KenJ

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But isn't part of buying a vehicle from an "unestablished" automaker a higher interest rate due to uncertainty about the quality and long term market value of said vehicle?

My hybrid Lincoln was at an average market interest rate. My Tesla Model S was at a below market interest rate, but that was subsidized. Once Tesla started to sell in high volumes and the tax credit disappeared rates went up if I remember correctly?

Either way 2.9% isn't horrible, but I'd be curious to see what non-chase lenders offer if you were to request a quote now from them?
I’d think the question about long term reliability/quality might affect residual on a lease, not necessarily an outright financed purchase? Any lending experts want to weigh in??
 

CommodoreAmiga

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I’d think the question about long term reliability/quality might affect residual on a lease, not necessarily an outright financed purchase? Any lending experts want to weigh in??
Non-captive finance companies wouldn’t care. The rate is set by your credit and vehicle age — not brand. The only time I’ve seen brand affect non-captive financing is when a bank doesn’t want to lend on a particular brand, at all. We saw that early on with Tesla and when GM dropped Oldsmobile/Saturn/Pontiac there were some banks that refused to lend on those brands anymore.

With captive finance companies, the manufacturer can subsidize the rate, so it’s whatever they want it to be.
 

Sdvictor

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It goes without saying, people should check their local credit unions. I'm member to 5 credit unions, and found that one of them a rate of 1.49% for up to 84 months (Stanford Federal CU, in this case.)
 

CommodoreAmiga

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I looked into it and it is 1.99%, and you will get 1.49% if you direct deposit your entire salary at their bank.
1.99% is the "regular" rate for great credit. You get a 0.50% discount for having a checking account and maintaining a certain level of benefits (Plus or higher). There is also a 0.25% additional discount for energy efficient vehicles, so I think you can get it down to 1.24% APR!

DCU checking accounts are FREE, with no minimum balance and no monthly maintenance fees. To meet/maintain the Plus level of benefits you need only to add and maintain direct deposit. There is no mention of the minimum amount deposited, and certainly no mention of requiring your "entire salary".

I see no reason why you couldn't open a free checking account, and setup your company's direct deposit to send enough to cover your Rivian's payment to the DCU checking account, then get all the nice discounts on your loan and let it auto-pay out of the DCU checking account. You can still have the bulk of your salary go into whatever bank/account you prefer.
 

eggpaul

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1.99% is the "regular" rate for great credit. You get a 0.50% discount for having a checking account and maintaining a certain level of benefits (Plus or higher). There is also a 0.25% additional discount for energy efficient vehicles, so I think you can get it down to 1.24% APR!

DCU checking accounts are FREE, with no minimum balance and no monthly maintenance fees. To meet/maintain the Plus level of benefits you need only to add and maintain direct deposit. There is no mention of the minimum amount deposited, and certainly no mention of requiring your "entire salary".

I see no reason why you couldn't open a free checking account, and setup your company's direct deposit to send enough to cover your Rivian's payment to the DCU checking account, then get all the nice discounts on your loan and let it auto-pay out of the DCU checking account. You can still have the bulk of your salary go into whatever bank/account you prefer.

I looked at their membership requirements and most people won't be able to join. You have to be related to someone who is a member, work for an employer on their list, or be a part of one of the 4 cities on their list.
 

CommodoreAmiga

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I looked at their membership requirements and most people won't be able to join. You have to be related to someone who is a member, work for an employer on their list, or be a part of one of the 4 cities on their list.
Read a little further. You are also eligible if:
3. Eligibility by Organization You Belong To
  • You currently belong to or join an organization whose members we serve.
  • You have a family relationship (as described above) to a non-member who belongs to an organization in our list of participating organizations.

All you have to do is join one of their affiliated organizations. They even list them (and their requirements) on that page! If your interests align with one of the options then pick that, otherwise just pick the cheapest one. Once you're a member of DCU you are a member for life, so you only have to support a participating organization once -- cancel if you don't feel compelled to continue supporting them. Reach Out for Schools is only $10 and would qualify you for DCU membership.

Participating Organizations
If you are a member of one of these participating organizations or if you join one, you are automatically eligible to join DCU. Once you join DCU, you can remain a member for life. Each of these organizations is open to everyone.

