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Alliant Over Penfed - A Self-Employed's Loan Story

Just wanted to give a bump to Alliant Credit Union, who've approved me for virtually the entire amount of my $93,000 85kWh S. Penfed did approve me, but only for $50,000. So, I re-applied, only to get the same result. At that point I decided to look elsewhere. Saw the posts about Alliant, and thought I'd give them a try.

I'm self-employed, so I anticipated some trouble, as is usually the case when it comes to such matters. I supplied each ACU & Penfed with PFD copies of my 2010 & 2011 tax returns (over 100 pages each!) in lieu of paystubs. They of course ran my credit, which Equifax reported as 749 (Grade A). Still Penfed wouldn't give me the entire amount, which meant I would've had to get an additional loan for the remainder. Too messy.

So, I'm not a member of Alliant, and don't have a relative who is, and I don't live in Chicago, or belong to any of the professional organizations listed on their site. So, easy-peasy, I donated $10 to Foster Care via Alliant's site, which qualified me to become a member. Alliant then automatically deposited five of their dollars in my newly formed savings account. For confirmation of identity, I had to further supply them with copies of my driver's license, passport, and a digital copy of a utility bill - in my case it was a Verizon Wireless bill.

Confirmation of my new account was very quick - within one day - and I immediately called and talked to loan consultant Jon Sipich. GREAT work on his part! His knowledge and communication were superb. He then expedited my loan application, and I was pre-approved while on hold for 4-5 minutes. He gave it to the underwriters for a final look-see, and I heard via email the following day that I'd been approved for the entire amount. Actually, they required me to make a 10% down payment, which took into account the $5000 I'd already placed on my original reservation a year ago. So, my down payment is approximately $4300, with around $84,000 actually being financed. Oh, almost forgot - 1.49% over 72 months! GREAT!! A year longer than Penfed.

So, I guess the moral is...SHOP AROUND.

Kyle in Madison
85kWh - Blue - Black - 19" - Tech - Sound - Air
Late April Delivery

In contrast to most here, we did better in terms of final rate (1.74%) and speed of processing with PENFED, so shop and compare. My local CU, where I do my regular banking had a 2.9% rate.

I am in Warsaw, Poland for another 2 months of a 5 month Fulbright Scholar appointment, so between their websites and SKYPE, I did everything online. My wife will be briefly back in California to take delivery next week.

Another +1 here for Alliant. We weren't even planning to finance the car, but when we read here about the 1.49% rate, we concluded that this basically amounts to free money, and we would be crazy not to do it, if we could get that rate.

Our loan specialist, Nicole, was terrific, the process extremely speedy, and a pleasant experience all around.

But what makes this interesting is that we're retired, and our income, as reflected by our tax returns, is very low. It's very low because we are very frugal. It doesn't have to be low. So it took an extra day for our request to go all the way to their loan committee at the top of the heap. We were approved for 85% financing, based on our credit ratings (both over 800) and our assets, which they said they don't ordinarily consider when underwriting.

So they went out of their way to accommodate us, as unusual customers, and we really appreciate it. And we appreciate the free money.

Alliant was great for me. Approved less than 24 hours after submitting, great, responsive communication. Super easy process. Very happy.

Another happy Alliant CU customer--Nicole helped me too--.

I am also very happy with Alliant. They're overnighting the check to Tesla. Penfed by comparison was very disorganized.

We started the loan application process with PenFed but found the communication with them to be not very good and ended up using Alliant.

Alliant rates are currently as low as 1.49% and up to a 72 month term. We worked with Jason Freese and he is familiar with the process for Tesla and has been great to work with and was a very easy process. He said anyone can contact him directly and his informtion is:

Jason Freese
Alliant Credit Union
11545 W Touhy Ave Chicago IL 60666
800-328-1935 Ext 2164
Direct 773-462-2164

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