Nov 1, 2014
Kandiru Anyone dealt with them?
Allegedly one could get 0.51% financing as they offer a 1% green reduction off 1.51% for up to 60 months.
Anyone with FICO north of 800 do better than this lately?�
Nov 1, 2014
Madartist That's a great deal, if you can get it. Seems too good to be true.�
Nov 1, 2014
Kandiru See here:
Energy Federal Credit Union | Forums | Tesla Motors
Oh, there is a bilingual application for the Chinese Culture and Community Service Center, Inc.
to be filled out in order to become eligible, maibe recruitment for the greater cause, having grown up
in a commie regime this makes me nervous to say the least:
http://www.energyfcu.org/home/fiFiles/static/documents/CCACCMembershipForm.pdf
What do you guys think?�
Nov 1, 2014
ww73 I'm in the process of getting a used car loan from them. For a Tesla, you can get as low as 1.11% for used (2.11% regular + 1% discount)!
Give them a call and overnight the CCACC membership form, a membership application, plus a $10 check. Then ur ready to go.�
Nov 2, 2014
dweeks
I'm in the middle of setting up a loan now. The best you can get for a Tesla is .61%. You need about 800 on your credit report, but don't hold me to that number...
See my post in another thread. Getting .51% requires applying two discounts simultaneously, and they won't do that.
Also, with very good credit they will finance 100% of the purchase.�
Nov 2, 2014
MarcG I would be careful and do lots of research if I were you. Doing a quick search showed some pretty bad Yelp reviews on EFCU and they're not BBB accredited, though I did see one complaint about them on BBB.�
Nov 2, 2014
commasign Anyone know if they require you to open up a checking account? Or can you just join and get a car loan?�
Nov 2, 2014
K85D I had a loan for my S85. I have a very good FICO score. The rate was .86 for 66 months. You do not have to do direct deposit or have a checking account. The only issue is that they do not have automatic bill pay. I had to setup with my bank (BofA) to do the monthly bill pay from that side. Sandra - loan manager was very helpful. They were offering a .66 rate for 60 months.
I just traded in my S85 for a P85D (after 1 month). I am trying to decide if I will use Energy Federal Credit Union again or use the resale guarantee buyback offer after 3 years (which is at 3.74% for 72 months - TechCU).�
Nov 2, 2014
MarcG According to the Tesla credit rep I've been working with, the loans Tesla offer actually originate through Wells Fargo, Chase, and US Bank. Are you saying Tech CU is also an option for the resale guarantee value from Tesla?�
Nov 2, 2014
K85D Yes - Tech CU is who Tesla uses for the resale guarantee for people that do not live in ( CA, CO, FL, GA, IL, MA, MN, MO, NC, NV, NY, OH, OR and WA). - at least for VA�
Nov 4, 2014
rjatc I have set my financing up through them as well. Talk to Mary Johnson in the loan department, she was great! .61% on 60 months. I did receive their schedule of fees, and some of them look a little high, but as stated, you won't be using the checking account anyway. For me the extra % that I would have to pay for TechCU did not seem worth it. .61% is less than my savings account ears, so why would I not do that!�
Nov 11, 2014
MarcG Did they say you have to open a checking account, or can you setup an automated monthly payment from another bank's checking account?
Also, did Energy FCU already fund your loan to Tesla, and if so, how did it go?�
Nov 11, 2014
DrGuest I was told by my Tesla delivery specialist about Alliant Credit Union out of Chicago and got 1.49% on the total amount and $0 down for a 72 months loan. It made it possible for me here in Montana to get my Model S. No local banks could touch that rate.�
Nov 11, 2014
andrewket Is that a typo? 15 year auto loan?�
Nov 11, 2014
Majerus I just got there best rate @72 months 2.24% at 95% value of the car. I was told that is all they can do before they had any of my info, maybe I am doing something wrong?�
Nov 11, 2014
gg_got_a_tesla No, the bigger CUs have upped their rates. Pentagon Federal CU is up at 2.49% now; I had financed my first MS in Jan 2013 with them at 1.49%.�
Nov 12, 2014
andrewket I had an alliant loan 1.49 60 months 100% financed. Gap insurance for 299 I think.