  • Merrimack River Watershed Council (MRWC) – A nonprofit organization whose mission is to protect and preserve the Merrimack River watershed in northeastern Massachusetts and New Hampshire, and expand public access to its natural beauty. Our constituency--individuals, businesses, municipalities and community groups--advocates for clean water, and works to protect open space, and enhance recreational opportunities along the river and its tributaries. You may join this organization when you open your DCU membership.
    Memberships start at $35
    Merrimack River Watershed Council, 60 Island Street, Suite 211-E, Lawrence, MA 01840 • 978-655-4742
    MRWC Website
  • New England Chapter, PRRT&HS – A non-profit affiliate of the PRRT&HS dedicated to the study and historical preservation of the Pennsylvania Railroad and the fellowship of its members. Dues include the online quarterly publication The East Wind. A valid email address is required for membership. Membership in the national society is not required, but is strongly encouraged. You may join this organization when you open your DCU membership.
    Annual dues are $15
    New England Chapter, PRRT&HS, PO Box 624, Marlborough, MA 01752
    New England Chapter, PRRT&HS Website
  • OARS (Organization for the Assabet, Sudbury & Concord Rivers) – A non-profit organization whose mission is to protect, preserve, and enhance the natural and recreational features of the Assabet, Sudbury, and Concord rivers, their tributaries and watersheds, and to increase public awareness of the rivers' values as important natural resources. You may join this organization when you open your DCU membership.
    Memberships start at $30
    OARS, 23 Bradford St., Concord, MA 01742 • 978-369-3956
    OARS Website
  • Reach Out for Schools – A non-profit membership organization that raises money to fund classrooms and programs that benefit students. Most of the funds that we raise are used to adopt classrooms through Adopt-a-Classroom and to fund projects through Donors Choose. These programs allow teachers to purchase classroom resources with donated funds. You may join this organization when you open your DCU membership.
    Memberships start at $10
    Reach Out for Schools, PO Box 290, Tyngsborough, MA 01879
    Reach Out for Schools Website
  • SHOLAN FARMS – Sholan Farms is owned by the City of Leominster and operated by the Friends of Sholan Farms. The Friends of Sholan Farms is a community supported, non-profit organization. You may join this organization when you open your DCU membership.
    Memberships start at $25
    Sholan Farms, 1125 Pleasant Street, P.O. Box 632, Leominster, MA 01453 • 978-840-3276
    Sholan Farms Website
  • SOLF (Southborough Open Land Foundation) – SOLF helps maintain the rural character of Southborough, MA. It owns, through gifts, 126 acres that include open fields, woodlands, and watersheds. This non-profit organization, along with other community organizations, helped obtain a conservation restriction so that the 109-acre property, Chestnut Hill Farms, is preserved in its natural state for future generations. You may join this organization when you open your DCU membership.
    Membership starts at $25
    SOLF, PO Box 345, Southborough, MA 01772
    SOLF Website
  • The Free Software Foundation – A non-profit with a global mission to defend the freedoms of all computer users in an age where technology is a core influence in our lives. The FSF promotes free software, which guarantees essential freedoms for users, and campaigns against technologies which are malicious to users and harmful to society.
    Memberships start at $120
    Free Software Foundation, 51 Franklin Street, Suite 500, Boston, MA 02110-1335 • 617-542-5942
    Free Software Foundation Website | Online Membership Application
  • Worcester County Horticultural Society – Tower Hill Botanic Garden – Worcester County Horticultural Society is a non-profit horticultural and educational institution whose mission is advancing the science and encouraging and improving the practice of horticulture. The Society manages Tower Hill Botanic Garden in Boylston. Members enjoy unlimited free admission to Tower Hill Botanic Garden, the quarterly newsletter Grow With Us!, and many other benefits.
    Memberships start at $55
    Tower Hill Botanic Garden, PO Box 598, Boylston, MA 01505-0598 • 508-869-6111
    Tower Hill Website
 

eggpaul

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Read a little further. You are also eligible if:
3. Eligibility by Organization You Belong To
  • You currently belong to or join an organization whose members we serve.
  • You have a family relationship (as described above) to a non-member who belongs to an organization in our list of participating organizations.

All you have to do is join one of their affiliated organizations. They even list them (and their requirements) on that page! If your interests align with one of the options then pick that, otherwise just pick the cheapest one. Once you're a member of DCU you are a member for life, so you only have to support a participating organization once -- cancel if you don't feel compelled to continue supporting them. Reach Out for Schools is only $10 and would qualify you for DCU membership.

Participating Organizations
If you are a member of one of these participating organizations or if you join one, you are automatically eligible to join DCU. Once you join DCU, you can remain a member for life. Each of these organizations is open to everyone.

