is good news, if true.

Although they're a bit slow, they're really great on the phone, at least so far. For me, actually calling someone (rather than chat, email, pigeon) is a last resort, so it's good that they're easy to deal with. I spoke to Monty, he was also very aware of all the loans they've been cutting for the Model S's!

 

[stachler]

WELLS FARGO AND BANK OF AMERICA
I was told by Tesla today during finalization discussion that both have 2.5% interest programs available. As you order gets closer, they will contact you with more details etc.

 

[K Hall]

I got the Bank of America loan. They will loan up to 90% on the Tesla.

 

[yobigd20]

WELLS FARGO AND BANK OF AMERICA
I was told by Tesla today during finalization discussion that both have 2.5% interest programs available. As you order gets closer, they will contact you with more details etc.

That's weird. Their website (Bank of America) shows 2.29% up to 60 months and 2.39% for 72 months and up to $100k financed. That seems better than the 2.5% Tesla told you about.