TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker or making a Paypal contribution here: paypal.me/SupportTMC

Has anyone gotten their local credit union to finance the Model S

Discussion in 'Model S: Ordering, Production, Delivery' started by brandonmbeard, Aug 27, 2013.

  1. brandonmbeard

    brandonmbeard Member

    Joined:
    Aug 27, 2013
    Messages:
    220
    Location:
    West Chester, Ohio, United States
    So I'm getting ready to place my reservation and decided it's probably best to secure the financing before I do that.

    I called 2 local credit unions, 1 I am a member to and the other I would have to become a member to. My local CU looked at me like I had 3 heads when I said I wanted to finance a Tesla for $75,000. They said they do not do auto loans over $60,000. The second one said something to the effect of not having a previous high value auto loan. I am not entirely sure what not having a high value car loan has to do with my ability to pay the loan back.

    I have read that PenFed and Alliant are some places online to finance. But I prefer to work with a person face to face. Has anyone had success getting their CU to finance it?
     
  2. HHHH

    HHHH Member

    Joined:
    Jun 11, 2013
    Messages:
    703
    Location:
    Henderson, NV
    Yes, I went to InTouch Credit Union here, and they were willing/able to finance it.
     
  3. AmpedRealtor

    AmpedRealtor Active Member

    Joined:
    Jun 30, 2013
    Messages:
    4,688
    Location:
    Buckeye, AZ
    One credit union (Alliant) would not finance over $80k due to no credit history for that high of a car loan in the past. I guess Alliant doesn't want people going to the moon if they haven't already been there before. USAlliance, on the other hand, financed $105,000 and at the same low rate as Alliant. I went with USAlliance. Here is the contact info:

    Jon Krumdick
    USAlliance Federal Credit Union
    Senior Manager - Sales and Service
    Phone: 800.431.2754 ext. 2319
    Mobile: 978.833.1962
    eFax: 914.881.3475
    [email protected]
    Search Results - USAlliance Federal Credit Union
     
  4. Doug Gallarda

    Doug Gallarda P03915

    Joined:
    May 6, 2013
    Messages:
    58
    Location:
    Austin, TX
    I used Spokane Federal Credit Union in Spokane, WA who financed 100% of the purchase price for 84 months at 1.4% interest. They also sent me a gift card for free car washes.

    I live in Austin, TX where Tesla can't sell cars directly. My Tesla sales rep in Denver called the credit union and took care of all the paperwork for me.

    All I had to do is use Docusign to sign the loan app on my iPhone, use Docusign to sign the Tesla purchase order, and then click "Pay Now" on the Tesla website to transfer the funds.

    Super simple...
     
  5. TMS_Red

    TMS_Red Member

    Joined:
    Apr 9, 2013
    Messages:
    20
    Location:
    Massachusetts, USA
    I got my Model S financed through Central One Credit Union in Shrewsbury, MA. 0.99% APR on a 4 year loan; 1.49% for a 5 year loan. They were willing to loan 115% of NADA. They only finance within the local community. I have seen in the TMC boards that lots of people got their financing through their local credit unions.
     
  6. brandonmbeard

    brandonmbeard Member

    Joined:
    Aug 27, 2013
    Messages:
    220
    Location:
    West Chester, Ohio, United States
    Thanks guys. I'm going to give USAlliance a call.

    I hadn't thought about the Tesla rep handling the paperwork with the CU. Will they do that for states they don't do financing in?
     
  7. slorojo

    slorojo New Member

    Joined:
    Aug 13, 2013
    Messages:
    4
    Location:
    CA
    My work credit union was ready to finance me with great rates, but because I hadn't had an account for a year, they wanted 25% down :( With interest rates this low, no way am I paying more out of pocket than I need to.

    I will second US Alliance though - if you can't be face to face with someone, Jon K ([email protected]) would be a great person to work with. He was incredibly helpful and responsive over the phone.
     
  8. Nikoli

    Nikoli Member

    Joined:
    Mar 5, 2011
    Messages:
    131
    Location:
    Cincinnati, Ohio
  9. JorgeNM

    JorgeNM Member

    Joined:
    Aug 28, 2013
    Messages:
    5
    Location:
    Albuquerque
    Doug,

    Who was your sales rep in denver?

    Jorge
     
  10. liuping

    liuping Active Member

    Joined:
    Jul 23, 2013
    Messages:
    1,858
    Location:
    San Diego
    Saddly, San Diego County Credit Union, where I've been a member for over 30 years, and where have my home load and equity lines, will not budge on their published rates. It seems strange, because their rate is 2.99%, which seems rather high. They were very competitive when we did our hour loan with them.

    I'd rather stay local, but for over 1% rate savings, it looks like USAlliance or Alliant it is...
     
  11. AmpedRealtor

    AmpedRealtor Active Member

    Joined:
    Jun 30, 2013
    Messages:
    4,688
    Location:
    Buckeye, AZ
    There really is not much paperwork between Tesla and your bank. Your lender will require two things from Tesla - a final MVPA (motor vehicle purchase agreement) and a "letter of guarantee" from Tesla showing the lender as lien holder. Those will be sent to you by your delivery specialist which you can then forward to your lender.
     
  12. Ven Rala

    Ven Rala Member

    Joined:
    Nov 17, 2012
    Messages:
    378
    Location:
    Montgomery County, Md
    I got my financing from my local credit union (Fedfinancial), they are very small, only have 2 branches. I did my financing in April and they had already done one other Tesla already. They gave me a great rate and superb service. I also got approval from USAA and Alliant but Fedfinancial gave me the best rate. Our other car is also with Fedfinancial. Whenever possible, I always try to go with a credit union, local or otherwise. Better service and they don't try to gouge you like the banks.
     

Share This Page