teslamotorclub: Alliant Credit Union 1.49% for 72 months part 1

I just got an email from my rep Danial Tovar from Alliant Credit Union: Alliant - An Online Credit Union for all your banking needs
I originally had a 1.99% 72 month loan with them for 100% financing of the configuration price for my X.
Daniel just told me that for all TESLAs they are now doing 1.49% for up to 72 months.

Very hard to beat that deal!!! I'd get on that if I were you

My DS was happy that I chose them in the beginning because she said they are very easy to work with and obviously understand the Tesla delivery process even for a state like Texas.
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By doing this, though, you lose the Tesla guarantee on buy-back.
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I was never going to do that anyway. It has very little value for me and would cost me money.
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Debaser said: ?

By doing this, though, you lose the Tesla guarantee on buy-back.
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I was gonna go with Tesla but they don't do loans in my state. Thanks for the heads up.
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My updated Buy vs Lease numbers now show a $10,800 savings to BUY vs LEASE for a 36 month period with 15k mile lease.
I would have a loan balance equal to 51.1% of the MSRP with the financed loan vs turning the car in with the lease.
Living in Texas means I have to pay tax on 100% of the purchase price whether I buy or lease.
Buy options gets me $7500, lease option has $7500 baked in.
I will also drive the X about 18k miles a year so the Lease would end up costing 9k miles x $.25 = $2,250 more.
This gives me a $13k buffer for which to sell my X on the private market at the end of 36 months if I so choose in order to come out the same or better than a lease option.
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Thanks for the heads up. I got pre-approved from Alliant a month ago for 1.99%. Now I'll call and ask for 1.49%. I was going to go with DCU for their 1.49% but this now puts me back to Alliant.
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loganintx said: ?

I just got an email from my rep Danial Tovar from Alliant Credit Union: Alliant - An Online Credit Union for all your banking needs
I originally had a 1.99% 72 month loan with them for 100% financing of the configuration price for my X.
Daniel just told me that for all TESLAs they are now doing 1.49% for up to 72 months.

Very hard to beat that deal!!! I'd get on that if I were you

My DS was happy that I chose them in the beginning because she said they are very easy to work with and obviously understand the Tesla delivery process even for a state like Texas.
Click to expand...

I was looking at their website after Tesla steered me to them. Do you have to open any sort of account with them to take advantage of their attractive rates?
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Tgibson said: ?

I was looking at their website after Tesla steered me to them. Do you have to open any sort of account with them to take advantage of their attractive rates?
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I just looked at their website. Looks like there are a few ways you can join, one of them being to make a $10 donation to a foster care association. Look for the join or become a member button. I'll look more into doing this when I get a delivery date. Thanks, op.
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Tgibson said: ?

I was looking at their website after Tesla steered me to them. Do you have to open any sort of account with them to take advantage of their attractive rates?
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Just call them up. They are very helpful and know the Tesla process well.
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How long will they lock you in that rate though?
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I may be paying through the nose between the lease and extra miles I will put on but am not confident what resale value will look like in 3 years and would want the updated battery/autopilot hardware advancements at that time. I do get the business write off on additional miles as well. G-d forbid, if there is an accident, there is a low threshold for writing off the Tesla cars currently. Pls let me know if my logic here is faulty from another perspective.
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I looked into financing with alliant, but they said they wouldn't finance the taxes or ESA or warranty. Are they covering these things now?
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Blue Millenium said: ?

I may be paying through the nose between the lease and extra miles I will put on but am not confident what resale value will look like in 3 years and would want the updated battery/autopilot hardware advancements at that time. I do get the business write off on additional miles as well. G-d forbid, if there is an accident, there is a low threshold for writing off the Tesla cars currently. Pls let me know if my logic here is faulty from another perspective.
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It's simply a math problem. Run the numbers both ways and they will tell you the right choice for you. You can use my sheet to see what the finance option will cost ya:
Tesla Model X Finance
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loganintx said: ?

You can use my sheet to see what the finance option will cost ya:
Tesla Model X Finance
Click to expand...

Appreciated!

I tried to reconcile the sheet's calculated cost of a 3 years loan with my own perhaps lame arithmetic ...
Seemed like it should be 84,700 - 7,500 + interest.
Since interest is ~ $700, I get 77,900 but cell H3 says $72,706
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beantobe said: ?

I looked into financing with alliant, but they said they wouldn't finance the taxes or ESA or warranty. Are they covering these things now?
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They will do 100% of the car's cost, I would just pay the sales tax and ESA out of pocket. You should be getting $7500 back from federal taxes later anyway, which should at least cover sale tax.
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Alliant rep contacted me today to offer me the 1.49% for 72 months, I must say... This is nice. Also, Alliant is the only option if you're looking for 100% LTV especially for 72 months.
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Hmmmm....I'd planned to lease (new car due end of June), partly because I could write off some of the cost, and also because I need to release some cash from the sale of my current S. But, those rates are really attractive. Honestly, I'm not even sure what the actual tax benefit is from being able to write off the payments (roughly 30% biz miles, 14k per yr), but with the relatively uncompetative lease rates, and having to pay sales tax on the entire amount, the loan is looknig like a more attractive option.
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Jeffgtx said: ?

How long will they lock you in that rate though?
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One month.
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SageBrush said: ?

Appreciated!

I tried to reconcile the sheet's calculated cost of a 3 years loan with my own perhaps lame arithmetic ...
Seemed like it should be 84,700 - 7,500 + interest.
Since interest is ~ $700, I get 77,900 but cell H3 says $72,706
Click to expand...

