Jun 21, 2016
matblk Alliant is getting overwhelmingly good reviews here on TMC but I had no luck with them. I applied for a 36mo loan for 80k and was rejected via automated email. I called to ask if there was perhaps an error on the submission. I was transferred into the loan consultant's voicemail and he never returned my call.
A local credit union was happy to give me $80k at 1.49% so I'm not sure why Alliant didn't want my business. The Alliant application process was straight forward but I somehow got myself blacklisted. So it goes.�
Jun 21, 2016
ccutrer Cause that $3.33/month is soooooo important (the difference in payment on a $75k for 60 months at 0.99% vs. 0.89%) on $1,281.71 total per month. In all reality, if you can get it, the unsecured loan from Lightstream is worth the pain of getting them to match (okay yes, beat) rate.�
Jun 24, 2016
TacC Looking at yields today, it is hard to imagine there won't be more deals similar to what Energy Federal is offering. Someone has to come out with a 72 mo loan at 1.24%.�
Jun 24, 2016
Diavel Hey I just moved out of Torrance. Who is your credit union that did that?�
Jun 27, 2016
Rich Meister I'm interested too! Also in Torrance =)�
Jun 28, 2016
ksquared This mirrors my experience. I was sent a PM by another forum member recommending Alliant. Before that, I was going to go with my local credit union with an 1.84% loan/60 months with 10% down but this was just too easy. Applied online on a weekend, had pre-approval for 1.49%/60 within a few hours, today (while traveling abroad) did a quick 5-minute phone interview and then signed docs electronically to finish the process. Unless there is an unexpected surprise, I would rate my experience extremely highly.�
Jun 29, 2016
Oceanwolf Question..
My delivery is mid August, can I lock down the loan now?
Onur�
Jun 29, 2016
ccutrer No, you shouldn't. If you close more than 30 days after pre-approval, they will have to pull your credit again. They can get the whole thing done in less than 24 hours (probably less than 2 or 3) if necessary. I got my pre-approval in minutes, then two days before delivery I was trying to call and figure out the final stuff. They almost laughed at me - "oh, we have plenty of time." So weird for a bank to be so fast. Took probably five minutes on the phone, five minutes later the closing docs were in my email to eSign, and within an hour of signing they had wired the funds to Tesla.�
Jun 29, 2016
Xenius Yup. I just confirmed my order yesterday, but before I had ordered I called and talked to alliant. The 1.49% runs though at least the end of this year. The rep told me I'd qualify with any score over 740 (check!) and that they'd finance something like 105% of the loan.�
Jun 29, 2016
ccutrer Definitely know your score beforehand (creditkarma, or any of many banks and credit card companies will give it to you for free). You can do up to 105% loan to value (I'm still unclear on if that includes the $1200 destination and doc fee), limited by what's on your MVPA. This means that if you're in a no-direct-sale state, and sales tax and registration aren't on your MVPA, you can't finance them.�
Jun 29, 2016
Xenius I'm in PA so I'm good. Will put between 10 and 20k additional down depending on sale if my car or trade in.
Credit Karma is great, been using them for years.�
Jun 29, 2016
gmtom1 Anyone know which credit bureau Alliant uses? Transunion, Equifax, or Experian? Each of the big three have slightly different scores and not all of the free score services cover all three.�
Jun 30, 2016
TacC I hope this doesn't come off wrong. I'm just looking out for the community and trying to help where I can.
A $20k down payment will knock $1k off your interest over the life of the loan. With the same $20k in $JNJ, you're looking at $3k in dividends plus some capital appreciation.
Can't stress enough how important I think it is to borrow 100%+.�
Jun 30, 2016
Xenius I know, and totally feel you, I actually like the flexibility of less designated spending each month. I may end up doing a little less, but I hate the idea of ever being upside down on a loan more than I hate the idea of not getting the best returns. As far as dividends, I'm a fan of PHK and similar things. Hard to beat 10-11% yield.�
Jun 30, 2016
Xenius I asked them when I called, they pull Equifax.�
Jun 30, 2016
MSullivan I called and gave them all my info ahead of time, you know the standard stuff, SSN, income. Then when I had the delivery window confirmed to me I got the approval done.
They need the MVPA (motor vehicle purchase agreement) from Tesla and then they send you some electronic docs to sign. They FedEx a check to Fremont and the local SC releases the car to you.
