Let's talk financing rates

[Kelmn07]

Just finished the process with Xceed. Good customer service. Their rates have gone up a bit since we applied, 72 months is now 2.9% or 2.65% with auto pay.

How long did it take for you to hear back after submitting the application?

I heard from my delivery adviser on Tuesday (for the first time) and indicated that if I want to keep my delivery on track, I need my paperwork by tomorrow. I applied to 5 places yesterday at 8 am and heard back from all but XCeed within the hour. Called this morning and they said I'm preapproved...but not other details. Waiting to hear back from the loan adviser (underwriter, maybe?). So far the lowest rate on 66 months is 3.15% so if I can get XCeed for under 3 I'd like to. I'm not sure why all other approvals came over with interest rate included automatically. Really hoping I hear back soon.

 

[Dynastar]

How long did it take for you to hear back after submitting the application?

I heard from my delivery adviser on Tuesday (for the first time) and indicated that if I want to keep my delivery on track, I need my paperwork by tomorrow. I applied to 5 places yesterday at 8 am and heard back from all but XCeed within the hour. Called this morning and they said I'm preapproved...but not other details. Waiting to hear back from the loan adviser (underwriter, maybe?). So far the lowest rate on 66 months is 3.15% so if I can get XCeed for under 3 I'd like to. I'm not sure why all other approvals came over with interest rate included automatically. Really hoping I hear back soon.

I think it took about a day to hear back initially. Overall they were fine but not lightning fast.

 

[paladinfello]

For anyone here in San Francisco or San Mateo Counties, I was able to get 0.99% for 23 months on a $35k loan with the San Francisco Federal Credit Union. I have excellent credit so I was able to get the 0.99% rate, but I don't have any previous loans to my name so they wouldn't loan me the full value of the vehicle. If payback time is not a factor and your credit score is high you might want to give them a try. 35 months was 1.99% and 47 months was 2.24% which were all better rates compared to what Tesla or my own bank offered me.

 

[Kelmn07]

I ultimately had to pass on XFCU. Out of 5 banks I applied to, Xceed was the only one that didn't provide any information in their instant approval and took two full business days to follow up. If I had more to time to get back to Tesla I probably would have gone with them, hard to beat their rates.

 

[t3slajunk]

Weird. From what ryanakata said, perhaps it has to do with what rep you get.

Without knowing the exact details of your email conversations and what info was sent, I'd just suggest that you make sure your email thread with the other lender includes you asking about a pre-approval letter and has their response that this is the only pre-approval they provide.

Yes. I tried everything but I gave up at the end. I had conversations with 9 different reps (guessing from the names on the emails) and they all held the same party line (Full approval needed - preapproval not sufficient). I gave up and went with the other lender. Needed to change the info (Cash->Finance) with Tesla (and frustrate the ISA) and call the insurance to add the lender as a lien holder but it all worked out barely in time.

 

[Endoscope]

Thanks for pointing that out. I'm not a member, but I am a federal employee. I'll look into taking advantage of this 1.49% APR for 72 months offer... This beats out 1.99% APR for 60 months at PTOFCU that I was originally going for.

How do you get in ?

 

[Endoscope]

You also qualify if an immediate family member is one of those things. My dad works for a government contractor and was able to join with no problems

I called them - despite being a contractor you cant apply if you live outside DC/Philly area -

 

[JeanKam]

Lightstream seem to match the rate if all the specifics of the loan remain same, i've got a 2.89 for 72 month (Actual was 2.99 lightsream beat that by .10)

Question for Folks who have used lightstream, i have scheduled the funding so believe the purchase would be similar to cash purchase but i should mention SunTrust Bank (LightStream) details as Leinholder while delivery?

 

[CaptainAwesome]

Lightstream seem to match the rate if all the specifics of the loan remain same, i've got a 2.89 for 72 month (Actual was 2.99 lightsream beat that by .10)

Question for Folks who have used lightstream, i have scheduled the funding so believe the purchase would be similar to cash purchase but i should mention SunTrust Bank (LightStream) details as Leinholder while delivery?