Cell H3 includes gas savings. Multiply cell E3 X 36 to exclude fuel savings.
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That's a pretty good deal. I did 1.74%/36mo with Western Federal Credit Union and thought that was the best deal at the time.

loganintx said: ?

I just got an email from my rep Danial Tovar from Alliant Credit Union: Alliant - An Online Credit Union for all your banking needs
I originally had a 1.99% 72 month loan with them for 100% financing of the configuration price for my X.
Daniel just told me that for all TESLAs they are now doing 1.49% for up to 72 months.

Very hard to beat that deal!!! I'd get on that if I were you

My DS was happy that I chose them in the beginning because she said they are very easy to work with and obviously understand the Tesla delivery process even for a state like Texas.
Click to expand...

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Darn! I bought my car (with Alliant) two months ago and missed out on that half percent!
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MichealW said: ?

Darn! I bought my car (with Alliant) two months ago and missed out on that half percent!
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Refinance if you don't have prepayment penalty.
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pete8314 said: ?

Hmmmm....I'd planned to lease (new car due end of June), partly because I could write off some of the cost, and also because I need to release some cash from the sale of my current S. But, those rates are really attractive. Honestly, I'm not even sure what the actual tax benefit is from being able to write off the payments (roughly 30% biz miles, 14k per yr), but with the relatively uncompetative lease rates, and having to pay sales tax on the entire amount, the loan is looknig like a more attractive option.
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If this car qualifies for sec 179, which I believe it does, you can ask your CPA if it will work as a write-off, I believe you would need to register and insure it under your business. If you put yourself on the registration and use it for your business (drive between offices) those mile are deductible.
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loganintx said: ?

Cell H3 includes gas savings. Multiply cell E3 X 36 to exclude fuel savings.
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I get ~ $1080 for fuel (30*36.)

Still only ~ $78k

loganintx said: ?

Cell H3 includes gas savings. Multiply cell E3 X 36 to exclude fuel savings.
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The fuel savings is only about $1080 over 3 yrs
But now H3 shows a number I agree with
::shrug:: Perhaps I was imagining things
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SageBrush said: ?

The fuel savings is only about $1080 over 3 yrs
But now H3 shows a number I agree with
::shrug:: Perhaps I was imagining things
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thanks for using the sheet and your feedback. I threw it together pretty quick so it's definitely possible that there are some issues and a few things that aren't clear. it wasn't originally meant to compare BUY vs LEASE because fuel savings are the same for both of those scenarios so you wouldn't want them in your comparison. But there should be enough data there to help answer questions from a few different angles about owning a Tesla over time.
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loganintx said: ?

thanks for using the sheet and your feedback.
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And now I am aware of the PPMT and IPMT functions ;-)

I've spent some time over the last couple weeks deconstructing leases since that is my intent for the Model ? in order to receive the federal tax credit. So far as I can tell (but please correct any errors,) compared to a purchase:

Depreciation is set at ~ 50%

Fees to start and end the lease are extra, not paid on a purchase

The lease APR is whatever Tesla arranges for financing (of whatever flavor,) and about half of the car value is subject to that rate for the duration of the lease. The other 50% of car value interest can be saved by paying off the lease amount earlier.

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loganintx said: ?

It's simply a math problem. Run the numbers both ways and they will tell you the right choice for you. You can use my sheet to see what the finance option will cost ya:
Tesla Model X Finance
Click to expand...

Thank you. A bit complicated
But will spend some time on this and see what I come up with.
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Blue Millenium said: ?

Thank you. A bit complicated
But will spend some time on this and see what I come up with.
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Follow the instructions I put on the page.
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systemcrashed said: ?

Alliant rep contacted me today to offer me the 1.49% for 72 months, I must say... This is nice. Also, Alliant is the only option if you're looking for 100% LTV especially for 72 months.
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Do you have the email of this person?
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DougH said: ?

Do you have the email of this person?
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Daniel Tovar

Loan Consultant

Alliant Credit Union

Chicago, IL

773-462-2008 Direct and Fax

800-328-1935 ext 2008

[email�protected]
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loganintx said: ?

Daniel Tovar

Loan Consultant

Alliant Credit Union

Chicago, IL

773-462-2008 Direct and Fax

800-328-1935 ext 2008

[email�protected]
Click to expand...

Thanks.
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DougH said: ?

Do you have the email of this person?
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Here you go,

Jason Freese

Loan Consultant

[email�protected]

Direct Phone: 773-462-2164

Fax: 773-462-2164 (Same as phone)

11545 W Touhy Ave, Chicago, IL 6066
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systemcrashed said: ?

If this car qualifies for sec 179, which I believe it does, you can ask your CPA if it will work as a write-off, I believe you would need to register and insure it under your business. If you put yourself on the registration and use it for your business (drive between offices) those mile are deductible.
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Under sec 179 are we sure we have to register and insure it under your business? Can anyone confirm that? I'm in Los Angeles and was not told by my accountant that I didn't have to. Anyone?
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MichealW said: ?

Under sec 179 are we sure we have to register and insure it under your business? Can anyone confirm that? I'm in Los Angeles and was not told by my accountant that I didn't have to. Anyone?
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I don't think this is required. Most real estate agents are considered self-employed, sole proprietorship so don't have an official licensed business, and they take the section 179 deduction all the time. My accountant has never mentioned to me that I needed to register my cars under my business either to take the deduction. Of course you do need to prove that you used it for business via mileage logs, etc, but I don't think registration and insurance is proof of business use, nor is it required.
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chloedog said: ?