Easy as pie. They trust Alliant so they release the car as soon as Alliant provides them with a tracking number.�
Jun 30, 2016
ccutrer Confirmed. Credit Karma shows the hard inquiry against Equifax, and not TransUnion.�
Jun 30, 2016
Brandon332 Say you have $1000 in extra income each month from "eBay business". They don't verify and it'll do you some good.�
Jun 30, 2016
ccutrer I can't tell that they did any income verification with me. I guess it's possible they looked up a phone number for my employer, and called directly. Would employers do income verification over the phone, or just employment verification? I never had to provide any paystubs or tax statements, which surprised me.
However, I'd be scared to lie about income. Portray certain sources of income in a more favorable light, sure. But an outright lie...? If they catch you before the loan closes, they'll probably just send you packing. Who knows what the consequences would be if they find out later, though? Repossess the car? Not worth the risk to me.�
Jun 30, 2016
TacC Indeed! Yielding 13% right now and they didn't waver in '09 and '11.�
Jun 30, 2016
Xenius I got nervous as I started seriously prepping for my Tesla, wanted cash so I sold out at about 9 bucks (only like 1500 shares), of course now the price is almost a full quarter per share more. Ah well, had I not sold I'm sure the reverse would be true.�
Jul 1, 2016
MSullivan I saw that Alliant was offering $100 to new members that financed a car within 90 of membership. I didn't see this offer till after I closed and figured I was getting the 1.49% deal and was eligible.
This morning I woke up and saw that with no prodding they deposited $100 in my savings account.
Nice surprise.�
Jul 1, 2016
ccutrer Oh hey, check that out. Me too!�
Jul 1, 2016
MSullivan I just reread my post, I meant I didn't think I was eligible, can't edit it now.�
Jul 1, 2016
Poiuy09 Oh wow.. that was a nice surprise. I see $100 in my account too.�
Jul 3, 2016
SD_Engnr So, yesterday, while I was in a Tesla Gallery, I was told that Alliant's great rates are expiring on 7/7.
Can anyone else confirm this?�
Jul 4, 2016
m2140 I too heard the same from 2 showrooms this weekend. So i quickly put in my Model X order this weekend to lock in the rate.
I was told by Tesla and Alliant that if you apply and are approved before 7/7 you can lock in the rate. Even if the delivery is not till Sep like mine. They will need to run your credit again about 30 days before the actual delivery, but again the rate and terms are locked.�
Jul 4, 2016
TacC The only thing I can think of is that they're reducing their exposure to Tesla loans.
Projected resale values should be re-evaluated in light of the Autopilot PR. We don't know how this plays out with state and federal legislatures. And the threat of competition is real. Even if these pieces only knock $2k off the resale value, that is almost 50% of the yield on a loan like this.
We can assume that Tesla will keep car values inflated with their repurchase guarantees; however, their fate is less certain with the SolarCity acquisition.
Tesla may be attracting a new buyer with less disposable income and a lower credit rating. As a result, Alliant could be on the hook for some dubious loans.
Interesting to say the least. Rates are coming down and Alliant appears to be pulling out of a market as it becomes more profitable.�
Jul 4, 2016
Priyank Here is the response I received from Alliant loan consultant.
"I know for sure it will go through the end of July-not sure about August. But if we lock you in some time in July, you will be locked in at that rate for 30 days."?�
Jul 4, 2016
DougH I was told that they didn't have an end date to this rate.�
Jul 5, 2016
ksquared All of to explain the fact that Alliant may be ending a low interest rate period? Solar City and Autopilot PR evoked here? Seems like a bit of a doomsday explanation to me. And based on what other people are hearing from Alliant, likely false.�
Jul 5, 2016
krazineurons I spoke with Alliant today, I wish I had waited to read the latest updates on this thread. Found some interesting things.
When they ran my score it came in between 700 and 730 though credit karma showed it at 780. They said they use the pinnacle model and everything looked good it was just that some credit cards hadn't reported the updated balances to the Bureau yet.
Net result, I am getting 1.74% for 72 months instead of 1.49% since I missed it by two points. Also I was told that this promotional offer of 1.49% runs only through 7/15, he is not sure post that date what the new rates are going to be. He also said that he will take care of preventing the second hard check by keeping the account open, not sure what that meant but it went too quick that he wasn't in mood of answering questions.
So right now my options are to either get my score updated and ask them to pull again or get refinanced after accepting current offer or just go to a different provider.
