Has anyone gotten their local credit union to finance the Model S

brandonmbeard · Aug 27, 2013

So I'm getting ready to place my reservation and decided it's probably best to secure the financing before I do that.

I called 2 local credit unions, 1 I am a member to and the other I would have to become a member to. My local CU looked at me like I had 3 heads when I said I wanted to finance a Tesla for $75,000. They said they do not do auto loans over $60,000. The second one said something to the effect of not having a previous high value auto loan. I am not entirely sure what not having a high value car loan has to do with my ability to pay the loan back.

I have read that PenFed and Alliant are some places online to finance. But I prefer to work with a person face to face. Has anyone had success getting their CU to finance it?

HHHH · Aug 27, 2013

Yes, I went to InTouch Credit Union here, and they were willing/able to finance it.

AmpedRealtor · Aug 27, 2013

One credit union (Alliant) would not finance over $80k due to no credit history for that high of a car loan in the past. I guess Alliant doesn't want people going to the moon if they haven't already been there before. USAlliance, on the other hand, financed $105,000 and at the same low rate as Alliant. I went with USAlliance. Here is the contact info:

Jon Krumdick
USAlliance Federal Credit Union
Senior Manager - Sales and Service
Phone: 800.431.2754 ext. 2319
Mobile: 978.833.1962
eFax: 914.881.3475
[email protected]
Search Results - USAlliance Federal Credit Union

Schmo · Aug 27, 2013

I used Spokane Federal Credit Union in Spokane, WA who financed 100% of the purchase price for 84 months at 1.4% interest. They also sent me a gift card for free car washes.

I live in Austin, TX where Tesla can't sell cars directly. My Tesla sales rep in Denver called the credit union and took care of all the paperwork for me.

All I had to do is use Docusign to sign the loan app on my iPhone, use Docusign to sign the Tesla purchase order, and then click "Pay Now" on the Tesla website to transfer the funds.

Super simple...

TMS_Red · Aug 27, 2013

I got my Model S financed through Central One Credit Union in Shrewsbury, MA. 0.99% APR on a 4 year loan; 1.49% for a 5 year loan. They were willing to loan 115% of NADA. They only finance within the local community. I have seen in the TMC boards that lots of people got their financing through their local credit unions.

brandonmbeard · Aug 27, 2013

Thanks guys. I'm going to give USAlliance a call.

I hadn't thought about the Tesla rep handling the paperwork with the CU. Will they do that for states they don't do financing in?

slorojo · Aug 27, 2013

My work credit union was ready to finance me with great rates, but because I hadn't had an account for a year, they wanted 25% down

With interest rates this low, no way am I paying more out of pocket than I need to.

I will second US Alliance though - if you can't be face to face with someone, Jon K ([email protected]) would be a great person to work with. He was incredibly helpful and responsive over the phone.

Nikoli · Aug 27, 2013

This is helpful -

How to finance with PenFed quickly without going insane

JorgeNM · Aug 28, 2013

Doug,

Who was your sales rep in denver?

Jorge

liuping · Aug 28, 2013

Saddly, San Diego County Credit Union, where I've been a member for over 30 years, and where have my home load and equity lines, will not budge on their published rates. It seems strange, because their rate is 2.99%, which seems rather high. They were very competitive when we did our hour loan with them.

I'd rather stay local, but for over 1% rate savings, it looks like USAlliance or Alliant it is...

AmpedRealtor · Aug 28, 2013

brandonmbeard said:
Thanks guys. I'm going to give USAlliance a call.

I hadn't thought about the Tesla rep handling the paperwork with the CU. Will they do that for states they don't do financing in?

There really is not much paperwork between Tesla and your bank. Your lender will require two things from Tesla - a final MVPA (motor vehicle purchase agreement) and a "letter of guarantee" from Tesla showing the lender as lien holder. Those will be sent to you by your delivery specialist which you can then forward to your lender.

JonK@USAlliance · Aug 28, 2013

If I can be of assistance to anyone, please reach out to me.

Ven Rala · Aug 28, 2013

I got my financing from my local credit union (Fedfinancial), they are very small, only have 2 branches. I did my financing in April and they had already done one other Tesla already. They gave me a great rate and superb service. I also got approval from USAA and Alliant but Fedfinancial gave me the best rate. Our other car is also with Fedfinancial. Whenever possible, I always try to go with a credit union, local or otherwise. Better service and they don't try to gouge you like the banks.

Search

Has anyone gotten their local credit union to finance the Model S

brandonmbeard

Member

HHHH

Member

AmpedRealtor

Well-Known Member

Schmo

P03915

TMS_Red

Member

brandonmbeard

Member

slorojo

Member

Nikoli

Member

JorgeNM

Member

liuping

Active Member

AmpedRealtor

Well-Known Member

JonK@USAlliance

Member

Ven Rala

Member

Similar threads