financing

[tga]

Quick Digital CU (DCU | Personal Business Banking | Massachusetts | New Hampshire) plug from a happy 18 year member: DCU is 1.24% for up to 65 months (they will go up to 84 months at higher rates). This includes all the available discounts (relationship checking, auto payment, 0.25% energy efficient car loan, etc).

EFCU is 0.51% net for 60 months. Personally, I probably wouldn't go through the hassle to save $30/month on a 60 month, 100K loan, especially since DCU is local to me and EFCU isn't.

 

[andrewket]

Quick Digital CU (DCU | Personal Business Banking | Massachusetts | New Hampshire) plug from a happy 18 year member: DCU is 1.24% for up to 65 months (they will go up to 84 months at higher rates). This includes all the available discounts (relationship checking, auto payment, 0.25% energy efficient car loan, etc).

EFCU is 0.51% net for 60 months. Personally, I probably wouldn't go through the hassle to save $30/month on a 60 month, 100K loan, especially since DCU is local to me and EFCU isn't.

EFCU lowest rate is 0.61% on 60. They won't give you the auto debit discount AND the EV discount.

 

[kooljack]

When do they ask for POA? All they asked me were the following
I will need the following information

*

Final Worksheet from Tesla

Current Pay stub

Insurance information showing Energy Federal Credit Union listed as new lien holder on your Tesla

 

[kooljack]

Called EFCU and yes need to do the POA

 

[brkaus]

I needed to submit a (limited) POA when trading in a car in the past. The justification was that if there were any issues with the title transfer it made it easy for them to fix. Otherwise the DMV was difficult to deal with.

 

[commasign]

Got my check from EFCU today. Mary Johnson was easy to work with and the paperwork was quite easy (just a few snail mail rounds of account applications and POA). The loan application itself was via DocuSign. Final deal was 100% financing for 96 months, 1.11%. Probably not gonna keep the car or loan for that long but definitely frees up cash flow for other uses.

 

[yoyo]

Congrats! One question though, EFCU needs the signed final price sheet but tesla DS is not issuing one and also EFCU said I have to pay the remaining balance before they issue the fund. So how does this whole thing work especially with a trade-in (which autonation requires possession 2 weeks after inspection) and how to get tesla to issued a sign final sheet? I am so confused about the whole process now
thanks for the help!

Got my check from EFCU today. Mary Johnson was easy to work with and the paperwork was quite easy (just a few snail mail rounds of account applications and POA). The loan application itself was via DocuSign. Final deal was 100% financing for 96 months, 1.11%. Probably not gonna keep the car or loan for that long but definitely frees up cash flow for other uses.

 

[commasign]

Congrats! One question though, EFCU needs the signed final price sheet but tesla DS is not issuing one and also EFCU said I have to pay the remaining balance before they issue the fund. So how does this whole thing work especially with a trade-in (which autonation requires possession 2 weeks after inspection) and how to get tesla to issued a sign final sheet? I am so confused about the whole process now
thanks for the help!

I was able to get a final signed MVPA from Tesla (through the finance department, not my DS) including EFCU listed as lien holder. They can also provide you info on how to pay your downpayment which would be reflected in the final MVPA. Not sure about the tradein question.

 

[K85D]

I just got approved for my second loan with EFCU. I had my first loan for 66 months at .86% - S85 that I sold to get a P85D. My new loan will be for 95K for 84 months at 1.36%. I had a credit score of 780+. They are a little hard to work with, but they do get the job done. You just need to keep on top of it. The only pain is that they do not let you set up direct payment from another bank. ie have EFCU automatically draw from my Bank of America Account. You need to do it from the BofA side. Not a big issue, but a bit of a pain.

 

[bredi]

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.

You were penalized for paying the loan off early?

 

[kooljack]

Check from EFCU is out to TM.. the process is very smooth.. and there is no prepayment penalty.

 

[DJ Frustration]

Where are you guys seeing such low rates from EFCU? Their site shows "as low as 1.51% APR".
Auto Rates :: Rates :: Energy Federal Credit Union

 

[kooljack]

There is 1% discount for hybrid cars

 

[preilly44]

Did you have to pay the down payment for the car before EFCU would send the check? My DS told me this weekend that I would have to pay the $44k to Tesla before EFCU would release the check for the remainder to Tesla. This makes things difficult as I planned on trading my car in.

Check from EFCU is out to TM.. the process is very smooth.. and there is no prepayment penalty.

 

[kooljack]

Yes, I paid the down payment and docu signed all Tesla docs that show the remaining balance is 0 with financed amt coming from EFCU

 

[kooljack]

The turn around from down payment to the check being issued is 2 days. I send my poa notarized to efcu using USPS next day. So you might get a loaner for the couple of days

 

[Dallas1]

My EFCU experience may help you guys. I have very good credit, but have never had a car loan over $45K. I called Mary Johnson at EFCU and introduced myself. She took my application. I asked for 100% financing on my vehicle. She sent it to underwriting and came back with a "counter" of 65% at their best rate (.61 for less than 60 months or 1.11 for up to 96 months). Their reason for only offering 65% was that I never had a large vehicle loan before (I guess I'm punished for large down payments). I asked her how I can "appeal" the decision or make counter-offer to their offer. She told me I could fax a letter asking the Loan Approval Committee to reconsider. So I typed up a professional letter asking them to finance 85% instead of 100% (I also included some more details about my finances). Two days later the loan committee called me and told me I was approved for the 85%. From that point on Mary took over again. She was very helpful. Check went out today!

 

[andrewket]

Yes, I paid the down payment and docu signed all Tesla docs that show the remaining balance is 0 with financed amt coming from EFCU

Same here.

 

[andrewket]

The turn around from down payment to the check being issued is 2 days. I send my poa notarized to efcu using USPS next day. So you might get a loaner for the couple of days

Or you can have Tesla set the delivery date a few days early so that EFCU cuts the check. You'll pay interest on the loan for two days that you don't have your car, but in hi that's better than driving a loaner while your car sits waiting for you to deliver a check.

 

[zzzzdoc]

OK, perplexed by this one.

Applied to Tesla for financing. Gave me loan up to $133k. But when I told them I only wanted $50K loan, I was told that their minimum car loan is for 60% of configuration price. Never heard of that before. You actually can't take out a loan for LESS than a specific amount????? Between my trade-in and what I wanted to put down for a down payment, there is no where I'd be anywhere near 80% LTV.

Is this unique to Tesla and US Bank, or am I missing something?

I just can't get my head around the concept that I'm approved for a far greater loan amount with ease (credit rating not at all an issue), but am not allowed to borrow less money (presumably far safer loan for them).