Going with EFCU this time. .61 60 months 100%. I need to get the details on their GAP insurance.�
Nov 12, 2014
Bobbyducati anyone know a reliable, free way to check credit scores? Wont make a difference at this point, but would like to know going in to the loan process rather than finding out from them.�
Nov 12, 2014
DrGuest GetAmped, Yup big typo, sorry about the mis info. Corrected by editing now.�
Nov 12, 2014
Majerus Sign up for a trial at experian its free for a few weeks, then cancel.�
Nov 12, 2014
taurusking
You are right...I have excellent credit and I got mine from Alliant for 1.99% for 60 months and they offered 2.24% for 72 months... Talked to Scott with Alliants
My pre-approval was with Alliants at 1.49% but in couple of months they changed their rate�
Nov 12, 2014
andrewket Unfortunately most of the services that provide you with scores are not real FICO scores. The "community" calls them FAKOs. Further complicating matters, there are several different scoring models within FICO, generally tailored to specific markets/products. For example, there is a FICO score specifically designed for auto loans. A different one for mortgage lenders.
The equifax scores on myfico.com I believe are real FICO scores, using one of the general models. You're also entitled to your score any time you apply for credit and were not given the most favorable terms or if you are denied. The lender should send you a letter with your score.�
Nov 14, 2014
rjatc I am going to post this a couple of places because I want to make sure that people know - Yesterday I had to get the credit union and Tesla on the same page. For all of the Texans in this group, this one is for you. It also may apply to other states that do not allow Tesla to sell. All funds must be paid before Tesla will release the car from the factory. My final paperwork stated that I would take delivery on or around December 3rd. When the credit union in Maryland saw this, they told me that they were going to cut a check and overnight it on the 1st so that I would have it for delivery on the 3rd. I called my DS to ask if that was normal, and he said that Tesla needed all funds by the 17th, because the car would be done in production next week and that Texas will not allow any part of the transaction to be in this state. In other words, you can't hand them a check at delivery!
Luckily, Mary Johnson at Energy is great and she asked Tesla to resend the paperwork with a date of today so she could release the funds. They are going to wire it to Tesla and then we will be done! Just a heads up. Hopefully Texas will change their laws soon.�
Nov 14, 2014
commasign After opening a second account in my wife's name so we can apply for the loan jointly, we were approved for $145k, 8 years, 1.11%. No money down. Sweet deal for a P85D. Basically net $10k in my pocket from the incentives and my monthly payment drops $300 compared to my current P85.�
Nov 14, 2014
MarcG Just got my approval today at the lowest rates (0.61% up to 60 months, then 1.11%).
However there is a $50,000 maximum loan, apparently due to the fact that I never had a car loan that large - though I had mortgages 6 to 8 times larger. My credit scores have always been and are still are over 800 (over 900 in the case of TransUnion).
With a P85D price of about $125k, this is a lowly 40% loan-to-value financing. I'm not sure how EFCU is doing business but it doesn't seem consistent at all.
By the way I was working with a guy called Tony Cesca, though it likely doesn't make a difference who the representative is since they pass on the loan applications to underwriters anyway.
Edit: there seems to be lots of overlap between this thread and the "financing" one Rawad H. started. Moderators, can you please merge?�
Nov 15, 2014
Denarius Did you leave the Chinese name section blank on the application?�
Nov 15, 2014
Dallas1 MarcG,
Is annual income a factor in their decision?
I see everyone talking about credit scores and car loan history, but little discussion about EFCU's income requirements.�
Nov 15, 2014
MarcG It didn't sound like it. The only reason mentioned was my lack of large car loan history (I've bought most my car cash before). I make over $200k a year so I doubt income was a factor.
For the record, Alliant approved me for my requested $100k loan (they could've gone higher but I chose not to). I posted this in the "financing" thread, which is becoming more and more redundant with this one - Mods, please merge!�
Nov 15, 2014
Ride Long Which do you think you will be able to purchase legally in Texas sooner: marijuana or a Tesla?�
Nov 15, 2014
Dallas1 Their failure to factor in income is annoying. I also have high income, and I believe that should satisfy them if I don't have large car loan history. I'll check out Alliant if EFCU does not come through.
