Financing your Model 3 (rates & all) - NA data

choney22

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Received 1.99% APR for 72 months from First NY Federal Credit Union for full purchase price of car. They have a 1% discount they advertise for hybrid vehicles. I assumed it would apply to all electric as well and it does. They have experience with Tesla so are familiar with not getting VIN and other info until last minute but easy to get through approval process and to the point where you are just waiting on VIN and sales agreement to proceed.
 

rlb4

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Is there some kind of truth in lending law that says the lender must specify the loan $ amount, rate and term of the loan? I am applying for loans and I was approved but they stated that the interest rate was not guaranteed and would be set on the day of loan closing. Can they do that? I thought all loans had to have the terms of approval. Usually the rate is locked for like 30 days.
 

kkainth

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Received 1.99% APR for 72 months from First NY Federal Credit Union for full purchase price of car. They have a 1% discount they advertise for hybrid vehicles. I assumed it would apply to all electric as well and it does. They have experience with Tesla so are familiar with not getting VIN and other info until last minute but easy to get through approval process and to the point where you are just waiting on VIN and sales agreement to proceed.
Hot damn! We used to live in Albany, but are in Syracuse now :(
1.99% for 72 months is a great rate!
 

choney22

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Hot damn! We used to live in Albany, but are in Syracuse now :(
1.99% for 72 months is a great rate!
https://www.firstnewyork.org/home/about/become/eligibility

If you have any family still in the capital region who would be eligible, it appears you by relation could be a member based solely on your family member (extensively defined in the link) living locally. Might be worth checking out if you aren't finding a rate you like elsewhere
 

RAS550

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Answering my own question - The best rate I found was 1.99% for 60 months from Clearpath FCU in Glendale, CA. You don't need to be a SoCal or even CA resident - all you need to do is make a $ 5 donation to their charitable giving foundation to become a member.

This rate is significantly better than other banks or CA based CUs, most of which are in the 2.74%-3.94% range for 60 months.

Approval is pretty quick and painless - took one day from application to approval and funding in another 2-3 days.

I highly recommend them based on my experience.
 

scherer326

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From clearpath’s membership website, I think you still need to live in Southern California.

Who may Participate in Clear Giving Charitable Association

  • Any individual living in the greater Southern California area will be eligible to join by completing a membership application found online, or at any Clearpath branch.
 

RAS550

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From clearpath’s membership website, I think you still need to live in Southern California.

Who may Participate in Clear Giving Charitable Association

  • Any individual living in the greater Southern California area will be eligible to join by completing a membership application found online, or at any Clearpath branch.
I don't live there and it wasn't a problem for me.
 

scherer326

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I live in Northern California. It's worth calling them to find out though, given that they have the best rate for 60 months.
That’s what did earlier today. For vehicle loans the car has to be in California to work with them. No go for me, I am in Florida.

I am going with a credit union in North Carolina.
 

scherer326

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yes, carolina cooperative credit union. Great to work with, I had to physically sign the membership form since I am out of state but excellent communication throughout the whole process.
 
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Niket

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For those of you in New England/Boston, the Somerville Credit union has 1.99 for 60 Months. You just need to joing the Somerville Garden club for $25 to be a member. They credit back the $25 into your account that you open so it's 0$!!!

For those of you out of state, you can join too but you have to actually go to the branch to open the account.. They are a bit low tech.

I will take delivery around Nov 20 and I am planning to finance through them as well. If you don't mind me asking, how was the process like?
I had filled out their initial loan application form and now they are ready to move ahead with the final loan application process. I am told that they need following documents to be faxed to them (none of which I have right now) before they can close in on the loan:
  • Insurance stating them as lien holder.
  • RMV1 form stating them as lien holder.
  • Purchase and sales agreement listing them as lien holder.
I am still working on insurance and also I can get the final MVPA from Tesla. But not sure how can I get RMV1 form because it is my understanding that is only processed while taking delivery.
 

Drhalo

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I will take delivery around Nov 20 and I am planning to finance through them as well. If you don't mind me asking, how was the process like?
I had filled out their initial loan application form and now they are ready to move ahead with the final loan application process. I am told that they need following documents to be faxed to them (none of which I have right now) before they can close in on the loan:
  • Insurance stating them as lien holder.
  • RMV1 form stating them as lien holder.
  • Purchase and sales agreement listing them as lien holder.
I am still working on insurance and also I can get the final MVPA from Tesla. But not sure how can I get RMV1 form because it is my understanding that is only processed while taking delivery.
That's exactly what I had to provide. I found that Tesla provided the RMV1 form a day or so before delivery, you might have to stay on top of tesla to give it to you and then you can email it to SMFCU.
I picked up the check the day before I picked up the car. Was not very hard. Just keep after your DA, to get you that RMV1 form. You can also contact the delivery center (I assume Dedham) to fax the documents to them as well.