Energy Federal Credit Union

[taurusking]

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%.

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

 

[andrewket]

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.

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.

 

[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.

 

[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.

 

[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?

 

[Denarius]

Did you leave the Chinese name section blank on the application?

 

[Dallas1]

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?

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.

 

[MarcG]

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.

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!

 

[Ride Long]

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.

Which do you think you will be able to purchase legally in Texas sooner: marijuana or a Tesla?

 

[Dallas1]

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!

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!

 

[purplewalt]

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!

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.

 

[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.

 

[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.

 

[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.

 

[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.

 

[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.

 

[rjcbox]

did they finance you 100% of purchase price?

 

[andrewket]

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.

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.

 

[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.

 

[EV_Steve]

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.

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.