Let's talk financing rates

[Musterion]

@LTEVOwner
Thank you very much for your very useful postings about TechCU. When I did MX financing last year, Chase offered the 0.99% / 72-month special rate with 105% financing and no docs required, so I accepted that in lieu of paying cash. With Model 3, I transferred to my mother due to her needing an urgent car replacement, and she did the financing. Chase offered same as you saw, but because of your posts we asked Tesla to go to TechCU and we settled on 2.49% / 72-months for best cash flow flexibility. On top of that there is a conveniently located TechCU branch down the mountain from us for her to use. Thanks a lot for helping out my mother and her new Model 3!

 

[Cnasty]

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.

Excellent info!

Have you configured your 3 yet? It seems Texas is being shilled from VIN assignments from perusing the board and Texan after Texan stating they have configured, no VIN yet.

I am in McKinney as well btw, small world.

 

[jtpassat]

good thing I waited, delivery window just got pushed back to Mar-May 2018. BLAH bLAH!!!

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.

 

[wwu123]

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.

Agreed,

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

Agree with both of you. 5-6 years is much shorter than a mortgage, the difference over the lifetime of the loan is not sas significant as a 30-year mortgage.

That said, Tesla offered me 1.99% for 60 mo through TechCU today and I took it, Chase was a nearly a full percentage point higher. Was not looking to join a 4th CU, but my other local CU just bumped up the rates the last few days due to the market interest rate fears, probably a week ago they would've been close to the TechCU rate.

 

[Rockster]

Excellent info!

Have you configured your 3 yet? It seems Texas is being shilled from VIN assignments from perusing the board and Texan after Texan stating they have configured, no VIN yet.

I am in McKinney as well btw, small world.

When we got our first one in 2013 I rarely saw another around town but I'm seeing more and more Teslas in McKinney every day.

I was invited and configured on 1/17 but no VIN yet!! I'm checking my account three times per day, like clockwork. The nursery is ready: I replaced my single HPWC with dual, daisy chained, gen 2 wall chargers so each Tesla will have access to 80 amp charging. I have a contract for 10k of solar and they're just waiting on permitting. I even painted the garage! I just need the car!!! Ahhhh! Sorry. I'm better now...

 

[LTEVOwner]

@LTEVOwner
Thank you very much for your very useful postings about TechCU. When I did MX financing last year, Chase offered the 0.99% / 72-month special rate with 105% financing and no docs required, so I accepted that in lieu of paying cash. With Model 3, I transferred to my mother due to her needing an urgent car replacement, and she did the financing. Chase offered same as you saw, but because of your posts we asked Tesla to go to TechCU and we settled on 2.49% / 72-months for best cash flow flexibility. On top of that there is a conveniently located TechCU branch down the mountain from us for her to use. Thanks a lot for helping out my mother and her new Model 3!

I am glad my info helped you and your mother get better financing deal on M3 Hope she's enjoying the car!

 

[pennsat]

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.

RBFCU looks like a good find.
Do RBFCU fund the entire loan and what kind of downpayment is required for 1.95% rate? Can I include the Doc and tax in the loan?

 

[myblubu]

One more... Delta Community CU has 1.98% APR for everything up to 60 months, 2.48% for 72 months, and 2.98% for 84 months.

Link: New Car Loans | Used Car Loans - Delta Community Credit Union

Thanks for the details. I was considering TechCU but now I think I have an in to join Delta Community CU and they have really good rates on their shorter term loans.

Since I got the call from Tesla this week, I went ahead and applied for my loan. I joined Delta Community Credit Union. The rates had gone up .1 % since the rates in January but many of the CUs I was looking at had gone up since then (assuming due to the recent market ‘correction’).

Rates: New Car Loans | Used Car Loans - Delta Community Credit Union

They were great in working with the Tesla inside sales advisor and took care of getting the loan approval document to the ISA to get my delivery set up. They took care of everything and were super accommodating about everything. The ISA told me that it was easier for Tesla if I brought the loan check with me to the delivery instead of them processing things with the CU. I mentioned that to the CU and they contacted the ISA and took care of everything and kept me in the loop. From the time I applied for the loan to the time the ISA had the approval paperwork was less than 20 minutes! And told me they would overnight the check to me so I would be able to schedule my delivery ASAP!

I chose to do the loan process over the phone and I’m glad I did, the CU agent I dealt with even told me how to get $50 for opening an account with them (you have to open an account in order to get a loan). When I called to apply for the loan, they could have just processed everything and not even mentioned anything about the referral $50 program. But she suggested I: 1) join the referral program, 2) open an account, 3) apply for the loan. She could do #2 and 3 over the phone or I could do them online, but joining the referral program FIRST was key.

