Credit Union Won't Finance Electric Vehicle?

[TLeaf]

With the im-"pending" arrival of our Leaf, my girlfriend and I headed down to our credit union, BECU, yesterday to see about getting pre-approved for financing during their special car event. Though the rate looked good at 2.99%, we were incredibly surprised to discover that BECU does not yet finance electric vehicles. They apparently have no problem with hybrids, but pure electrics are left out in the woods for the time being.

With several days (weeks?) left to go, I'm not too concerned about getting financing with BECU home equity, Bank of America and possibly even Nissan being options, but I'd be curious to find out whether or not anyone else has experienced this??

 

[sproqitman]

No issues with my wife's credit union (School Employees Credit Union of Washington). Although they wouldn't give us the 2.5% hybrid car rate. We're getting the 2.99% payroll-deduction rate.

 

[sjfotos]

A Washington Credit Union that won't finance EVs? Truly, the Apocalypse is upon us!

Sounds like the Credit Committee and the Board are out to lunch...I would be sure to write the President of the CU and point out politely that others are getting financing now....


It would be nice if others here could cite specific credit unions so you can refer to them as examples....I would, but I am in Pennsylvania, where LEAFS will not be growing, even this summer!!

 

[mwalsh]

Join PenFed - 2.99% for 60 months. $5 buy in, plus $20 for Military Families Association membership (fee for if you're not (ret)Mil). No problem with the LEAF (but you must have your VIN):

www.penfed.org

 

[DarkStar]

Wow! Our local credit union, not only, will provide a loan for an electric car, but they'll give a 0.25% APR discount, plus an additional 0.25% APR discount for having automatic payments.

Right now they're offering auto loans, up to 84 months, at 3.24% before discounts. Our last car loan, 6 years ago, we got at 4.75% after a 0.25% APR discount, so I think we'll be pretty happy with what we can get for the LEAF.

 

[evnow]

Wow! Our local credit union, not only, will provide a loan for an electric car, but they'll give a 0.25% APR discount, plus an additional 0.25% APR discount for having automatic payments.

That sounds a lot like 1st tech ...

 

[DaveinOlyWA]

i am surprised that Boeing? CU is sooo "behind" the times. that is very much unlike them. they have a rep of being proactive, fair and easy to work with.

i am leasing, so i am out of of the credit game so to speak. good luck on finding a good alternative with such short notice.

 

[mwalsh]

good luck on finding a good alternative with such short notice.

PenFed had me pre-approved for $38k the day after I applied.

 

[DarkStar]

That sounds a lot like 1st tech ...

They've always been good to us!

 

[SteveInSeattle]

I assume PenFed will oan anywhere in the US despite the offices being pretty limited? Can someone confirm this, is so, I will join now in anticipation of getting my order date.

 

[evnow]

I assume PenFed will oan anywhere in the US despite the offices being pretty limited? Can someone confirm this, is so, I will join now in anticipation of getting my order date.

Yes.

You could also join first tech - they have offices in Bellevue.

 

[mwalsh]

I assume PenFed will oan anywhere in the US despite the offices being pretty limited? Can someone confirm this, is so, I will join now in anticipation of getting my order date.

Yep, no problem. You can even make your payment as a direct debit from another bank's accounts.

 

[RickS]

Resurrecting an old thread, but I just ran in to this same situation with my credit union, Desert Schools, here in Phoenix, AZ. Very strange, but they said they would not finance an electric vehicle.

 

[DarkStar]

Resurrecting an old thread, but I just ran in to this same situation with my credit union, Desert Schools, here in Phoenix, AZ. Very strange, but they said they would not finance an electric vehicle.

I wonder if you never told them it was an electric vehicle if there would be any issues at all? My credit union didn't even blink as they asked me the make, then the model and I told them the Nissan LEAF. "You know, that new electric car they have."

Maybe they think it's some strange conversion and not a factory built vehicle?

 

[DaveinOlyWA]

That is strange since many CUs give discounts for alt fuels/hybrids. Etc

 

[RickS]

I know a branch manager, I brought this to her attention to see if she could do anything about it. Apparently it was brought to the attention of the area manager and the final conclusion was they won't finance it because it's too new and they don't know what an electric car is going to be worth in a few years. I begged the question if they knew there was a year long waiting list if that played in to it.

All well, time to shop around. I know a lot of banks give extra points off if you have an account with them and if you do an automatic payment so I figure right before I do this I'll call up their customer service number and give them one last chance before I move all my money else where. Shows how much it's worth that I've literally been with the same CU since I was twelve years old.

I was not expecting this at all.

 

[ColumbiaRiverGorge]

Pacific Northwest Federal Credit Union (PNWFCU) has pre-approved me at 2.99%, with no fees. Give them a try.

 

[Stoaty]

I know a branch manager, I brought this to her attention to see if she could do anything about it. Apparently it was brought to the attention of the area manager and the final conclusion was they won't finance it because it's too new and they don't know what an electric car is going to be worth in a few years.

Are they still financing SUV? Do they know what those will be worth in a few years? Does the word ostrich mean anything to them?

 

[TRONZ]

IMHO, Don't give them the business.

 

[DarkStar]

I know a branch manager, I brought this to her attention to see if she could do anything about it. Apparently it was brought to the attention of the area manager and the final conclusion was they won't finance it because it's too new and they don't know what an electric car is going to be worth in a few years. I begged the question if they knew there was a year long waiting list if that played in to it.

All well, time to shop around. I know a lot of banks give extra points off if you have an account with them and if you do an automatic payment so I figure right before I do this I'll call up their customer service number and give them one last chance before I move all my money else where. Shows how much it's worth that I've literally been with the same CU since I was twelve years old.

I was not expecting this at all.

If my bank told me this, I would switch banks. How could I possibly trust them to manage my money?