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

Tesla loan comparison spreadsheet - auto updates hourly

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

Tags:
  1. Dedward

    Dedward New Member

    Joined:
    Dec 17, 2018
    Messages:
    4
    Location:
    Los angeles
    I'm doing the clearpath one right now online. Did they have to run your credit for the preapproval. Thats what I'm seeing as I click submit. Another question I had was... If I get the 72 month loan with Tesla.... Then I get a rate from Clearpath at 1.99% for 60 months... Does Tesla give me the 1.99% rate reimbursement for the whole 72 months or 60 or will they just deny it since the terms are not the same length?
     
  2. tchockie

    tchockie Member

    Joined:
    Aug 19, 2016
    Messages:
    95
    Location:
    SOCAL
    A lot of "pre-approvals" run a hard pull so do have to be careful. Lightstream did. So far I haven't seen a hard pull from Clearpath show up on my report but it still might. Definitely a soft pull tho.

    Terms and amounts need to match for rate match.
     
  3. tchockie

    tchockie Member

    Joined:
    Aug 19, 2016
    Messages:
    95
    Location:
    SOCAL
    #643 tchockie, Dec 19, 2018
    Last edited: Dec 19, 2018
    Sometimes the banks you want to use have super high rates but you're able to get a way lower rate but at a bank that seems really incompetent and can't trust. And you'd like to rate match but both parties are making it really difficult. Just for now, Tesla rate match just solves it albeit in a kind of tangent way by paying you the difference. I can think of worse banks to loan from than us bank.

    Anyways, now the real dilemma... Put the money I'm saving on interest into my 401k OR wheels? ;)
     
  4. tchockie

    tchockie Member

    Joined:
    Aug 19, 2016
    Messages:
    95
    Location:
    SOCAL
    I actually literally tried to do this in the days prior to delivery and got no response until after I took delivery. It wasn't an issue tho since I preferred the lump money now and putting it right into investment accts right away.

    Or you know, coilovers.
     
  5. JTR209

    JTR209 New Member

    Joined:
    Dec 14, 2018
    Messages:
    3
    Location:
    Stockton, CA
    Not too sure.. somewhere in the 700's but that was quoted even before they ran my credit.
     
  6. JTR209

    JTR209 New Member

    Joined:
    Dec 14, 2018
    Messages:
    3
    Location:
    Stockton, CA
    Website says "live, work or worship" in San Joaquin County.
     
  7. Sappy02

    Sappy02 Member

    Joined:
    Sep 8, 2015
    Messages:
    94
    Location:
    New York, NY
    Congrats on your loan getting finalized with CCFCU! Where is CCFCU located? I tried to apply but they told me I have to live or work in their service area. I wonder if there is a way around that.
     
  8. Sappy02

    Sappy02 Member

    Joined:
    Sep 8, 2015
    Messages:
    94
    Location:
    New York, NY
    Congrats on your loan rate. That’s a good point. Financing with Tesla may be more convenient but it pays to shop around.

    I checked Sharon CU website and apparently one has to live or work in specific areas. Do you know if they allow membership using other criteria as well?
     
  9. Sappy02

    Sappy02 Member

    Joined:
    Sep 8, 2015
    Messages:
    94
    Location:
    New York, NY
    I wonder what that means if it is unsecured? Doesn’t the bank still have a claim to the vehicle if you don’t make the monthly payments?
     
  10. Cyclone

    Cyclone Cyclonic Member ((.oO))

    Joined:
    Jan 12, 2015
    Messages:
    5,036
    Location:
    Charlotte, NC
    Oh it is most definitely unsecured. They even include this bold comment in a larger font in my loan docs. Lightstream has as much recourse in the event of non-payment as a credit card company does.
     
  11. speedyssss

    speedyssss New Member

    Joined:
    Dec 7, 2018
    Messages:
    1
    Location:
    arcadia
    Anyone that used Clearpath credit union......did your pre approval letter state exact interest rate?? My letter only stated rate as low as 1.49
    So I dont thinkTesla can use this for a rate match. Curious what your pre approval letter stated.
     
  12. EV Enthusiast

    EV Enthusiast Member

    Joined:
    Nov 13, 2018
    Messages:
    17
    Location:
    Texas
    They are located in NC. You can join https://www.carolinacoopcu.com for $20, a one year membership with them establishes membership. While the eligibility is instant the process of joining take about 2 weeks. Good luck.
     
  13. Mikeat00

    Mikeat00 Member

    Joined:
    Dec 17, 2018
    Messages:
    14
    Location:
    Detroit
    Does Tesla financing have any prepayment penalties? Thinking of just using their financing and then refinancing with a local CU when I register it in my home state, since Tesla can’t sell here in MI. I figure it would be easier should tesla change VIN’s on short notice or there is a problem with delivery.
     
  14. Halcyon88

    Halcyon88 Member

    Joined:
    Nov 27, 2018
    Messages:
    11
    Location:
    SoCal
    Their financing option says no prepayment penalties.
     
  15. Mikeat00

    Mikeat00 Member

    Joined:
    Dec 17, 2018
    Messages:
    14
    Location:
    Detroit
    Thank you very much.
     
  16. Dedward

    Dedward New Member

    Joined:
    Dec 17, 2018
    Messages:
    4
    Location:
    Los angeles
    I am going with a third party lender as Tesla was able to match my rate, but they were not able to match the amount financed. I will be picking up check on Monday and taking Delivery that same day or possibly Wednesday. They sent a document stating they had to receive check and clear way before delivery.
    Is this true? Or were you able to take your check and get delivery same day like you mentioned? any issues or holdups? Thanks
     
  17. Sappy02

    Sappy02 Member

    Joined:
    Sep 8, 2015
    Messages:
    94
    Location:
    New York, NY
    Awesome! Thank you for that information.
     
  18. MassX1317

    MassX1317 Addicted to TMC

    Joined:
    Aug 21, 2013
    Messages:
    419
    Location:
    Cape Cod, Massachusetts
    Did you negotiate a lower rate? Website lists the rate at 2.99%, 2.74% if an approved green car.
     
  19. JBFMCAR

    JBFMCAR Member

    Joined:
    Dec 23, 2018
    Messages:
    6
    Location:
    Fort Lauderdale
    So what now is the easiest bank to get the approval letter from? I live in South Florida so whatever bank it is would have to be ok with me living here. I also don’t care 48/60/72 just best rate
     
  20. amazinglarry

    amazinglarry Member

    Joined:
    Dec 31, 2018
    Messages:
    9
    Location:
    La Canada, CA
     

Share This Page

  • About Us

    Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.
  • Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


    SUPPORT TMC