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Let's talk financing rates

Discussion in 'Model 3' started by flashflooder, Nov 22, 2017.

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  1. myblubu

    myblubu Member

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    Dayton, OH
    That’s the route I intend to go also. Let me know how the process goes if you use them. How soon before your car arrives? I just ordered, no VIN yet.
     
  2. insaneoctane

    insaneoctane Active Member

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    This is helpful, but I am a little confused. I am not clear the difference between using Tesla and just getting your own financing. If you are just telling Tesla to contact bank xyz, isn't that kind of like getting your own financing? Is it just more convenient to have tesla call around for you? Will they do that?
     
  3. ploon94

    ploon94 Member

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    I just went through all this. We already are members at Delta Comm CU. Tesla offered me 60 months with Chase at 2.9% and they said that was their best offer for credit scores above 750. DCCU offered me 1.94 for the same 60 months. This was all on Thursday so just a few days ago. Going with Delta.
     
  4. C141medic

    C141medic Supporting Member

    Joined:
    Apr 9, 2016
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    New Jersey
    Here’s a listing of various banks/cu’s that I’ve gathered from recommendations in this forum and a few others I’ve researched. Hope this makes the search a little easier. Please feel free to add to the listing if I’ve missed any.

    Auto Loan Rates | PFFCU - Police and Fire Federal Credit Union


    Air Force FCU | Auto Loans, Vehicle Loan Rates


    Auto Loan Rates | Navy Federal Credit Union


    Auto Loan: Green Car Rate Discount | U.S. Bank


    Rates - UNCLE Credit Union


    Auto Loans | Camden County, NJ - Gloucester County, NJ - South Jersey | South Jersey Federal Credit Union


    Tesla Auto Financing - Tech CU


    Auto Loans


    PenFed Home
     
    • Helpful x 7
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  5. LTEVOwner

    LTEVOwner Member

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    SF Bay Area
    Other options were (a) 2.90% for 72 months from US bank and (b) 2.9% for 72 months with 10% down payment from Chase
     
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  6. LTEVOwner

    LTEVOwner Member

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    When you apply for financing through Tesla, they forward your application to a few of their preferred lending partners. This list includes Chase bank, US bank, TechCU and others. I believe Chase and US bank are their top preferred lending partners so they send you loan offers from these two banks first. If you're not happy with these offers, you can request them to forward your credit application to other lending partners (such as TechCU) that they work with. That's what I did. I asked them to forward my application to TechCU when I didn't like Chase bank and US bank offers.

    Why it's better to ask Tesla to forward your application to a specific lender (such as TechCU) which they partner with? It's because

    (a) If you apply to TechCU (or any other lender) directly, it will be seen as a separate "hard" credit check inquiry. If you apply to 5 different lenders individually, all of them will be considered separate inquiries. It may lower your credit score temporarily. I know that major credit agencies consider multiple auto loan inquiries within 1-2 weeks as "one" inquiry but all of those inquiries will be shown on your credit report for next 2 years. I didn't want this. So, I asked Tesla to work with TechCU directly. In this case, TechCU didn't pull my credit again. Instead it used the info that Tesla got when they pulled my credit first time

    and, more importantly
    (b) It's always easier to let Tesla work with Bank/CU directly so you don't have to worry about coordinating between two companies, extra paperwork and other things. In my case, after I said yes to TechCU offer through Tesla, Tesla is working with TechCU directly to get my loan funded. All I have to do is show up on delivery day and be ready to sign some docs. As additional "generous favor", Tesla has agreed to pay $25 membership fee that I would have to pay to TechCU if I had apply for loan on my own -:)

    Hope this info answers your questions!
     
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  7. FlyNavy01

    FlyNavy01 Member

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    Apparently Lightstream has a "rate beat" program where they will take 0.1% off any loan of which you're approved. Meaning if you get the 1.94% for 60 months from a few posts above, you just show that approval to them and they will offer you the same term for 1.84%. An extra benefit is they apparently ACH transfer the money into your bank account so you can get the title for the car on delivery day and don't have the loan on your insurance. Haven't yet personally tried this since I'm deferring for AWD/Performance, but it was mentioned by someone on the Model 3 FB group. Worth looking into.
     