I don't think this is required. Most real estate agents are considered self-employed, sole proprietorship so don't have an official licensed business, and they take the section 179 deduction all the time. My accountant has never mentioned to me that I needed to register my cars under my business either to take the deduction. Of course you do need to prove that you used it for business via mileage logs, etc, but I don't think registration and insurance is proof of business use, nor is it required.
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This is a requirement, but not necessarily what is done by most. You can use privately registered cars and apply a percentage of the deduction based on mileage, but as far as section 179 for a passenger car to be 100% deductible, it needs to be in co. name and be used 100% of the time for business. If there's a CPA in here maybe they can shed light on the specifics for us. this is how it was explained to me by my CPA.
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Anybody successfully use lightstream rate beat on the new 1.49% Alliant rate yet?
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pete8314 said: ?

Hmmmm....I'd planned to lease (new car due end of June), partly because I could write off some of the cost, and also because I need to release some cash from the sale of my current S. But, those rates are really attractive. Honestly, I'm not even sure what the actual tax benefit is from being able to write off the payments (roughly 30% biz miles, 14k per yr), but with the relatively uncompetative lease rates, and having to pay sales tax on the entire amount, the loan is looknig like a more attractive option.
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Hi Pete

Can you share how exactly to write off $14k per yr? I own a small business that's exactly what I want do

Thanks
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This might be helpful.
Publication 946 (2015), How To Depreciate Property

Instructions for Form 4562 (2015)
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systemcrashed said: ?

This might be helpful.
Publication 946 (2015), How To Depreciate Property

Instructions for Form 4562 (2015)
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Man you are one helpful bugger... I should be your friend and have you on speed dial.
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loganintx said: ?

Follow the instructions I put on the page.
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How can I estimate the trade-in value of a finance purchase versus the guaranteed resale value at the end of my lease? My intention has always been to traded in after three years for the 'newest' larger battery and second generation of AP hardware.
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Blue Millenium said: ?

How can I estimate the trade-in value of a finance purchase versus the guaranteed resale value at the end of my lease? My intention has always been to traded in after three years for the 'newest' larger battery and second generation of AP hardware.
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You can use things like 17% annually or look at the resale of a 3 year old Model S. Or google tesla depreciation and see what others think. My best guess is more than 40% and less than 60%.
Also if tesla guarantees a resale that means they think they can sell it as CPO for more than that so you should be able to sell privately between those 2 figures.
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Also buying allows you to sell at 24 months or 30 months or 42 months. A lot more flexibility.
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Our best rates for NEW Tesla�s are�

72 months 1.49%

78 months 1.74%

84 months 2.99%

These are not promo rates so they will be around for a while.

Anyone in Oregon, Point West CU is doing 1.99% for 84 with 730+ credit score.
Point West Credit Union | Online Banking, Loans & Financing | Portland, OR
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I haven't taken delivery yet, but have been quoted attached lease. I am thinking that the residual value is too high and maybe I just should buy the car instead of leasing. The price is too high to start with which is why the residual is too high. I didn't get to negotiate the price because it was an inventory car. The lease has a 4% interest rate which is high. It also costs me 5K to do the lease on top of the monthly payments. The car was built in Nov 2014 and has a lot of miles on it (25,700). Advice?

3 yr lease
Lease payment for 15K miles/yr. 1,108
residual value 71,086
acquisition fee 695
lease down 5,000
Sales Price 105,450

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loganintx said: ?

You can use things like 17% annually or look at the resale of a 3 year old Model S. Or google tesla depreciation and see what others think. My best guess is more than 40% and less than 60%.
Also if tesla guarantees a resale that means they think they can sell it as CPO for more than that so you should be able to sell privately between those 2 figures.
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Tks. I can now plug in the numbers my guess is going to be about a 3-5,000 difference.
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Eresan said: ?

Hi Pete

Can you share how exactly to write off $14k per yr? I own a small business that's exactly what I want do

Thanks
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I wish I wasn't as clear as I should have been, I claim 30% of my 14k miles as business.
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Anyone know if they will approve for a CPO tesla at the same rate?

Thanks!
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FYI Alliant has a microsite with the Tesla financing promo and a link to an online application. I submitted directly there and received email with pre approval same day:

Good afternoon,
Thank you for applying for a Tesla loan with ACU. Your application was pre-approved for 30 days up to $xxxx at 1.49% for any term up to 72 months. If you would like to proceed with this loan please fax or e-mail me a copy of the final MVPA from your delivery specialist showing Alliant as the lender. Once I receive it I will call you to finalize the loan details.
Have a great day!
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Very easy to do, here's the site Tesla Car Loans from Alliant
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They also finance up to 105% of Purchase price. Considering the $5K reservation payment one can finance an opted 90D and sales tax at 100% with Alliant.
Please note that they require 740+ credit score to qualify for 1.49%
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Dimitar Atanasov said: ?

They also finance up to 105% of Purchase price. Considering the $5K reservation payment one can finance an opted 90D and sales tax at 100% with Alliant.
Please note that they require 740+ credit score to qualify for 1.49%
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Strange: 3 weeks ago they said that they do not finance taxes and my score is above 800. Wonder if they just changed that.
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I'm guessing they made several changes when they also decided to drop it to 1.49%
I was told 100% of configuration price from TeslaMotors.com
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No2DinosaurFuel said: ?