Also, how do you guys get the footer (with your vehicle information) to show up on your posts? I'm new here and need help figuring that one out!�
Nov 15, 2014
purplewalt
I think you have to have a minimum of six (? or so) posts before you can add a footer.
Good luck with your order and purchase.�
Nov 16, 2014
Steelerfeever Mary Johnson at EFCU offered us $75k of the $90k we need to finance our Model S at 1.11%. Would prefer to finance the whole thing being money is so cheap. Next best offer was my employer credit union at 1.99% so we effectively saved almost half the finance charge by going through EFCU.�
Dec 21, 2014
eye.surgeon I have nothing but good things to say about Mary and ECFU, I just picked up my car yesterday, Mary gave very personalized and competent service and I got 100% financing at 0.61% APR for 5 years. I do have a good credit score of 800+ and a history of purchasing or leasing similar priced cars. Such a GREAT deal and Mary was a pleasure to work with. I was all lined up to go with Alliant at 1.99% until I read about EFCU here...I calculated that if I carry the loan the full 5 yrs (probably won't) that I will save several thousand dollars by going wtih EFCU over Alliant's current rate.�
Dec 23, 2014
zzzzdoc Same here. EFCU has been great, Mary Johnson in particular.
Last minute arrangements made today, check sent to Tesla.
0.61% APR for 4 years. 67% of car's value, as I had asked for.�
Dec 23, 2014
ricci21 I also agree with the positive things about Mary and EFCU. Mary worked until after 5:00pm on Friday to make sure my loan was closed in time for my delivery today. 0.61% APR for 5 years.�
Dec 23, 2014
BradB I must say, my experience has been completely different. Unfortunately I did not get to work with Mary, even though I emailed her directly when I signed up, my contact does not return calls or emails. And they have refused to give me my credit score, even though I did not qualify for the best rate of .61% (they gave me .86%) because they said my credit score wasn't above 780, even though I checked after they told me that, and my FICO scores are all well above 800. I've learned that this credit union uses a Beacon Credit Score, which I've never heard of. I believe its a federal law that a financial institution has to give you the credit score report if you don't qualify for the best rate. I could go on and on, but needless to say the only good thing about EFCU that I have experienced I s their rate. I will take the .86%, because it is still a good rate, assuming they get their act together and return my calls and I can close on the loan in time. But I will also be filing a complaint with the gov't regulators about their business practices.�
Dec 23, 2014
rjcbox did they finance you 100% of purchase price?�
Dec 24, 2014
andrewket They are using an antiquated scoring algorithm, and you are correct, they have to provide you with the score if they used it as part of their determination not to give you the best rate. That law went into affect a few years ago, but they seem to be a bit behind the times.
The scoring system they use penalizes people with significant credit lines and balances (may not be revolving, just significant monthly spend), and does a poor job of distinguishing the difference between loan types, I.e., auto loans, mortgages, and credit cards.�
Dec 24, 2014
BradB I was only looking to finance about 50-60% of the purchase. Also, I got a call back today saying that my rate would actually be 2.86% because it's a used car, a 2012! I am so fed up with this company. They keep getting me mistaken with someone else or making other mistakes, which is why I truly believe they got my score mistaken, although everyone I talk to there says it is the correct score. I will be putting my request for the credit score report in writing to EFCU and gov't regulators once the loan officially closes, which who knows if it will ever happen. I also got an email asking for two years of tax returns, even though I previously sent them last years tax return, as that is all they initially asked for. And when I called this morning they said all I needed was the final paperwork from Tesla.
There's a chance it won't close to 2015, I read previously on this forum that EFCU is increasing their rate next year, I emailed them to verify nothing will change if the loan gets delayed.�
Dec 24, 2014
EV_Steve I had the same experience with them. With FICO score well above 800 and minimal debt and income to qualify for a 100% finance at other lenders, EFCU offered me $50k at 0.86%. The reasoning was that I have a lack of high dollar credit history. They were a complete waste of time. I was promised a final written loan offer in an email no later than Friday. This is Wednesday and I'm still waiting for the email.�
Dec 24, 2014
commasign My advice is go through Mary but understand that the decision for approval and rate is not up to her. If you do get approved for the good rate, great. It's a smooth process (just remember to submit two membership applications if applying jointly with your spouse) with relatively minimal paperwork. If you don't get the good rate or full amount that you want, then move on. It's one of many options available.�
Dec 24, 2014
Vitaman Andrew, thanks for the explanation on how they qualify you.
