Financing options

[TurboZo]

Jon K at US Alliance is awesome!

Jon has been on top of things and follows up very quickly. He knows Tesla's process and already has worked with many of the delivery and finance people there. I highly recommend Jon. Until connecting with him, I was pretty confused about the whole process. He made it simple and easy.

Hopefully everything finalizes soon.

 

[HHHH]

I'm glad you got it all worked out.

 

[professionalr]

what is the LTV for the 84 mos?

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FYI, if you're considering the Tesla financing through TechCU, the 84 month term requires 20% down.

that is technology credit union?

 

[gmtom1]

what is the LTV for the 84 mos?

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that is technology credit union?

Yes, Tech CU Auto Loans Website. They required 20% for 84 mos for me, but YMMV. Also the 20% down got me a 1% discount on the rate.

I would assume you can go with them vs. Wells Fargo/US Bank, but since you're in CA, I would check there too. Only reason I went with them was to get the Guarantee since WF & US don't offer financing in Hawaii.

 

[BlueTan85]

New question. First the facts:

• I'm in a weird situation where I've ordered my car, delivery is in about 2 weeks, and I've long planned on paying cash.

• Part of the cash will be coming from selling a small portion of my TSLA stock.

• I would love to hold on to all of my TSLA for a long time, even the small portion that is slated for use with the car purchase.

• No income for several years (semi-retired). So difficult to get a loan.

• Excellent credit, no issues there.

Questions:

1) Is it IMPOSSIBLE to get a car loan with no income? What I'd like to do is pay 50% cash, and take out a car loan on the rest. That way I keep all the TSLA stock.

2) Is there any legit/reputable/safe bank/credit union that would even talk to me?

 

[Pollux]

I suggest both of these people, who have infinite patience and will explore all your options with you:
Mark Paul, Tesla Credit Specialist, (650) 681-6712, [email protected]
Jon Krumdick, USAlliance Federal Credit Union, (800) 431-2754, [email protected]

Good luck!

Alan

 

[andrewket]

You can borrow against your TSLA assets. You would be effectively buying your model S on margin. It's not without risk, but you could also put in a stop loss order on a portion of your shares to mitigate.

 

[viet658]

Alliant Credit Union was the easiest and fastest finance company I have dealt with. I received approval within 24 hrs of application and had check in hand within 4 business days. My rate is 1.49% over 72 months.

 

[greenmachine1]

Does Alliant Credit Union require opening a checking account with a minimum balance and automatic payments to get the 1.49% rate?

 

[viet658]

Does Alliant Credit Union require opening a checking account with a minimum balance and automatic payments to get the 1.49% rate?

They don't require a minimum balance but they do require automatic payments to get the 1.49%

 

[AmpedRealtor]

Here's another vote for:

Jon Krumdick, USAlliance Federal Credit Union, (800) 431-2754, [email protected]

He qualified me for a much higher amount than Alliant, but at the same interest rate as Alliant (1.8%) with a longer 84 month term to make my minimum monthly payment lower. At 1.8% this is essentially free money, I can make much more than 1.8% by investing what would have been my $25,000 down payment to Alliant for the same vehicle.

THERE IS A CATCH WITH USALLIANCE - You must accept one of their credit cards, which has no annual fee. Here is a copy of the promotional interest rate flyer - you will need to mention this flyer in order to receive the promotional rates.

 

[gameboy]

I just called Jon this morning. The promotional rate of 1.39% ended a few weeks ago due to increasing rates of late. Current lowest rate is 1.99% for up to 60 months.

 

[drayers]

LENDER		MAXIMUM AMOUNT TO FINANCE	MAXIMUM TERM MONTHS	CONTRACT RATE	APPROXIMATE MONTHLY PAYMENT
U.S. Bank, N.A.		$83,898	72	2.80%	$1,267

Wells Fargo

$79,237

60

1.99%

$1,389

Going with WF which ends up being +$1200 compared with a credit union rate (1.36%?). And I can keep the Resale Value Guarantee.

Thanks for the advice at looking into Wells Fargo with a bigger downpayment and shorter term!

 

[get_amped]

For those of you that have financed through Alliant, does the automatic payment have to come from an Alliant checking account, or could it be from a checking account at a different bank?

 

[viet658]

For those of you that have financed through Alliant, does the automatic payment have to come from an Alliant checking account, or could it be from a checking account at a different bank?

I think it could be from any checking account. Mines is setup to withdraw from my Chase checking.

 

[get_amped]

I think it could be from any checking account. Mines is setup to withdraw from my Chase checking.

Thanks

 

[doctrewho]

Good news for potential buyers in North Carolina that are interested in the Resale Value Guarantee. When I asked about options for financing in NC a Tesla financing rep told me they just got the green light to finance in NC. Looks like they haven't updated the website yet but they are expanding. I find its always good to have more options.

 

[AmpedRealtor]

My loan through USAlliance funded this past Monday, the vehicle is on the truck and will arrive at the service center tomorrow afternoon. I might have my car as early as Saturday!

I have nothing but good things to say about USAlliance and Jon Krumdick. He took my calls and facilitated my transaction even though he was on vacation. The loan went through without a hitch. 100% financing at 1.8%. I believe they offer up to 120% financing. The most I was able to get from Alliant was $80,000 with a minimum of 10% down. We did a pre-qual before I ordered the car, then pulled credit/FICO again prior to funding. The only surprise was having to provide two years of tax returns, but I haven't financed a car in a while and I don't remember if that is par for the course. I assumed it was due to the high loan amount - Alliant asked for tax returns as well.

 

[Carlos Danger]

My loan through USAlliance funded this past Monday, the vehicle is on the truck and will arrive at the service center tomorrow afternoon. I might have my car as early as Saturday!

I have nothing but good things to say about USAlliance and Jon Krumdick. He took my calls and facilitated my transaction even though he was on vacation. The loan went through without a hitch. 100% financing at 1.8%. I believe they offer up to 120% financing. The most I was able to get from Alliant was $80,000 with a minimum of 10% down. We did a pre-qual before I ordered the car, then pulled credit/FICO again prior to funding. The only surprise was having to provide two years of tax returns, but I haven't financed a car in a while and I don't remember if that is par for the course. I assumed it was due to the high loan amount - Alliant asked for tax returns as well.

What term did you get from USAlliance?

 

[Renegade]

I just signed my loan documents with Alliant! Approval took about 20min, no tax returns needed or anything. Only thing I provided was my last two months of pay stubs, copy of my DL, and that was after the approval. I'm only financing $56k of the $80.5 at 1.49%. GAP insurance was only $319, which is factored into the loan. All paperwork was electronic... easy!