financing

[dweeks]

Just out of curiosity, how many are financing their cars over 72 and 84 months? Is it to help spread the cost the car to keep the payments lower? I've never bought a car with anymore more than 5 years of payments. I could never imagine paying for something that depreciates like a car for 7 years.

I decided that 36 months, even at .61%, is all I want to do. I could have gone out longer at the same rate, but did not want to make payments on a highly depreciated car (grin).

 

[paco3791]

What credit union are you a member of that is paying that kind of interest on deposits?

On another note, has anyone financed a used car at these rates?

Consumer Cooperative CU. Based in the Chicago area. Consumers Credit Union | CCU | Illinois Credit Union. The catch is you have to meet certain conditions, the most "onerous" of which is having a certain number of qualifying transactions on their debit and credit cards. To get the full 5.09% you need 12 qualifying debit card transactions per month and $1000 on their credit card per month. I'm usually hitting the 3.09 or 4.09% tier on a monthly basis. As far as used cars, I'm in the process of refi-ing my car at EFCU at 1.51 or so.

 

[andrewket]

For those of you waiting on the P85Ds which are currently delayed, I have another bit of unfortunate news. EFCU just told me they are raising their rates on 1/15, and they don't provide a rate lock-in. The rate on the loan is based on the date it is funded/they cut the check. I don't know what the new rate is.

 

[mamukagrigolia]

I became the member of EFCU Dec 14, right after ordering my Tesla and after receiving the VIN number they have increased their rates, no more 1% discount on the electric car - only 0.5% and to qualify you must finance up to 70k and 60 month term.

 

[George Parrott]

When you are ready to sell your Model S, or almost any other financed car with these regional credit unions, be careful to give them PLENTY OF TIME to process your final payoff. I used PenFed for my 2013 Model S, but I am totally disgusted with their processing of my payoff. The appear to have treated a direct check from my credit union here (Golden !) as a personal check and waited 10 days "the payment to clear" even with a confirming FAX directly from Golden ! showing that the $$ had been paid. This is costing my buyer several days in getting the car as he wants the title totally cleared (don't blame him at all).

I called PenFed immediately after making that payment process on my Golden 1 Credit Union direct pay process; PenFed checked and assured me that "the title would be cleared in a couple of days." I called AGAIN 3 days later and they once more assured me "the title should clear tomorrow electronically." Only at my FOURTH call did I get a PenFed representative who actually knew what he was talking about who then told me, "Sorry, we have to wait 10 business days for your check to clear." YIKES ! TOTALLY Incompetent as far as I am concerned.

Just warning the rest that these smaller credit unions have their own "pace." I financed my 2015 P85D through Energy Federal Credit Union, and they have their own strange protocol...while almost everything can be done with electronic signatures, they require a "wet signature via overnight mail" for the power of attorney form. An extra $85 or so in processing fees to get that mailed in both directions and their check expedited to Tesla.