Tesla loan comparison spreadsheet - auto updates hourly

[cuoi_tuoi]

Hey guys, was wondering if anyone can help me out with this.

DCU approved me for 1.24%, Tesla is currently connecting me with Chase for 2.49%. I wanted to have Tesla rate match DCU, however, emailing [email protected], they insisted on seeing an approval letter from a third party bank or credit union (DCU in this case) with the detail of the loan (APR, loan terms, amount given,...) before rate maching.

DCU, on the other hand, absolutely refuse to give out anything like that in writing because they are afraid of being rate matched. They only told me the detail of the loan I am qualified for verbally and requested the purchase agreement from Tesla showing I am financing through them to provide me with the loan documents.

How do I go about solving this deadlock?

 

[techlogik]

Well, let me edit this and reply, technically did you apply and make an application for a loan? If so, the requirements are different. If it is just an inquiry, then no they don't have to provide you with anything.

If you make an actual application for them to make a determination, then that should be in writing the terms and offer.

But, you don't need a sales contract etc...to get a pre-approval. I mean, I just did a bunch online, like BofA, and you just print out the document with the terms, your info etc..and away you go back to Tesla rate match. That is walking the line IMO of years of banking/finance/lending experience. Your recourse isn't much as you would expect though.

But, if you made application, anybody in their right mind knows you need that in writing so you could bring it to a dealer to show pre-approval and loan amount etc...terms.

FDIC: Law, Regulations, Related Acts

FDIC: Law, Regulations, Related Acts

www.fdic.gov

Go down to the section about making application and consumer protection where it says, you get that in writing if you make one. Otherwise, it is just an inquiry. So, that is the catch...what did you actually do, apply? Or just inquire?

 

[techlogik]

Another note, I contacted rate match, and it doesn't matter, BMO bank won't rate adjust after the approval. They said they could submit approval again to any company they work with and see who is willing to provide the best rate. Or, they will just cut a check for the lower price BofA offered, which would be the difference I saved, 6-8 weeks would get the check to makeup for the higher rate.

Done wasting time and having my credit score keep going lower due to multiple pulls from banks for a car loan...even though they know it is just rate shopping..my credit score went down nearly 50 points in the last few days rate checking.....credit system is a complete bogus disaster as-if you didn't know.

Anyway, rate match or not, likely not worth the effort if you get one lower good rate, and they just cut you a check back. That's what I went with.

Thx

 

[cuoi_tuoi]

Well, let me edit this and reply, technically did you apply and make an application for a loan? If so, the requirements are different. If it is just an inquiry, then no they don't have to provide you with anything.

If you make an actual application for them to make a determination, then that should be in writing the terms and offer.

But, you don't need a sales contract etc...to get a pre-approval. I mean, I just did a bunch online, like BofA, and you just print out the document with the terms, your info etc..and away you go back to Tesla rate match. That is walking the line IMO of years of banking/finance/lending experience. Your recourse isn't much as you would expect though.

But, if you made application, anybody in their right mind knows you need that in writing so you could bring it to a dealer to show pre-approval and loan amount etc...terms.

FDIC: Law, Regulations, Related Acts

FDIC: Law, Regulations, Related Acts

www.fdic.gov

Go down to the section about making application and consumer protection where it says, you get that in writing if you make one. Otherwise, it is just an inquiry. So, that is the catch...what did you actually do, apply? Or just inquire?

I definitely did an application. They asked for my SSN, pulled my credit, and also asked for the information of the vehicle I am financing as well.

But, if you made application, anybody in their right mind knows you need that in writing so you could bring it to a dealer to show pre-approval and loan amount etc...terms.

I thought this is reasonable as well! I even told them "oh yeah Tesla is requesting the paperwork with the loan detail and everything too" and the loan officer of the credit union is like "well yeah we don't want to provide that in writing because it would be a conflict of interest for us to do so".

I will try and contact them again and quote the FDIC's regulation, but at this point, I think they are onto me and know I am trying to use them just to rate match Maybe i'll just avoid confrontation and go with them. It will be a little bit of a hassle to me because if I want to get the 1.24% on their end, I would have to change my direct deposit to their checking account, but I guess it's a small price I have to pay to get a lower rate.

 

[techlogik]

I definitely did an application. They asked for my SSN, pulled my credit, and also asked for the information of the vehicle I am financing as well.

