Financing question for owners - Tech CU

[McHoffa]

Filled out application in wife’s name with Tech CU (I’ve still got another car loan in my name and her credit is better anyway)

She gets an email the next day to call they verify her information and then say “Before we go any further, is this for a Tesla?”

Yes...

“Was this a referral directly from Tesla? Because we have a relationship with Tesla and we offer different rates if it’s a direct referral” then said if it was to give her the rep’s name.

My wife honestly had no idea so she said she’d find out from me and let them know.

Has anyone heard of this? It seems odd that they’d tell her that rates would be different if it’s a direct referral. Also how would I turn this into a direct referral to get the better rates?

 

[RUNSILNT]

Hi Mike! One of our local Charlotte group members just financed his CPO S with Tech CU (p/u yesterday) and is stating that when you apply you need to select “Tesla” for the loan type. They never once asked him for a Tesla rep name.

I applied yesterday and selected the loan type “Tesla” and am waiting for a follow up. They weren’t open at the time.

I can let you know what they say when I hear from them.

 

[McHoffa]

Hi Mike! One of our local Charlotte group members just financed his CPO S with Tech CU (p/u yesterday) and is stating that when you apply you need to select “Tesla” for the loan type. They never once asked him for a Tesla rep name.

I applied yesterday and selected the loan type “Tesla” and am waiting for a follow up. They weren’t open at the time.

I can let you know what they say when I hear from them.

I didn’t see that option on the application. Great. Now they want a name.

Now I see it. I wasn’t even looking for that.

 

[andrewket]

Tesla subsidizes rates with their partner finance companies, at least historically on new S/X cars. You want the Tesla rate.

 

[McHoffa]

Tesla subsidizes rates with their partner finance companies, at least historically on new S/X cars. You want the Tesla rate.

Yeah, I know I do, but they’re asking for a name of who referred me from the company. Maybe I just need to talk to another rep at Tech CU.

 

[Cyclone]

Yeah, I know I do, but they’re asking for a name of who referred me from the company. Maybe I just need to talk to another rep at Tech CU.

Call up the Charlotte store, ask one of them if they have any recommendations for lenders, then give Tech CU that name

 

[McHoffa]

Call up the Charlotte store, ask one of them if they have any recommendations for lenders, then give Tech CU that name

Seriously, I don’t know why I didn’t think of that

 

[emlombardo]

I told them I'd give them the name when I get it and they seemed fine with it.

 

[power-eq-iv]

I told them I'd give them the name when I get it and they seemed fine with it.

Same here. At least they know what a Delivery Specialist is...

 

[octoad]

Yeah, I know I do, but they’re asking for a name of who referred me from the company. Maybe I just need to talk to another rep at Tech CU.

Wasn't his name Elon?

 

[djplong]

Is there a list of these financing partners somewhere? I would LOVE it if one of the credit unions I deal with was on that list!

 

[Bartman1]

Could someone please let me know what the Tech CU Rates are for excellent credit scores? Term and rate?
Thanks! Think I read somewhere that through Tesla it's around 2.5% for 60 months? Is Tech CU better?

 

[Bartman1]

I found the Term/Rate info on their website... says 1.99% for up to 60 months.... that's a good deal! I "checked the box" that I was going to finance through Tesla, but should be easy to change and go with Tech CU, huh? Need a VIN #....

 

[Kipp]

Just talked with TechCU today. I can confirm that their rate is 1.99% for Tesla vehicles. The requirement is that you have to have your delivery specialist (DS) give you a recommendation. I called Tesla to see if I could get a recommendation and they told me I hadn't been assigned a DS yet and that they would do so and have the DS give me a call. My DS did call and after I told her the situation, she said in official wording that she recommend I call TechCU for a good rate. With her name, I called TechCU back at their Tesla auto loan line (855-845-7060) and entered my loan application over the phone. When I'm approved (likely tomorrow), the next step will be making sure I'm qualified to be a member. I have two options: 1) Join Financial Fitness Association for $8/year, 2) Have my in-laws who live in their area join and then we can join as family members. I think I'm going with #1 when the time comes.

I hope that helps other folks.

PS: I live in WA and work at Microsoft so am definitely not in their normal range of customers.

 

[emlombardo]

PS: I live in WA and work at Microsoft so am definitely not in their normal range of customers.

I’m in PA and work for a tech company that’s not on their list. I joined that financial fitness association and they approved my membership with no issues.

 

[McHoffa]

Just talked with TechCU today. I can confirm that their rate is 1.99% for Tesla vehicles. The requirement is that you have to have your delivery specialist (DS) give you a recommendation. I called Tesla to see if I could get a recommendation and they told me I hadn't been assigned a DS yet and that they would do so and have the DS give me a call. My DS did call and after I told her the situation, she said in official wording that she recommend I call TechCU for a good rate. With her name, I called TechCU back at their Tesla auto loan line (855-845-7060) and entered my loan application over the phone. When I'm approved (likely tomorrow), the next step will be making sure I'm qualified to be a member. I have two options: 1) Join Financial Fitness Association for $8/year, 2) Have my in-laws who live in their area join and then we can join as family members. I think I'm going with #1 when the time comes.

I hope that helps other folks.

PS: I live in WA and work at Microsoft so am definitely not in their normal range of customers.

Awesome. I’ll be calling today!

 

[Trips]

I just got my loan approved yesterday at 1.94% with my local credit union. I needed a 750+ credit score or it would have been 2.19% on up to 72 months.

 

[Marsnaut]

I have no problem paying for the car but I have money tied up in investments (can be easily liquidated). I know most auto loans cover up to 110% but what is a reasonable amount to borrow from Tech CU? I was hoping for $40-45k which is close to half my income.

My credit score shouldn't be an issue.

Edit: Also, do they allow early pre-payment without penalty?

 

[McHoffa]

Just talked with TechCU today. I can confirm that their rate is 1.99% for Tesla vehicles. The requirement is that you have to have your delivery specialist (DS) give you a recommendation. I called Tesla to see if I could get a recommendation and they told me I hadn't been assigned a DS yet and that they would do so and have the DS give me a call. My DS did call and after I told her the situation, she said in official wording that she recommend I call TechCU for a good rate. With her name, I called TechCU back at their Tesla auto loan line (855-845-7060) and entered my loan application over the phone. When I'm approved (likely tomorrow), the next step will be making sure I'm qualified to be a member. I have two options: 1) Join Financial Fitness Association for $8/year, 2) Have my in-laws who live in their area join and then we can join as family members. I think I'm going with #1 when the time comes.

I hope that helps other folks.

PS: I live in WA and work at Microsoft so am definitely not in their normal range of customers.

Tesla said since I don't have my VIN yet, so I can't get a delivery specialist

 

[RUNSILNT]

I just spoke with them today and they didn’t ask me for a Delivery Specialist name. However because I want a 72 month loan they couldn’t give me the 1.99% rate. Instead it’s 2.49%. I went with Founders Federal Credit Union: 2.24% for 72 months.