Anyone know if they will approve for a CPO tesla at the same rate?

Thanks!
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No, it's new only.
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DougH said: ?

No, it's new only.
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Bummer. Thanks for the reply.

Just curious what is the best rates for a CPO purchase?
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@loganitix, great choice. i bought my MS 18 months ago and got 1.74% for 72 months. Great deal at the time. I plan on keeping the MS for 8 years, so good angle to reduce overall costs in the long term. Leasing seems to be an expensive alternative, especially when mileage would likely exceed the annual lease limit.
I will also say, as you mentioned, Alliant really knows their stuff about Teslas. They know how their process works and guided me through the deal. They are a quality outfit.
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Blu Zap said: ?

Alliant really knows their stuff about Teslas
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With all the things to possibly worry about during this transaction, I'm the least worried about Alliant funding the car!
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Dumb question, but Tesla's lending page (Tesla Lending) referenced alliant's 1.49% rate. Does that mean that it's eligible for the buyback guarantee?
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chloedog said: ?

Dumb question, but Tesla's lending page (Tesla Lending) referenced alliant's 1.49% rate. Does that mean that it's eligible for the buyback guarantee?
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This is actually a fantastic question, thanks for bringing it up. Your link shows, to me, that Tesla uses Alliant for financing. I'd love to hear that financing with them keeps the Tesla buyback guarantee eligibility. Great post.
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chloedog said: ?

Dumb question, but Tesla's lending page (Tesla Lending) referenced alliant's 1.49% rate. Does that mean that it's eligible for the buyback guarantee?
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Just ordered a MX Thursday and went in to do a test drive today. Asked this very question and was told that despite this relationship Alliant financing does NOT qualify for the buyback.

Not an issue for me as I have a habit of holding cars for much longer than the 36-39 month period when the buyback is an option.
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Funny, but my rep did not tell me that the lower rate by Allianz would not include the buy back 'guarantee'. Have any of you actually gotten to the point of accepting the loan and ensure what the actual terms are? Is Tesla financing different than this one by Allianz? Not very clear to me....
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johnc11050 said: ?

Funny, but my rep did not tell me that the lower rate by Allianz would not include the buy back 'guarantee'. Have any of you actually gotten to the point of accepting the loan and ensure what the actual terms are? Is Tesla financing different than this one by Allianz? Not very clear to me....
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I will by tomorrow.
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Spoke with Alliant today and also got an email fromTesla finance. Yes, Alliant does not include the buy back guarantee so if you want the buy back on an X for 36-39 months then you must go with another finance sure--Tesla which was 2.75 percent a week or two ago. I do not trust technology (meaning who knows?) so I want the guarantee even though I am told by Tesla that their values are holding up. I do not see that in asking prices for 2014 P85 like I have now because of the lack of auto pilot etc. So I think it best to pay the 1 percent added for the guarantee. My opinion of course....
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There's a big difference between a car without AP and a newer model with AP than there will be for a car with AP 1.0 and a car with AP 2.0. Besides, we will not see more autonomous driving vehicles for 5+ years. There's still a LOT of work before your car can navigate for you. I expect the AP 2.0 improvements to be evolutionary and not revolutionary.
The difference between 1.49% and 2.75% would be $2,250 over the first 3 years basing both on a 6 year note. that's 2% of the MSRP of the car. Not worth it for some possibly unnecessary buy back protection. In my opinion
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johnc11050 said: ?

Spoke with Alliant today and also got an email fromTesla finance. Yes, Alliant does not include the buy back guarantee so if you want the buy back on an X for 36-39 months then you must go with another finance sure--Tesla which was 2.75 percent a week or two ago. I do not trust technology (meaning who knows?) so I want the guarantee even though I am told by Tesla that their values are holding up. I do not see that in asking prices for 2014 P85 like I have now because of the lack of auto pilot etc. So I think it best to pay the 1 percent added for the guarantee. My opinion of course....
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@johnc11050: Thanks for confirming this. Was there an option to choose which bank to go with after the credit application is done?
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loganintx said: ?

There's a big difference between a car without AP and a newer model with AP than there will be for a car with AP 1.0 and a car with AP 2.0. Besides, we will not see more autonomous driving vehicles for 5+ years. There's still a LOT of work before your car can navigate for you. I expect the AP 2.0 improvements to be evolutionary and not revolutionary.
The difference between 1.49% and 2.75% would be $2,250 over the first 3 years basing both on a 6 year note. that's 2% of the MSRP of the car. Not worth it for some possibly unnecessary buy back protection. In my opinion
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If I could only name you captain numbers, finance helper extraordinaire.
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I also think that 3 years from now the $7500 tax credit for new Teslas would probably be expired. So theoretically that should help immediately raise the prices of used Teslas right?
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chloedog said: ?

I also think that 3 years from now the $7500 tax credit for new Teslas would probably be expired. So theoretically that should help immediately raise the prices of used Teslas right?
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Without Congressional interference, the $7,500 will DEFINITELY be gone in 3 years. I would expect the phasing out to begin around Q2 of 2018 if not a quarter sooner.
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johnc11050 said: ?