I thought this is reasonable as well! I even told them "oh yeah Tesla is requesting the paperwork with the loan detail and everything too" and the loan officer of the credit union is like "well yeah we don't want to provide that in writing because it would be a conflict of interest for us to do so".

I will try and contact them again and quote the FDIC's regulation, but at this point, I think they are onto me and know I am trying to use them just to rate match Maybe i'll just avoid confrontation and go with them. It will be a little bit of a hassle to me because if I want to get the 1.24% on their end, I would have to change my direct deposit to their checking account, but I guess it's a small price I have to pay to get a lower rate.

PenFed did this to me when I was rate checking. They give a loan amount approval letter but the rate and terms they would only put in an email. It wasn’t better than BofA who doesn’t care and puts it all in writing and had the best rate which Tesla is just cutting me a check for the difference.

Good luck.

 

[Arqos]

FYI, I received this from a Tesla advisor (not my assigned one) regarding financing:

Currently, US Bank / Wells Fargo / Chase would all have 60 day approvals. TD Auto finance and BMO Harris would be valid for 30 days. Anecdotally, in my experience the majority of our approvals that I see come out of the US Bank, WF, Chase grouping of lenders.

My delivery date isn't assigned but could easily be over 30 days out. I just got my pre-approval through BMO Harris. I asked my Tesla advisor if Chase would match the rate I received. Do you (or anyone) know if Tesla will do that?

Edit: I emailed RateMatch to see if I could get that same rate through Chase. I'm not sure what they'll say, but I'm hoping it'll happen.

 

[yeahya]

I definitely did an application. They asked for my SSN, pulled my credit, and also asked for the information of the vehicle I am financing as well.

I thought this is reasonable as well! I even told them "oh yeah Tesla is requesting the paperwork with the loan detail and everything too" and the loan officer of the credit union is like "well yeah we don't want to provide that in writing because it would be a conflict of interest for us to do so".

I will try and contact them again and quote the FDIC's regulation, but at this point, I think they are onto me and know I am trying to use them just to rate match Maybe i'll just avoid confrontation and go with them. It will be a little bit of a hassle to me because if I want to get the 1.24% on their end, I would have to change my direct deposit to their checking account, but I guess it's a small price I have to pay to get a lower rate.

Here is what you need to do for a DCU Rate Match with Tesla courtesy of u/mikemarmar on Reddit (

https://www.reddit.com/r/TeslaLounge/comments/o24vcc

):

1. Have good credit, reserve a tesla, wait for your VIN number
2. Get a code and join DCU (Any existing members can provide one....message me if you need one). Open a checking and savings account (both free). You need the checking account to get the 0.5% direct deposit discount on the loan.
3. Apply for a 65 month loan from DCU for the full price of the car (minus taxes/reg fee)
4. Set your tesla reservation financing to Cash. This should cause the MVPA (purchase agreement) to show up on your account. If you don't get an MVPA you can email [email protected] to ask for one to be expedited
5. Upload your MVPA (along with other required documents) to the DCU loan application.
6. Call DCU (extension 9150) to tell them the application is complete. If you are approved they will send over the loan agreement DocuSign. Print this to PDF.
7. Send the loan agreement PDF to [email protected] and ask for a match at 1.24% for 72mo.
8. Once the loan is set up with tesla, reject the DocuSign and call DCU to cancel the loan

I got a rate match with Chase for 1.24% @ 72 months and accepted it following these almost same steps, will call DCU to cancel loan.

 

[terp24]

Here is what you need to do for a DCU Rate Match with Tesla courtesy of u/mikemarmar on Reddit (

https://www.reddit.com/r/TeslaLounge/comments/o24vcc

):

1. Have good credit, reserve a tesla, wait for your VIN number
2. Get a code and join DCU (Any existing members can provide one....message me if you need one). Open a checking and savings account (both free). You need the checking account to get the 0.5% direct deposit discount on the loan.
3. Apply for a 65 month loan from DCU for the full price of the car (minus taxes/reg fee)
4. Set your tesla reservation financing to Cash. This should cause the MVPA (purchase agreement) to show up on your account. If you don't get an MVPA you can email [email protected] to ask for one to be expedited
5. Upload your MVPA (along with other required documents) to the DCU loan application.
6. Call DCU (extension 9150) to tell them the application is complete. If you are approved they will send over the loan agreement DocuSign. Print this to PDF.
7. Send the loan agreement PDF to [email protected] and ask for a match at 1.24% for 72mo.
8. Once the loan is set up with tesla, reject the DocuSign and call DCU to cancel the loan

I got a rate match with Chase for 1.24% @ 72 months and accepted it following these almost same steps, will call DCU to cancel loan.

