TMC is an independent, primarily volunteer organization that relies on ad revenue to cover its operating costs. Please consider whitelisting TMC on your ad blocker and becoming a Supporting Member. For more info: Support TMC
Start a Discussionhttps://teslamotorsclub.com/tmc/tags/

November 2016 lending / current loan rates and best deals you have found.

Discussion in 'Model S' started by JimmyMcNulty, Nov 8, 2016.

Tags:
  1. JimmyMcNulty

    JimmyMcNulty Member

    Joined:
    Oct 2, 2016
    Messages:
    70
    Location:
    San Francisco Bay Area
    For better visibiliy and sharing some of the good deals we all come across, I wanted to start this new thread.

    To recap, currently:

    - Alliant stands at 1.99% for 60 & 72 months, 2.24% for 78

    - Energy Federal gets you 1.43% for 60 months: Auto Rates :: Rates :: Energy Federal Credit Union

    - Digital Credit Union gets you 1.49% for 65 or fewer months: Vehicle Loan Rates | DCU | Massachusetts | New Hampshire

    - Tesla Motors Lending via Tech CU: 1.74% for 72 months.

    Thanks again to those who shared these.

    Please feel free to share if you've found anything good, and/or the actual rates you're getting approved for, if you'd like.
     
    • Informative x 4
    • Like x 2
    • Love x 1
  2. CHG-ON

    CHG-ON Still in love after all these miles

    Joined:
    Jun 24, 2014
    Messages:
    3,060
    Location:
    Santa Cruz Mountains, USA
    Check out TechCU.org. I have bought two cars through them with the best rates in the area. You need to be a member.
     
  3. theslimshadyist

    theslimshadyist NashVegas!

    Joined:
    Jan 4, 2016
    Messages:
    1,005
    Location:
    Franklin, TN
    So, Tech CU is one of the Tesla "in-house" lending institutions?
     
  4. George Jetson

    George Jetson Member

    Joined:
    Feb 23, 2013
    Messages:
    221
    Location:
    The Future
    So a few caveats for "nonmember" rates:

    Digital FCU requires you to direct deposit your paycheck to qualify for a 0.5% discount. Otherwise you open a $5 savings account and the lowest rate is 2.24%. Then you can take a 0.25% discount for an electric car to potentially qualify for 1.99% for a 65 month max. term with a spotless credit history.

    Energy FCU also requires some pre-work before they will even start your loan application. You will pay a credit union membership application fee of $10 and fill out a paper form, then snail mail the whole kit and caboodle to Maryland. If you don't work for an affiliate select employer group company, then you will also have to separately join the Chinese Culture and Community Center for which you will pay another $25. So if you are tight on time, take this processing delay into consideration.Then you can qualify for the rate shown by the OP.
     
    • Informative x 1
  5. George Jetson

    George Jetson Member

    Joined:
    Feb 23, 2013
    Messages:
    221
    Location:
    The Future
    Technology FCU membership qualifications:
    Who Can Join?
    • Anyone who lives, works, worships, or attends school in Santa Clara, San Mateo, Alameda, Contra Costa, Santa Cruz or San Francisco Counties
    • Employees of [email protected] companies – search for your employer
    • Family members of current Tech CU members
    • Members of our many affiliated organizations including: the Financial Fitness Association, the Northern California Human Resource Association (NCHRA), or the San Jose State University Alumni Association (SJSUAA)
    • Employees and employers of public or private technology-based entities with a location in California
     
  6. JimmyMcNulty

    JimmyMcNulty Member

    Joined:
    Oct 2, 2016
    Messages:
    70
    Location:
    San Francisco Bay Area
    Thank you sir, much appreciate these important details.
     
    • Like x 1
  7. NAVALARCHITECT

    Joined:
    Oct 23, 2016
    Messages:
    39
    Location:
    Southern California
    Helpful post...thanks!
     
