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Tesla loan comparison spreadsheet - auto updates hourly

Discussion in 'Model 3' started by T3slaMecca, Sep 5, 2018.

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  1. steveheaven79

    steveheaven79 Member

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    If you dont mind, what was your credit score?
     
  2. pcl586

    pcl586 Member

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    Went with Fairwinds as well but took the 1.45%/48 month term. Looks like they pulled equifax credit and 750+ should get you to 1.70% then a .25% reduction with auto-pay from their checking account. Very easy to work with.

    Thank you Mecca and others for your contributions to this thread!
     
    • Like x 1
  3. jasmodex

    jasmodex Member

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    Apr 19, 2017
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    New York, USA
    I just applied with Fairwinds but they are saying I need to live or work in Central Florida...any idea? I live in NY. Thanks

    "Fairwinds has received an online auto loan application however, you would need to live or work in Central Florida in order to qualify for membership and typically we need 20% cash down. Please advise"
     
  4. EV Enthusiast

    EV Enthusiast Member

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    Nov 13, 2018
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    Texas
    Update on CCFCU. As I suspected, my rental property income as well as debt on rental homes slowed down the process. I did get verbal confirmation today that my 2.5% loan will finalize on Monday. I’ve adjusted my delivery to Wednesday morning.

    FYI for all CCFCU car loans... they don’t allow you to finance the taxes and registration. So my loan is for the sticker price plus destination fees. I did get EAP and FSD. Those were included in the loan as well. Good luck with everyone.

    One last thought... I do think CCFCU was hesitant to fund me not just because of my income but because they’ve had to cancel too many loans they started with people who cancelled. Once I let them know my car has arrived and I’m not rate shopping, things went from being in stall mode to making the loan happen.
     
  5. tchockie

    tchockie Member

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    Just FYI guys, seems to me that Tesla is pushing hard for new deliveries to do a Tesla rate match right now. I know they started offering it a little while back but for my upcoming delivery they were kinda aggressively putting it out there. Maybe to just get the deliveries quickly right now without any financing hiccups.

    Interestingly, only require a pre approval letter. I have one from Clearpath and had every intention of going through the process to get Lightstream to beat it. BUT what they do is approve you for the regular rate (3.84% with US Bank for 60 month), and they just send you a check for the difference in interest amount, they say 4-6 weeks.

    I really don't want to be putting things in Tesla's hands right now for them to send ME money, especially after hearing about the early lease return fiascos, but it is way way less of a hassle than trying to get a rate beat from Lightstream since they assure me the pre-approval is enough. And I would never actually use Clearpath that place is a joke. So I'm gonna go with Tesla and wait patiently for the check.

    Let's see if the check actually comes at that point. The Tesla loan was approved in literally 30 min after I clicked submit online.

    Anyways, picking the car up tomorrow! Ordered it this Tuesday. LR MSM with white, Orange County. Total impulse buy, and they seem ready for the last minute shoppers (at lease on inventory, not in manpower).
     
  6. w3bCraw1er

    w3bCraw1er New Member

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    Foster City
    Thanks for whoever found out about this CU. I too got 1.70% for 48 months.

    Can you guys tell me, whether you opened the Checking Account afterwards to get additional .25% off? OR
    Do I need to wait until loan office contacts me?
     
  7. pcl586

    pcl586 Member

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    Nor Cal
    I applied over the phone...I would call them. Be sure to get your Lion Nation soccor club member number first. They did ask for it.

    I went ahead and opened a checking account. Great part is they don't require direct deposit, just auto pay from the checking account to get the .25% off.
     
  8. T3slaMecca

    T3slaMecca Member

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  9. tchockie

    tchockie Member

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    FWIW, I just picked up my M3 on Saturday. I had planned to do clearpath - lightstream match, but Tesla said they'll "match" by refunding the difference. Specifically asked if pre-approval letter only would be enough to do it (I'm not an existing member of the CU), and they said yes. So I went with it since it would be a hassle to get a full approval for the lightstream rate beat. Took my pre-approval letter from Clearpath when I went to pick up the car, but they said to just email it to a specific email within 7 days. I did that it earlier this morning, and I just now same day got confirmation that the ratematch was approved for 1.99% based on just the PRE-APPROVAL letter (not full approval) and the check in the amount of the difference in interest will be mailed to me within 6 weeks.

    So the "terms" as posted above say no pre-approval letters, but I was told on the phone they do and mine went through with just the pre-approval.
     
    • Love x 1
  10. T3slaMecca

    T3slaMecca Member

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    Thanks for reporting, very helpful, will note this on the spreadsheet to let others know.
     
    • Like x 1
  11. Dedward

    Dedward New Member

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    Dec 17, 2018
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    Los angeles
    Are you a member of clear path? Or how did you go about getting the pre approval letter. Looking to do the same. My delivery is set for Thursday which only leaves me tomorrow to figure this out. Any tips?
     
  12. Cyclone

    Cyclone Cyclonic Member ((.oO))

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    As a follow up for folks who are interested in getting a LightStream loan. Mine has begun reporting on my credit report and shows up as an auto loan, even though it is unsecured. Not a problem or anything.
     
  13. tchockie

    tchockie Member

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    Not a member. Just applied online, and I was pre-approved the next day. Had to call a few times to get the actual letter though. They have some serious issues with staffing tho so they're clearly understaffed. But you do have up to 7 days after you take delivery to submit a letter for the rate match so I would start the application process with whatever bank you want and get a letter within that time frame without delaying your delivery.

    Congrats and gluck
     
  14. Esquire

    Esquire Member

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    May 29, 2014
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    US
    Got a loan of 1.99% over 60 months using Sharon.

    Not sure why anyone already approved would finance with Tesla. I can see no benefit.
     
  15. Halcyon88

    Halcyon88 Member

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    Nov 27, 2018
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    SoCal
    My delivery is scheduled for tomorrow, and I was able to switch from Third Party Loan to Tesla Loan, apply / get approved, and get my lower rate approved through the match email all this morning in the span of a few hours. It appears if you reach out early enough, even the day before delivery, the email address ([email protected]) will be able to switch your loan terms to match a third party prior to finalization (so no need to wait for a check).

    Screen_Shot_2018-12-18_at_9_31_20_AM.jpg

    Screen_Shot_2018-12-18_at_9_33_14_AM.jpg
     
  16. division

    division New Member

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    Dec 18, 2018
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    Los Angeles, CA
    I thought Tesla doesn't offer anything other than 72 months. How did you get a rate match to 60 months?
     
  17. Dedward

    Dedward New Member

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    Which bank gave this rate?
     
  18. Halcyon88

    Halcyon88 Member

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    When I applied this morning, I could pick the term I wanted in the drop down box. It defaulted to 72 months, but it gave me the option of 36, 48, 60 and 72.
     
  19. Halcyon88

    Halcyon88 Member

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    Pasadena Federal Credit Union. APR was 2.99% with a 1% discount for AutoPay. I applied towards the end of November, and I think rates have gone up since the start of December.
     
  20. ShadowRegent

    ShadowRegent Member

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    Aug 27, 2016
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    Location:
    USA
    The same thing happened to me. I was a bit disappointed-- I'd have rather had the check since you'd come out ahead if you didn't keep the loan for the full term!
     

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