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My Tesla "tentative delivery" is about a month out and I was just curious so I called up DCU to find out what my rate would be. To my surprise, they offered me a rate of 1.24%. Right now, Wells Fargo has offered 2.49% on my application/order. Is there a way to get them to match? DCU would not give me anything in writing.

Alternatively, is there a way to decline the Wells Fargo loan and get the loan from DCU instead?

TIA!
 
My Tesla "tentative delivery" is about a month out and I was just curious so I called up DCU to find out what my rate would be. To my surprise, they offered me a rate of 1.24%. Right now, Wells Fargo has offered 2.49% on my application/order. Is there a way to get them to match? DCU would not give me anything in writing.

Alternatively, is there a way to decline the Wells Fargo loan and get the loan from DCU instead?

TIA!

You should be able to just decline financing through tesla (WF) and go through DCU, and bring a check from them to your pickup. I understand why they dont want to give you something in writing, as they know you are just going to go get it rate matched.
 
You should be able to just decline financing through tesla (WF) and go through DCU, and bring a check from them to your pickup. I understand why they dont want to give you something in writing, as they know you are just going to go get it rate matched.
I see - any recommendation/guidance on how to go about that? Should I reach out via chat? Also, should I decline now while I am still waiting for the car, or decline the day of delivery and give them the DCU check? TIA!
 
I see - any recommendation/guidance on how to go about that? Should I reach out via chat? Also, should I decline now while I am still waiting for the car, or decline the day of delivery and give them the DCU check? TIA!

You would want to change your fiancing option to "cash" which would let them know you are not going to use tesla's financing option (which sounds like, for you, its wells fargo).

You also would want to verify what you need to do with DCU to secure that rate (what they require). When you get assigned a delivery specialist you will need to do whatever DCU tells you they need to get you a check for the vehicle. lots of financial institutions handle that differently.

For me, in 2018, I put a large down payment and financed the balance through my credit union (navy federal credit union). Navy federal made it easy, but I already banked there. I signed a loan document, and they gave me a check "not to exceed XX,XXX" that was blank but had a space for the vin number to be put on it.

I paid tesla a combination of my check (for my down payment) and the bank check for the balance. If you want to use DCU you will need to find out how long they will lock the rate for you (since you are not taking delivery of the vehicle right now) and what they will need to execute on the loan.

This is similar to doing a car loan outside of a car dealership somewhere else, with the exception that you typically are not looking at a 1-2 month wait.
 
You would want to change your fiancing option to "cash" which would let them know you are not going to use tesla's financing option (which sounds like, for you, its wells fargo).

You also would want to verify what you need to do with DCU to secure that rate (what they require). When you get assigned a delivery specialist you will need to do whatever DCU tells you they need to get you a check for the vehicle. lots of financial institutions handle that differently.

For me, in 2018, I put a large down payment and financed the balance through my credit union (navy federal credit union). Navy federal made it easy, but I already banked there. I signed a loan document, and they gave me a check "not to exceed XX,XXX" that was blank but had a space for the vin number to be put on it.

I paid tesla a combination of my check (for my down payment) and the bank check for the balance. If you want to use DCU you will need to find out how long they will lock the rate for you (since you are not taking delivery of the vehicle right now) and what they will need to execute on the loan.

This is similar to doing a car loan outside of a car dealership somewhere else, with the exception that you typically are not looking at a 1-2 month wait.
Thank you! This is helpful.
 
so the trouble is, DCU won't give me anything in writing (flat out refused)...
Someone wrote a step by step instruction on how to get a document from DCU so Tesla can rate match. I'll copy it below.

Hopefully this helps out some people who are working on getting a good rate on their new car. I found out today that Tesla will rate-match the 1.24% 65mo loan from DCU (Digital Federal Credit Union) at 72 months. The steps I followed:

  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
 
Someone wrote a step by step instruction on how to get a document from DCU so Tesla can rate match. I'll copy it below.

Hopefully this helps out some people who are working on getting a good rate on their new car. I found out today that Tesla will rate-match the 1.24% 65mo loan from DCU (Digital Federal Credit Union) at 72 months. The steps I followed:

  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
Thanks so much for detailing this - really helpful for us newbies. Does anyone know if Tesla would honor this ratematch if the final delivery date exceeds 60 days? I know some people were reporting that their financing terms disappeared since delivery date is 60+ days after their order / financing was completed.
 
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Thanks so much for detailing this - really helpful for us newbies. Does anyone know if Tesla would honor this ratematch if the final delivery date exceeds 60 days? I know some people were reporting that their financing terms disappeared since delivery date is 60+ days after their order / financing was completed.
That's pretty far out, I would assume they wouldn't but what do I know.
You should try reaching out to Tesla at [email protected] . They may be able to answer your question.
 
Someone wrote a step by step instruction on how to get a document from DCU so Tesla can rate match. I'll copy it below.

Hopefully this helps out some people who are working on getting a good rate on their new car. I found out today that Tesla will rate-match the 1.24% 65mo loan from DCU (Digital Federal Credit Union) at 72 months. The steps I followed:

  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 went into DCU today got the loan approved for 65mo. I had never applied for financing through Tesla do I need to do that before the ratematch email? I sent the email anyways but no reply yet. Also any push back on them matching 65mo DCU rate for a 72mo Tesla finance?
 
Someone wrote a step by step instruction on how to get a document from DCU so Tesla can rate match. I'll copy it below.

Hopefully this helps out some people who are working on getting a good rate on their new car. I found out today that Tesla will rate-match the 1.24% 65mo loan from DCU (Digital Federal Credit Union) at 72 months. The steps I followed:

  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
Thank you so much, I had given up hope. This is super helpful, still waiting on the VIN. Will report back if it works :)
 
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