I had to go with the .86 too and it made no sense to me.
I charge a lot each month (always paid off at month's end), and that could have been the reason.
Their rates are still the best that I have seen.�
Dec 24, 2014
andrewket I use a trick for this. I pay off the balance the day before the closing date. This way the credit card company reports a zero balance to the credit bureaus. In my case, my alliant car loan was still showing as open even though it was paid off. One week lag...�
Dec 29, 2014
kabirakhtar i'll add that my experience with EFCU was not a good one. found them to be slow to respond and fairly disorganized.
per everyone's suggestions here, i'd left a message for Mary Johnson. she did not call me back. i left her another two, and got a call back eventually from someone else.
i'd advised them that i'd need a loan offer by X date. about four weeks prior to that date, i sent them an application, and a few days later heard back that they needed a new, non-photocopied version. they told me to make sure i sent the new form Attn to them, and meanwhile they'd keep the other paperwork / check aside for me.
sent it back to them, specifically "Attn:" to the person helping me. a few days later again heard back from a second person there, asking why i'd only sent half an application. the second person hadn't read the "Attn" on the envelope, apparently. so another few days passed before they were able to get all the documents onto one desk for some reason. then they said they'd call me back the following morning to start an application, and they did not do so. four days later they got back in touch to say they could start my loan application "tomorrow probably", and that it would take another four days to get all the paperwork squared away, by which time it would be past the date i needed it.
the time i spent on this reminds me of the old Tesla website "True Cost of Ownership / How much is your time worth" question. had hoped for a better experience, but it wasn't worth it.�
Dec 29, 2014
basf_audio I had a fantastic experience with Mary. Only needed to do a few e-mails back and forth, a phone call to validate my application, and a notarized power of attorney for the lien. The rest were a few moments getting validating of my car build info and amount to finance. Can't say enough good things about Mary. Closed today and drove home with my P85D.
I will say I expect that they've been swamped with applications for Tesla's - the rate (.61% in my case for 5 years) is just crazy insane. But each time I've been greeted with enthusiasm.
Thanks!!�
Jan 2, 2015
MSEV Financing Your Model S: Energy Federal Credit Union, Thoughts? Experience?
I will be getting my MS in the next couple months and it is time to start thinking about financing. I checked the local credit union and they offer 3.95% for 60 months. But, on this forum, I read about buyers financing through EFCU at .61%, though the it has gone up to 1.11% this year. Anyone know of EFCU? It certainly seems like the best rates I have heard of or found. Any better places to finance a Model S?�
Jan 2, 2015
commasign See this thread:
Energy Federal Credit Union
I used them. No problems getting 96 months 1.11% no money down.�
Jan 2, 2015
REBroker WOW, that's an insanely low interest rate for such a long of a term, when did you close on this loan?�
Jan 2, 2015
commasign Got the check Thanksgiving week in anticipation of a December 4th delivery. But due to the seat delays, didn't actually take delivery until mid-December.�
Jan 2, 2015
schneiderjohn Mind if you share your credit score? I'm assuming somewhere in the 800s? I noticed that EFCU requires 780 for "their best rate", which looks to be 1.01% on a 72-month (including the 1% EV discount).�
Jan 2, 2015
commasign Honestly no clue which score they used. Transunion score was 777 according to credit karma.�
Jan 2, 2015
Fezzik Credit score was 790. I provided 2 years of tax returns. got 5 years at 0.61 and 1.11 for up to 8 years. 130k financed and went with Mary!�
Jan 3, 2015
REBroker Did you guys have previous history of 100k+ car loans? That seems to be a sticking point, mentioned on the financing thread. Thanks.�
Jan 3, 2015