Depends on whether you got a secured or unsecured loan with them. If it's secured, then yes, you'll need to list them as the lien holder. They'll send you some instructions on how to list them. You will also note that info on the Tesla website.

 

[JeanKam]

Depends on whether you got a secured or unsecured loan with them. If it's secured, then yes, you'll need to list them as the lien holder. They'll send you some instructions on how to list them. You will also note that info on the Tesla website.

I have just received an EXHIBIT A asking me to take the copy to dealer so they could add Leinholder details, looks like i should mention it unlike other who might have got an unsecured loan.

 

[mobilesuit818]

I ultimately had to pass on XFCU. Out of 5 banks I applied to, Xceed was the only one that didn't provide any information in their instant approval and took two full business days to follow up. If I had more to time to get back to Tesla I probably would have gone with them, hard to beat their rates.

I think you may have fallen thru the cracks.

I got my pre approval in less than 24hrs, and got my loan finalized and done in less than a week,

 

[Marsnaut]

Please let me know how it goes as I'm in NYC also

and curious as to the process.

This is very late but I completed the process last week. Note that FPCU might be increasing their rates soon (rumored to be 3.5%) so you might be better off going somewhere else.

I got a rate of 2.5% for 60 months (could've been 2.25% through a promotion but this is my first ever car loan so I didn't qualify). I applied for AARP, got my membership confirmed, and then I applied for the loan. The pre-approval processed relatively quickly and then I requested an additional $3k which was also approved. My delivery got delayed but then I got an email the next week, late in the afternoon, saying that I could pick it up tomorrow.

With that, I went into a mad rush trying to get all the paperwork completed. My original MVPA had issues so I had to follow up with my delivery advisor to get a new one. The new one also had issues (wrong financing company listed) but FPCU said that it didn't really matter. I sent over the MVPA to FPCU. They already had all my other supporting documentation such as proof of address, income, etc. so they were just waiting for the MVPA. I got sent my loan documentation, e-signed it, and was able to pick it up. I believe FPCU sends an email to Tesla when they send out the check.

If you have any questions, please let me know. Even though I was "out of state" it was the exact same process I expect everyone else to go through.

 

[CarFinancing4U]

My name is Ryan and I work for Financial Partners Credit Union in Irvine, California.

FPCU has great rates, great products, and great service!

Please contact me to see if I can assist you!

 

[voip-ninja]

My name is Ryan and I work for Financial Partners Credit Union in Irvine, California.

FPCU has great rates, great products, and great service!

Please contact me to see if I can assist you!

View attachment 309769

Have you considered becoming a site sponsor since you are advertising here?

 

[Big Dog]

I have used Ryan for financing the M3, He is highly recommended.

 

[BlueWRXPride]

So what is the latest for what tesla is offering on financing rates?

 

[Trevor B]

Have you considered becoming a site sponsor since you are advertising here?

That costs $$$ ... easy to post gratis. I hope he does become a sponsor.

 

[dv8ed]

I ultimately had to pass on XFCU. Out of 5 banks I applied to, Xceed was the only one that didn't provide any information in their instant approval and took two full business days to follow up. If I had more to time to get back to Tesla I probably would have gone with them, hard to beat their rates.

so xceed doesn’t require pay check stub or supporting docs? is it a unsecured or secured loan?

 

[Yankees251]

So what is the latest for what tesla is offering on financing rates?

Secured 3.65 from Tesla through USBank. rates are rising and thats a 30 day lock, my pick up is scheduled for 7/18.

 

[Kelmn07]

so xceed doesn’t require pay check stub or supporting docs? is it a unsecured or secured loan?

For a preapproval, most banks would not require paystubs or the like. When they did follow up, they said actual approval would require paystubs.

I ended up going through a local credit union for 2.59% 66 mo. loan. With them, I surprisingly did not have to provide anything at all.