Any advice how I can get a better deal?�
Jul 5, 2016
ccutrer A refinance likely won't get you a better rate. The 1.49% and similar offers are usually only for the original loan on a new vehicle only.�
Jul 5, 2016
Oceanwolf Did any of you tried TechCU? They have a 1.99% Tesla rate, I wonder if they match Alliant.
Onur�
Jul 5, 2016
TacC I'm not saying any of those fears will be validated; just offering an explanation. Rates are headed lower and they're ending a promotional deal. Unless they're going to introduce a new structure at a lower rate, this is a de facto departure from the Tesla market.
If you don't think any of those issues are playing a factor, what do you believe is driving their decision?�
Jul 6, 2016
krazineurons they ran out of available cash to lend? Is that a possibility. Given such a low interest rate what are they really being benefitted from?�
Jul 6, 2016
miemrich Yes, please. Can you provide a name, phone number and email address from the person you were working with.
Thank you.�
Jul 6, 2016
krazineurons @Oceanwolf @MSullivan @Xenius i haven't had a great experience so far, reached out to Jason Freese who was heavily recommended on the forum. He persisted to not finance beyond $100k and dinged my interest rate from 1.49% to 1.74% since my score was 2 points off. Credit karma said 780 but it showed up 730, indicating balances were not yet updated on the score. He offered to check back on the score after i talk with the banks to update my score but i have a ultimatum of 7/15 as that is when the 1.49% guarantee expires. Wanting to know why am i being forced to limit to $100k? Do i have to sweet talk to them to get the 105% value?�
Jul 6, 2016
Xenius Hrm, well I haven't done my confirmation with them yet so I guess YMMV. I'm waiting until my car actually goes into production before I move ahead, otherwise they'll ding my credit with another hard pull. I'm well into the high 700's right now so I guess that's less of an issue. I don't remember the name of the person I spoke to but he was very helpful.�
Jul 6, 2016
ksquared I honestly have no idea. But I think your conjecture is a bit akin to saying Bloomingdale's 4th of July sale is ending because the market for clothing is collapsing.�
Jul 6, 2016
Nick123 Hi, I am interested in finding out more. Can you please let me know info for the contact person�
Jul 6, 2016
MSullivan The guidelines are most likely set by Alliant and not an individual loan officer. I think there you are just dealing with some people that are better than others at returning calls, etc.�
Jul 6, 2016
ccutrer I had no problem financing >$100k. I did have a problem financing 105%. I'm in Utah where Tesla can't sell directly, so sales tax, title and registration is not on the MVPA. And the $5000 reservation deposit was. Alliant refused to finance anything not on the MVPA, or to finance more than the balance due so that either they or Tesla could refund me the $5000 (so that I could use that to go pay the sales tax).
The $100k limit might also be because they caught your credit score below their preferred threshold. I hate how credit cards report your balance. They should do the lowest it's been for the past 30 days, rather than a random snapshot. That way if you pay it off every statement or every paycheck, they'll always report $0.�
Jul 6, 2016
BigAirHarper No question it's so stupid. Credit score will never go up yet I pay off my balances in the thousands every single month on every card. I pay with card to get travel points. Duh. Yet my score has taken a dump even tho I never carry a balance. The reporting system is BS and needs overhauling. When I bought my house and shopped mortgages 3 separate banks pulled 3 scores that varied by 75+points! What!?�
Jul 7, 2016
TacC I think that is a bit of a straw man. I'm simply saying that they can't raise rates if they want to continue originating Tesla loans. I'll play along, though.
On July 5th I can buy a shirt at Bloomingdale's for the original price or at Amazon for the sale price. Who gets my business?�
Jul 7, 2016
ksquared Strangely enough, people do shop even when they're paying retail. I would agree with your statement with one minor revision:
"...they can't raise rates if they want to continue originate {a disproportionate share of} Tesla loans."
Back to your original post, I think there could be a multitude of reasons why they're originating Tesla loans that appear to be below market for well qualified customers. Perhaps this is effectively a loss leader (or minimal profit business) to increase their visibility.
Certainly I hadn't heard of them previously and used them this time only because of their ultra-low rate. However, after my positive experience originating the loan I might consider them even if they provided the same rate as my local credit union, as their customer service and ease of accessibility was vastly superior (something I never thought I'd say given I've originated my last two loans with my local CU and they have a branch literally steps from my office).
You evoked all kinds of scenarios related to Tesla's microeconomic environment (Autopilot issues, Solar City acquisition) and I'm just saying that perhaps the situation is much simpler than that. Even if Tesla sales drop significantly (let's say in half) selling loans to customers with good credit is still what banks do as their line of business. Even if Tesla resale prices drop due to FUD about Autopilot, I can't see typical Tesla owners abandoning their loans en masse and putting a credit union (and their own credit histories) at risk.�
Jul 7, 2016
ksquared I also financed 90%, but the loan value was above 100K. So this situation probably did relate to their assessment of risk. Although my score is typically over 800, I often get dinged for not having enough revolving credit. And my AMEX bill (paid in full each month) variably affects my score depending on what day of the month it is pulled.�
Jul 13, 2016
jsollender I'm at 1.49% with Alliant, 2.49% with Chase and 2.69% with TD all for 72 months. Don't yet know the down payment requirement, but my question is the buyback guarantee. I know it existed (PAST TENSE...see No more Tesla buyback guarantee as company cuts prices again)
But, did this guarantee also apply to the X or only the S model? If the higher rates with the TM preferred vendors buys me no insurance, I see no reason to finance with the 2.49 or higher vendors. Does anyone know if the buyback guarantee applied to the X, and if it disappeared this week also? My car arrives next Thu/Fri and TM finance already pulled my credit report...�
Jul 14, 2016
jsollender Anyone?????�
Jul 14, 2016
TaoJones Eh? The GRV program ended 6/30. Go with the lower rate.
Given that there are thousands of dollars of interest on the line, you might want to *email Tesla* to get the answer in writing as well (versus reading about it on the internet and such).
�
Jul 19, 2016
TacC So there's no mystery to be solved, after all. Alliant is still offering 1.49% on 72 mo loans.�
Jul 25, 2016
Brandon332 I've heard many people on here received $100 for opening the new auto loan at Alliant. I didn't receive the $100 and called today and the guy said that Tesla loans are excluded. But many people here received it, how did y'all manage such an accomplishment?�
Jul 26, 2016
ccutrer I didn't even know I was getting it. I just checked my account after hearing about it on the forums, and it was there.�
Jul 26, 2016
Pandamoanium I'll start by saying I agree, the system is kind of BS, but not in the same way as you.
I'm not sure if you know this, but by utilizing more than 30% of your credit is what's hurting you. They don't care that you pay off your balances, even if it's in the thousands. As for your credit being pulled and it being that different, if you had a decent amount of time in-between the credit pulls they are reported. Each time you have a hard check (which is what mortgages do) it is reported almost immediately and will drop your score. If you don't believe me I suggest you look into this and seek a professional.�
Jul 26, 2016
ksquared Same here.�
Jul 26, 2016
BigAirHarper Thanks for the tips. Yea I'm aware. I just had one particular card that's foreign transaction free and used it entirely for an Ireland vacation. (Royal county down ain't cheap) Just so happened to be same month I'm applying to buy a Tesla. Hahaha. So when she pulled it they reported a 25% of total credit available on that one card and it dinged me. I just hate the system but oh well, what can we do. Now for any big purchase I'll be paying cards off weekly so my balance appears to be about $50 hahahaha.
For the house it was stupid. I shopped loans over 10 days. Each bank used a "different credit report system" and it varied by massive amounts. Kinda silly and eye opening. 1 bank straight denied and 2 others gave me loan offers and j went with best offer, which was really good.
Oh and I asked a pro about the hard pulls. If you do them within 30 days they know you are shopping and won't ding you for each one. They ding your score once for the whole group. Just a tid bit you may find interesting.�
Jul 26, 2016
Pandamoanium I'm in the same boat, the system is pretty much *sugar* IMHO. In today's society, there's so much emphasis on getting and using credit cards. Then you have us who can max the cards out at above 15K and pay them in full, yet we're apparently the idiots.
One thing I learned is that banks are not always the best for mortgages. They say they're competitive but the mortgage companies were way more competitive and much better at getting *sugar* done. They were on top of things throughout the process and advocated for us. We stated we didn't want to close unless something was fixed/finished, they made it clear to the builder we were getting our way or they were going to lose money.�
Jul 26, 2016
BigAirHarper Hahaha so true. We are some sort of "risk". Yea ok.
Yea I was in a unique situation shopping for a physician loan. Most mortgage companies said "huh". So I said screw it and went straight to the banks for their offers. Maybe on home #2!�
Jul 26, 2016
AZ Desert Driver Gee - I've never tried to loan my physician to anyone. Never thought that was a thing.�
Jul 26, 2016
Austin Powers It's the DTI that gets you not the balances. So you'd want to minimize the number of you cards you actively use since the minimum payments on those cards affects DTI adversely.�
Jul 26, 2016
BobCio I applied and they approved literally within 24 hours... However, a few caveats that were not mentioned anywhere;
1) To get the 1.49%, you must allow them to auto-deduct from your account. Otherwise, you pay an additional .4%, for a rate of 1.89%
2) The rate is only good for 30 days. After that they will not guarantee the rate - so the fact that your car won't be delivered for 6-12 weeks is not their problem.
3) I asked if they would extend the rate lock - they flatly refused, saying they can only over a 30 day rate lock.
My Model X 60D is not due until September (finger's crossed), which is 60 days - so we'll see if my rate changes by the time I close the loan.�
Jul 26, 2016
Austin Powers Their promo rates are valid till September 30, end of q3. If they already approved you, they won't pull your credit again. You should be OK�
Jul 26, 2016
krazineurons When did it change from July 15th to Sep 30?�
Jul 27, 2016
Austin Powers On July 15th�
Jul 27, 2016
Xenius I don't think that's true. They told me after 30 days they'd have to pull credit again. However, they can fund the loan only if you work with Tesla. I may have to do that. I got my rate locked @ 1.49 for 72 months on July 14th. However my deliver window is August 12th - 26th. My DS knows that I want to fund the loan early if needed so I'm good there. My credit can afford a third hit, but I'd like to avoid it as I also just did a refinance for the house.�
Jul 27, 2016
Austin Powers That was told to me by an alliant loan officer. He mentioned that a second credit check wasn't necessary if the rates didn't move. Didn't make sense to me either but I have that in an email.�
Jul 27, 2016
jason1466 You can slip past 30 days if the docs are generated within the 30 days. I am not entirely sure how far past 30 days, but I am at day 37 and counting while waiting for Tesla to ship a door part prior to delivery. Personally I would rather a second credit hit than to fund the loan before inspecting and even knowing when they will allow delivery of the vehicle.�
Jul 27, 2016
jrichey They told me they needed to repull my credit report since it had been about 45 days. Told me as long as my score didn't drop below 740 , I think, that I would still get the 1.45% rate which is what I got. Easiest car buying experience ever. I just took delivery yesterday, finalized the loan details the day before. Just awesome.�
Jul 27, 2016
BigAirHarper Yea my $135 min payment and $55 min payment on two cards don't effect DTI in slightest... I was instructed it was strictly a utilization thing and my CS has reflected that by jumping up huge once it hit that there was no longer any balance on the card at all.
Curious, where/how did you apply? Over phone or via website? And do you have a contact you recommend at Alliant?�
Jul 27, 2016
GoCanes I also found financing through Alliant to be amazing - approval in only one day, etc. But there was another side benefit - we were also going through a refi on our home mortgage when we took delivery of our X and, when the mortgage broker pulled a update on our credit report about a month after our delivery, the new auto loan from Alliant did not show up! Perhaps their status as a credit union means their loans are reported differently (or more slowly), but it did save me the additional headache of explaining the new loan!�
Jul 27, 2016
Xenius That's interesting. I happen to be in the same boat (also doing a refi), however it appeared that the mortgage company got scores from all 3 agencies, they were all within 10 points and all above threshold for best rate so it didn't matter. I'm curious though if based on your experience maybe alliant only reports to one agency and whomever your mortgage company was only pulled from one.�
Jul 27, 2016
jelloslug I just did a refi also and both my wife's and my scores went up.�
Jul 27, 2016
ccutrer According to Credit Karma, Alliant has reported to both Equifax and TransUnion�
Jul 27, 2016
ccutrer My score has also gone up by 19 points in the last month. This a full month after the Tesla loan hit credit reports. It's because I raised the credit limits by $15k total across two credit cards, even though I don't plan on using them any more than usual.�
Aug 12, 2016
sheadxn This process was so fast and easy... Whole process completed within 30 minutes... 1.49% for 72 months�
Aug 14, 2016
Oceanwolf My car will get to production next week "That is what my DS said, He said the same thing 3 weeks ago." So I am started to look at my options for a loan. I can get 1.49% from Alliant, but an unsecured loan from Lightstream at the same rate sounds great to avoid the Title, insurance etc paperwork. Anyone tried LightStream? It seems like I need to apply to Alliant and got approved so that they can match it.
Onur�
Aug 14, 2016
AZ Desert Driver I just looked at LightStream...They are a division of SunTrust. I plugged in some numbers into their calculator - $90,000 for 72 months and thy quoted 4.34%- a bit higher than Alliant at 1.49%. Client asked about my credit score, and that is what got me a great rate, LightStream did not ask - so perhaps thats why a high rate.
Years ago (circa 1985) I had some dealing with SunTrust and their Trust department. Trustworthy was not a term I would apply to those sharks at that time. I swore I'd never do business with them again and would bad mouth them whenever I could. Cant seem to muster that hate after all these years, but sure can't find warm fuzziness either.�
Aug 14, 2016
Oceanwolf Thanks for the warning. I'll be very careful. I need to get approval from Alliant first. I'll check LightStream after that. Unsecured car loan is not something very common. It makes life easier but not that much important.
Onur�
Aug 15, 2016
Rich Meister They will pull ur credit again if its over 30 days. There is no if and or buts since their system is only able to provide 30 day rate locks. I made the mistake of getting my financing done before even ordering... which is how you would typically buy a car LOL They offered me 1.79 instead of 1.49 and I took that to my current CU and they said they would beat the 1.79. Wasn't really looking for them to beat it just matching it would have been good in my book. So 1.49 for 78 months.�
Aug 15, 2016
Austin Powers You're right. I have mixed feedback about Alliant since depending on which loan officer I spoke to, I received different answers. As easy as the loan process was, they could do better in the customer service department.�
Aug 15, 2016
TslaMom +1
I started another thread about how one of their loan officers didn't bother following up with us after we submitted our documents to her.
The same thing happened to me regarding getting different answers from loan officers.
It's hard to believe this is a bank.�
Aug 16, 2016
ML2001 I'm thinking about going with LightStream as they rate match any loan out there. However, you can get a max of 100K via Light Stream. I have had nothing but good experiences with SunTrust, but then again I live in Florida and bank with them for most of my needs.
I'm waiting for a delivery date confirmation on my Model X90D before I start the application process, which seems to be a straightforward application I could do online and they approve and deposit the money in my account almost same day so that I could write the check to Tesla on the delivery date. They did mention that I need to show them the proof of 1.49% rate from the outside bank (Alliant) for them to match the rate, but I'm not sure if I need to go through Alliant officially before they could price match. I'm thinking about just showing an email from Alliant and getting them to do the price match hopefully to avoid two credit pulls.�
Aug 16, 2016
Ramisanders 30 days�
Aug 16, 2016
sheadxn I thought if they credit pull was around the same time that you only got dinged once. Food for thought!!!�
Aug 17, 2016
number12 With this loan offering and getting tax credit at once how does anyone lease?�
Aug 17, 2016
Rich Meister They also offered me 78 months not 72. At 1.
I'd get both done on the same day. The hit won't be as great. The Loan officer from Alliant was great.
It's so apparent now that I won't be leasing the MX. The lease MF is pretty high so the 1.49% blows that out of the water. It actually made financing cheaper albeit for a longer term.�
Aug 17, 2016
outie Many reasons -
1) not everyone qualifies for the rate
2) business tax deduction
3) monthly payment is lower (yes, there are many people who only care about this number)
4) lease end flexibility and less risk on residual (if you were to sell your purchased car in 3 years it might not have the same residual as a lease contract, especially with bigger batteries and AP2)�
Aug 17, 2016
Rich Meister My monthly finance payment was almost $200 cheaper. Tesla MF is right around 4% to lease. But I'm with you on the flexibility however after 3 years, i would be around 57% of my loan balance. So its coincides w/ Tesla's residual. Tesla residual is just more concrete while a used MX 3 years from now may not be worth $58,000.
