Model X Financing questions

[ssq]

Way to start on this thread. I had to change my rating to love. 120% at 1.49 over 65 months? More free money I'll take it.

At the cost of digressing a bit, they do HELOC for prime-0.25% (3.25%) with no annual fee, no prepayment penalties, and ability to lock in rate for a year if you are concerned of Fed hiking the rates and to buy you some time to prepare for it. I keep a HELOC as a safety net and for large liquidity buffer. I love this bank.

 

[Merrill]

Hi All, I am new to this thread and have not gone through all the offers and rates that have been discussed - just wanted to chime in quick and mention that DCU does 1.49% APR (1.74 -0.25% EV discount) for up to 120%. Working with them is as easy as sending couple of emails and simple forms online.
Vehicle Loan Rates | DCU | Massachusetts | New Hampshire. I currently have a 1.74% 65 mo with them on an ICE.
View attachment 174336

Ssq, thanks for the info. When should I start the application process, how long will it take to get approved.

 

[ssq]

I think you can start the process as early as you want and get everything reviewed and ready for them to cut a check as soon as the time comes. It's a very simple and short process.
I looked up my email history and saw I applied for the loan on Dec 2nd and everything was done by Dec 4th. I bought the car from carmax on Dec 5th and messed up by choosing carmax financing as an interim solution to take the car home the same day. Dcu therefore had to consider it as a refinance instead of a new loan but despite the goof ups and a really non responsive carmax they got everything successfully set up by Dec 9th. For the Tesla if I go with them (I was reviewing energyFCU linked above) the process shoulf take just one day since I am preapproved per their recent emails asking for more business. Hope this helps.

 

[Merrill]

I think you can start the process as early as you want and get everything reviewed and ready for them to cut a check as soon as the time comes. It's a very simple and short process.
I looked up my email history and saw I applied for the loan on Dec 2nd and everything was done by Dec 4th. I bought the car from carmax on Dec 5th and messed up by choosing carmax financing as an interim solution to take the car home the same day. Dcu therefore had to consider it as a refinance instead of a new loan but despite the good ups and a really non responsive carmax they got everything successfully set up by Dec 9th. For the Tesla if I go with them (I was reviewing energyFCU linked above) the process shoulf take just one day since I am preapproved per their recent emails asking for more business. Hope this helps.

Thanks, I do not expect to have my Model X until fall so probably should wait a bit.

 

[ssq]

Thanks, I do not expect to have my Model X until fall so probably should wait a bit.

Yeah it should be fine. I was a tad bit worried about fed rate hike jacking up rates but that did not happen yesterday. So I too don't have a need anymore to attempt to negotiate a locked-in rate with them.
I forgot to mention these are discounted rates for the usual automatic monthly payment setup plus DCU "relationship" which requires you to donate 10$ to your choice of DCU communities/orgs. This can be done as part of opening account(s) with them.

 

[loganintx]

I just heard back from my rep at Alliant Credit Union. I was sending him my Purchase Agreement that I received in My Tesla yesterday.
I did have a 1.99% loan for 72 months but they've now dropped their 6 year rate for TESLAs to 1.49%!!!

Alliant - An Online Credit Union for all your banking needs (Daniel Tovar is my rep)

I'd get on that If I were you

 

[ssq]

I just heard back from my rep at Alliant Credit Union. I was sending him my Purchase Agreement that I received in My Tesla yesterday.
I did have a 1.99% loan for 72 months but they've now dropped their 6 year rate for TESLAs to 1.49%!!!

Alliant - An Online Credit Union for all your banking needs (Daniel Tovar is my rep)

I'd get on that If I were you

Are there any referral credits that they could offer you if/when we sign up?

 

[loganintx]

Are there any referral credits that they could offer you if/when we sign up?

I don't think so but I didn't ask. Feel free to mention my name. Maybe I'll get a free turkey for Thanksgiving.

