Tesla loan comparison spreadsheet - auto updates hourly

[Drmd]

I got approved for similar terms. Couldn't open checking account online because of some identity error. You think delivery on 9/30 possible if I am able to open account tomorrow. Don't exactly know their process.

If you live OR work in downtown Chicago, go with Source 1 Credit union. https://chicago.source1cu.com/contact-us/

They offer 1.99% on all new auto loans, up to 72 months, with maximum financed amount of $40,000

 

[mikeshyu]

60 months 1.99 with automatic draft from their checking account or 2.99 otherwise. 3.99% with automatic draft for 72months

After applying with FPCU, Wescom, Stanford, Tower, and Pasadena, I ultimately went with Pasadena at 2.99% for 72 months (auto-draft).

Cost: $61K (with doc and delivery)
Total cost: $66.4K (California)
Total financed after subtracting $3500: 62.9K
FICO: 815-820

• FPCU was 60 month max (looking for 72), 95% LTV, and 15% minimum cash down.
• Wescom had too many hoops to jump through to get the lowest rate, and they wanted ~ 20% down. Based on the large down, don't think the spreadsheet is accurate with them listed as willing to go to 130% LTV.
• Stanford was 3.99 for 84 months (spreadsheet said 2.99 @ 84 so I figured I'd try, was sorely disappointed). Spreadsheet need updating.
• Tower and Pasadena was willing to to do 2.99% @ 72 months and cover all costs including registration. So even though the spreadsheet says 100% LTV for Pasadena, it is actually higher because they're willing to include all the extra costs into the loan.
• Actor's FCU (no response, lol. Tried with the songwriter's guild free membership)

However Tower took 5 days to approve my loan application while Pasadena was able to do it in less than 24 hours. Plus the Pasadena loan officer actually called and emailed me, while Tower was just automated emails.

If Pasadena's response time is any indication of future customer service and ability to answer inquiries in a timely fashion, then this is who I'll give me business to.

Pasadena's policy is that they don't do ACH transfers though. They'll overnight a check to Fremont, so plan accordingly.

 

[mikeshyu]

After applying with FPCU, Wescom, Stanford, Tower, and Pasadena, I ultimately went with Pasadena at 2.99% for 72 months (auto-draft).

Cost: $61K (with doc and delivery)
Total cost: $66.4K (California)
Total financed after subtracting $3500: 62.9K
FICO: 815-820

• FPCU was 60 month max (looking for 72), 95% LTV, and 15% minimum cash down.
• Wescom had too many hoops to jump through to get the lowest rate, and they wanted ~ 20% down. Based on the large down, don't think the spreadsheet is accurate with them listed as willing to go to 130% LTV.
• Stanford was 3.99 for 84 months (spreadsheet said 2.99 @ 84 so I figured I'd try, was sorely disappointed). Spreadsheet need updating.
• Tower and Pasadena was willing to to do 2.99% @ 72 months and cover all costs including registration. So even though the spreadsheet says 100% LTV for Pasadena, it is actually higher because they're willing to include all the extra costs into the loan.
• Actor's FCU (no response, lol. Tried with the songwriter's guild free membership)

However Tower took 5 days to approve my loan application while Pasadena was able to do it in less than 24 hours. Plus the Pasadena loan officer actually called and emailed me, while Tower was just automated emails.

If Pasadena's response time is any indication of future customer service and ability to answer inquiries in a timely fashion, then this is who I'll give me business to.

Pasadena's policy is that they don't do ACH transfers though. They'll overnight a check to Fremont, so plan accordingly.

*Sidenote: Trying to get Tesla to give me a signed MVPA in order to fund the loan was like pulling teeth. Even drove down to the Costa Mesa delivery center this past Saturday but ultimately the contracts dept. is remote so no real use. My insider sales contact assigned to me has not once reached out to me. Ultimately my visit to the delivery center did yield some results because they put in a ticket in their internal systems and another insider sales agent was able to get me my signed MVPA today (Tuesday).

 

[T3slaMecca]

After applying with FPCU, Wescom, Stanford, Tower, and Pasadena, I ultimately went with Pasadena at 2.99% for 72 months (auto-draft).