Spoke with Alliant today and also got an email fromTesla finance. Yes, Alliant does not include the buy back guarantee so if you want the buy back on an X for 36-39 months then you must go with another finance sure--Tesla which was 2.75 percent a week or two ago. I do not trust technology (meaning who knows?) so I want the guarantee even though I am told by Tesla that their values are holding up. I do not see that in asking prices for 2014 P85 like I have now because of the lack of auto pilot etc. So I think it best to pay the 1 percent added for the guarantee. My opinion of course....
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Not to sidetrack this thread too much, but what are you seeing for 2014 P85 asking prices that leads you to believe the values are so weak for non-auto-pilot cars? I sold my non-AP 2013 S85 about 6 months ago for 64% of original sticker price (this was month 35 for the car while the RVG trade-ins are months 36-39, so I think it's comparable). The RVG did not yet exist when I bought my car, but if it had, the guaranteed buyback price would have been 47.5% of sticker price (that's 50% of the base price plus 43% of all options.) That's about $15,000 lower than what I actually sold it for, so my experience is resale values are holding up substantially better than the RVG and also substantially better than other similar situated cars like full-size sedan Merc/BMW/Audi/Porsche.

I would be very surprised if used prices have moved that much lower in the last 6 months such they were at or below the RVG prices. More likely IMO that many folks are just not appreciating just how much depreciation all higher-end cars see in the first three years. The resale guarantee is a good program for folks very nervous about whether Tesla's in business in 3 years. But it's really just that, catastrophe insurance (and expensive insurance at that, given the otherwise much lower loan rates available). It's not gonna save you from the depreciation that all high-end sedans see.
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loganintx said: ?

There's a big difference between a car without AP and a newer model with AP than there will be for a car with AP 1.0 and a car with AP 2.0. Besides, we will not see more autonomous driving vehicles for 5+ years. There's still a LOT of work before your car can navigate for you. I expect the AP 2.0 improvements to be evolutionary and not revolutionary.
The difference between 1.49% and 2.75% would be $2,250 over the first 3 years basing both on a 6 year note. that's 2% of the MSRP of the car. Not worth it for some possibly unnecessary buy back protection. In my opinion
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I agree with this reasoning. That, and the additional likelihood that resale values will effectively bump with the expiration of the $7500 tax credit more than favor going with the very attractive 1.49% rate. I financed my last car at 1.79% from a local CU, so am very impressed by this rate. One additional point--my understanding is that this rate is only good for deliveries prior to July 31. I'm hoping my MX (90D) arrives before then.
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ModelS8794 said: ?

Not to sidetrack this thread too much, but what are you seeing for 2014 P85 asking prices that leads you to believe the values are so weak for non-auto-pilot cars? I sold my non-AP 2013 S85 about 6 months ago for 64% of original sticker price (this was month 35 for the car while the RVG trade-ins are months 36-39, so I think it's comparable). The RVG did not yet exist when I bought my car, but if it had, the guaranteed buyback price would have been 47.5% of sticker price (that's 50% of the base price plus 43% of all options.) That's about $15,000 lower than what I actually sold it for, so my experience is resale values are holding up substantially better than the RVG and also substantially better than other similar situated cars like full-size sedan Merc/BMW/Audi/Porsche.

I would be very surprised if used prices have moved that much lower in the last 6 months such they were at or below the RVG prices. More likely IMO that many folks are just not appreciating just how much depreciation all higher-end cars see in the first three years. The resale guarantee is a good program for folks very nervous about whether Tesla's in business in 3 years. But it's really just that, catastrophe insurance (and expensive insurance at that, given the otherwise much lower loan rates available). It's not gonna save you from the depreciation that all high-end sedans see.
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I concur 100%. Manufacturers always have to assess things from a conservative approach. Let's just how those Fwd's don't turn out to be a catastrophe and the sunshade dilemma accelerates depreciation.

I believe tesla value will consistently maintain slightly higher than buyback price barring a major shakeup.
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[QUOTE="ksquared, post: 1536481, member: 48080the One additional point--my understanding is that this rate is only good for deliveries prior to July 31. I'm hoping my MX (90D) arrives before then.[/QUOTE]

Can anyone confirm? There are other good options available but this is pretty nice.
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DS also confirmed with me that the Alliant rate is not eligible for buyback. They apparently are promoting Alliant, but Alliant isn't one of their official partners. Now I need to decide between financing 100% with Alliant at 1.49% for 6 years, or financing $70,000 with EFCU at 1.18% for 5 years.
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ksquared said: ?

I agree with this reasoning. That, and the additional likelihood that resale values will effectively bump with the expiration of the $7500 tax credit more than favor going with the very attractive 1.49% rate. I financed my last car at 1.79% from a local CU, so am very impressed by this rate. One additional point--my understanding is that this rate is only good for deliveries prior to July 31. I'm hoping my MX (90D) arrives before then.
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My Volvo XC60 which will be replaced by the MX is at 5 year 1.39%. That's the best 3rd party rate I've ever received. Of course dealerships will do 0% financing at times like Toyota but you know that you're paying for it somewhere. Nothing is truly free.
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chloedog said: ?

DS also confirmed with me that the Alliant rate is not eligible for buyback. They apparently are promoting Alliant, but Alliant isn't one of their official partners. Now I need to decide between financing 100% with Alliant at 1.49% for 6 years, or financing $70,000 with EFCU at 1.18% for 5 years.
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My DS highly discouraged using EFCU because of the service. Just some food for thought...
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NJ Kevin said: ?

My DS highly discouraged using EFCU because of the service. Just some food for thought...
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What ia EFCU anyways?
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No2DinosaurFuel said: ?

What ia EFCU anyways?
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https://www.energyfcu.org/home/fiFiles/static/documents/hybridFEB2016.pdf

i used them to finance my model s. they weren't horrible, but it did take a little bit of extra work on my part. my experience with alliant so far has been much easier.
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So are you guys applying directly through Alliant or via Teslas financing page? My DS said I should apply next week sometime with estimated delivery in mid-June.
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Nader said: ?

So are you guys applying directly through Alliant or via Teslas financing page? My DS said I should apply next week sometime with estimated delivery in mid-June.
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Directly through Alliant.
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Alliant gets it done. Nice thing is once a FedEx tracking # is generated by Alliant, tesla will allow you to take delivery.
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DougH said: ?

Our best rates for NEW Tesla�s are�

72 months 1.49%

78 months 1.74%

84 months 2.99%

These are not promo rates so they will be around for a while.

Anyone in Oregon, Point West CU is doing 1.99% for 84 with 730+ credit score.
Point West Credit Union | Online Banking, Loans & Financing | Portland, OR
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I am assuming these rates also applies to inventory vehicles? This might be the route I take to captialize on the low interest rates, tax credit, and relatively new vehicle.
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Love the 72 mo. rate. Alliant is very good at understanding Tesla Motors requirements. Very satisfied with them.
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Great news, I did receive a pending approval to finance $120,000 or 80% per the configuration page at 7.24% for 78 months or 6.49% for 72 months. The approval/rate is good for 30 days.

I got the above with a credit score of 648.
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Are those rates typos? They are nothing like the rates other people are quoting.

silentsnow31802 said: ?

Great news, I did receive a pending approval to finance $120,000 or 80% per the configuration page at 7.24% for 78 months or 6.49% for 72 months. The approval/rate is good for 30 days.

I got the above with a credit score of 648.
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�

probably because of the 648 credit score..
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silentsnow31802 said: ?

I got the above with a credit score of 648.
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You'll need a 720/740 or higher score to get the premium rates.
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gfb107 said: ?

Are those rates typos? They are nothing like the rates other people are quoting.
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Not typos. Copied and pasted from original email.

dalamchops said: ?

probably because of the 648 credit score..
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This is exactly it.

loganintx said: ?

You'll need a 720/740 or higher score to get the premium rates.
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I was told 740 to get the premium rates. Just posting up what I was quoted for a reference.
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Just wanted to give a heads up about Alliant's "105% LTV" financing. They will _not_ do refundable financing, so if you live in a state (like Utah) where Tesla can't handle the registration for you, and the final price sheet shows no government taxes or fees, you can't do more than 100% financing. Actually, I'm getting ~96% financing, cause Alliant won't refund the original $5000 reservation payment either. Best they'll do is cover the destination and doc fee, and the final amount due to/from me at signing is $0.

Grumble grumble oh well I can pull from another credit line at a slightly higher interest rate for the shortfall, and just deal with a higher "downpayment" than I was expecting.
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ccutrer said: ?

Just wanted to give a heads up about Alliant's "105% LTV" financing. They will _not_ do refundable financing, so if you live in a state (like Utah) where Tesla can't handle the registration for you, and the final price sheet shows no government taxes or fees, you can't do more than 100% financing. Actually, I'm getting ~96% financing, cause Alliant won't refund the original $5000 reservation payment either. Best they'll do is cover the destination and doc fee, and the final amount due to/from me at signing is $0.

Grumble grumble oh well I can pull from another credit line at a slightly higher interest rate for the shortfall, and just deal with a higher "downpayment" than I was expecting.
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This is how it was for me in Texas. I financed with Alliant for the full MSRP minus the $5k deposit.
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loganintx said: ?

This is how it was for me in Texas. I financed with Alliant for the full MSRP minus the $5k deposit.
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I want to post a follow up that I'm already impressed with Tesla. I don't really want to say what exactly they did, in the spirit of not wanting others to demand similar treatment and being able to point at me and say "see, he got special treatment!" Suffice it to say that my DS came up with a clever solution that doesn't meet my original expectation of 105% LTV, but is much better than my disappointment this morning. It's very refreshing in a car buying experience to have the seller proactively come up with a solution that not only makes it easier on the customer, but is something they have absolutely no legal obligation to do. They simply want to make the the customer happy, and do the right thing.

So, I want to reiterate my "grumble grumble," but clarify that it is directed at the State of Utah (and other states that create this confusing situation). Tesla is definitely building some brand loyalty. It's definitely nice to have actual experiences to tell people about of Tesla going above and beyond than the simple "omg I love Tesla they're sooooo cool" fanboi isms that I've been going on for years.
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Glad to hear Carlos is good to go the extra mile.. Did you end up goon with Alliant?
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DiveDeep said: ?

Glad to hear Carlos is good to go the extra mile.. Did you end up goon with Alliant?
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Yes, still with Alliant.
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Is Alliant still offering the 1.49% ? Their website says 1.99.
Thanks !
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I got 1.49 last week. I think it is available, give my loan guy a call. Mike Preston, he was great. (773) 462-2062
My paperwork came in on a Saturday incorrect. It took Tesla till late Monday to fix it, delivery was set for the truck to depart at 10 AM EST Tuesday and Mike got it processed in time (and he is in CST).
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Thanks MSullivan!
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I tried to use Alliant, but being self-employed caused a lot of problems. They wanted a crazy amount of paperwork. Local credit union matched their rate.
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loganintx said: ?