 

[Diavel]

just a recap on the thread so far, it
looks like the best ones (currently) are;

Dcu- 65 month, 1.49% @120% LTV
Alliant- 72 month, 1.49% @100%LTV
Energyfcu 1.99% (claims to beat anyone's rate by 0.10% however)

Note that Alliant will not cover taxes and other fees. Not sure about others (if dcu will cover extra fees/taxes on top of the 20% extra borrowed).

 

[K-MTG]

just a recap on the thread so far, it
looks like the best ones (currently) are;

Dcu- 65 month, 1.49% @120% LTV
Alliant- 72 month, 1.49% @100%LTV
Energyfcu 1.99% (claims to beat anyone's rate by 0.10% however)

Note that Alliant will not cover taxes and other fees. Not sure about others (if dcu will cover extra fees/taxes on top of the 20% extra borrowed).

I went with Alliant but now I will have re-apply since my X is delayed.

 

[Diavel]

I went with Alliant but now I will have re-apply since my X is delayed.

Sometimes they will extend it if you ask. You obviously don't want that ding on the credit especially since they are very familiar with Tesla loans, they should be familiar with delays.

 

[K-MTG]

Sometimes they will extend it if you ask. You obviously don't want that ding on the credit especially since they are very familiar with Tesla loans, they should be familiar with delays.

Will do, will probably contact alliant directly my DS won't respond and when I email HQ they tell me to contact my DS.

 

[ssq]

Sometimes they will extend it if you ask. You obviously don't want that ding on the credit especially since they are very familiar with Tesla loans, they should be familiar with delays.

Elon is just back to his sleeping bag in the conference room at the end of the X production line after SpaceX nailed the landing again. It's all the extra thrust from the Falcon 9 that blew @K-MTG's and everybody else Sunshades ultimately delaying the exponential ramp up.

 

[spleen]

Got in on the 1.49% for 72 months with Alliant as well!

 

[chloedog]

just a recap on the thread so far, it
looks like the best ones (currently) are;

Dcu- 65 month, 1.49% @120% LTV
Alliant- 72 month, 1.49% @100%LTV
Energyfcu 1.99% (claims to beat anyone's rate by 0.10% however)

Note that Alliant will not cover taxes and other fees. Not sure about others (if dcu will cover extra fees/taxes on top of the 20% extra borrowed).

Energyfcu is actually 1.18% I believe for 60 months and max $70k loan amount. I think what you're quoting might be lightstream?

 

[ssq]

Energyfcu is actually 1.18% I believe for 60 months and max $70k loan amount. I think what you're quoting might be lightstream?

1.18% is great but I think spreading it out over a longer period of time with alliant(2 more yrs) even at a hjgher rate of 1.49% may give more flexibility and leverage.

 

[chloedog]

1.18% is great but I think spreading it out over a longer period of time with alliant(2 more yrs) even at a hjgher rate of 1.49% may give more flexibility and leverage.

Isn't Alliant only 1 more year? 72 months @ 1.49 vs 60 months @ 1.18 right? In any case I agree that longer terms at a slightly higher rate might be a better deal. And the 100% LTV is nice too.

 

[digicool]

Isn't Alliant only 1 more year? 72 months @ 1.49 vs 60 months @ 1.18 right? In any case I agree that longer terms at a slightly higher rate might be a better deal. And the 100% LTV is nice too.

I dont think people that live outside of the areas that energy CU serves can get a loan from them. I tried but they said I dont qualiy because I dont fulfil their membership criterea.

 

[chloedog]

I dont think people that live outside of the areas that energy CU serves can get a loan from them. I tried but they said I dont qualiy because I dont fulfil their membership criterea.

I was able to get approved and I live in WA. But I had to join some non profit organization in Maryland for a $10 fee.

 

[digicool]

I was able to get approved and I live in WA. But I had to join some non profit organization in Maryland for a $10 fee.

Mind sharing which org is that, I can join as well.