Cost: $61K (with doc and delivery)
Total cost: $66.4K (California)
Total financed after subtracting $3500: 62.9K
FICO: 815-820

• FPCU was 60 month max (looking for 72), 95% LTV, and 15% minimum cash down.
• Wescom had too many hoops to jump through to get the lowest rate, and they wanted ~ 20% down. Based on the large down, don't think the spreadsheet is accurate with them listed as willing to go to 130% LTV.
• Stanford was 3.99 for 84 months (spreadsheet said 2.99 @ 84 so I figured I'd try, was sorely disappointed). Spreadsheet need updating.
• Tower and Pasadena was willing to to do 2.99% @ 72 months and cover all costs including registration. So even though the spreadsheet says 100% LTV for Pasadena, it is actually higher because they're willing to include all the extra costs into the loan.
• Actor's FCU (no response, lol. Tried with the songwriter's guild free membership)

However Tower took 5 days to approve my loan application while Pasadena was able to do it in less than 24 hours. Plus the Pasadena loan officer actually called and emailed me, while Tower was just automated emails.

If Pasadena's response time is any indication of future customer service and ability to answer inquiries in a timely fashion, then this is who I'll give me business to.

Pasadena's policy is that they don't do ACH transfers though. They'll overnight a check to Fremont, so plan accordingly.

Thank you for reporting your experience, this is really helpful.

The spreadsheet is just a general guideline and is usually based on the CU's website. It is also based on your history or just quirks of each CU -- they all behave different as you well know by now. Many people have high FICO scores too but CUs make them jump significant hoops as well. It may be because it's their first time buying a car of this magnitude. I'll answer each possible error.

- Wescom's website states 130% here Auto Loan Rates | Wescom Credit Union
- Stanford also states as low as 2.99% between 61-84% so it can be very vague Auto Loans - Stanford Federal Credit Union
- 100% may mean different for different CUs -- it's just a general guideline but let me know if you find the exact percentage they're willing to finance for most loans.

I'll add language to the spreadsheet to state this is just a general guideline since all CUs behave differently.

Thanks again and enjoy the Tesla!

 

[starter146]

Thank you for reporting your experience, this is really helpful.

The spreadsheet is just a general guideline and is usually based on the CU's website. It is also based on your history or just quirks of each CU -- they all behave different as you well know by now. Many people have high FICO scores too but CUs make them jump significant hoops as well. It may be because it's their first time buying a car of this magnitude. I'll answer each possible error.

- Wescom's website states 130% here Auto Loan Rates | Wescom Credit Union
- Stanford also states as low as 2.99% between 61-84% so it can be very vague Auto Loans - Stanford Federal Credit Union
- 100% may mean different for different CUs -- it's just a general guideline but let me know if you find the exact percentage they're willing to finance for most loans.

I'll add language to the spreadsheet to state this is just a general guideline since all CUs behave differently.

Thanks again and enjoy the Tesla!

Thanks for putting the sheet together! Saved me a lot of time.

 

[rob968]

I just received a text notification from Tesla that I've been matched, and asked if I can take delivery by 9/30. Must be that end of quarter push, but it doesn't leave me with much time to secure 3rd party financing. Has anyone used Clearpath FCU? They are listing 1.99% up to 60 months, which seems to be one of the best available rates. I'm wondering how quick they are and how easy they are to deal with.

 

[T3slaMecca]

I just received a text notification from Tesla that I've been matched, and asked if I can take delivery by 9/30. Must be that end of quarter push, but it doesn't leave me with much time to secure 3rd party financing. Has anyone used Clearpath FCU? They are listing 1.99% up to 60 months, which seems to be one of the best available rates. I'm wondering how quick they are and how easy they are to deal with.

That was fast! I've just added them. Best is probably call them to get a feel of how their process is at this time since they're a new addition to the sheet. Please report your findings if you can thank you!

If you can find out how many days the rates are locked and % financed, that would be helpful as well.

 

[rob968]

That was fast! I've just added them. Best is probably call them to get a feel of how their process is at this time since they're a new addition to the sheet. Please report your findings if you can thank you!

If you can find out how many days the rates are locked and % financed, that would be helpful as well.

The yelp reviews look a bit sketchy: Clearpath Federal Credit Union - Glendale, CA

 

[T3slaMecca]

Just got an email from the President saying they only accept Southern CA applicants. (Sheet updated)

The yelp reviews look a bit sketchy: Clearpath Federal Credit Union - Glendale, CA

Thanks, will note this as well.

