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Let's talk financing rates

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

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  1. Musterion

    Musterion 18h 03m 37s −24° 23′ 12″

    Joined:
    Jan 10, 2013
    Messages:
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    Location:
    M8
    @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!
     
    • Like x 2
  2. Cnasty

    Cnasty Member

    Joined:
    Jun 20, 2016
    Messages:
    619
    Location:
    Dallas
    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.
     
  3. jtpassat

    jtpassat Member

    Joined:
    May 26, 2015
    Messages:
    195
    Location:
    Providence, RI
    good thing I waited, delivery window just got pushed back to Mar-May 2018. BLAH bLAH!!!

     
  4. wwu123

    wwu123 Member

    Joined:
    Apr 11, 2017
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    Location:
    Silicon Valley, CA
    Agreed,
    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.
     
    • Informative x 1
  5. Rockster

    Rockster Active Member

    Joined:
    Oct 22, 2013
    Messages:
    1,305
    Location:
    McKinney, TX
    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...
     
    • Like x 1
  6. LTEVOwner

    LTEVOwner Member

    Joined:
    Jan 26, 2018
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    16
    Location:
    SF Bay Area
    I am glad my info helped you and your mother get better financing deal on M3 :) Hope she's enjoying the car!
     
  7. pennsat

    pennsat Member

    Joined:
    Feb 8, 2018
    Messages:
    6
    Location:
    Houston
    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?
     
  8. myblubu

    myblubu Member

    Joined:
    May 1, 2016
    Messages:
    268
    Location:
    Dayton, OH
    #148 myblubu, Feb 8, 2018
    Last edited: Feb 8, 2018
    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.

    Referral link: Earn great rewards!
     
  9. CarFinancing4U

    Joined:
    Jan 31, 2018
    Messages:
    5
    Location:
    Orange County, CA
    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!
    Business Card.jpg
     
  10. Paladin732

    Paladin732 Member

    Joined:
    May 6, 2017
    Messages:
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    Location:
    California
    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.
     
    • Informative x 1
  11. pennsat

    pennsat Member

    Joined:
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    Messages:
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    Location:
    Houston
    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.
     
  12. C141medic

    C141medic Member

    Joined:
    Apr 9, 2016
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    Location:
    New Jersey
    #152 C141medic, Feb 15, 2018
    Last edited: Feb 15, 2018
    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
     
  13. Paladin732

    Paladin732 Member

    Joined:
    May 6, 2017
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    Location:
    California
    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.
     
    • Helpful x 1
  14. Cnasty

    Cnasty Member

    Joined:
    Jun 20, 2016
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    Location:
    Dallas
    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.
     
  15. Paladin732

    Paladin732 Member

    Joined:
    May 6, 2017
    Messages:
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    Location:
    California
    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 :(
     
    • Informative x 1
  16. pennsat

    pennsat Member

    Joined:
    Feb 8, 2018
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    Location:
    Houston
    Oh no. I was quite excited for a while. Thats a bummer.

    I guess I have to contact DCU or RBFCU.
     
  17. Cnasty

    Cnasty Member

    Joined:
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    Location:
    Dallas
    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.
     
  18. insaneoctane

    insaneoctane Active Member

    Joined:
    Apr 6, 2016
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    1,195
    Location:
    Southern California
    I was told by RBFCU that you must live in Texas
     
  19. Cnasty

    Cnasty Member

    Joined:
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    Dallas
    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.
     
  20. meeb

    meeb Member

    Joined:
    Dec 1, 2015
    Messages:
    22
    Location:
    Philadelphia
    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.
     

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