Can we start a thread on the available credit unions and also what % they are charging for Model S loans? I've been seeing people post 1.45% to 2% at the lowest. It would be great if we some list of credit unions we could apply for.
Navy federal credit union was a pleasure to deal with. You get pre approved and they send you a check for up to the amount you are approved for that must be used or renewed within 90 days. Rate is around 1.6%.
Try Pentagon Federal Credit Union at www.penfed.org.
They offer 1.49% for up to 60 months and up to $70,000 for new cars.
You become a member by just joining one of the associations for $15 and make an opening deposit for just $5 into your new account.
There are several people on the forum who successfully secured such loans.
@Peter Spirgel - This geezer has been an NFCU member for 42 years. They are the best!
I also have a check set to expire on November 7th, 2012 from Navy Federal Credit Union but have already gotten the call from Tesla Motors to take delivery by the end of October so I'm fine. My rate is 1.79% for up to $72k allowed on a blank check to be filled out when I need to pay off the rest of the balance on my Model S.
Such a deal! Assuming you had cash available for the S, it would (maybe) pay to put it into shares and borrow the money for the car, on the assumption the capital gain (net) over 5 or 6 years would exceed (e.g.) 1.79%/annum.
Gee, the rates I'm seeing on this thread are better than my credit union (Technology Credit Union based in SF bay area), which has stated:
4yr at 1.99%
5.5yr at 2.24%
6yr at 2.99%
7yr at 3.49%
The assumption for these rates is that I have at least 25% down payment - this will be easy for Sig since I have already $40K into this $120K (after taxes) car.
I hope to take out the 5.5yr loan since and pay it off after selling stock and stock option next year. I have a few reasons not to sell stock this year.
Thanks for all the info guys. I'm going to call them up to see what we can get.
"Join the Navy, ..."
FYI, even though I meet the requirements to join the Navy Federal Credit Union, they never asked me for proof of such...so...yeah... :)
pbcu.org: $75k @ 1.9% @ 60 months...not sure I will finance that much, but that is nearly "free" money...