At what point (and how) did you have Tesla change your account from Cash to Financing? Or do you not need to do that?

 

[yeahya]

At what point (and how) did you have Tesla change your account from Cash to Financing? Or do you not need to do that?

I had them update it to DCU once I had the VIN, then had the full MVPA to send to DCU. DCU won't accept the plain Order Agreement.

If you went with the Tesla financing, then you won't get the MVPA that DCU requires.

 

[cuoi_tuoi]

Here is what you need to do for a DCU Rate Match with Tesla courtesy of u/mikemarmar on Reddit (

https://www.reddit.com/r/TeslaLounge/comments/o24vcc

):

1. Have good credit, reserve a tesla, wait for your VIN number
2. Get a code and join DCU (Any existing members can provide one....message me if you need one). Open a checking and savings account (both free). You need the checking account to get the 0.5% direct deposit discount on the loan.
3. Apply for a 65 month loan from DCU for the full price of the car (minus taxes/reg fee)
4. Set your tesla reservation financing to Cash. This should cause the MVPA (purchase agreement) to show up on your account. If you don't get an MVPA you can email [email protected] to ask for one to be expedited
5. Upload your MVPA (along with other required documents) to the DCU loan application.
6. Call DCU (extension 9150) to tell them the application is complete. If you are approved they will send over the loan agreement DocuSign. Print this to PDF.
7. Send the loan agreement PDF to [email protected] and ask for a match at 1.24% for 72mo.
8. Once the loan is set up with tesla, reject the DocuSign and call DCU to cancel the loan

I got a rate match with Chase for 1.24% @ 72 months and accepted it following these almost same steps, will call DCU to cancel loan.

Wow this is godsend! I will try this out. Thank you Still waiting on my Vin haha.

 

[Eddie509]

Here is what you need to do for a DCU Rate Match with Tesla courtesy of u/mikemarmar on Reddit (

https://www.reddit.com/r/TeslaLounge/comments/o24vcc

):

1. Have good credit, reserve a tesla, wait for your VIN number
2. Get a code and join DCU (Any existing members can provide one....message me if you need one). Open a checking and savings account (both free). You need the checking account to get the 0.5% direct deposit discount on the loan.
3. Apply for a 65 month loan from DCU for the full price of the car (minus taxes/reg fee)
4. Set your tesla reservation financing to Cash. This should cause the MVPA (purchase agreement) to show up on your account. If you don't get an MVPA you can email [email protected] to ask for one to be expedited
5. Upload your MVPA (along with other required documents) to the DCU loan application.
6. Call DCU (extension 9150) to tell them the application is complete. If you are approved they will send over the loan agreement DocuSign. Print this to PDF.
7. Send the loan agreement PDF to [email protected] and ask for a match at 1.24% for 72mo.
8. Once the loan is set up with tesla, reject the DocuSign and call DCU to cancel the loan

I got a rate match with Chase for 1.24% @ 72 months and accepted it following these almost same steps, will call DCU to cancel loan.

Thank you so much for detailing these steps! Sorry if this is a stupid question but is there an advantage to having financing through Tesla instead of DCU if they are at the same rate? Would the benefit be that Tesla would offer a 72 month term versus DCU offering only 65 months?

 

[fldude]

Does anyone know if DCU has a maximum amount they allow for loans? I know they can finance up to 125% but is there any maximum?

 

[yeahya]

Thank you so much for detailing these steps! Sorry if this is a stupid question but is there an advantage to having financing through Tesla instead of DCU if they are at the same rate? Would the benefit be that Tesla would offer a 72 month term versus DCU offering only 65 months?

The downside of going with DCU is that they require direct deposit to keep the extra 0.5% discount on the rate. They said it needs to be your entire paycheck. This might be OK for some, but for me the iPhone mobile app never worked, and I couldn't even receive their one time passcodes via text when on the phone with them. This didn't inspire much confidence to have my entire paycheck direct deposited to them even if they had the same terms/rate as Tesla.

 

[CarolinaBMXers]

Gotta tell ya…this really helped out…..the ladies at Carolina Coop FCU in Gastonia NC were great to deal with, easy transaction….they offer 1.99 on up to 84 months…..(84 months!…crazy *sugar*, if you gotta finance for that long, you are not financially ready for a Tesla…(in my opinion)…but at 1.99 it was more beneficial than pulling my cash for a couple years…..(although my mentor Dave Ramsey has kicked me outta the club for a couple years!..lol ….. once again, thanks for doing this….really helped!

