I'm not sure, a user just reported they don't offer 2.5%. Perhaps the 3.5% was for that particular user. I'm hoping the 2.5% still stands. User reports can be inconsistent, so just a heads up. I would call the CU to verify since their process does seem a bit slow.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
- Start date
- Status
Is Carolina Cooperative Federal Credit Union a reliable CU? I'm seeing this - Carolina Cooperative Federal Credit Union
Hi, do you know what documents do you need to give them? Plan to make a visit but want to prepare everything ahead.I expect to get my 3MR before the end of the year. I stopped by the Clearpath CU office today and filled out an auto loan application. Easy peasy, 1.49% for 48 months. To become a member you contribute $5 to their Charity Fund and open a savings account for a minimum $1. I had a 20 spot on me so $5 for the charity and $15 for my savings account. I have a 60 day lock on the loan so I am protected.
The way it works is I wire transfer my down payment to Clearpath and they deposit into their account. They then wire Tesla the total amount of the car (MSRP + taxes and fees). And, BOOM, I'm done.
Clearpath is a very small CU with only two offices, both in SoCal. I counted a total of 4 employees in the satellite office I visited (manager, receptionist, and two tellers). The main office is in Glendale, Ca. The office manager took my loan application. She said they have been deluged by people all across the US looking for Tesla loans as a result of "the forum."She said that unfortunately they only make loans to applicants in the SoCal area.
So far, so good, YMMV. The only thing I need now is that "phone call" from Tesla!
T34ME
Active Member
Document requirements vary per individual applicant. When you visit, they will take your verbal information (income, home status, etc.) and then tell you what supporting documents you will need. You can send those in via fax, email, or hand deliver. They got back to me with an approval the next day. Right now the loan rate is locked in for 60 days after approval.
I wanted to post a data point for others:
Just approved on 12/4 for SharonView FCU for 1.99% at 60 months. I was stoked. I'm from Greenville, SC which put me in their member region. When I spoke to the loan officer she said they get inundated with Tesla inquires, but unless you live, work, etc in there member area there's nothing they can do to help.
Just approved on 12/4 for SharonView FCU for 1.99% at 60 months. I was stoked. I'm from Greenville, SC which put me in their member region. When I spoke to the loan officer she said they get inundated with Tesla inquires, but unless you live, work, etc in there member area there's nothing they can do to help.
My FedEx package to Carolina Coop FCU arrives tomorrow. Today I received The Call from Tesla and my M3 delivery s scheduled for Dec 14. It is in pending status since I dot have my loan, or account for that matter, setup yet. I ride emailing CCFCUday with an electronic version of what I sent via FedEx but the only response I got was the email address (from an individual) was no longer valid but I sent it to [email protected] not an individual [email protected]. I hope I can get this worked out in time.
Just an update - I finally got my application processed at Carolina Credit Union. They no longer offer 2.99%. The rates have increase for month of December to 3.50%.
They still do offer 2.25% rate but with condition of setting up a "NET" direct deposit. I asked for clarification on what "NET" means, they've informed me that the entire direct deposit needs to be setup in one of their accounts. They also noted that the direct deposit must be setup prior to getting 2.25%.
My recommendation to future Tesla owners - if you are on the fence or holding out for SR version. The rates have been increasing every month. furthermore lenders are also learning about Tesla (luxury car) and may be making it tougher for future applicants. Pull the trigger now rather than wait cause you will end up paying more on interest!
They still do offer 2.25% rate but with condition of setting up a "NET" direct deposit. I asked for clarification on what "NET" means, they've informed me that the entire direct deposit needs to be setup in one of their accounts. They also noted that the direct deposit must be setup prior to getting 2.25%.
My recommendation to future Tesla owners - if you are on the fence or holding out for SR version. The rates have been increasing every month. furthermore lenders are also learning about Tesla (luxury car) and may be making it tougher for future applicants. Pull the trigger now rather than wait cause you will end up paying more on interest!
Also, a tip that may be helpful is that, get the 2.25% with the condition in writing, then use that with lightstream rate-beat and you won't need to go through all the trouble.
T3slaMecca - that is a great tip!!! I actually have all this info recorded on the email. Do you think I can send that to lightstream and see if they will rate beat?
I was told 1.99 was for 800+ fico. I was approved for 2.99 but fico was 750-799. Also, I'm out of the area (CA). Was your fico over 800? or are they gaming me?!
Cyclone
Cyclonic Member ((.oO))
They require 800+ for the 1.99% rate. Everyone I’ve spoken to has consistently heard that.
You may actually need to get an approval letter, ask them to send it if they can. If they won't send it till the last minute, then it may be worth it to delay your pickup date and sort it out with Lightstream.
Apply for a regular loan on lightstream first then present them the competing rate to make it smoother I believe.
Hopefully you can get it sorted out. Their process is very slow. Please keep us updated if you can.
My Fedex application was received by them today. I called after lunch and they had already established my savings acct. I asked them to open my e-checking and received that confirmation within an hour. I’ve contacted our payroll service to setup my new acct for direct deposit. They don’t think getting the loan processed by Tuesday will work. They wanted the buyers agreement and vin. I reached out to Tesla to get it and within 20 min had it. I’ve forwarded the doc but it might have been after hours for CCFCU. I will follow up Monday to see what is still needed from me.
*** Note that if you will want to use them PLEASE SEND MORE THAN $5 to open your savings acct. That is a minimum balance. They need money in your account to do a bank check. I didn’t get that amount but I’m sure it isn’t much. I’ll post more when I know more.
Also as ConSaab noted be prepared to wait until your first direct deposit paycheck has cleared before you get the best rate. Mine will happen on Dec 13.
The answer is yes. Matched a 72 month 2.5% to 2.4%. Took all of 5 mins on the phone.
FWIW I had a great experience with CCFCU. Fast and very pleasant to deal with, almost made me want to go with them. But the unsecured loan from light stream and no DD requirements are too much to pass up.
- Status
Similar threads