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  8. Big Dog

    Big Dog Member

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    Irvine, CA
    this is a great thread, btw. Thanks to all for contributing.
     
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  9. Snezz1e

    Snezz1e New Member

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    Jan 28, 2018
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    Las Vegas, Nevada
    DCU (Digital Credit Union) offers 65 months at 1.99%. They advertise 2.24% but you get a .25% discount for energy efficient vehicles. My Leaf qualified for discount. To get rate you need to have checking account with them with direct deposit. Their checking account is not bad, you get access to paycheck up to 2 days in advance.

    DCU Auto Loans | DCU | Massachusetts | New Hampshire
     
    • Informative x 1
  10. YauKwan

    YauKwan Member

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    New Jersey
    anyone still seeing lower rates for shorter terms?
     
  11. dc81

    dc81 Member

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    Jul 14, 2017
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    Location:
    TX
    got approved for 1.9% for 48 months
    Auto Loans
     
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  12. S3XY

    S3XY Active Member

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    Buffalo, NY
    You're ahead of me, I haven't even been invited to configure yet. So I'd appreciate it if you let us know your experience.
     
  13. myblubu

    myblubu Member

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    You got it - wil do!
     
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  14. Cnasty

    Cnasty Member

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    Dallas
    Great info!!

    At what point or timeframe in the process do you "apply" with Tesla? I configured last week and still waiting for VIN assignment. Does someone reach out to you to apply with Tesla when its time or did you do it through another avenue?

    Thanks again
     
  15. chibi_kurochan

    Joined:
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    San Jose, CA
    As far i know, techCU gives me the lowest rate.
    1.74% for anything 60 months or less.
     
    • Informative x 1
  16. insaneoctane

    insaneoctane Active Member

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    If you want Tesla to get a quote from TechCU for your loan, do you have to be a "member" or something, or can anyone apply with TechCU via Tesla?
     
  17. LTEVOwner

    LTEVOwner Member

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    SF Bay Area
    Once you are assigned a VIN, you will receive a call from Tesla (probably a Las Vegas number) to confirm name on title and your financing options. At this time, you can tell Tesla whether you plan to arrange financing on your own (cash or other loans) OR want to apply to Tesla Financing. If you decide to apply for Tesla financing then your account will be updated with an option to apply for a loan.

    It's a simple one page form which asks for your name, SSN, phone number, address at which you want to register the car, your employment details and income, etc. Once you submit your loan application form, you should receive an email from a credit analyst at Tesla or [email protected] with a decision on your loan application. From here on, you can start negotiating on loan if you don't like the offer you received.

    Hope this helps!
     
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  18. LTEVOwner

    LTEVOwner Member

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    There are several ways you can become eligible to be a TechCU member. You don't already have to be a member before you apply for the loan. You can become a member at the time of delivery. However you should check on TechCU website whether you are eligible to be a member. I have pasted some info from the website below.

    Who Can Join TechCU?
    • Anyone who lives, works, worships, or attends school in Santa Clara, San Mateo, Alameda, Contra Costa, Santa Cruz or San Francisco Counties
    • Employees of [email protected] companies – search for your employer
    • Family members of current Tech CU members
    • Members of our many affiliated organizations including: the Financial Fitness Association, the Northern California Human Resource Association (NCHRA), or the San Jose State University Alumni Association (SJSUAA)
    • Employees and employers of public or private technology-based entities with a location in California
     
    • Informative x 1
  19. erthquake

    erthquake Active Member

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    Thanks so much for all of this. So you weren't already a member of TechCU, right? Is it enough if I just join Financial Fitness Assoc. ahead of time? What other accounts did you have to create? Checking?

    Also, they have a Tesla-specific financing page.
     
  20. GadgetGeek407

    GadgetGeek407 Member

    Joined:
    Jul 17, 2016
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    Location:
    Orlando, FL
    In Florida, ready to configure, car is coming to like $57k. Debating if I want to pay the $9k and how much it would depreciate in the next year or so considering I have another reservation I will hold off on until Performance comes out, if ever. Having cold feet about a $57k base car with bigger battery and PUP. Am I better off going with a used MS? Though the M3 would be new and nobody here has one. Cold feet perhaps because I have usually always leased cars.

    If I do finance it would be for the longest term possible with maybe like 5k down. Wonder if others are in my boat?
     

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