    • Like x 1
  8. YauKwan

    YauKwan Member

    Joined:
    Nov 14, 2016
    Messages:
    117
    Location:
    New Jersey
    I just spoke with branch manager. I was told that Us Bank is back in the fray. 1.74 for 72 months.
     
    • Like x 1
  9. George Jetson

    George Jetson Member

    Joined:
    Feb 23, 2013
    Messages:
    221
    Location:
    The Future
    Spoke with a rep at Tech CU. To join you can sign up for membership at an affiliate organization; for example, Financial Fitness Assoc. dues are $8. Then a $25 minimum deposit to open a savings account. Their absolute best rates for purchasing a Tesla is 1.49% for 60 mos. and 1.99% for 66 mos. I didn't ask about longer terms...
     
  10. George Jetson

    George Jetson Member

    Joined:
    Feb 23, 2013
    Messages:
    221
    Location:
    The Future
    I applied for the Tech CU membership. Even being able to do everything online it will take 48 hours to process the application. For those who need a finance decision before placing an order by November 22nd, I strongly suggest you get started NOW.
     
  11. George Jetson

    George Jetson Member

    Joined:
    Feb 23, 2013
    Messages:
    221
    Location:
    The Future
    YES. Tesla is one of their "select employer groups". You will still need to join if you don't meet any of those criteria I posted though. It is curious that if you search "Tesla financing" on their website it will take you to a special loan application form. Unless you're a member they won't process it though.
     
  12. theslimshadyist

    theslimshadyist NashVegas!

    Joined:
    Jan 4, 2016
    Messages:
    1,005
    Location:
    Franklin, TN
    Got it and thanks for the info.
     
  13. jgillispie

    jgillispie Member

    Joined:
    Sep 12, 2016
    Messages:
    249
    Location:
    Illinois
    My dad was told 1.49%/72 by the Tesla rep today from Alliant.
     
    • Like x 1
  14. theslimshadyist

    theslimshadyist NashVegas!

    Joined:
    Jan 4, 2016
    Messages:
    1,005
    Location:
    Franklin, TN
    Can you get the rep's name?
     
  15. Jeff4155

    Jeff4155 Member

    Joined:
    Apr 8, 2016
    Messages:
    125
    Location:
    South Africa
    Damn, those rates look so inviting, our prime rates is hanging around 10.50% at the moment, part of living in Africa I guess
     
    • Informative x 1
  16. BBB4000

    BBB4000 Member

    Joined:
    Oct 20, 2016
    Messages:
    237
    Location:
    VA
    I was talking to a rep at Energy Federal yesterday and he said they will be merging with PenFed on Jan 1, 2017. He could not guarantee what their rates would look like after the merger.
     
    • Helpful x 1
  17. YauKwan

    YauKwan Member

    Joined:
    Nov 14, 2016
    Messages:
    117
    Location:
    New Jersey
    I called alliant today. Doesnt seem like the loan person i talked to know anything about tesla. Is there a special tesla loan number i should be calling?
     
  18. Ojas Ray

    Ojas Ray Member

    Joined:
    Apr 19, 2016
    Messages:
    113
    Location:
    Northern New Jersey
    Would surely love to get in touch with that rep -- any details?? or what Alliant contact they reached?
     
  19. MorrisonHiker

    MorrisonHiker S 90D 2017.34 2448cfc

    Joined:
    Mar 8, 2015
    Messages:
    3,269
    Location:
    Colorado
    #19 MorrisonHiker, Nov 15, 2016
    Last edited: Nov 15, 2016
    There's an application here: Tesla Loan Application

    There's a phone number listed as well but it's probably a generic phone number. Our OA gave us the number for the local Alliant rep who knows everything about Tesla financing. Perhaps your OA could provide a contact number for you as well?
     
  20. Ojas Ray

    Ojas Ray Member

    Joined:
    Apr 19, 2016
    Messages:
    113
    Location:
    Northern New Jersey
    Can you share me that number? via message?
     

Share This Page