Page 58 of 58 FirstFirst ... 8485455565758
Results 571 to 580 of 580

Thread: Financing options

  1. #571
    Member travwill's Avatar
    Join Date
    May 2015
    Location
    Chicago, IL
    Posts
    332
    Quote Originally Posted by No2DinosaurFuel View Post
    DCU credit union has 1.74% for 65 months which is essentially 72 months in all respect. Moreover, they offer 0.25% discount on fuel efficient cars which the Tesla qualifies for. Essentially 1.49% for 65 months. I say if you need more than 48 months, DCU is the best bet.

    If you got the monthly cash and live near LA/OC area, then Western Federal Credit union has 0.74% for 36 months. The best I have seen.

    All these auto loans require auto-pay.

    The 0.99% for 48 months from PenFed is tempting, but I am waiting until the Model X comes out and hopefully then, more people will trade up and I can snag a cheap 85D!
    Yes, I shopped around both too. One thing to realize again:

    DCU to get the 1.74% rate, you seemed to need to do auto withdrawal/payment from a new DCU account. Thus you will have to move money into that, switch banks, add direct deposit for it, etc. Allianz allows you to get the 1.9% and auto withdrawal from your existing external account, but does require auto scheduled payment too.

    -T

    Model S 70D | 88139 | Solid White | Tan & Black | Pano | Tech | Air | Fidelity Sound | Cold Weather | 19" | Delivery 6/16/15 | Chicago, IL, USA

  2. #572
    Member
    Join Date
    Apr 2015
    Location
    San Diego, California
    Posts
    275
    Quote Originally Posted by travwill View Post
    Yes, I shopped around both too. One thing to realize again:

    DCU to get the 1.74% rate, you seemed to need to do auto withdrawal/payment from a new DCU account. Thus you will have to move money into that, switch banks, add direct deposit for it, etc. Allianz allows you to get the 1.9% and auto withdrawal from your existing external account, but does require auto scheduled payment too.

    -T
    I cant see why just move money into the account monthly? Or even setup a direct transfer into dcu account monthly to have it auto pay from the dcu account.

    Seems a little bit of a hassle intitally to setup but potentially saving $1-2K over the life of the auto loan of $100K.

  3. #573
    Member
    Join Date
    Feb 2015
    Location
    NE Texas
    Posts
    222
    Quote Originally Posted by No2DinosaurFuel View Post
    I cant see why just move money into the account monthly? Or even setup a direct transfer into dcu account monthly to have it auto pay from the dcu account.

    Seems a little bit of a hassle intitally to setup but potentially saving $1-2K over the life of the auto loan of $100K.
    Mine is with DCU and this is exactly what I do. Their online interface is pretty nice. My due date is the 13th of the month. I have everything on auto pay. Right about now, the payment is withdrawn out of my account into my DCU checking account. A few days later (around the 10th-11th) it is then automatically posted to the loan.
    85D | Grey | Pano | 19" T Sportline | Grey Next Gen Leather | Glossy Obeche | Black Alcantara | Tech | Air | 3rd Row | UHF Sound

  4. #574
    Member
    Join Date
    Apr 2015
    Location
    NoVa
    Posts
    775
    Quote Originally Posted by No2DinosaurFuel View Post
    I cant see why just move money into the account monthly? Or even setup a direct transfer into dcu account monthly to have it auto pay from the dcu account.

    Seems a little bit of a hassle intitally to setup but potentially saving $1-2K over the life of the auto loan of $100K.
    The difference in a 60-month loan of 1.74% vs. 1.9% is about $400...
    Model S

  5. #575
    Member
    Join Date
    Apr 2015
    Location
    San Diego, California
    Posts
    275
    Quote Originally Posted by Max* View Post
    The difference in a 60-month loan of 1.74% vs. 1.9% is about $400...
    The rate at dcu is 1.49% not 1.74% after the EV vehicle discount. This is a 5 years loan. Not a 1 year loan.

    Loan is $100K. 1st year interest differenct is roughly 400 already. 1% of 100K = 1K.

  6. #576
    Member
    Join Date
    Apr 2015
    Location
    NoVa
    Posts
    775
    Quote Originally Posted by No2DinosaurFuel View Post
    The rate at dcu is 1.49% not 1.74% after the EV vehicle discount. This is a 5 years loan. Not a 1 year loan.
    Huh? I did 5 years in my example.

    For a 5 year loan, the difference between 1.49% and 1.9% is a little more, roughly $1,000 over the life of the loan.

    Quote Originally Posted by No2DinosaurFuel View Post
    Loan is $100K. 1st year interest differenct is roughly 400 already. 1% of 100K = 1K.
    Again, huh? It's only a 0.5% difference, and you can't do 0.5% * 100k to get the interest paid for the first year. That's not how math works.