Also the tax deduction, I have asked my CPA about the "Hummer Tax" Section 179 and he's still looking into for my situation.�
Aug 17, 2016
gmtom1 4a) Leasing also adds certainty and less hassle dealing with selling or trading in your X in three years, even if the lease residual vs. estimated market value at 36 months is about the same. Selling a Tesla to a private party takes time and effort. I'm trying to sell my S now, and it's far more difficult than I would have expected and I'm not seeing as much interest as I would have thought, but some of that is probably due to the big feature additions that are available in new vehicles now vs. my "classic" 2013 S. I'm happy that I have the backup of the Tesla RVG, but I'm hoping I don't have to use it when my X finally arrives.�
Aug 17, 2016
number12 for me though.. $13,000 down or get ($5000) back... almost exact same monthly payment. If depreciation is $18,000 less than residual at end of 3 years then maybe... but that is a huge swing up front. If you do not qualify for this rate either 1) shouldn't be buying at $90K+ car or 2) you wont qualify for lease anyways
With an SUV in particular there is probably more tax write offs for purchase vs lease.
peace of mind maybe, but if you are paying for it all up front... who cares?�
Aug 17, 2016
air2high Alliant pre-approval process was quick and simple over the phone. Maybe 10 minutes. However, Not sure if others would get the same result but I went to my local credit union and they matched the rate. Also they are willing to finance 125% of purchase price and have same GAP coverage for a little bit less cost. Alliant only offers GAP on loans up to $105k. Pre-approval and all with local credit union was just as painless. And I get to keep things local�
Aug 17, 2016
number12 What state? Was it because it was a tesla or do they just PM car loan offers? Did you have to get approved for them to match it (two inquiries)?�
Aug 17, 2016
air2high South central PA - Patriot Federal Credit Union. I don't think it was just because it was Tesla. I just walked in and asked if they would match or beat Alliant (I showed them the email preapproval) and also said that I'd rather keep my money local. I also already have an account with them.
They did not tell me that they were running my credit again. Regardless, I believe that if you have your credit checked a few times close together, it doesn't badly affect your rating as they know that you are shopping around.�
Aug 18, 2016
ithinkmac 179 applies if the GVWR > 6k lbs. I would imagine the 75D should be heavy enough. And depending on your business income, you can also qualify for bonus depreciation.
*Disclaimer*
I'm not a CPA, tax expert, or play one on TV. What I know, I learn from uncle Google. But 179 has been a tremendous help for me in the past decade with business vehicle purchases. YMMV. Keep records of all your driving is very important. Good thing there are apps to do that for you now. I used have a clipboard in the car with mile tracking forms.
-ThinkMac-
�
Aug 18, 2016
ML2001 I'm not a CPA, but this is what I have learned reading about section 179 if you own a small business. With the section 179 + bonus depreciation + regular depreciation, you can write off 70.6% of the vehicle price provided the vehicle's GVWR >6000lbs during your first year itself.
So, with a Model X with a price of 100K:
- Section 179 lets you write off the first 25K.
- You can then write off 50% of the leftover 75K as a bonus depreciation, which would be 38K.
- Finally you can then write off 20% of the leftover 38K as a regular depreciation, which would be 7.6K.
- This would total to an amount of 70.6K that you could write off in the first year.
- You can then write of the rest as regular depreciation at a rate of 20%/year over a period of 4 years I believe.
All these apply only if you drive the vehicle 100% for business. If you only drive 90% for example, then you should only claim 90% of each of these deductions.�
Aug 18, 2016
Oceanwolf I applied to Alliant CU for 75K "I don't want to see more than 1K payments for my car, it is just something psychological" I got 1.49% for 72 Months. Checking if Lightstream will match it, if not I am good to go with Alliant.
Onur�
Aug 18, 2016
travwill Just additional feedback for those on fence with these guys. They are great to work with. Using them for my 2nd loan now. Rates can not be beat, and services is great - not that huge bank response/feel at all.�
Aug 18, 2016
air2high I hear you about the >$1K payments but I was initially thinking of paying for the car in cash but the loan interest rate is so low that I'd rather just move/keep my money in investments, which earn more than 1.49%. And, I think I can pay biweekly instead of monthly to reduce how much interest I actually pay on the loan and even shorten it's payoff.�
Aug 18, 2016
Insureit1 Could not have been easier working with Alliant. Took two phone calls and two emails over the course of a couple of weeks and a total of about 30 minutes. Finalized today and picking up Saturday. I use them again with no hesitation.�
Aug 18, 2016
Oceanwolf Reporting back my experience with LightStream. After providing a lot of finance information I was approved for 75K secured auto loan that they said they would match Alliant's rate. The only reason I was considering them was that they would offer unsecured loan, no lien's on the title or the insurance. Since I have not had an auto loan for more than 28k in my credit history, I was told that an unsecured loan was not granted. I should have bought a Lamborgini years ago..
