Let's talk financing rates

[Marsnaut]

The rate will be locked for the 60 days, but might change after that point. Note that it can take up to a week to get the membership application completed. You can get the preapproval for the loan almost immediately, though. I signed up with FPCU to take advantage of the 1.99 for 60 months. You have to put 15% of the MSRP down (not including taxes/fees), just FYI. Everyone there has been nice to deal with. Lastly, because I can't help myself, it is "bear with me." Enjoy your Model 3!

Thank you! Very information in more than one way.

I'll start the application process now and hopefully lock in my rate. It's my first financed car so I likely won't be eligible for the 1.99% rate.

As for the grammar, I thought about it when I was posting but mistakenly thought "bare" was the right choice. Appreciate the help.

 

[KenR]

Agree with poster above. I did FPCU and got the same rate...locked in and hopefully delivery date is next week in Georgia!

 

[SunDevilM3]

New to boards and came across this thread when looking to finance my Model 3. Went through FPCU like others and also got the 1.99% rate. I took it a step further and tried to go from 60 months to 72 months. They have to go through underwriting to get approval but sounds promising! Will let everyone know what happens...

 

[SunDevilM3]

Also I subjected myself to a year of spam by joining AARP to get in FPCU when all I had to be was a member of another CU (I am at multiple).

NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!

Same here lol but I promptly called AARP back and cancelled my membership and got a full refund on my $16!

 

[troyhouse]

As a word of warning:
I applied to Xceed Financial Credit Union (thanks to this thread and others). Like others have stated, they seemed very friendly and genuinely interested in the deluge of Tesla customers, but when they emailed me the paperwork to sign, they sent it to the wrong email address (despite having the correct email address noted in their paperwork). This paperwork included my SSN, address, license #, work address/location, etc.
Luckily, the actual recipient replied to them and copied me, otherwise I wouldn't have ever known. When I called them, they lied and said their message got sent back to them as undeliverable. I told them I knew what really happened because I was copied in the email that was returned to them, and their response was "Oh, sorry.".
Somehow I still can't help but feel a little bad due to how firendly the representative was on the phone, but this was a huge error (and subsequent lie) that has caused me to lose trust in Xceed, and has the potential to cause years of heartache if my SSN and other personal info is in the wrong hands, so I needed to share my experience with Xceed.

They have secure-email system, make sure you to use that when sending sensitive docs.

 

[SunDevilM3]

New to boards and came across this thread when looking to finance my Model 3. Went through FPCU like others and also got the 1.99% rate. I took it a step further and tried to go from 60 months to 72 months. They have to go through underwriting to get approval but sounds promising! Will let everyone know what happens...

So had the option of choosing between 1.99% over 60 mo OR 2.24% over 72 mo. I liked the lower payment so went w/ 72 months. Rep did say that rates will be going up soon so if anyone is possibly looking into FPCU, I suggest you move fast.

 

[cornbread]

So had the option of choosing between 1.99% over 60 mo OR 2.24% over 72 mo. I liked the lower payment so went w/ 72 months. Rep did say that rates will be going up soon so if anyone is possibly looking into FPCU, I suggest you move fast.

Did you have to put 15% of MSRP down as posted previously in this thread?

 

[SunDevilM3]

^^ Yes

 

[stayfocus18]

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

Thank you! Very information in more than one way.

I'll start the application process now and hopefully lock in my rate. It's my first financed car so I likely won't be eligible for the 1.99% rate.

As for the grammar, I thought about it when I was posting but mistakenly thought "bare" was the right choice. Appreciate the help.

and curious as to the process.

 

[paulvinh]

I just placed my order. Waiting for VIN to show up, can I still get some loan quotes? I selected financing through tesla for now but assuming I can find my own bank etc later. What is FPCU? Anything good in Los Angeles area?

 

[mikes312]

I did FPCU. 1.99% for 72 months with 15% down. Took delivery on Wednesday.

 

[Henry82]

Does FPCU require income verification (review tax returns)?

 

[ePowerman]

And if I’m a No Va. resident can I still go with FPCU?

 

[mikes312]

Does FPCU require income verification (review tax returns)?

I only sent them my most recent paystub. No tax returns.

 

[mikes312]

And if I’m a No Va. resident can I still go with FPCU?

I am Ohio. One of their membership eligibility options was belonging to any other credit union. When I applied to be a member at FPCU, I just emailed a copy of my most recent credit union statement from near me.

 

[dl101e]

The rate will be locked for the 60 days, but might change after that point. Note that it can take up to a week to get the membership application completed. You can get the preapproval for the loan almost immediately, though. I signed up with FPCU to take advantage of the 1.99 for 60 months. You have to put 15% of the MSRP down (not including taxes/fees), just FYI. Everyone there has been nice to deal with. Lastly, because I can't help myself, it is "bear with me." Enjoy your Model 3!

Rates are not locked and will be set on the day of delivery. Pre-approval is good for 60 days. FPCU is raising the rate to 2.24% to delivery after Monday April 16th.

 

[jayhawk3]

New to boards and came across this thread when looking to finance my Model 3. Went through FPCU like others and also got the 1.99% rate. I took it a step further and tried to go from 60 months to 72 months. They have to go through underwriting to get approval but sounds promising! Will let everyone know what happens...

The guy told me if I throw down 18% he can do 72 months.

 

[maybaycao]

I was preapproved with Schoolsfirst for 1.90% with 50k, 5 years loan which expires this May.

 

[SlicedBr3ad]

I did FPCU. 1.99% for 72 months with 15% down. Took delivery on Wednesday.

Fpcu refuses to give me 72 months because the car is electric. How did you get them to do 72 months??

 

[mikes312]

Fpcu refuses to give me 72 months because the car is electric. How did you get them to do 72 months??

They were super weird about it. He kept calling Tesla a “specialty vehicle”.

I asked for the rate and term in writing and they said no because they didn’t want me posting it in a forum or Reddit. The first time I saw the rate and term to confirm what we had discussed over the phone was when I received the loan documents to sign 2 days before delivery.

Ask them what t would take to get the 72 months. Maybe a little more down would convince them.