    Each month you pay off ~$1,500 in principle. So on the first month of a 60-month loan at 1.49% you're paying $124 in interest, but on the 12th month you're paying $102 in interest.
    Model S

  7. #577
    Member
    Join Date
    Apr 2015
    Location
    San Diego, California
    Posts
    275
    Quote Originally Posted by Max* View Post
    Huh? I did 5 years in my example.

    For a 5 year loan, the difference between 1.49% and 1.9% is a little more, roughly $1,000 over the life of the loan.



    Again, huh? It's only a 0.5% difference, and you can't do 0.5% * 100k to get the interest paid for the first year. That's not how math works.

    Each month you pay off ~$1,500 in principle. So on the first month of a 60-month loan at 1.49% you're paying $124 in interest, but on the 12th month you're paying $102 in interest.
    My point about the $400 is even in 1 year at the 0.4% difference you are looking at $400 roughly already in interest difference. Hence your $400 is definitely not right. Look at what i wrote: "roughly"

    Btw, the math is right 1% of 100K is 1K. What you are refering to is the way interest is calculated. Two different things.

    Just do the calculation yourself on the loan interest.

    Total interest for 100K at 1.49% for 60 months: $3833.
    Total interest on 100K at 1.9% for 60 months:
    $4904

    4904-3833=$1071

    1000 < 1071 < 2000

    Look i am not trying to say who is right or wrong. I just want to show people the amount of money they will pay over the life of the loan if they went with dcu or alliant. Point is i rather put up with the little hassle in the beginning to save $1000 over the life of the loan.
    Last edited by No2DinosaurFuel; 2015-06-05 at 08:01 AM.

  8. #578
    Member
    Join Date
    Apr 2015
    Location
    NoVa
    Posts
    775
    Quote Originally Posted by No2DinosaurFuel View Post
    My point about the $400 is even in 1 year at the 0.4% difference you are looking at $400 roughly already in interest difference. Hence your $400 is definitely not right.
    Quote Originally Posted by Max* View Post
    The difference in a 60-month loan of 1.74% vs. 1.9% is about $400...
    Apparentlly there's a reading comprehension or math error. I highlighted the important parts. 1.9% - 1.74% = 0.16%, over 5 years = ~$400.

    Quote Originally Posted by No2DinosaurFuel View Post
    Btw, the math is right 1% of 100K is 1K.
    Sure, and 10% of $1.90 = $0.19, but that's irrelevant to the thread.

    Quote Originally Posted by No2DinosaurFuel View Post
    Look i am not trying to say who is right or wrong.
    Quote Originally Posted by No2DinosaurFuel View Post
    Hence your $400 is definitely not right.
    I guess I need to get my eyes examined.
    Model S

  9. #579
    Member
    Join Date
    Apr 2015
    Location
    San Diego, California
    Posts
    275
    Quote Originally Posted by Max* View Post
    I guess I need to get my eyes examined.
    Yup you definitely need to get your eyes checked or better yet, just read better and be a bit more open minded.

    1) You missed the part about "roughly."

    2) You missed the part about the 1.49% in my original post about interest rates at DCU.

    3) Your response to my initial response post about the $400 was totally irrelevant because the difference is indeed $1K -$2K if you used the original 1.49%.

    All would've been settled if you just said: "O i missed the part about the 1.49%. Yup the difference between the 1.49% and 1.9% is indeed $1-2K on 100K loan at 60 months."

    This will be my last post on this. Perpetuating this conflict misses the point about financing options.

  10. #580
    Member
    Join Date
    Apr 2015
    Location
    NoVa
    Posts
    775
    Quote Originally Posted by No2DinosaurFuel View Post
    All would've been settled if you just said: "O i missed the part about the 1.49%. Yup the difference between the 1.49% and 1.9% is indeed $1-2K on 100K loan at 60 months."
    Quote Originally Posted by Max* View Post
    For a 5 year loan, the difference between 1.49% and 1.9% is a little more, roughly $1,000 over the life of the loan.
    Huh? I admitted all that several posts ago, but you continue to argue... I guess children will act like children.
    Model S

Page 58 of 58 FirstFirst ... 8485455565758

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Are you financing to get the Model S?
    By Bardlebee in forum Model S
    Replies: 104
    Last Post: 2012-11-30, 10:23 PM
  2. Financing a used Roadster
    By dna4life in forum Northwest
    Replies: 3
    Last Post: 2012-10-10, 12:17 AM
  3. Model S - Financing & Fees
    By ggr in forum Model S
    Replies: 19
    Last Post: 2012-06-22, 01:54 PM
  4. On-Bill Financing for Energy Efficiency
    By Robert.Boston in forum Energy, Environment, and Policy
    Replies: 0
    Last Post: 2012-01-12, 07:09 AM
  5. Bank of America financing Roadsters
    By Palpatine in forum News
    Replies: 10
    Last Post: 2009-07-18, 08:31 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •