Did you happen to ask about GAP insurance? I asked about it last week, but they said it didn't make sense because the coverage was limited to $50k. I realized after I hung up that the coverage is $50k GAP (difference of loan amount vs what your insurance companies pays in the event of a total loss), not $50k total value. I think the EFCU rep is confused about how GAP insurance works. When you're 100% financing at 60 months on a highly depreciable asset, GAP makes sense imho.
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financing
- Thread starter Rawad H.
- Start date
Did you happen to ask about GAP insurance? I asked about it last week, but they said it didn't make sense because the coverage was limited to $50k. I realized after I hung up that the coverage is $50k GAP (difference of loan amount vs what your insurance companies pays in the event of a total loss), not $50k total value. I think the EFCU rep is confused about how GAP insurance works. When you're 100% financing at 60 months on a highly depreciable asset, GAP makes sense imho.
thats awesome, hopefully i hit the .61%. I don't know what my credit score is but it should be high 700s based on scores in the past and my credit history since then.
EFCU is awful. I went through Sandra and that woman is a nightmare. My credit score was 850 and debit to credit was amazing. They countered my $90K loan with $70K because my loan on my former Tesla was only for a year. I passed and stayed local and got $110 for 84 months.
I was with Alliant for my first Tesla loan.....they are very quick and easy, took about 4 hours to get approved.
I was with Alliant for my first Tesla loan.....they are very quick and easy, took about 4 hours to get approved.
It was paid off when I sold it. In my opinion EFCU will do whatever they can to NOT give you the lower rate.
Damn....I would be in the same situation then....that sucks.....ah we'll see what happens
You may want to talk to your auto insurance broker/agent. Some insurers offer this coverage for far less than you can get it through a finance company or bank. We never finance enough of our cars to make it worth it, but my State Farm agent always offers it. The insurance company can offer it for cents on the dollar because it only comes into play if your car is totaled, which is actually pretty unlikely with a new car (insurance companies are all about probabilities). So it tends to be a profit-making line that makes customers happy even though the insurer doesn't charge much.....
Which means that banks haul in buckets of $$$ given what they charge
dweeks
Member
so it is officialy loan for 76000$ 14000$ down payment and the car is all mine at long last lol, as far as registering and taxes do i go to secretary of state once i get the car? im used to the dealership doing all this.
dweeks
Member
FYI This is my first post on TMC!
Today I called EFCU and spoke with Mary Johnson. She was very friendly and said she was financing lots of Tesla's right now. She directed me to send in the EFCU Application, $10, the CCACC Application, and My DL. When I started to ask her about rates, she confirmed these low rates being discussed, said some applicants are getting 100% financing, but did not want to speculate on what I could get - she said the underwriting department (not her) would decide based on my credit score and individual situation. I sent in the stuff to her attention. I'll keep you guys updated on what happens.
Today I called EFCU and spoke with Mary Johnson. She was very friendly and said she was financing lots of Tesla's right now. She directed me to send in the EFCU Application, $10, the CCACC Application, and My DL. When I started to ask her about rates, she confirmed these low rates being discussed, said some applicants are getting 100% financing, but did not want to speculate on what I could get - she said the underwriting department (not her) would decide based on my credit score and individual situation. I sent in the stuff to her attention. I'll keep you guys updated on what happens.
majorlance
Member
I applied also... They are actually about 10 miles from my house in Bethesda, Maryland... I'll probably go there to complete the loan apps and will also post my experience.
rjatc
Member
I am going to post this a couple of places because I want to make sure that people know - Yesterday I had to get the credit union and Tesla on the same page. For all of the Texans in this group, this one is for you. It also may apply to other states that do not allow Tesla to sell. All funds must be paid before Tesla will release the car from the factory. My final paperwork stated that I would take delivery on or around December 3rd. When the credit union in Maryland saw this, they told me that they were going to cut a check and overnight it on the 1st so that I would have it for delivery on the 3rd. I called my DS to ask if that was normal, and he said that Tesla needed all funds by the 17th, because the car would be done in production next week and that Texas will not allow any part of the transaction to be in this state. In other words, you can't hand them a check at delivery!
Luckily, Mary Johnson at Energy is great and she asked Tesla to resend the paperwork with a date of today so she could release the funds. They are going to wire it to Tesla and then we will be done! Just a heads up. Hopefully Texas will change their laws soon.
Luckily, Mary Johnson at Energy is great and she asked Tesla to resend the paperwork with a date of today so she could release the funds. They are going to wire it to Tesla and then we will be done! Just a heads up. Hopefully Texas will change their laws soon.
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