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Tesla loan comparison spreadsheet - auto updates hourly
- Thread starter T3slaMecca
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We ended up going with Fairwinds for 36 months at 0.75%...but with all the extras it's actually about .92%. Still extremely low, but I just wanted to list the other "fees" you need to take into account:
- LionNation membership is no longer free. You need to pay $59. It's setup as a recurring fee so you will need to remember to cancel it. Make sure your lionnation account is under the same name you will be applying for the loan with. If it's a joint loan, make sure the primary borrower is the same person that signs up for lionnation.
- To get a lower rate, you need to open a checking account and autopay the loan from this account. There is a $5 fee for opening the account with a $30 minimum deposit. Again make sure this account is under the primary borrower's name.
- There is a $45 fee for getting the loan.
- Florida has some other fee for loans that is about 32 cents for each $100 you borrow. This fee plus the $45 loan fee is rolled into your loan.
Hey everyone,
I have 2 model 3's and my employee is trying to buy today before the prices go up. He has a credit score of 740+ but only has ever had 2 credit cards and they are always paid off so when he tried to buy a performance m3 a few months ago they only gave him 25k to finance the car. He's willing to get the long range now instead and is going to try again today.
Questions:
1. If he orders the long range m3 instead of the performance m3 is he more likely to get more of the car covered by the loan?
2. If he isn't successful in getting the car completely covered by the tesla loan, who should he reach out for subsidizing the rest of the car price?
3. Is there any way that I, as his employer, can help provide evidence (from his paychecks etc) that he will be able to pay the loan with any paperwork?
Thanks for any help, love to you all,
Drew
Edit: If it matters we are based in New Jersey.
I have 2 model 3's and my employee is trying to buy today before the prices go up. He has a credit score of 740+ but only has ever had 2 credit cards and they are always paid off so when he tried to buy a performance m3 a few months ago they only gave him 25k to finance the car. He's willing to get the long range now instead and is going to try again today.
Questions:
1. If he orders the long range m3 instead of the performance m3 is he more likely to get more of the car covered by the loan?
2. If he isn't successful in getting the car completely covered by the tesla loan, who should he reach out for subsidizing the rest of the car price?
3. Is there any way that I, as his employer, can help provide evidence (from his paychecks etc) that he will be able to pay the loan with any paperwork?
Thanks for any help, love to you all,
Drew
Edit: If it matters we are based in New Jersey.
Thank you for the review of you experience with fairwinds.
Questions:
1). How long from contact to approved to cutting check did it take you?
2). Did they need a VIN to approve the loan?
3). Do they send you the check or send to dealer or Tesla HQ?
Appreciate the feedback.
From my experience:
1) Within ~1 week. A verbal 'you're approved' was given the day after submitting an application.
2) Vin required to issue the check. Preapproval didn't require a VIN, just an amount financed and details of the car (make, model, trim).
3) They'll do either. We were on a tight timeline, so I had them send it first-overnight to the delivery center since I can't get first overnight at home.
steph280
Member
Are we not supposed to use the online application at Fairwinds? Mine came back with 3.5% using LionNation membership.
Kelmn07
Member
Same for me. I accidentally put our mortgage twice since my husband and I applied as coapplicants, so I'm hoping they can adjust that and rerun the numbers. 3.5% is worse than my local CU.
steph280
Member
Never mind my question. I called them and was immediately approved for the advertised 1.80% rates. The payment need to go through their savings account. They were very helpful on the phone.
@Kelmn07, @steph280 The online application is like the quick initial prequalification. From my experience and what I read online, you talk to an actual person from Fairwinds to get the lower %. I think they need to verify that you have a checking account with them and get proof of your LionNation membership (which for me was just a screenshot from LionNation after I logged in so that it shows my member ID and my name).
After you fill in the online app, I think they assign you a Loan Officer. I think normally this person will reach out to you first. But we were in a rush so we called in and got in contact with him first.
After you fill in the online app, I think they assign you a Loan Officer. I think normally this person will reach out to you first. But we were in a rush so we called in and got in contact with him first.
1. We were in a rush and were told they need a minimum of 2 business days. This is assuming you have the LionNation membership number already. When I tried to apply for LionNation, their website was not working for a few days. Then when I was able to sign up, it took a half a day before I got my membership number. By the time I got it I think the Fairwinds bank in FL was closed. So keep that in mind. We also ran into some weird errors with our application (my husband's SSN showed he was from Guam and born 10 years earlier than he said he was). I'm not sure how that happened, but again that added some time to our process.
2. You can get a rate without your VIN. But you need your VIN and MVPA before they can cut the check.
3. They send the check to Tesla. Tesla only needs the tracking number for the check in order to release the car to you. They don't need the physical check in their hands. This is what both Tesla and my Loan Officer at Fairwinds told me (apparently Fairwinds and Telsa have been working together a lot lately
). I have yet to pick up my car though.We just got the 0.89% (for 36mo) from Fairwinds, similar to SoCalMom above. Straightforward and simple process over the phone (and email). We're in Seattle, and she told me they've been doing lots of Tesla deals from around the country.
Stephanie at Fairwinds: 407-277-5045 x10240
Big-T
Member
48 months was something like 1.89%. I didn't ask about longer, unfortunately.
That's great that you're already a FW member. They seem like a good CU.
RB88
Member
Also got the 0.75%. LionNation membership was free as of today which was a nice surprise (almost clicked "Buy Premium" before seeing I could already get a membership number).
Currently waiting for my Fairwinds account to be verified (but been in touch with the loan officer and all my docs have been sent over etc).
RB88
Member
and yes thanks to OP for the spreadsheet! Never would have found that rate. My local credit union in Seattle who I've been with for 5 years quoted me 5%!
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