So if you are planning on using Delta Community CU and need a referral, feel free to use mine below.

Also let me know if anyone wants the CU agent’s name and contact info and I can PM it to you.

 

[CarFinancing4U]

My name is Ryan and I work for Financial Partners Credit Union in Irvine, CA. FPCU has great rates, great products, and great service! Please contact me to see if I can assist you!

 

[Paladin732]

I went with pvfcu for 1.49% over 72 months

Biggest annoyance is having to get my signature notarized to join them, but not the end of the world.

We were originally going to do TechCU at 1.99, but they wouldn't approve our joining them, because we couldn't produce a phone bill. (We are on our parents plans, simply because it's cheaper for all involved).
No other documentation would suffice: mortgage, utilities, even tax return. Nope, because we are in the 1950s, TechCU needed a phone bill to prove we lived in their region due to our phone area codes being out of state.

 

[pennsat]

I went with pvfcu for 1.49% over 72 months

Biggest annoyance is having to get my signature notarized to join them, but not the end of the world.

We were originally going to do TechCU at 1.99, but they wouldn't approve our joining them, because we couldn't produce a phone bill. (We are on our parents plans, simply because it's cheaper for all involved).
No other documentation would suffice: mortgage, utilities, even tax return. Nope, because we are in the 1950s, TechCU needed a phone bill to prove we lived in their region due to our phone area codes being out of state.

How were you able to join pvfcu. I just called them and since I am not in VA they couldn't take me as a member.

 

[C141medic]

How were you able to join pvfcu. I just called them and since I am not in VA they couldn't take me as a member.

That’s really interesting. I contacted them as well and apparently unless you live in VA or belong to one of their churches they don't want your business. Time to look elsewhere.

They’re Park view federal cu by the way and not paradise valley federal cu

 

[Paladin732]

They let you join with a donation to the Mennonite society. Send me a pm and I'll send you my bankers email address.

He gave me all the details and sent me the application.

 

[Cnasty]

Is there any harm in applying to 3 places within 24 hours? Concerned about my credit score as I wait for determinations from the first place I applied but i want to try others while I wait.

Also, its been almost 15 hours which doesnt seem long but for a loan determination it should be pretty quick and disappointed no response yet in my first place.

 

[Paladin732]

NOTE FOR ALL INTERESTED IN THE PVFCU rate:

My banker just informed me they are no longer allowing memberships outside of state.

If you are in Virginia, you should absolutely try it (my guess is DC and MD are close enough also), but no more for us in CA.

Apparently the flood of requests they got after my post shut it down quickly

 

[pennsat]

NOTE FOR ALL INTERESTED IN THE PVFCU rate:

My banker just informed me they are no longer allowing memberships outside of state.

If you are in Virginia, you should absolutely try it (my guess is DC and MD are close enough also), but no more for us in CA.

Apparently the flood of requests they got after my post shut it down quickly

Oh no. I was quite excited for a while. Thats a bummer.

I guess I have to contact DCU or RBFCU.

 

[Cnasty]

I am trying Alliant and RBFCU.

Alliant was great for my S but they have since gone up since that great 1.49% rate and RBFCU is getting great reviews for ease and customer service for the 3 and great rates.

Hope my credit doesnt dump in trying multiple places.

 

[insaneoctane]

I was told by RBFCU that you must live in Texas

 

[Cnasty]

I was told by RBFCU that you must live in Texas

They have great rates and luckily I do. Now i am just waiting for my account to be approved after depositing $1?

Has gone pretty well and pre-approved for a loan by an email but then had to get approved to be a member. Unsure how this all plays out but we shall see i guess in 1-2 business days.

 

[meeb]

I applied with Tesla first, their rate came in at 2.84% for 60 months through Chase after a little more than 24 hours. I was intending to go with Tesla, particularly because I had 7 days from notification til scheduled delivery. After the Tesla rate came back a bit higher than I expected (they were saying 2.49 & up, generally I qualify for best rates) and seeing some better rates on here, I decided to apply to TechCU & FPCU.

Tesla said they only work direct with TechCU when you're buying in California, and RBFCU wasn't an option because I'm not in Texas. I have a Alliant loan now at 1.49%, but they weren't able to provide that rate now for the Model 3.

I applied direct to TechCU & FPCU (Ryan, contact info posted above) at the same time, and FPCU was without a doubt much more responsive. TechCU said I'd hear back in 24 hours, but it took 3-4 days to hear back from them. By the time I heard back from TechCU (2.49% rate), I'd already signed the loan docs with FPCU at a 1.99% rate. Check showed up at Tesla right when Ryan @ FPCU said - they definitely came through. For me, absolutely no difference in steps or complexity compared to when I purchased my S with financing arranged by Tesla through Alliant.