George Jetson
Member
How are they with customer service? It seems they have an offshore call center and a lot of time waiting on hold.
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November 2016 lending / current loan rates and best deals you have found.
- Thread starter JimmyMcNulty
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- Model S
CHG-ON
Still in love after all these miles
I have bought two cars with them over an 8 yr span. I bought my girl in 2014. Things may have changed. I never had too wait long. I have only dealt with local people. I don't recall, but I bet I called their local San Jose office. Sorry, but I don't have a number in my contacts. But I found this number on my account site:
- (408) 451-9111
Their service has been outstanding in every way. I got approved for a 75K (I think) loan in about 4 minutes while on the phone. Getting the funds to Tesla was a little tricky (It was earlier on in Tesla time...) and they were right on top of it. I paid the rest in cash. About 55K. Tesla was easy. TCU was easy. My first loan for a much cheaper car was just as simple 8 years earlier. My credit score was off the charts, which I think helps make it fast. I have since paid it all off. It was a great cash flow loan for me.
Hope this helps. Rates are rising fast due to Trump, so act fast. The 10-yr T-Bill is up 50% in a week! I'm not sure I am remembering right, But I think TCU uses LIBOR, which i am not following right now. Good luck!
George Jetson
Member
Thanks. I always like to hear from actual member's experience. Since I am not yet officially a member, I don't have insider access. I'm plunking down my deposit and locking everything in tomorrow. I want a 2016 delivery if possible due to the uncertainty of a post-inauguration energy policy.
Kay Kay
Member
krazineurons
krazineurons
any word for Washington state residents? I am looking for under 1.99%, 60-72 months, 100% financingt. what are my best options?
I financed my Model S through Fairwinds Credit Union in Central Florida.
They have a 36-month new car financing special that has to be the best in the country. It's 0.75% (0.89% APR) for 36 month, plus no payments for 90 days.
In addition, when you receive your $7500 tax credit, if you choose to use that money to pay down the principal, they'll re-amortize the loan at no cost, effectively dropping monthly payments by a couple hundred dollars for the remaining loan term. Also, no early pay-off penalty or other silliness. The process was very smooth and I highly recommend if you live or work in Central Florida, or have another way to qualify for membership at Fairwinds.
Here's a link to the details for their 0.89% APR auto finance special - New car smell starting at .89%
They have a 36-month new car financing special that has to be the best in the country. It's 0.75% (0.89% APR) for 36 month, plus no payments for 90 days.
In addition, when you receive your $7500 tax credit, if you choose to use that money to pay down the principal, they'll re-amortize the loan at no cost, effectively dropping monthly payments by a couple hundred dollars for the remaining loan term. Also, no early pay-off penalty or other silliness. The process was very smooth and I highly recommend if you live or work in Central Florida, or have another way to qualify for membership at Fairwinds.
Here's a link to the details for their 0.89% APR auto finance special - New car smell starting at .89%
theslimshadyist
Active Member
I'm not a WA resident but I think you may have a difficult time finding an institution willing to finance 100% under the 1.99% threshold. I may be wrong but all of the places I've reached out to require at least 10% down.
Pretty useful thread - I'll contribute my data points.
DCU: Approved for 100% financing $80,000 - 1.43% up to 65 months. My rep said that to become a member an account must be opened. Must either qualify to become a member by affiliation or can make a one-time donation of $10 to become a member. Re: direct deposit my rep said that 100% of the paycheck is "highly encouraged" - which to me means not binding. Direct deposit must be set up within 90 days after loan closing.
I may go with my bank who has offered 100% financing at 1.79% up to 60 months just because it will be much less hassle.
DCU: Approved for 100% financing $80,000 - 1.43% up to 65 months. My rep said that to become a member an account must be opened. Must either qualify to become a member by affiliation or can make a one-time donation of $10 to become a member. Re: direct deposit my rep said that 100% of the paycheck is "highly encouraged" - which to me means not binding. Direct deposit must be set up within 90 days after loan closing.
I may go with my bank who has offered 100% financing at 1.79% up to 60 months just because it will be much less hassle.
Interesting, thanks for sharing.
I applied online yesterday morning and haven't heard a peep from DCU yet even though they pulled my credit already. Very different experience from Alliant who had me approved within a few hours of applying.
DCU seems like a much smaller CU with more limited staffing/support. Submitted my app online over the weekend and they sent me an approval email Tuesday evening asking to call in. I was on hold for about 15 minutes before speaking with someone, but at least it wasn't an overseas call center.
Thanks, so there is still hope! If waiting a few days and a 15mins hold can give me a 0.5% lower rate, seems worth it....
Model S M.D.
Ludicrous Radiologist
theslimshadyist
Active Member
Thanks for the info, I didn't realize they would do this but I haven't spoken to Alliant about the T&C's.
wesley888
Member
You get lower rate if you pay 10% down. You also get even lower rate if you get the term less than 60 months. Just talk to their representative.
The 1.99% rate is good for up to 105% of the car for up to 72 months.
The 1.99% rate is good for up to 105% of the car for up to 72 months.
krazineurons
krazineurons
Why would anyone finance beyond 100% of the car value? Doesn't the 100% include sales tax amount as well?
krazineurons
krazineurons
Thanks for the info, I will try to reach out to them once my tesla is confirmed to have entered production. Gotta calculate if it is worth going lower for 90% or stay higher with 100%
wesley888
Member
100% does not include sales tax amount.
Regarding why anyone would finance beyond 100%. Like many people have already mentioned in many posts, 1.99% is way too cheap. It's like free money for other investment opportunity.
Regarding why anyone would finance beyond 100%. Like many people have already mentioned in many posts, 1.99% is way too cheap. It's like free money for other investment opportunity.
George Jetson
Member
It would be worth asking if the 0.5% discount also applies to an automatic deposit from your bank account. The bugaboo for me is anything I'd have to arrange with my employer involving my paycheck 100% or otherwise. I didn't pursue it because I got better terms from TCU for my situation. Still waiting for confirmation of my membership, still within the estimate of 48 hours to approve.
Model S M.D.
Ludicrous Radiologist
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