 

[DirtnStreet]

Hey guys, was wondering if anyone can help me out with this.

DCU approved me for 1.24%, Tesla is currently connecting me with Chase for 2.49%. I wanted to have Tesla rate match DCU, however, emailing [email protected], they insisted on seeing an approval letter from a third party bank or credit union (DCU in this case) with the detail of the loan (APR, loan terms, amount given,...) before rate maching.

DCU, on the other hand, absolutely refuse to give out anything like that in writing because they are afraid of being rate matched. They only told me the detail of the loan I am qualified for verbally and requested the purchase agreement from Tesla showing I am financing through them to provide me with the loan documents.

How do I go about solving this deadlock?

Think about it. They know what you are trying to do and they have costs wrapped up in your dealings with them. Does the company you work for now help their customers do business with their competitors at a loss to themselves ? If they do they will not be in business long. Not sure why people on here find this troubling, no one could survive just being the finance company for rate matching for Tesla with no business on their own books.

 

[Exectrading]

Gotta tell ya…this really helped out…..the ladies at Carolina Coop FCU in Gastonia NC were great to deal with, easy transaction….they offer 1.99 on up to 84 months…..(84 months!…crazy *sugar*, if you gotta finance for that long, you are not financially ready for a Tesla…(in my opinion)…but at 1.99 it was more beneficial than pulling my cash for a couple years…..(although my mentor Dave Ramsey has kicked me outta the club for a couple years!..lol ….. once again, thanks for doing this….really helped!

It's interesting that you make this comment regarding an 84 month loan. The cost of interest on a 72 month loan @ 2.5% is MORE than the cost of interest on an 84 month loan @ 1.99%. So why wouldn't you take the 84 month loan? Based on financing $40k you save over $600 in interest on the 84 month loan assuming you take the entire term on either scenario to pay it off. The only reason I would suggest maybe not taking the 84 month loan is if you are putting $0 down. This could potentially put you in a negative equity situation if you are also rolling taxes into the loan. I do agree with you about Carolina CFCU....they are amazing and very Tesla Friendly....if you have a 730+ FICO....I don't think they can be beat for customer service and long term financing rates. Just my two cents.

 

[Exectrading]

It's interesting that you make this comment regarding an 84 month loan. The cost of interest on a 72 month loan @ 2.5% is MORE than the cost of interest on an 84 month loan @ 1.99%. So why wouldn't you take the 84 month loan? Based on financing $40k you save over $600 in interest on the 84 month loan assuming you take the entire term on either scenario to pay it off. The only reason I would suggest maybe not taking the 84 month loan is if you are putting $0 down. This could potentially put you in a negative equity situation if you are also rolling taxes into the loan. I do agree with you about Carolina CFCU....they are amazing and very Tesla Friendly....if you have a 730+ FICO....I don't think they can be beat for customer service and long term financing rates. Just my two cents.

whoops edit.....its a $233 savings not $600+.

 

[hold]

Can I change the loan even after clicking confirm? Tesla emailed me saying 2.49% is the best rate and I wanted to retry in a month since I have 800+ credit score.

“By confirming, I acknowledge that I am accepting my terms with. and I will be unable to change my payment method”

I’m 9-13 weeks away and based on here I realize the loan is good for 8 weeks anyways but wanted to confirm the “confirm” button doesn’t make it binding.

 

[CarolinaBMXers]

It's interesting that you make this comment regarding an 84 month loan. The cost of interest on a 72 month loan @ 2.5% is MORE than the cost of interest on an 84 month loan @ 1.99%. So why wouldn't you take the 84 month loan? Based on financing $40k you save over $600 in interest on the 84 month loan assuming you take the entire term on either scenario to pay it off. The only reason I would suggest maybe not taking the 84 month loan is if you are putting $0 down. This could potentially put you in a negative equity situation if you are also rolling taxes into the loan. I do agree with you about Carolina CFCU....they are amazing and very Tesla Friendly....if you have a 730+ FICO....I don't think they can be beat for customer service and long term financing rates. Just my two cents.

We will pay it off in 24-30 so it really didn’t matter to us, …but FYI…60-72-84 we’re all 1.99%..

 

[fqueiroz]

How can I get a DCU referral code?