Fezzik Nope. The most expensive car i financed was an Infiniti JX35 and we paid half of it with cash.�
Jan 3, 2015
commasign Yes, at the time I applied for the EFCU loan, I still had my P85 loan through Wells Fargo.�
Jan 3, 2015
REBroker I'm going to start working on this next week, let's hope it works out for me, I do have great credit so that shouldn't be an issue, we'll see.�
Jan 3, 2015
MattM How long is the approval good for? Trying to figure out timing.�
Jan 3, 2015
Fezzik Mine was good for 60 days.�
Jan 4, 2015
schneiderjohn That's my concern as well. I have very good mortgage and revolving credit history and ~800 credit score, but have never had an auto/student/home equity loan.�
Jan 4, 2015
zzzzdoc Nope. Wasn't asked for in my case, so it didn't matter. I got the 0.61% rate, $90K, 48 months - exactly what I had requested. Mary couldn't have been nicer, or more helpful.�
Jan 4, 2015
MSEV zzzzdoc: you got the .61 last year or this year? I was told by EFCU that the rate this year is 1.11...�
Jan 4, 2015
commasign Last month when I got approval, it was 0.61% for up to 60 months and 1.11% for up to 96 months.�
Jan 4, 2015
zzzzdoc Last year.�
Jan 16, 2015
REBroker I just started looking into financing and EFCU is only offering up to 70k, 1% and 5 years for 2015 Teslas. Anyone here got the better option quoted this year or are we out of luck? I'll beging looking online for other options as well, gotta get this squared away.�
Jan 18, 2015
TSLA Pilot My negative experience with Energy FCU
FWIW, I applied for a $100k+ auto loan for our 4th Model S with them on 31 Dec 2014, hoping to squeak under the wire before they removed the 0.61% APR program. Had to send $10 and sign up for the CCACC, the "Chinese Culture and Community Service Center" of course . . . .
Took some effort to reach Mary, and despite a 4-year 1.49% APR auto loan on our remaining Model S, and a long history of large auto loans and mortgages, all never "late paid" and all paid off early, Mary said, "You're not going to like this, but the loan committee came back with 6.61% and a loan amount limited to $60k." I laughed out loud.
Mary advised that I had a previously unknown "public record of $52" (yes, fifty-two dollars) so I'm attempting to remove that given that I'd never even seen a bill from the party dinging my credit report.
Thus, my suggestion is to be wary. I'll probably send a letter to their president advising that their loan committee is a little nuts, especially given an 800+ scores and 30+ years of excellent credit history, a long list of paid off home mortgages and car loans, and strong income and ratios.
Complete speculation on my part, but my hunch is that they look for any excuse they can find to minimize their Tesla auto loans as they didn't realize their High Efficiency Vehicle loan program would get such wide distribution and result in so many very expensive Tesla loans? As I type this, the link regarding this discount on their loan program doesn't even work (redirects to their home page) so I'll guess it's gone for 2015 or perhaps just under review:
Types and Terms :: Vehicle Loans :: Loans & Credit Cards :: Energy Federal Credit Union
Will update if they clear up my loan and re-instate their previous offer, but I'm certainly not holding my breath given their absurd loan offer (600 basis point hit for an unknown $52 ding?!?).
Lastly, if you're in any way related to the air travel business, or have a relative who is, the AA FCU currently offers 1.49% APR and has for years (and hopefully will continue doing so going forward). We're likely to use them again for our next Tesla if the Energy FCU doesn't get their act together:
American Airlines Credit Union
While they're based in Texas, it's not just for Texas residents, obviously.
Best of luck with your Tesla loans.�
Jan 18, 2015
GreenPenguin What about dcu.org?
Current rates would be 1.24% (factoring the .25 energy efficiency and .5 direct deposit discounts). Think they can do up to 65 months and finance a good portion of the cost with good credit.�
Jan 21, 2015
PatD I reached out to Mary @ Energy earlier this week and heard back from her -
"The lowest rate is 1.11% for 60 months with a maximum amount of $69,999.99."