 

[HostileHarry]

Is anyone able to get pre-qual documents? No one is willing to give anything in writing because of all the abuse of rate matching... hahaha. This is nuts! Anyone have any luck from a lower interest rate CU with a per-approval?

 

[BrandonLive]

Tesla is offering me 3.59% via Chase (for 60 months). I believe I can get 3.29% through Navy Federal. But the local credit unions I've checked aren't offering anything better than that. Everything in the spreadsheet seems to be outside of Washington State. Are there any others I should consider?

 

[kgclark]

Tesla is offering me 3.59% via Chase (for 60 months). I believe I can get 3.29% through Navy Federal. But the local credit unions I've checked aren't offering anything better than that. Everything in the spreadsheet seems to be outside of Washington State. Are there any others I should consider?

Tesla is now offering a rate match guarantee. Looks like you have 7 days to find a better rate....

 

[rob968]

Tesla is now offering a rate match guarantee. Looks like you have 7 days to find a better rate....

Interesting. It would simplify the process to use Tesla financing, but there’s still the hassle of applying for other loans and getting loan approval docs, etc

 

[T3slaMecca]

Tesla is offering me 3.59% via Chase (for 60 months). I believe I can get 3.29% through Navy Federal. But the local credit unions I've checked aren't offering anything better than that. Everything in the spreadsheet seems to be outside of Washington State. Are there any others I should consider?

Check out the easy join CUs

Tesla is now offering a rate match guarantee. Looks like you have 7 days to find a better rate....

There's no point in taking Tesla's match since they'll need to do a hard inquiry. Unless it's to get around some of the CUs strange rules.

 

[e-FTW]

Check out the easy join CUs


There's no point in taking Tesla's match since they'll need to do a hard inquiry. Unless it's to get around some of the CUs strange rules.

Am already approved for Tesla, so that might come in handy!

 

[Sizzles]

First off, a big shout out to Khoa for this time-saving resource! Here's my quick journey:

I applied at three different CUs all on one day:

• ActorsFCU - Never was contacted after submitting my application online. Never followed up either.
• PasadenaFCU - Filled out the application online, received an approval e-mail back within 24 hours for 72 months @ 2.99%. I sent in a bit of paperwork and then was told to apply for membership. I got to the very end of the online membership application and something went wrong with the identify verification so I needed to contact PFCU to complete. Somebody did follow up with me the next day to help me complete the application but...
• LAFinancial FCU - Online application was super easy. About 36 hours later got a phone call confirming 2.49% for 72 months. E-mailed a few docs and drove to a branch to apply for membership, which took all of 10 minutes to complete in-person. Currently only moving forward with this CU.

Only thing outstanding is a "Signed Purchase Agreement". I see there is a "Motor Vehicle Purchase Agreement" you can download from your account page, but it doesn't look like it is meant to be signed until you take delivery. Is this something I can ask my DS for?

 

[BrandonLive]

Okay this loan matching thing feels like a mess. I sent them a screenshot of the NFCU page saying I was approved and the rate options I had, but they said that wasn't enough and I needed to complete the process and send them the approval letter. But NFCU didn't give me one electronically, and says I have to drive all the way to Tacoma tomorrow (my delivery day) to pick up a *check* and presumably other paperwork.

I'm terrified that now I'm going to end up with two loans, and I don't even think Tesla is going to do the promised match.

 

[TerranOwens]

I ended up using LightStream's rate beat. It took sightly more effort than I thought it would but the benefits greatly outweighed the effort for me. Having an unsecured loan is big deal since I can now check the paying in cash option which feels like it would move my delivery along faster and not having a lienholder is a nice added bonus.

After getting the approval email from LightStream, I tried replying directly to the email asking for a rate beat but got no response. I replied again the next day and still no response. Then finally over the weekend, I used their "Ask a question" form on their website to ask about how the rate beat program worked. Of course, they replied within minutes and after a couple back and forth to confirm that they'd accept screenshots of the loan approval contact, I sent in my Bank of America screenshots. After about an hour, my loan rate updated!

I originally tried going through Clearpath FCU but they require you to live in California even if you try to donate your way into a membership. So I just ended up getting approved through Bank of America at 2.94% and with the rate beat, lowered it to 2.84%.

 

[DennyL]

Loan process through LightStream, did you apply as unsecured or they simply approved it unsecured?

 

[TerranOwens]

I don't think there was an option for secured or unsecured. They just approved it as unsecured.