Financing the P85D

[zzzzdoc]

I hope I'm not spreading misinformation here. I'm unclear about the distinction between a push and a pull.

What I was told from Mary (who I agree, is great), was that they would insist on automatically withdrawing money from my account monthly for the payments as a condition of the lowest rate. Is that a push, or a pull, or what? All I care is that I don't want to think about making payments. I want them to occur automatically. However that occurs, just so long as I don't have to exert any effort and the payments occur automatically, I'm a happy camper.

 

[PlanB]

I hope I'm not spreading misinformation here. I'm unclear about the distinction between a push and a pull.

What I was told from Mary (who I agree, is great), was that they would insist on automatically withdrawing money from my account monthly for the payments as a condition of the lowest rate. Is that a push, or a pull, or what? All I care is that I don't want to think about making payments. I want them to occur automatically. However that occurs, just so long as I don't have to exert any effort and the payments occur automatically, I'm a happy camper.

That's a pull. However what I was told is that they would NOT pull the payment out from my other banks checking account. That I had to open an account with them and that they would pull the funds from there. Turned out to be a waste of time dealing with them.

 

[No2DinosaurFuel]

This might be an old thread, but does Energy Federal Credit Union still offer the 1% for fuel efficient vehicles? On their website, it says 0.5% and no other discount which at their current rates will be 1.43% for 60 months which is not too far off of DCU which has 1.74% but 0.25% discount for fuel efficient vehicles which brings them to 1.49% and the terms is for 65 months.

 

[ZestyChicken]

This might be an old thread, but does Energy Federal Credit Union still offer the 1% for fuel efficient vehicles? On their website, it says 0.5% and no other discount which at their current rates will be 1.43% for 60 months which is not too far off of DCU which has 1.74% but 0.25% discount for fuel efficient vehicles which brings them to 1.49% and the terms is for 65 months.

I just contacted them and the discount is now 0.25%. You also would need to set up a checking account.

Net rate today would be 1.49%.

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This might be an old thread, but does Energy Federal Credit Union still offer the 1% for fuel efficient vehicles? On their website, it says 0.5% and no other discount which at their current rates will be 1.43% for 60 months which is not too far off of DCU which has 1.74% but 0.25% discount for fuel efficient vehicles which brings them to 1.49% and the terms is for 65 months.

I called them and they will lend a max of 70k (actually 69,999). Also the 1.43% rate is for credit scores of 780 and above.

 

[No2DinosaurFuel]

I just contacted them and the discount is now 0.25%. You also would need to set up a checking account.

Net rate today would be 1.49%.

- - - Updated - - -



I called them and they will lend a max of 70k (actually 69,999). Also the 1.43% rate is for credit scores of 780 and above.

SO did you call both places?

 

[kirkbauer]

I just wanted to share a good financing option I had. I went with Lightstream (division of SunTrust) which is a streamlined online auto loan option. I received $100k (the max) at 1.99% for 5 years. The cool thing is they don't want any security, so it is an unsecured auto loan. I have scheduled for the $100k to be deposited into my checking account a week before delivery. It does require auto-pay.

It will be convenient not to have to deal with somebody else on the title. I have excellent credit so YMMV.

 

[scottf200]

I just wanted to share a good financing option I had. I went with Lightstream (division of SunTrust) which is a streamlined online auto loan option. I received $100k (the max) at 1.99% for 5 years. The cool thing is they don't want any security, so it is an unsecured auto loan. I have scheduled for the $100k to be deposited into my checking account a week before delivery. It does require auto-pay.

It will be convenient not to have to deal with somebody else on the title. I have excellent credit so YMMV.

That doesn't match their webpage tho? It shows 1.99% up to 3 years (36 months). I have excellent credit as well so I'm curious.

