E-V-D
Member
The way Tesla does rate matching is they usually cut a check for the difference in rate, up front. So you still pay the higher interest rate, but they've "made it up to you" right away.
Which seems flat-out silly, since you could then move the loan somewhere else and keep their money.
I financed with my credit union (campbellcu.org) - 2.5%. Was the easiest loan process I've ever done. Filled out the forms online, they fedex'd me a check which I took to delivery day. That was it. Saw no reason to go through Tesla's financing.
This is crazy. There's no pre-payment penalty on the loan is there? If not, people could just refinance and walk away with the check. I'm actually in this position now. I'm taking delivery tomorrow, but there isn't enough time for my CU to get the loan done because Tesla still hasn't provided the MVPA. I'll have to go through Tesla financing (already approved for 3.49%) and then get them to rate match after the fact (I was told I have 7 days). What's to stop me from then just refinancing through my credit union and keeping the check?