So sounds like the .61% is gone. 1.11 is still great, but disappointed with the $70k max. I'm not willing to put that kind of money down when someone is offering me money at 1%!�
Jan 21, 2015
eco5280 Who's offering you 1%?�
Jan 21, 2015
PatD Energy FCU (I was just rounding the 1.11% to 1%.)�
Jan 21, 2015
Linux64 Energy FCU financed 90% of my fully loaded P85D for 84 months at 1.36%. I got a 60 day lock in late December. Everything is done and they mailed a check to Tesla. I should have my car in a couple weeks.�
Jan 21, 2015
AlMc EFCU had a change in their lending terms as of Jan 1, 2015. Raising their best rate to 1.1% with a maximum loan of $70K. While there may be a person or two that have reported negative dealings with them the vast majority of people posting here and on the TM forum have found them to be very easy to deal with during the entire process.�
Jan 21, 2015
andrewket I wouldn't say easy, especially compared to Alliant or capital one auto finance.�
Jan 22, 2015
AlMc I have not used either of these lenders so I have no basis of comparison of them versus EFCU. For me EFCU was easy. I have heard good things about Alliant.�
Jan 22, 2015
brad.md.us Alliant, EFCU and DFCU Rates
I have an 85D on order and am told that delivery should be around March 10th. I previously had orderd an S85 and changed to the D when TMC announced the new version. I had applied with Alliant and got an approval. I found them reasonably easy to work with but I did have to send them a lot of information as I am self employed. As I get closer to 25 days from expected delivery I plan to reconfirm current rates with EFCU, Alliant and Digital (DFCU).
Here is a quick summary of the current offerings for credit score above 690:
Alliant:
60 months 1.99%
72 months 2.24%
84 months 2.99%
Alliant will loan 100% of the car value (everything except the taxes!)
DFCU:
Up to 65 months at 1.99%.
They will reduce the rate by 0.5% to 1.49% if you direct deposit your paychecks.
DFCU will loan up to 120% of purchase price or value.
EFCU:
1.11% for 60 months
$69,999 loan limit
For those of you that are going through this process soon, please post to let us know if you find any better financing!�
Jan 22, 2015
kabirakhtar i did post above about my bad experiences with EFCU, but i also tried Alliant and found them to be extremely easy to deal with.�
Jan 22, 2015
PlanB EFCU is a joke.
I got $100K for 84 months, 790 credit score.�
Jan 22, 2015
AlMc Opinions do vary.�
Jan 22, 2015
Fezzik I havent had a problem with them. Easy to deal with. She got back to me the next day and mail out my check next day delivery, scanned in teh check and ups code. And sent me instructions for bill pay to pay the bill every month. I'm just glad I got in on the .61% 130k financed.�
Jan 23, 2015
Coiled What's the best way to get started with EFCU? Call the main number and ask for Mary Johnson? Send an email? Apply for membership? I didn't find the website very helpful.�
Jan 23, 2015
Fezzik Call the number asking for Mary Johnson. She will walk you through everything.�
Jan 23, 2015
GreenPenguin Why would they let you do 120%? For extra accessories? After market mods? For you to gamble in Vegas? Speculate on the price of oil?�
Jan 24, 2015
PatD Maybe taxes, tags, title, etc. All those extra costs. The purchase price is $120k, so if they're basing it on that. Sales tax in PA is 6%, so an extra 20% is high, but I guess you could chew it up on stuff. Destination fees as well?�
Jan 24, 2015
commasign Sometimes people are underwater on their old car's loan so they roll up what they still owe into the new loan.�
Jan 24, 2015
GreenPenguin Okay, that makes sense so still all related to a car. Was thinking what prevents them from taking the extra and buying a boat (maybe a dinghy in this case)!
�
Feb 6, 2015
shadowinstallz Has anyone recently applied? now i see they offer .50% discount (instead of the 1%) for ev/hybrid so 1.11% 70k cap as previously posted.....hmmmm�
Feb 6, 2015
KennyB-FLL I actually applied in late December, but because the loan was not being funded until this week my loan falls under their new parameters. I actually was in Rockville on January 2, and went to meet Mary Ann Johnson in person. All has gone smoothly thus far. Tesla just sent her the final paperwork to get funding issued for my pickup on 2/28.�
Feb 7, 2015
tga DCU offers a further discount of 0.25% for energy efficient cars (>35mpg), reducing the 65 month or less rate to 1.24% with direct deposit. They confirmed to me the Tesla is covered. Higher rates for terms to 84 months are available.