I was never going to do that anyway. It has very little value for me and would cost me money.
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I would still go for Tesla Lending. The buy back guarantee is an insurance, I believe I would be able to sell it to private party at a price way higher than that, but just in case anything unexpected happens to Model X (I mean in a global scale, which affects the resale value of it, not anything particular to my car), I have Tesla's buy back guarantee as the last option. The difference in interest rate is about 1.25% and I think paying $1250 more in years is wroth it for me to have some peace in my mind.
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achen said: ?

I would still go for Tesla Lending. The buy back guarantee is an insurance, I believe I would be able to sell it to private party at a price way higher than that, but just in case anything unexpected happens to Model X (I mean in a global scale, which affects the resale value of it, not anything particular to my car), I have Tesla's buy back guarantee as the last option. The difference in interest rate is about 1.25% and I think paying $1250 more in years is wroth it for me to have some peace in my mind.
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Not a bad idea but not available in all states.
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This what I'm doing. My sales price is $86k including sales tax. I'm coming to the table with $40k of my own cash and $15K from a home equity line of credit for a total of $55k down payment leaving $31k to finance. My cash outlay will be about $700 for 4-5 months until tax time. $400 with Alliant at 1.49%, approx. $300 on the line of credit. I opted for a delayed deliver in the Sep- Oct time frame to lessen by burden for as short a period as possible. I'm expecting a $16k tax refund in Feb 2017 which will be used to pay off the line of credit bring my monthly cash outlay down to $400 a month.

Most lenders have criteria for what's a new car e.g. Age, mileage etc. and what's considered used with higher rates for used. Refi's cost more. Most would not allow me to apply my refund to the original loan and refi under one roof without penalties (higher interest rates). Prior to today I was thinking of using two lenders not including my line of credit, but this was a little problematic trying to go with the highest rate for original loan (short term) and refinancing with the lower rate lender for the long term.

I don't work on Wall Street or wear pinstripes on a daily basis, just an old country boy trying to save a buck thru CREATIVE FINANCING

Hopes this helps!
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Bank error in my favor, collect 1.1% (off)!
I was approved with Alliant for 1.49%, and my bank for 2.6%. My wife wanted to go with our bank for a few of her own reasons, so we did. Then they made a mistake and under-funded the loan (funded for my down payment amount, instead of how much Tesla requested). After all the hassle they put us through to fix their error, we were able to get our rate lowered to 1.5%, which made me happy because I wanted the lower rate, and kept my wife happy because we're still financing with our bank. Happy days!
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Jeff Andrews said: ?

Bank error in my favor, collect 1.1% (off)!
I was approved with Alliant for 1.49%, and my bank for 2.6%. My wife wanted to go with our bank for a few of her own reasons, so we did. Then they made a mistake and under-funded the loan (funded for my down payment amount, instead of how much Tesla requested). After all the hassle they put us through to fix their error, we were able to get our rate lowered to 1.5%, which made me happy because I wanted the lower rate, and kept my wife happy because we're still financing with our bank. Happy days!
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I did a 72 month loan at full value. The difference in interest between 1.49 and 2.6 is over $3000 over the life of the loan. Unless the CEO of that bank had given me a kidney I would have gone to Alliant in a heartbeat. Glad it worked out OK for you in the end.
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masam said: ?

Is Alliant still offering the 1.49% ? Their website says 1.99.
Thanks !
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I got quoted and pre-approved for 1.49%, 72 month term today on the phone.
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I also got the 1.49%/72 months. Super easy, I'm coming off the back of a Penfed loan for my current S, but Alliant was stupidly easy. I was going to lease, but after a cost comparison that Tesla sent strongly hinting to take a loan instead, I decided to go for the loan instead. Monthly payments were basically the same, with slightly less down. Applied online last night around 9pm, had the pre-approval before 9am today, and the loan completed by 4pm. So easy, just one phone call and a few very easy forms to complete.
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Told my local credit union about Alliant interest rates. So they said they would match and actually got me better. 1.99 for 84 months!
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Does anyone know how much they take a W2 into consideration? I applied and got pre-approved for the low rate but they asked for 2 pay stubs and a W2 from last year. The pay stubs are Ok but last year's W2 shows hardy any income because I was primarily paid in stock. Is this an issue?
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Maaz said: ?

Told my local credit union about Alliant interest rates. So they said they would match and actually got me better. 1.99 for 84 months!
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Which credit union?
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Brandon332 said: ?

Does anyone know how much they take a W2 into consideration? I applied and got pre-approved for the low rate but they asked for 2 pay stubs and a W2 from last year. The pay stubs are Ok but last year's W2 shows hardy any income because I was primarily paid in stock. Is this an issue?
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That could be an issue. I know one member who got pre-approved for 100% but then days before delivery, there was a hiccup since Alliant wouldn't consider their business income from this year. They ended up paying cash instead.
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MorrisonHiker said: ?

That could be an issue. I know one member who got pre-approved for 100% but then days before delivery, there was a hiccup since Alliant wouldn't consider their business income from this year. They ended up paying cash instead.
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Ok you know if the business income was from self-employment? I heard self employed people can have issues
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Just to toss in a data point, I asked Alliant about financing for my CPO, and they came back with 2.25% for 3 years, 40k loan. My credit score is over 800.
Loans for CPO's aren't quite as good as the loans on new/inventory.
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NoMoGasNeMo said: ?

Which credit union?
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Kinecta
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Brandon332 said: ?

