iamroy
Member
I was initially with USAA, but Bank of America gave me a better rate. In order to get the same rate with USAA, I would've had to use their dealer service. Tesla isn't on that list, so can't exactly do that.
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Financing through USAA
- Thread starter Dogwhistle
- Start date
did you SA ask you ahead of time for the DFR on their own? (I still have not be assigned an SA, and have been told that I may never be assigned one, and may go directly to a DM
I contacted them about my order last week. If you look on their site, 2.75% is the best advertised rate. But you have to buy through their car buying program (which Tesla doesn’t participate in).
I called and asked if they would honor the .5% reduction since Tesla isn’t part of their program and they said no. So the best you can get is 3.25%, with auto draft and excellent credit.
You can do better than that. Save the credit pull.
Or not, if you’re pressed to pay more.
They didn’t ask. I went into the Tesla store to order my vehicle and the person that I dealt with became my SA and gave me all her contacts. So once I got the DFR in my email from USAA, I just forwarded it to her and she forwarded it to the delivery center.
Yeah at the end of the day rate discussion is kinda pointless as it will be differnt for everyone.
Its really just about the pickup/how tesla and USAA handle this now, and if it has imrpoved at all (which it seems like it has not)
My concern is, I have no SA.. and if they are as rushed as everyone says they will be, I may not even hear from my DM until a day or two before, which will be to late to have this DFR handled correclty
Its really just about the pickup/how tesla and USAA handle this now, and if it has imrpoved at all (which it seems like it has not)
My concern is, I have no SA.. and if they are as rushed as everyone says they will be, I may not even hear from my DM until a day or two before, which will be to late to have this DFR handled correclty
Not really. You were given three real and current examples of people with excellent credit getting better rates somewhere else.
You’re choosing to ignore the data and for whatever reason seem determined to pay more for USAA’s sub par loan products. If your mind was made up to stick with USAA I’m not sure why you asked for feedback.
It would be great for the community if you would come back and update us on the higher interest rate you’re going to take for your loyalty to USAA so others that make decisions based on facts have an opportunity to make a more informed decision.
my bump was about teslas process with USAA, not the rate, which I know is going to work for me, based on other metrics too
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anyhow, I ended up emailing the store for something else, and have finally been assigned an SA. As no surprise, she has worked with many DRF forms from usaa, and is already starting the process! so looks like this should be easy
You probably already suspect this, but dealers that participate in, or honor, USAA's buying program pay a fee for that privilege, hence the lower rate they (USAA) can offer in that instance. Tesla would be foolish to share vehicle gross profit with a financing institution in that way. In my case, my family's store was a GM dealership. We couldn't afford to let any good prospect go someplace else over a finance company's finders fee. That's the reality of a buyer's market - which most dealers operate in. Tesla is enjoying a seller's market. But, nothing lasts forever...
Agree and totally understand.
But if USAA has 98% of the dealers covered and a customer directly asks for a rate match on one of the missing manufacturers, I think it’s good business for USAA in the long term to take the loss for the few exceptions and keep the business. Especially from someone who’s been around 20+ years.
It’s not like they are offering great deals in the first place. Their rates are flat out not competitive with even national banks, and the CU’s make USAA look like outright crooks. They have plenty of margin already built in. We’re talking about finance charges, which require zero actual work. It’s not like they’re out using physical resources and manually digging ditches for this money.
What also bothers me is that over the last decade or so it seems like USAA is blatantly taken advantage of the captive military/veteran audience they have. They seem to have bet on people just sticking with them out of loyalty, familiarity and, honestly, laziness. In my case loan was secured and I moved on. Just like I’ve already done with my mortgages and brokerage accounts.
(avoiding the rate convo - my rate was exactly the same USAA/Tesla) - But I handed in the DFR yesterday when I picked up my car at the service center, and that's all I had to do. Printed it from the website, brought it with me in hard copy and handed it over with my personal check for the balance and drove off in my car. Good luck!
MSM Eric
Member
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