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FPCU

Discussion in 'Model 3: Ordering, Production, Delivery' started by BFData, May 12, 2018.

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  1. BFData

    BFData Member

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    I want to thank Manuel De La Torre for my loan at FPCU. I would definitely suggest anyone who is looking for a good interest rate to call FPCU. Although there is no rate lock until the final contract from Tesla, it worked out great in my instance as I still was able to get 2.24% after I sent the final contract over. Manuel was very responsive to any questions I had and extremely professional. He was a pleasure to work with. You may reach Manuel at: [email protected]

    I know the lack of a rate lock can provide a sense of discomfort, but in my anecdotal instance, it worked out perfectly and I saved 1.5% over my local credit union.
     
    • Like x 1
  2. paulvinh

    paulvinh Member

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    60 months?
    72 months?
     
  3. BFData

    BFData Member

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    I was putting a fair amount down, so they offered me these terms at 72 months. However, it's my understanding this is approved on a case by case basis depending on credit score and down payment amount.
     
  4. paulvinh

    paulvinh Member

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    How much did you put down? I have excellent credit.
     
  5. juanmedina

    juanmedina Member

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    +12345

    I am planing on putting down 25-30k.
     
  6. ebmcs03

    ebmcs03 Active Member

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    I never hear 36 months anymore. Why is everyone doing 5+ year loans?
     
  7. Lloyd

    Lloyd Well-Known Member

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    Lower payments?? Cars lasting longer??
     
  8. anhnguyen

    anhnguyen Member

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    ...better get everything in writing..they promised things and reneged on everything..details on the Financing thread..
     
  9. BFData

    BFData Member

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    Inclusive of the required $1000 deposit and $2500 at time of configuration, my total down payment was $16,700 (inclusive of $4,200 trade). My total monthly payments are $638 for 72 months with a total of $42,944 financed. The total interest cost for the 72 month loan is only $2,990.

    For me, that interest rate makes it smart to reduce the payment amount by going with 72 months. The $500 in yearly interest cost is not significant given the price of this vehicle.
     
  10. BFData

    BFData Member

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    #10 BFData, May 13, 2018
    Last edited: May 13, 2018
    I’m not debating that someone else didn’t have a bad experience, but I’m just communicating my experience and it was very smooth. The interest rate is locked for 6 years and the only condition the rate can change is it can go up by a quarter of a percent if I discontinue automatic payments which I’m aware of and am fine with. There is no penalty for paying the loan early. Again everything is specially spelled out in the loan papers. I understand some people may be nervous about not seeing loan papers until immediately before delivery. I myself was nervous about this, but I got the contract from Tesla 3 days before delivery and sent it to FPCU on a Monday morning. They completed the loan I signed all the papers electronically that afternoon and they FedEx’d a check which arrived the next day to Tesla at my delivery location in Florida.

    Could others have a different experience? Possibly, but mine was good so I want to thank FPCU and my loan officer Manuel, as I’m a very satisfied customer.
     
  11. ryanakata

    ryanakata Member

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    Same thing happened to me to the point I will probably not use them now. Everything was great until it came time for them to finalize. Supposedly the can't offer 60+ months on an EV. They do not know how to do the paperwork for states that Tesla can not handle the registration in and more.
     
  12. paulvinh

    paulvinh Member

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    Exactly what happened to me as well.
     
  13. anhnguyen

    anhnguyen Member

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    ...they are jokes..they prey on model 3 owners knowing if you want to get delivery you have to go through them if you're in the process..I had to delay a week to secure about lender..
     
  14. juanmedina

    juanmedina Member

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    Wow thanks for the heads up. Who do you guys recommend?
     
  15. BFData

    BFData Member

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    I had a good experience with them so I wouldn’t say that they are always “this or that”. I would suggest getting multiple approvals, but you may still want to check out FPCU because of their great rates. I did get 2.24% for 72 months so they do write loans for this term on a model 3. I suspect you will need excellent credit and a large down payment. Mine was over 25% down. If you have another approval in place you could always fall back to that in case you have a problem with the terms from FPCU when it comers time to get the final loan documents.
     
  16. anhnguyen

    anhnguyen Member

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    ...my credit is over 800 and I put down 15k..didn't use them and got the terms they promised in writing with another lender..good luck dealing with them..
     
  17. Hakushu

    Hakushu Member

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    I also had a good experience with them, dealt with Manuel as well. relatively painless. got 2.24% for 60 months, loan of 40k credit 800+. picked up car last week.
     
  18. paulvinh

    paulvinh Member

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    Which lender? I have a few email exchange with them and a pre approved letter. This is after they change the rate and term with out saying anything. Then tell me about the EV update term. I would rather give my business to another lender.
     
  19. anhnguyen

    anhnguyen Member

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    ...I went with MWDFCU and got 72 months at 2.24 and could have done 1.99 for 60..funny enough the original terms FPCU promised in writing and didn't honor..however they have strict membership terms like Navy Fed..my dad is an employee and immediate family members are extended membership..
     
  20. ryanakata

    ryanakata Member

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    Small update. My loan application was transferred from Ryan to Haley. It could not have went any smoother. I got a call from Chris that said it was ready. I shot him the info. The next day I got my final MVPA and emailed it to Haley. Check was overnighted via FedEx and they provided me a copy of the check and tracking to send to Chris. Car should be headed out of Fremont to Dallas soon.

    I was amazed at the process over my local CU who wanted a ton of signatures in person as well as some more stuff.
     
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