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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. krayons

    krayons Member

    Joined:
    May 9, 2019
    Messages:
    15
    Location:
    utah
    I live in Utah and just got a loan from them, call them they seemed happy to do business.
     
  2. ahfunaki

    ahfunaki Member

    Joined:
    May 19, 2019
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    11
    Location:
    Ohio
    Well what’s weird is I applied online and I apparently answered the validation questions wrong. So I called in to correct it and the lady told me to try again in an hour. When I went to try again that’s what happened.

    Maybe I’ll just try over the phone.
     
  3. ahfunaki

    ahfunaki Member

    Joined:
    May 19, 2019
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    Location:
    Ohio
    Tried it again tonight and it went through. Just applied for the loan.

    Even though the person on the phone was really nice, I'm guessing she flagged my app for some reason. So once that app expired I was good to go again.

    Hopefully I don't have any more problems!
     
  4. likethebank

    likethebank Member

    Joined:
    May 28, 2019
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    15
    Location:
    Ft. Lauderdale, FL
    Thanks for the spreadsheet, pretty helpful info.
     
  5. WWUnicorn

    WWUnicorn New Member

    Joined:
    May 29, 2019
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    1
    Location:
    Los Angeles
    Thanks for creating this spreadsheet. Because of the info, we were able to secure our financing though LA Financial Credit Union. I have a referral credit available from the credit union-- who wants it? (must be a LAFCU member)
     
  6. aa007

    aa007 Member

    Joined:
    May 3, 2019
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    Location:
    California
    what is a referral credit? There is a high probability I'll go through them for financing as well. (should know in the next day or two).
     
  7. M3AJ

    M3AJ New Member

    Joined:
    May 29, 2019
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    4
    Location:
    NJ
    3.99 thru Tesla. Don’t have time to apply for CU and wait. Any other good lenders in NJ with a quick turnaround?
     
  8. aa007

    aa007 Member

    Joined:
    May 3, 2019
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    20
    Location:
    California
    Anyone that did financing through a credit union.... please advise, what option did you choose when completing the tesla form that asks how you will pay? Did you choose the "cash" option because your credit union (in my case highly likely to be LA Financial CU) will be going to give you a check to pay the car off? or did you choose the "self-arranged financing"? Never did a loan before :/
     
  9. duckm4n

    duckm4n Member

    Joined:
    Jan 30, 2018
    Messages:
    31
    Location:
    Fairfax, VA
    FedChoice FCU currently has a .50% discount on auto loans. Offer ends 06/08/19.

    Their rates are effectively:

    60 Months - 2.50%
    72 Months - 2.65%
    84 Months - 3.65%
     
  10. duckm4n

    duckm4n Member

    Joined:
    Jan 30, 2018
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    Location:
    Fairfax, VA
    It depends on whether or not the CU will put a lien on your title. Choose the self-financing option if there is going a lien on your title so that Tesla can prepare the paperwork correctly. Otherwise at least with my CU, they'll charge you the fees for fixing that.

    The Cash option is for when only your name will be on the Title, such as when you're paying in cash or got a loan from LightStream (which is essentially cash).
     
  11. aa007

    aa007 Member

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    May 3, 2019
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    Location:
    California
    I appreciate your insight! thanks!
     
  12. karn101

    karn101 Member

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    May 28, 2019
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    Location:
    NY
    Awesome - thank you!
     
  13. enilno

    enilno New Member

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    Jun 1, 2019
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    Location:
    Massachusetts
    This is great info. Thanks for sharing. Was wondering if anyone has had experience w/ a new college grad approval either w/ Lexus or 3rd party lender. My son is a new college grad so credit history is limited and hasn't had a full time job. He is slated to start his new 90k/year FT job w/in 2 weeks. He will put that salary down in his app. Lexus dealer said that often times income documentation is not asked for. The concern is that if they do ask for documentation, his offer letter or a couple of weeks pay stubs may not be sufficient for approval. Any thoughts on whether he can obtain approval based on his new job salary? His fico is around 680-720 depending on which fico scoring method is used.
     
  14. enilno

    enilno New Member

    Joined:
    Jun 1, 2019
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    2
    Location:
    Massachusetts
    Correction for above, replace "Lexus" w/ "Tesla". Sorry for the confusion. For some reason I mix up the two car maker's, maybe because they sound a little bit alike.
     
  15. javawolfpack

    javawolfpack Member

    Joined:
    Jul 5, 2016
    Messages:
    332
    Location:
    Chico, CA USA
    Thanks for this spreadsheet... stumbled upon it maybe 1.5 months ago, when I was starting to look into ways to pay for our new Tesla (delivery scheduled Friday), just got approved/funded for a loan through HickamFCU (lucked out my brother-in-law just moved to Ohau last year) for 1.74% on a 60 mo loan... Will find out tomorrow if I can get them to overnight/use 2-3 day shipping on the funding check as they don't wire/ACH funds, and don't think it'll get to Tesla in CA before Friday otherwise.

    Not sure if they can't expedite the shipping if I can back out of having them do the loan and then see if I can have lightstream beat their loan, since lightstream will seemingly ACH/Wire funds. Regardless, took a bit of work to get a membership/loan from a bank in another state... but significant savings.

    PS. If you're going to use Hickam, they determine their value/debt ratio from the KBB value of the new car... and initially they only used the value of the base long-range AWD model 3, had to walk them through adding the value of the paint color, AP, and FSD to the KBB value. Otherwise, the loan rate was 1.99% since in their calculations I hadn't put in over 20% down. So worth noting if you want to do more than 80% financed it seems to be a 0.25% APR difference.
     
  16. roshan

    roshan Member

    Joined:
    Apr 26, 2019
    Messages:
    41
    Location:
    Massachusetts
    any best rates for MA residents
     
  17. jvmoore1

    jvmoore1 Member

    Joined:
    Feb 21, 2015
    Messages:
    185
    Location:
    Mobile, Al
    i am curious about this as well
     
  18. GGTK

    GGTK Member

    Joined:
    May 14, 2019
    Messages:
    36
    Location:
    White plains
    Got my membership to Tower fcu approved today. NY state resident.. Just had to donate to their charity and was pretty painless.
    Waiting to get loan approval.
     
  19. jerrytown9

    jerrytown9 New Member

    Joined:
    Jun 6, 2019
    Messages:
    1
    Location:
    Arizona
    Thanks to everyone for all the contributions to this list. Here are some more options to consider.

    If you've got a big wad of cash at Bank of America, they give you a discount on auto loan rates.
    Bank of America Preferred Rewards Program
    • Current rates
      • 60 months: 3.54%
      • 72 months: 3.74%
    • Discount off the above rates
      • Gold status: 0.25% off
      • Platinum staus: 0.35% off

    Anyone with any connection to the airline industry seems to be eligible for the American Airlines Credit Union.
     
  20. aa007

    aa007 Member

    Joined:
    May 3, 2019
    Messages:
    20
    Location:
    California
    Thanks to everyone on this forum! Because of the info here, I found LA Fed CU, got 84 mo. @3.75% (includes .5% savings for auto pay). Car delivered today! Loving every second of it so far!
     
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