LightStream - Loans for Practically Anything

 

[Fluke]

This might be an old thread, but does Energy Federal Credit Union still offer the 1% for fuel efficient vehicles? On their website, it says 0.5% and no other discount which at their current rates will be 1.43% for 60 months which is not too far off of DCU which has 1.74% but 0.25% discount for fuel efficient vehicles which brings them to 1.49% and the terms is for 65 months.

I'm going with DCU at 1.49% for 4 years. The current base rate (depending on rating) is 2.24% with a 0.5% discount for direct deposit and a 0.25% discount for energy efficient vehicle. I missed out on the 0.99% memorial day promotion rate by a week due to not having all the necessary paperwork from Tesla, but still not too bad.

 

[No2DinosaurFuel]

I'm going with DCU at 1.49% for 4 years. The current base rate (depending on rating) is 2.24% with a 0.5% discount for direct deposit and a 0.25% discount for energy efficient vehicle. I missed out on the 0.99% memorial day promotion rate by a week due to not having all the necessary paperwork from Tesla, but still not too bad.

Just fyi, penfed has the promotion again. 0.99% for 48 months. Not sure how long it will run for though. Google penfed auto loan.

 

[cdub]

I still think you're nuts buying a 130k car when you only make 150k a year.

 

[Max*]

I still think you're nuts buying a 130k car when you only make 150k a year.

Why?

 

[Fluke]

Just fyi, penfed has the promotion again. 0.99% for 48 months. Not sure how long it will run for though. Google penfed auto loan.

Yes, I had meant that it was Penfed that had the promotional 0.99% rate. It is apparently an on-again, off-again rate. I had put in my application when it was available and when they called me they said it was a promotional rate no longer available and did I want the loan at 2.X%. I guess it is back now though.

 

[pete8314]

I still think you're nuts buying a 130k car when you only make 150k a year.

"only". Sometimes reading TMC makes me feel very poor :crying:

FWIW, more or less since I could own a car, the value of the car would be equivalent to 50-70% of my annual earnings, give or take. Depending on the cars you buy, and how often they turn over, it's not necessarily that bad of a ratio (in the context of living in a debt-driven society, I'm not about to start to debate that). Just depends on personal priorities, responsibility and so on, but I don't think he's nuts.

 

[No2DinosaurFuel]

I still think you're nuts buying a 130k car when you only make 150k a year.

I read somewhere here, some people are making 65K a year and still bought a tesla which at that point was around 75K. They just need to stretch a bit which this guy was obviously doing, i.e. living in apt. with another family, minimizing eating out, pretty much putting everything he had per month towards the car. Yeah like other have said, different priorities. This is what makes the world colorful.

 

[MorrisonHiker]

I read somewhere here, some people are making 65K a year and still bought a tesla which at that point was around 75K. They just need to stretch a bit which this guy was obviously doing, i.e. living in apt. with another family, minimizing eating out, pretty much putting everything he had per month towards the car. Yeah like other have said, different priorities. This is what makes the world colorful.

Exactly. Also, there are thing called "savings" and "investments" that some people might be using to pay for their vehicle. I haven't had a car payment in over 13 years...but I have been setting aside money for years for my next vehicle purchase. I could pay cash if I wanted to but with interest rates so low (and returns on investments so high), it can make sense to finance part of the purchase price.

 

[siucity]

Exactly. Also, there are thing called "savings" and "investments" that some people might be using to pay for their vehicle. I haven't had a car payment in over 13 years...but I have been setting aside money for years for my next vehicle purchase. I could pay cash if I wanted to but with interest rates so low (and returns on investments so high), it can make sense to finance part of the purchase price.

With current interest rates and current return on investments (although no guarantees on how well the market will do in the next few years), it makes sense to finance 100% of the purchase price.

 

[DuplexDianne]

With current interest rates and current return on investments (although no guarantees on how well the market will do in the next few years), it makes sense to finance 100% of the purchase price.

Yup. It's called leverage. Take advantage of the low interest rates while you still can!!! Use the cash to invest in something else.