Credit Union Won't Finance Electric Vehicle?

[daniel]

I'm going to be a curmudgeon here and say that credit is a 500-lb gorilla on your back. If you can't afford to pay cash you're better off with the cheapest transportation you can get. My first car was a $500 junker. After getting it, on my dad's advice, I began making "car payments" to myself into a savings account so that when I needed to replace it I was able to pay cash for a new car and skip the credit trap. For the first 45 years of my life I owned a lot less stuff than other people, but never had to worry about making payments to the bank.

 

[lemketron]

I'm going to be a curmudgeon here and say that credit is a 500-lb gorilla on your back. If you can't afford to pay cash you're better off with the cheapest transportation you can get. My first car was a $500 junker. After getting it, on my dad's advice, I began making "car payments" to myself into a savings account so that when I needed to replace it I was able to pay cash for a new car and skip the credit trap. For the first 45 years of my life I owned a lot less stuff than other people, but never had to worry about making payments to the bank.

I saved my money from working in high school so I could pay cash for my first car. So please don't assume that just because someone is looking to finance a Leaf means they couldn't afford to buy it outright. Some folks are simply able to earn more than 2.49% on that cash and would therefore prefer to finance the car if someone is willing to do so at such a fantastic rate. Financing could also prove to be a great financial decision if you believe those who say rates (and/or inflation) are bound to go up...

 

[Rake]

another +1 for PenFed.

I'm also a BECU customer, but they wont be getting this business apparently. Too bad for them.

I got the 2.49% rate, and PenFed had the loan approved very quickly (under 24 hours).
The only minor hitch was proof of collateral, because the VIN's dont show in their database yet. Fixed with a 5 minute phone call.

I love walking into the dealership, check in hand!

now all I need is for the car to show up... :lol:

 

[tzzhc4]

No issues with my credit union InTouch (formally EDS Employees Federal Credit Union).

 

[smkettner]

My credit union would loan the money no troubles. BofA arrainged by Fontana was at 2.89 for 72 months 100% financed.
For Daniel, I paid cash for my house so I am a little tight right now Besides 2.89 is free money as far as I am concerned.

 

[TonyWilliams]

Besides 2.89 is free money as far as I am concerned.

I agree. Dumb to pay cash when there is so much "free" money. Navy Federal Credit Union had no problem with 1.99% for 60 months.

I don't pay cash for depreciating assets.

 

[packrat09]

I agree. Dumb to pay cash when there is so much "free" money. Navy Federal Credit Union had no problem with 1.99% for 60 months.

I don't pay cash for depreciating assets.

+1 And, if you've been a member for more than 25 years, you are eligible for a .25% discount on your loan making it 1.74%
Now, if my Leaf would just get here....

If something seems to good to be true....sigh
I got my loan papers this week. The rate is 1.99%. I called and was told they only apply the .25% discount down to, but not below, their advertised lowest rate.
Now, if my Leaf Specialist gets back from vacation and my Leaf gets here....

 

[Steve]

I've been with Verity Credit Union since the 80's (when they were NW Federal). While it looks like I'm going to lease, I was pre-approved at 3.14% with another potential discount if I opted for automatic payments.

If you're military or ex-military, though, I would strongly recommend USAA. While I do most of my banking with Verity because they're local, USAA kicks much butt and I feel very comfortable recommending them to people who qualify for membership.

 

[kinetic]

Rake,

I sent you a PM about your 5 minute phone call to PenFed.

another +1 for PenFed.

I'm also a BECU customer, but they wont be getting this business apparently. Too bad for them.

I got the 2.49% rate, and PenFed had the loan approved very quickly (under 24 hours).
The only minor hitch was proof of collateral, because the VIN's dont show in their database yet. Fixed with a 5 minute phone call.

I love walking into the dealership, check in hand!

now all I need is for the car to show up... :lol:

 

[Packet]

I was actually thrilled to discover that the dealer I'm going through (hi, Ray!) offers financing through my existing credit union. That makes my life remarkably easy.

 

[KLQL8N]

Desert Schools Federal Credit Union in Arizona originally approved the loan, then realized it was an electric car, said no.
Crazy!!

 

[jwatte]

Smcu in ca offered 2.49%, with .25 off for direct debit and .25 off for it being a fuel efficient vehicle.
60 months, I put $10k down (basically the tax credits) -- these rates won't last forever and I earn more in bonds!

 

[Packet]

Seattle Metropolitan Credit Union will not only finance it, they'll give you a discount for it under their green/efficiency initiatives.

 

[Superorc]

Golden 1 Credit Union is offering 2.99%, I applied on-line and got approved for 100% financing within minutes for a new LEAF. Yes, you need to be a member to get the low rate.