I will go with the proven and well regarded Alliant in that case.
Onur�
Aug 18, 2016
ithinkmac I believe from what I have read is that the 50% bonus depreciation is applied if you have reached the $500k max depreciation for the year. If all your equipment purchase is under $500k, then the 50% does not kick in. I don't remember this kicking in for the last couple of years for my business cars. So maybe I'm wrong, and love to be proven wrong, and recoup some cost.
-ThinkMac-
*Edit* re-read the article. Looks like the 50% kicks in if you reached the $2MM spending cap for the year. Not just equipment purchase, just spending cap. The $500k was the deduction. You won't get more than $500k deduction. And once you're over the $2MM spending limit, you're deduction is reduced dollar for dollar.
�
Aug 18, 2016
ccutrer Lol. Gotta love when banks penalize you because you've been financially responsible in the past.�
Aug 25, 2016
GreenColorado Just to offer a different perspective...I had an easy experience with Ricardo Jimenez as a loan officer from Alliant, here in Denver. I had already set up an account with Alliant (just in case). He called for permission to pull credit and asked a couple questions. The loan was approved that day. Once the trade-in number was finalized, he had loan docs within a few hours and the loan funded the next day. Maybe I could have gotten the same rate from our local credit union but it was so easy that I didn't think the additional effort was warranted.�
1/1/2015
guest Another positive experience with Alliant. The loan consultant referred by my OA called me at night around 6PM. Spent 5 min collecting basic info and got approved the next day without requesting any further docs from me. Approved for 100%.�
1/1/2015
guest Easy experience here, almost too easy.
Approval came quickly and needed no documentation, they just pulled the credit scores.
I was a little late getting the trade-in so car was delivered before the MVPA was generated. I docu-signed as soon as the MVPA was generated and Tesla allowed me to pick it up before the loan was actually funded.�
1/1/2015
guest What are the current rates buyers have been quoted recently. I was told 2.24 or 2.49 for 60 and 72 months respectively.�
1/1/2015
guest I meant to say from Alliant.�
1/1/2015
guest 1.49 for 72 as of today.�
1/1/2015
guest Mind PM me officers name? Who you get matter? Or are you assigned someone once you "apply" online?�
1/1/2015
guest I was assigned an officer after applying.�
1/1/2015
guest I also got 1.49% for 72 months, but you need to have good credit. It is not guaranteed that you will get that rate.�
1/1/2015
guest Thanks. Definitely over 800 prolly more like 850 credit score.�
1/1/2015
guest Can you PM me too? Thanks.�
1/1/2015
guest I applied yesterday and took a day to get approved. Had a few open leases they had to clarify before approving. Was able to get the 1.49% for 72 as well. I'm definitely not over 800 but the norm is usually 740 to get the best rates.�
1/1/2015
guest My loan is funded for my Saturday delivery. It took only 30 mins for Alliant to get the papers ready and complete it through docusign. I will definitely recommend them for anyone.�
1/1/2015
guest My rating was 780�
1/1/2015
guest What's time frame from applying to funding?
Just finished production and want to apply as late as possible.�
1/1/2015
guest I applied three weeks ago and got approved. I waited until my delivery date is known and MVPA s ready, which was 5 days before delivery. The activation of the loan took 2 hours. You start paying the interest the moment you sign the docs. Alliant wrote an email to my DS who sent the MVPA to them that my loan is funded. I heard applying to loan activation in the same day.�
1/1/2015
guest Well, my loan consultant told me to apply when it's close to delivery when I first contacted her after ordering the car. Fast forward to ~2 weeks before delivery, I was approved in 1 day. She called this morning (still 2 weeks before delivery) confirming the delivery date. When I told her it's 9/27 she said it's still too early to get you docs to sign and / or schedule funding and said we'll circle back on the 23rd (4 days before delivery) to sign docs. However, she did say they have been VERY busy doing tons of Tesla loans. The Q3 push is real.
If you are sure your credit is clean with high score, I think ~1 week before delivery is probably the latest to apply.�
1/1/2015
guest Nice. I just asked for the best rate they had available which was allegedly 2.24 and 2.49.�
Không có nhận xét nào:
Đăng nhận xét