Rate match / re-financing after 2 weeks?

[kai2002]

Hi,

we took delivery of our Model 3 (MR, 18", white int) on December 22nd. Car is great - so far, so good.

We were approved through Tesla with TD Auto Finance for 4,64% @ 72 months with 40K financed. Not a spectacular rate, but to put this into perspective, we (me + wife) only moved to the US 3 years ago (from Europe) and only opened credit cards when we moved here. No CC debt, no other loans, no debt - period - and especially no car loan history. Credit scores are not outlandish, but solid at 760/775ish. We were denied by multiple banks and CU due to lack of loan history. We expected that so no biggie and we were prepared to make a bigger downpayment, which is why we went through Tesla.

Here's the catch: Before we took delivery, we were also approved by a CU with 3,74% @ 72 months with 50K financed. Our plan was to use the rate match offer by Tesla as discussed with our OA. Now the CU is not willing to provide the APR in written form (although previously they said several times they would!) and therefore Tesla won't rate match. The offer from the CU is valid until Jan 18th.

Since the CU also offers 100%+ financing besides the obivously better APR, we were thinking about re-financing and getting some of our downpayment back. Does anybody else have experience with this or was stuck in a similar situation? Any advice?

Appreciate all the help!

Cheers,
Kai

 

[SD_Engnr]

Just refinance the loan with the other CU. Chances are they don't want to give you the rate in written form because they suspect you are using it for a rate match or beat, and they'd rather have your business.

I'm not certain how it works with getting your downpayment back other than telling the CU that your loan balance is for more than it actually is.

My experience is that I used Tesla for the original loan (to simplify delivery), and then refinanced within the first week or two.

Good luck!

 

[kai2002]

Hey, thx for the reply. Yeah I also did strongly suspect that they wouldn't give oot the APR and they kinda hinted at that when I tried to sweet talk them over the phone. Would the rate stay the same although the car is 2 weeks old or is this considered a re-fi? Got a letter that states the offer is valid until the 18th.

 

[Gwythan]

Hey, thx for the reply. Yeah I also did strongly suspect that they wouldn't give oot the APR and they kinda hinted at that when I tried to sweet talk them over the phone. Would the rate stay the same although the car is 2 weeks old or is this considered a re-fi? Got a letter that states the offer is valid until the 18th.

Often the refinance rate is better anyway. I have had a hard time finding a rate lower than 3.99 at 72 months (what Tesla financed my M3 at) even with excellent credit - what are the best rates you folks are finding, and through which institutions? Thanks!

 

[Lifeinabox]

Often the refinance rate is better anyway. I have had a hard time finding a rate lower than 3.99 at 72 months (what Tesla financed my M3 at) even with excellent credit - what are the best rates you folks are finding, and through which institutions? Thanks!

Tesla loan comparison spreadsheet - auto updates hourly

 

[Cattledog]

Often the refinance rate is better anyway. I have had a hard time finding a rate lower than 3.99 at 72 months (what Tesla financed my M3 at) even with excellent credit - what are the best rates you folks are finding, and through which institutions? Thanks!

We did a similar thing a couple years ago (fo an X), except we bought the car with cash and then refinanced with a very low rate, I think 1.79%. Made the delivery simple. At that time, refinance rates were the same as new car rates, I suspect yours will be the same. Really easy, all over the internet, maybe one phone call. Good luck!

 

[kai2002]

Little update: we're going to re-finance with the CU, there were some hiccups, but it's all gonna work out. We still haven't received the registration, went to the DMV to get a duplicate registration, but they won't provide one within the first 30 days after payment (in our case Tesla had only paid 01/11, although delivery was 12/22), so I got payment receipt and more importantly a vehicle registration information ($5 for the printout) as I was told that this has the same info as the registration (it does, but it's a little obscure). The CU still put us on hold cause their policy is no registration card, no re-fi, but they were kind enough to extend the offer for 2 more weeks (so now 1,5 months total - cosied up to the branch manager). They are also offering to pay off the balance with the original lender (40,8ishK with TD Auto) and additionally, they offered to put the difference between balance payoff and max. approved amount (~9.2K) in the account at the same APR, so I was like heck yeah, I can get a better return than the 3,74% myself. For this to happen, they ran the KBB value (not the website, but their own system) and they came up with a value of 51K (?!?!) after running the VIN and the miles (2000 so far).

 

[aspec818]

Just refinance the loan with the other CU. Chances are they don't want to give you the rate in written form because they suspect you are using it for a rate match or beat, and they'd rather have your business.

I'm not certain how it works with getting your downpayment back other than telling the CU that your loan balance is for more than it actually is.

My experience is that I used Tesla for the original loan (to simplify delivery), and then refinanced within the first week or two.

Good luck!

i'm doing the same. did your refinancing institution not require a registration? I'm going to refinance but it takes dmv a month or two to send the registration. also submitted for the Rate Match guarantee

 

[SD_Engnr]

i'm doing the same. did your refinancing institution not require a registration? I'm going to refinance but it takes dmv a month or two to send the registration. also submitted for the Rate Match guarantee

Yes, I do believe I had to wait for the registration. I made sure to discuss with the new CU ahead of time to confirm that they would lock the rate for me for an extended period, just in case. Ended up picking the car up from Tesla on 8/7, and completed the refinance on 8/31.