See Energy Loans | Fuel Assistance | DCU | MA | NH and click on the details tab.�
Feb 7, 2015
shadowinstallz Yup...I might go this route if i can finance the whole amount�
Feb 8, 2015
TomL Looks like DCU is harder to join than EFCU?�
Feb 8, 2015
shadowinstallz Not at all....they automatically set u up when u apply for loan. My gf did a loan from them a few months ago. Easy�
Feb 9, 2015
KennyB-FLL Loan was funded today. Paperwork signing to check distribution took less than an hour, and I'm in FL. Check sent to Tesla, also have UPS tracking number. Now all set for delivery!�
Feb 9, 2015
GreenPenguin What deal were you able to get?�
Feb 19, 2015
brad.md.us I applied at Alliant for my S85 and was approved for the full value of the car, but then I cancelled it when I switched to the 85D in October. I called them back to start the process again but I asked if they would match or beat the DCU rates for 65 months (1.24% with a checking account and direct deposit). The person I spoke with at Alliant got back to me and told me that they might be able to beat the DCU rate (as an exception) but would need to see a pre-approval from another lender in writing. So I have now applied with DCU and I am waiting to see if they approve the loan. I am not sure why Alliant thinks I would be willing to go through the application process with two lenders just to see if they can beat 1.24% for 65 months when their rate is 1.99% for 60 months.�
Feb 19, 2015
AlMc This is not uncommon. They just want proof that you can get the better rate before trying to meet or beat it.�
Feb 19, 2015
mikeash I thought I'd report my own EFCU experience. I contacted them based on the advice in this thread. I worked with Mary at first, but they handed me off to another person since apparently she gets a ton of inquiries. No trouble there, anyway. They got my application today and approved me for a loan at 1.11% for $69,999.99 (their best rate, and the maximum possible loan for that rate) in about seven seconds over the phone. I'm supposed to be taking delivery on Tuesday. I happen to live pretty close by so I'll likely be dropping in to finish up the paperwork in person and make sure everything gets done on time. So far a nice and easy experience with them. I just wish I could have gotten 0.61% and a higher loan amount like folks were able to obtain last year!�
Feb 19, 2015
brad.md.us That is a great loan and great service! I am hoping to borrow another $20k so that is why I didnt' contact EFCU.�
Feb 20, 2015
mfreese I'll second mikeash's experience. I worked with Mary to get my membership and loan approval. Once the membership application was mailed in, the rest of the loan documents were electronic and e-signed. Start to finish took about a week from sending membership application to receiving check in the mail.
The whole process was very easy, and the rate was still the best I could find at 1.11%.�
Feb 20, 2015
GreenPenguin So seems the best rates are:
EFCU at 1.11% for 60mo up to $69,999
DCU at 1.24% for 65mo up to 120% of the price
If you have the cash but want to borrow the money and keep it invested to cover the loan rate, considering the rate difference is .13%, DCU maybe better from an investment opportunity?
Even though the rate is marginally more you get more capital to invest plus you get a longer duration to invest.
Running the numbers and assuming an average return think the difference gained is only a $1K or so, which at that point maybe the deciding factor is more convenience and service vs dollars.�
Feb 21, 2015
PatD At a difference of .13%, it just doesn't make sense to work with EFCU any longer since you can borrow up to 120%. Who wants to tie up money when they're giving it to you for next to nothing!
$120k at 1.11% results in $3416.28 in interest over 60 months.
$120k at 1.24% results in $3840.41 in interest over 60 months.
I'll glad pay an additional $424.13 (Or $6.73/mo) over the life of the loan to not tie up $50k!�
Feb 21, 2015
GreenPenguin Actually, the difference is more cause you can only borrow up to $69,999.99 at 1.11% and the rest of the cost $50,000.01 has no interest since you don't finance that part. Assuming the total cost is $120K.