Ok you know if the business income was from self-employment? I heard self employed people can have issues
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I don't think so. In this case, I believe they had a regular job and a home business in the side. The business had a really good year so far but since they hadn't paid any taxes on the business income yet, Alliant couldn't consider any of the income or business assets. Fortunately the buyer was able to just pay using those funds instead of financing.

I did find it lame how they can pre-approve for 100% and then totally change that approval when you actually apply for financing. That being said, I opened an account with Alliant many years ago since they've always had really good auto loan rates. While they won't finance everyone, I will most likely finance my Tesla through them.
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ZERO260 said: ?

This what I'm doing. My sales price is $86k including sales tax. I'm coming to the table with $40k of my own cash and $15K from a home equity line of credit for a total of $55k down payment leaving $31k to finance. My cash outlay will be about $700 for 4-5 months until tax time. $400 with Alliant at 1.49%, approx. $300 on the line of credit. I opted for a delayed deliver in the Sep- Oct time frame to lessen by burden for as short a period as possible. I'm expecting a $16k tax refund in Feb 2017 which will be used to pay off the line of credit bring my monthly cash outlay down to $400 a month.

Most lenders have criteria for what's a new car e.g. Age, mileage etc. and what's considered used with higher rates for used. Refi's cost more. Most would not allow me to apply my refund to the original loan and refi under one roof without penalties (higher interest rates). Prior to today I was thinking of using two lenders not including my line of credit, but this was a little problematic trying to go with the highest rate for original loan (short term) and refinancing with the lower rate lender for the long term.

I don't work on Wall Street or wear pinstripes on a daily basis, just an old country boy trying to save a buck thru CREATIVE FINANCING

Hopes this helps!
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Do you have an opinion on where interest rates are headed?

I only ask because you're making a massive down payment rather than taking full advantage of the 1.49%.

WIth the 10yr sitting at 1.6%, I'm looking to put capital into appreciating assets. 100%+ LTV seems to be the way to go.
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ZERO260 said: ?

This what I'm doing. My sales price is $86k including sales tax. I'm coming to the table with $40k of my own cash and $15K from a home equity line of credit for a total of $55k down payment leaving $31k to finance. My cash outlay will be about $700 for 4-5 months until tax time. $400 with Alliant at 1.49%, approx. $300 on the line of credit. I opted for a delayed deliver in the Sep- Oct time frame to lessen by burden for as short a period as possible. I'm expecting a $16k tax refund in Feb 2017 which will be used to pay off the line of credit bring my monthly cash outlay down to $400 a month.

Most lenders have criteria for what's a new car e.g. Age, mileage etc. and what's considered used with higher rates for used. Refi's cost more. Most would not allow me to apply my refund to the original loan and refi under one roof without penalties (higher interest rates). Prior to today I was thinking of using two lenders not including my line of credit, but this was a little problematic trying to go with the highest rate for original loan (short term) and refinancing with the lower rate lender for the long term.

I don't work on Wall Street or wear pinstripes on a daily basis, just an old country boy trying to save a buck thru CREATIVE FINANCING

Hopes this helps!
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TacC said: ?

Do you have an opinion on where interest rates are headed?

I only ask because you're making a massive down payment rather than taking full advantage of the 1.49%.

WIth the 10yr sitting at 1.6%, I'm looking to put capital into appreciating assets. 100%+ LTV seems to be the way to go.
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Im sticking my neck out there. Expecting to retire in two years and would to have the car paid for. I'm not used to car payment over $400 a month, in which I haven't had one in over ten years. The stock market is a crap shoot. I liquidated some stock. As far as earning interest on my saving is pennies per month.
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at 1.49 its almost free money. rates are not going down, nor do i see it ever getting down to 1.49 again, so taking that no brainer. if i was retiring and cash wasnt an issue, then paying it off is fine, but going to let me my money make me money.
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Meanwhile we have 3.9% rates in Canada :'(
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flyhigh123 said: ?

at 1.49 its almost free money. rates are not going down, nor do i see it ever getting down to 1.49 again, so taking that no brainer. if i was retiring and cash wasnt an issue, then paying it off is fine, but going to let me my money make me money.
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Try 0.99% for 60 months from Energy Federal Valid July 1-31st
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BigAirHarper said: ?

Try 0.99% for 60 months from Energy Federal Valid July 1-31st
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Wow - link to that sweet deal?
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Auto Rates :: Rates :: Energy Federal Credit Union

The .99% starts 1JUL THRU 31 JUL. tesla special! Deliveries in August 2016 will be 1.43%; still not bad. I did not confirm if this only applies to 60 month loans only. Alliant Is 72 months for 1.49%.
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Anyone interested I'll shoot you a PM to let you know who I'm working with. She has been great.
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BigAirHarper said: ?

Try 0.99% for 60 months from Energy Federal Valid July 1-31st
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But don't they max out at 70K auto loan limit? Still compelling for many, considering myself right now.
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jason1466 said: ?

But don't they max out at 70K auto loan limit? Still compelling for many, considering myself right now.
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For July they are doing $75k max.
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I called and spoke with someone about the 0.99% for July and they did confirm that it's for loans that close between 7/1 and 7/31 up to 75k for 5 years. My plan is to get approved for this and try to get the Lightstream rate beat program and squeeze out another 0.10% rate reduction.

LightStream - Loans for Practically Anything
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teslamotorclub

Chủ Nhật, 25 tháng 12, 2016

Alliant Credit Union 1.49% for 72 months part 1

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