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Let's talk financing rates

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

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  1. LTEVOwner

    LTEVOwner Member

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    I would suggest that you call TechCU on 855.845.7060. It's their direct number to auto loan department. You can ask them whether you are eligible to be a member.
     
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  2. Pete_Lee

    Pete_Lee M3 LR

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  3. Rockster

    Rockster Active Member

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    FYI: I just locked in 1.95% for 66 months at RBFCU (Randolf-Brooks Federal Credit Union). (Anything longer than 66 months was 2.3%.)

    Their membership requirements are through organizations located primarily in the Austin/San Antonio, TX area but the very last screen of their online membership signup process offers that you can automatically join, for free, a consumer advocacy group that will instantly make you eligible to join RBFCU.
     
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  4. flashflooder

    flashflooder Member

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  5. GadgetGeek407

    GadgetGeek407 Member

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    question, I have not financed in forever other then leasing, when I lease, I never need to provide any
    financial documents, if I finance at any of these credit unions do they just go based off credit score and report and whats on the application or do they require proof of tax returns and such?
     
  6. flashflooder

    flashflooder Member

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    Did they tell you how long the lock was good for? I’ve got the “early 2018” delivery window which, realistically, could easily mean another 6 months
     
  7. Rockster

    Rockster Active Member

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    The RBFCU rate is good for 90 days.
     
  8. zkmusa

    zkmusa Member

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    I also signed up for a loan with RBFCU online. Requested 60 months at 1.95%. Approved within about 4 hours. Now let's see if I get my Tesla in 90 days. :)
     
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  9. Cnasty

    Cnasty Member

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    How much did you have to send them in terms of paychecks, income, etc?

    Also in Dallas and utilized Alliant for my S and had a great experience. Hoping to do the same but good to have options.
     
  10. zkmusa

    zkmusa Member

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    Actually, they requested no additional information other than income I listed on the application. Just a hard pull on our credit reports. It was much easier than I had anticipated.
     
  11. Cnasty

    Cnasty Member

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    Great to know! Thanks for sharing.
     
  12. wagonwheel

    wagonwheel Member

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    Do you happen to know which credit agency RBFCU used to acquire your credit report?

    I'm curious, as I froze my Equifax account after their recent data breach, and am wondering if I will need to unfreeze it here soon for the purpose financing my Model 3. If they instead used one of the other two credit agencies, then I won't bother.
     
  13. PoitNarf

    PoitNarf The Clown Prince of Crime

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    From everything I read, after the Equifax breach you really need to freeze your credit at all three of the big credit reporting agencies to keep yourself safe. That’s what I did. Planning on temporarily thawing my reports on all three when I finally get my config invite.
     
  14. Jason Bourne

    Jason Bourne Member

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    Yes, I unfroze my credit reports in preparation for applying for a loan for my 3. They are temporary thaws, but sucks you have to pay another $10 to do it (at least in my state).
     
  15. jtpassat

    jtpassat Member

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    I'll wait to hear what Elon has to say tonight before pulling the trigger on financing. I'm hoping I'll get my invite within a month but tonight should give me a better feel for it.
     
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  16. Boourns

    Boourns Active Member

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    What's happening tonight? Did I miss the announcement of an announcement?
     
  17. jtpassat

    jtpassat Member

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    Q4 and 2017 earnings report tonight. Should provide more info regarding their production rates.

     
    • Informative x 1
  18. Rockster

    Rockster Active Member

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    #138 Rockster, Feb 7, 2018
    Last edited: Feb 7, 2018
    I have an Alliant loan for my current S and I went there first. When I queried them on 1/31, the loan agent replied "Our best rate that will expire today is 2.74% for 60 months. Tomorrow, it will go up to 2.99%." Hence my bailing on Alliant and going to RBFCU. After I close on my Model 3 loan I'm probably going to ask if RBFCU will refinance my current Model S loan, just to keep things all in one place. I love Alliant but they couldn't come close to the rate.

    As for what RBFCU asked, it was a quick and easy online app. Annual salary, employer name, address, rent or own, mortgage amount, years there. etc. The usual stuff. No paystubs, tax returns, or supporting paperwork required. Once I was approved for the loan I had to then join the credit union (obviously, I could have done things in the reverse order but there was no reason to join if I wasn't going to get the loan I wanted), but that was a simple five minute process, also online.
     
    • Like x 1
  19. Jason Bourne

    Jason Bourne Member

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    I don't blame you, but just as a point of reference:
    $75,000 loan over 60 months
    2.99% = $80,839
    2.74% = $80,340
    monthly payment difference of less than $10

    A difference of $500 over 5 years. I'm not saying I wouldn't take $500 if someone offered it to me, but that difference in interest rates does not make a huge difference in the long run.
     
  20. Rockster

    Rockster Active Member

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    2.99 versus RBFCU’s 1.95 is a bit more noticeable.
     

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