So comparing total cost between the two:
$69,999.99 at 1.11% over 60m plus $50,000.01 as the rest of the payment = $121,827.58
$120,000.00 at 1.24% over 60m = $123,820.41
Your difference in total cost is really $1,992.83. Still, given you get an extra $50k to invest you need a return about ~4% return (simple interest) to break even.
So comes down to what you think the opportunity cost of that $50k will be, to be worth the extra ~$2k of cost to get it.�
Feb 27, 2015
mikeash I just finished up my delivery today. I took delivery at the Rockville service center which is just down the road from EFCU, so I picked up the check in person and took it straight to Tesla. Took about 20 minutes on-site to sign everything and get the check issued. Easy, pleasant, and highly recommended.�
Mar 10, 2015
shadowinstallz
Did you get Alliant to match or beat the DCU rate? i am in similar scenario.�
Aug 22, 2015
TSLA Pilot Glad EFCU worked out for you.
Based on the posts here on TMC I joined their odd charity, opened an account, and applied for a Tesla loan. Broke out into laughter at their rate of 6+% for about half the price of the car. A complete and utter waste of my time and funds.
Last month we completed the purchase of our fourth MS with PenFed (Pentagon Federal CU) at 0.99% APR (yes, that's under 1%) for six-figures worth of Tesla, with nothing down. They were a pleasure to deal with and the process was seamless and efficient.
Thus, in OUR experience, while some have had a good experience in past years with EFCU, we highly recommend PenFed CU instead. Keep an eye out for the regular PenFed's rate "special offers" as they make the Tesla purchase that much more possible when the cost of funds is so much less.�
Nov 3, 2015
Kandiru This is straight from the EFCU email I received today:
Above poster is right, look elsewhere, as above the limits rates increase.�
Nov 4, 2015
roco1613
Where do you suggest looking? I just called DCU and they are asking for a direct deposit from employer as well as only a .25% on electric loans bringing total to 1.49%?
Any suggestions helpful. Taking delivery in 48 hours�
Nov 4, 2015
Max* Are you in DC itself or VA or MD?
I used these guys: https://www.applefcu.org/Loans/AutoLoan not sure they serve DC... They're not the cheapest, but they have competitive rates, and are local, so that was a plus to me.
Right now the 5-year 80% LTV (there was no $ amount, you just need good credit and good DTI) is 1.99%
5 year 100% financing (or up to 115%) should be 2.49% (they add 0.5% if you want to finance more than 80%)�
Nov 4, 2015
Sm4llz I went with Alliant and had approval within hours. A bit higher Apr 2.24% but it's for 100% for 72 months.�
Nov 4, 2015
vemuru Applied yesterday with DCU and got approved for $100,000 at 1.74% for 65 months. Took less than 10 minutes over the phone.�
Nov 4, 2015
andrewket I think EFCU decided they had too much risk on their books with all the 100k+ loans at sub 1% rates. I ended up with 0.74 or something ridiculous last year.�
Nov 4, 2015
eye.surgeon Mine was %0.61 with EFCU last November. 100% . Crazy low.�
Nov 5, 2015
Fezzik I ended up with 0.51 rate cover 100%. I was told the loan program for the electric cars was designed more with the prius in mind and not the Tesla. SO, when someone tried it with a tesla and it work, word spread and they ended that program of 100 % coverage jan 2015. Good while it lasted.�
Nov 5, 2015
andrewket 0.51.. That was it. I couldn't remember. Essentially free money. I've got my monthly payment set to push automatically from my account. It actually cuts them a check and mails it because apparently they lack the infrastructure to receive it as an ACH. They're a bit antiquated.�
Nov 5, 2015
GuyGadois Tesla is offering me 1.74%, 4 years, 90% LTV. Not bad. EFCU is a bit lower but no buy back guarantee.�
Nov 7, 2015
jimtelsa on my cpo s85 i got 1.99 over 72 months with a 30% down payment through Tesla, Chase denied me at the lower rate, because three banks checked my rating
I think this a bad setup in the long run as your credit score will take a hit.�
Nov 7, 2015
andrewket You get 3 days to shop for auto loans and have the inquires count as one with most scoring models. You get 2 weeks for mortgages.�
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