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Need some financing help getting BECU "charged up"

I called BECU a week ago to give them a heads up that I would be financing a major purchase in about eight months. The loan offficer told me they only finance three electric vehicles. The Leaf, and two others she had never heard of. Tesla was not one.

If you are a BECU member, call their auto loan department, and let them know now. Tesla is coming this summer, Seattle area has two stores and lots of buyers, and BECU is one of our largest credit unions.

I love BECU, and they are responsive, but they need to know the levy is about to break, and their will be demand.

Oh this is good to know. I'll talk to them this weekend. I was also hoping to use BECU for financing.

I don't know if it's still the plan, but I remember reading somewhere that Tesla was going to work with Bank of America for an official financing option for the Model S, but BoA sucks.

BofA does Tesla finance for Roadsters, so it should not be an issue. On the other hand BofA and I broke up and arent seeing each other right now, so it would be awkward. And becu has a better rate.

Thanks for calling. It will help

The Nov. 14-18, 2012 Seattle Auto Show will feature BECU, and electrics, but not Tesla, apparently:

BECU                       B-2
Coda                       B-6
Ferrari/Maserati           E-7
Fisker                     W-1
MC Electric/Wheego         W-14
Mitsubishi EV              B-10
Smart Car                  W-2
State Farm                 B-3
Suzuki                     W-15

Still not getting a response from becu, but thats why I started months in advance... keep trying.

Just called BECU today. The rep was friendly and even tried alternative and creative ways to finance the car...but no luck. Still the same three EV models. Told him that there was a bunch of us here in Seattle and that they needed to get on this.

Good time for me to call again then. I hope the Tesla reps have the sense to extend a ride to them this weekend. I'm hopeing now that they are shipping, BECU will take notice. Odd, because the Seattle area has two locations, and the South Lake Union store has been there for many years.

Thanks to this forum I found out about the financing issues with BECU. I called them regarding my Tesla Model S. It's still not on the approved list but I was told they are aware of this vehicle and have had several other inquiries about it. I was encouraged to apply anyway (in person or on the phone, not online). They said they would consider each request on a case by case basis. I guess it just all depends on how much of a risk you are. Hope is not all lost but seems to be moving the right direction.

I'm going to call them again before this week is up. (Now that I got my 'Finalize' button, I suddenly care about this much more, "coincedentally") :)

I'm starting the underwriting process with First Tech Federal Credit Union and they seemed to have no problems writing a loan on the car. I'll have to see what interest rate they offer, but their standard car loan rate ranges as low as 2.99% on a 60 month loan, as low as 3.24% on a 72 and 84 month loan. You rate will depend on your credit history. I'll update everyone once they give me a decision on the loan. Still hopeful I'll get Sig (Not a Roadster owner or friend and family) #267 by Mid-October!

I called BECU today. The officer has said she received other calls, but no progress yet. She will submit another request on my behalf. BECU has no process for calling customers when the Tesla is on the approved list, so we need to call back periodicaly.

I like BECU. They are my home bank, but I've contacted them several times since March, and they have been uncharisticaly unresponsive. It's been very disappointing, but they tell me they are waiting for demand. And that means calls.

Rate check

BECU - 2.74%
PenFed - 1.49%

So, I'm also happy to do business with PenFed, my other credit union if BECU won't get off the dime. They seem to be interested in my business.

I called WSECU and they seemed fine with financing the Tesla. I don't plan on starting the paperwork until I am within 30 days of delivery though. It sounded like they could turn around a loan in a day or so.

Their rate starts at 2.74%, but they take length of membership into consideration when setting your rate.

First Tech is our other CU and it's the back up plan, so I'd be interested in hearing how things go. I got the impression that they wanted a VIN# to process a loan.

Well worst case is one of the big banks. The rate at Chase is a little high but if you happen to already have another loan with them and open a checking account and you sign up with automatic payments and put at least 20% down (geez, this is getting complicated), the rate is finally competitive around 2.25%. Worst case scenario indeed.

Keep making those calls to BECU!!!!!

I called BECU today.

Also, I would love to hear if anyone get more details/confirmation about PenFed. They have the Roadster listed in their Car Buying Service, but not the Model S.

However, even without going through their Car Buying Service, their rate is only 1.49%.

If you don't meet any of PenFed's normal eligibility requirements, you can still become eligible by joining one of two non-profit groups for a small donation.

I joined penfed last month and called today telling them I was ninty days out. Very nice folks. If your loan is approved, you get the rate. Told earlier that tenure was not a factor. Quick decision, no rate lock, commitment good for ninty days, loan starts when you ask for the check to the dealer is printed. Can be overnighted. You pay the dealer the remaining balance. Other questions, let them know. Nice folks. I never did get a warm fuzzy from becu, which is a shame. Ill keep trying, and started eight months ago, but not giving up yet.

Talked to BECU. Tesla Model S will be on the books starting Sept 17.

-Larry
4252

Holy cow. Thanks everyone who called. That's good news. BECU is my home bank, but they took so long getting off the dime, I'm going to give PenFed and their 1.4 rate a shot first. If I have an issue there, I'll do BECU as they have a number of my other accounts and while I might pay an extra point, I'll probably have an easier time.

Thanks Larry!

Wow! Great news!! I was thinking of joining PenFed since it didn't look like BECU was going to be an option.

Thanks for the update!

Called my credit union, Qualstar CU, and they initially said they would not loan on the Tesla because the NADA book said it was a classic or exotic car. I whined a bit and Jodie took my request up the line. When she called me back, everything was worked out. I'll get my loan. She also said their approval was only good for 60 days and since I was 90 days out (or more), I should call back closer to when the car is delivered. She said the approval required a credit check and to have it checked too often lowered that rating.

Thanks for the info about PenFed, jbunn, and thanks for finally getting a confirmation from BECU, 2EV.

Like jbunn, I already have accounts with BECU, and with them being local, they would probably be more convenient, but I'll probably try PenFed first too, as that 1.49% rate is pretty nice (man, how great would that 0.49% rate be?).

FYI - Was approved for a Model S loan at First Tech CU, 3.24% on an 84 month term loan. Could have had 2.99% for a 60 month term or less if I wanted. First Tech was very easy to work with on the loan and approval came very quickly for me. Loan is good for 60 days, after it expires I'll have to resubmit for updated approval. Now I just need to get the car delivered! Come on Tesla, Regular Sig # 267 waiting patiently...

When I bought my Leaf a year ago BECU told me they do not finance electric cars. I sent a nasty note to them and got an immediated apology and an approved loan. I was told by their management that yes they do finance electric vehicles, just not the golf cart typs or the ones limited to 30 MPH in city short range.

We didn't need to finance our Models S.....saved our pennies for a few years!!

Good News!
Just confirmed BECU will finance all EV including TESLA as of 01 Nov.


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