Unfortunately tesla does not offer financing for the state of Michigan so I was curious is there anyone in Michigan that could tell me who they used? And the interest rate as well as length of the loan?
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Digital Credit Union (dcu.org) is offering "as low as" 1.24% on up to 65 months. They also offer a 1/4% discount on "energy efficient" cars, which they define as an average EPA MPG of 35 or better. I've gotten conflicting information as to whether the "as low as" rate includes the energy efficient discount or not. One customer service rep in a branch said it did, but one of the reps at the call center said it did not, so the energy efficient rate could drop to 0.99%.
There is a review written 3 days ago from someone in MI who financed an X3, so it looks like they will write loans in MI (I think their only state limitations are mortgages). He/She got 1.24%, and the is X3 is EPA rated at 21 or 24 combined, so it looks like 1.24% is not the energy efficient rate.
https://www.dcu.org/loans/auto-loans.html
https://www.dcu.org/loans/energy-efficiency.html
Response from chat support:
Kathy: The discount would not apply to electric cars. It is based on miles per gallon, so the car would need to get an average of 35 MPG (Miles Per Gallon) to qualify.
I posted a question in the energy efficient loan Q&A asking if electric cars are covered, and, if not, why not, given that the average MPG as reported by fueleconomy.gov is well over the 35 minimum. If I get a chance, I'll call in and try to get someone to explain the reasoning.Response from chat support:
Kathy: The discount would not apply to electric cars. It is based on miles per gallon, so the car would need to get an average of 35 MPG (Miles Per Gallon) to qualify.
Unfortunately tesla does not offer financing for the state of Michigan so I was curious is there anyone in Michigan that could tell me who they used? And the interest rate as well as length of the loan?
A user at Tesla's forums says he/she got 0.99% from Digital Credit Union for 65 months, financing 90% of the price:I posted a question in the energy efficient loan Q&A asking if electric cars are covered, and, if not, why not, given that the average MPG as reported by fueleconomy.gov is well over the 35 minimum. If I get a chance, I'll call in and try to get someone to explain the reasoning.
Although it doesn't make much difference. $50k for 60 months is $854.47 @ 0.99%, $859.86 @ 1.24%
I just went through all my rate shopping. DCU turned out to be the cheapest @ 1.49%. The Model S does qualify for the .25% Efficient vehicle program.
I took at 65 month at 1.25%, added .5% (because I was not goin to direct deposit income there), the subtracted the .25% to == 1.49%.
I was approved with Alliant 72 Months @ 1.74% as well.
Well, I just finalized with DCU and wanted to share a tip. I got 0.99% for 65 Months ...
There is a loop hole to get the .5%. Just direct deposit $500 per month and you're set.
Well, I just finalized with DCU and wanted to share a tip. I got 0.99% for 65 Months ...
There is a loop hole to get the .5%. Just direct deposit $500 per month and you're set.
Its the min. requirement to maintain the extra .5% rate reduction. They say 100% but theres no way to enforce or check that. I was advised by their loan officer that $500 is the real check.
Just split your payroll deposit. I'm putting enough into the dcu account to cover the payment, which is well north of $500/month.