Let's talk financing rates

[Henry82]

Chase via Tesla offered me 3.29% for 60 months with up to 70% LTV (30% down)
Bank of America offered me 2.79% for 60 months or 2.99% for 48 months with 50% LTV (50% down)

800+ FICO

 

[ChrisH]

Chase via Tesla offered me 3.29% for 60 months with up to 70% LTV (30% down)
Bank of America offered me 2.79% for 60 months or 2.99% for 48 months with 50% LTV (50% down)

800+ FICO

Geez those are hefty down payments though!

 

[calvinvle]

I did the 1.5% 48 month loan with them. Easy to work with. They're cranking out the Tesla Model 3 loans and having fun tracking which color people are picking up.

Do I need to live in Carlsbad to qualify? Can I qualify online? I'm 500 miles away

 

[Henry82]

Geez those are hefty down payments though!

I prefer to keep car payments at ~$500 per month so I applied for 50% LTV (50% down). I'm quite sure that both lenders could have done higher LTVs if I wanted/applied for it.

 

[ChrisH]

I prefer to keep car payments at ~$500 per month so I applied for 50% LTV (50% down). I'm quite sure that both lenders could have done higher LTVs if I wanted/applied for it.

That makes sense. Thanks for clarifying.

 

[Supertester777]

Xceed asked me to fillout DMV REG 260 power of attorney form to appoint Xceed as my attorney to complete all docs. Is this normal?

 

[Henry82]

Xceed asked me to fillout DMV REG 260 power of attorney form to appoint Xceed as my attorney to complete all docs. Is this normal?

Lender wants you to give them POA to sign loan docs on your behalf? Something doesn’t sound right...

 

[ebmcs03]

Geez those are hefty down payments though!

That’s probably the better way to do it.
That’s how the housing bubble happened. Ppl borrowing over their head.

 

[ChrisH]

That’s probably the better way to do it.
That’s how the housing bubble happened. Ppl borrowing over their head.

Oh for sure. $30,000 for a car just seems like a lot. Though I do wonder what percent of people just pay cash for cars like this and the 3 series. Some people are much more well off than others like myself haha

 

[emlombardo]

I prefer to keep car payments at ~$500 per month so I applied for 50% LTV (50% down). I'm quite sure that both lenders could have done higher LTVs if I wanted/applied for it.

I did the same but I was able to get 1.99% with TechCU. That was a month ago, not sure if it's still available.

Edit: looks like 2.49% now: Tesla Auto Financing - Tech CU

 

[paulvinh]

Xceed asked me to fillout DMV REG 260 power of attorney form to appoint Xceed as my attorney to complete all docs. Is this normal?

Any further updates to this?

 

[Supertester777]

Any further updates to this?

It appears they want to be able to make changes to docs in case there is a typo or mistake.

 

[paulvinh]

It appears they want to be able to make changes to docs in case there is a typo or mistake.

Are you still going with them? Keep us posted please

 

[Zaxxon]

Xceed asked me to fillout DMV REG 260 power of attorney form to appoint Xceed as my attorney to complete all docs. Is this normal?

If it's like Colorado, the POA should be a limited one allowing them specifically to apply for and receive a title for this specific vehicle on your behalf, and to record a lien on that title.

That's totally normal. If they are asking for a general POA, that's not so normal.

As for rates, I'm likely going through Unify FCU which is offering me 1.74% for 2 years or 2.74% for 3, 4, or five years. That's with up to 100% financed. I used them on a prior vehicle purchase and it was painless.

 

[jgd108]

I got approved for unsecured loan by Lightstream but when I sent my FPCU pre-appoval letter they said it was not enough to do a Rate Beat (.1% discount). That's too bad, any thoughts? My plan C is now with Xceed.

 

[SlicedBr3ad]

FPCU sent loan documents to sign where registered owner is me but the legal owner is FPCU. however, nowhere through the doc (that i can find) does it say they're going to remove themselves as legal owner once loan balance is satisfied. has anyone dealt with this? i cant imagine this not being a standard loan document and i'm just not used to reading all this legal info. help!

 

[jgd108]

FPCU sent loan documents to sign where registered owner is me but the legal owner is FPCU. however, nowhere through the doc (that i can find) does it say they're going to remove themselves as legal owner once loan balance is satisfied. has anyone dealt with this? i cant imagine this not being a standard loan document and i'm just not used to reading all this legal info. help!

Update I got approved finally with Lightstream, I'm very happy with my rate and unsecured loan. So I'm basically paying cash in the eyes of Tesla and my insurance company! No lien!
FPCU didn't lock my rate and had to scramble last minute, so glad I found Lightstream thanks to this community.

 

[Marsnaut]

Update I got approved finally with Lightstream, I'm very happy with my rate and unsecured loan. So I'm basically paying cash in the eyes of Tesla and my insurance company! No lien!
FPCU didn't lock my rate and had to scramble last minute, so glad I found Lightstream thanks to this community.

What rate did you get with Lightstream? The rates look very high.

Edit: I see that they have a Rate Beat, but I wonder if it is gimmicky.

 

[jgd108]

What rate did you get with Lightstream? The rates look very high.

Edit: I see that they have a Rate Beat, but I wonder if it is gimmicky.

Not at all! They beat your best offer by .1% but it took 3 back and forth and a call before they approved it.

 

[viktorleon]

Update I got approved finally with Lightstream, I'm very happy with my rate and unsecured loan. So I'm basically paying cash in the eyes of Tesla and my insurance company! No lien!
FPCU didn't lock my rate and had to scramble last minute, so glad I found Lightstream thanks to this community.

Would you mind sharing your credit score? What score would qualify for an unsecured loan? How much down payment was required, if any?

Thanks and congrats!