  • Merrimack River Watershed Council (MRWC) – A nonprofit organization whose mission is to protect and preserve the Merrimack River watershed in northeastern Massachusetts and New Hampshire, and expand public access to its natural beauty. Our constituency--individuals, businesses, municipalities and community groups--advocates for clean water, and works to protect open space, and enhance recreational opportunities along the river and its tributaries. You may join this organization when you open your DCU membership.
    Memberships start at $35
    Merrimack River Watershed Council, 60 Island Street, Suite 211-E, Lawrence, MA 01840 • 978-655-4742
    MRWC Website
  • New England Chapter, PRRT&HS – A non-profit affiliate of the PRRT&HS dedicated to the study and historical preservation of the Pennsylvania Railroad and the fellowship of its members. Dues include the online quarterly publication The East Wind. A valid email address is required for membership. Membership in the national society is not required, but is strongly encouraged. You may join this organization when you open your DCU membership.
    Annual dues are $15
    New England Chapter, PRRT&HS, PO Box 624, Marlborough, MA 01752
    New England Chapter, PRRT&HS Website
  • OARS (Organization for the Assabet, Sudbury & Concord Rivers) – A non-profit organization whose mission is to protect, preserve, and enhance the natural and recreational features of the Assabet, Sudbury, and Concord rivers, their tributaries and watersheds, and to increase public awareness of the rivers' values as important natural resources. You may join this organization when you open your DCU membership.
    Memberships start at $30
    OARS, 23 Bradford St., Concord, MA 01742 • 978-369-3956
    OARS Website
  • Reach Out for Schools – A non-profit membership organization that raises money to fund classrooms and programs that benefit students. Most of the funds that we raise are used to adopt classrooms through Adopt-a-Classroom and to fund projects through Donors Choose. These programs allow teachers to purchase classroom resources with donated funds. You may join this organization when you open your DCU membership.
    Memberships start at $10
    Reach Out for Schools, PO Box 290, Tyngsborough, MA 01879
    Reach Out for Schools Website
  • SHOLAN FARMS – Sholan Farms is owned by the City of Leominster and operated by the Friends of Sholan Farms. The Friends of Sholan Farms is a community supported, non-profit organization. You may join this organization when you open your DCU membership.
    Memberships start at $25
    Sholan Farms, 1125 Pleasant Street, P.O. Box 632, Leominster, MA 01453 • 978-840-3276
    Sholan Farms Website
  • SOLF (Southborough Open Land Foundation) – SOLF helps maintain the rural character of Southborough, MA. It owns, through gifts, 126 acres that include open fields, woodlands, and watersheds. This non-profit organization, along with other community organizations, helped obtain a conservation restriction so that the 109-acre property, Chestnut Hill Farms, is preserved in its natural state for future generations. You may join this organization when you open your DCU membership.
    Membership starts at $25
    SOLF, PO Box 345, Southborough, MA 01772
    SOLF Website
  • The Free Software Foundation – A non-profit with a global mission to defend the freedoms of all computer users in an age where technology is a core influence in our lives. The FSF promotes free software, which guarantees essential freedoms for users, and campaigns against technologies which are malicious to users and harmful to society.
    Memberships start at $120
    Free Software Foundation, 51 Franklin Street, Suite 500, Boston, MA 02110-1335 • 617-542-5942
    Free Software Foundation Website | Online Membership Application
  • Worcester County Horticultural Society – Tower Hill Botanic Garden – Worcester County Horticultural Society is a non-profit horticultural and educational institution whose mission is advancing the science and encouraging and improving the practice of horticulture. The Society manages Tower Hill Botanic Garden in Boylston. Members enjoy unlimited free admission to Tower Hill Botanic Garden, the quarterly newsletter Grow With Us!, and many other benefits.
    Memberships start at $55
    Tower Hill Botanic Garden, PO Box 598, Boylston, MA 01505-0598 • 508-869-6111
    Tower Hill Website

Oh man, you just saved me a bunch of money. Thanks!!!
 

sevengroove

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1.99% is the "regular" rate for great credit. You get a 0.50% discount for having a checking account and maintaining a certain level of benefits (Plus or higher). There is also a 0.25% additional discount for energy efficient vehicles, so I think you can get it down to 1.24% APR!
Agree, this is a winner right here. I would be highly (yet pleasantly) surprised if Chase/Rivian Financial were to match this. How frequently do these rates change? Wondering what they might look like in Q4 of this year, which is when I might expect my R1S.
 

Jay

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Agree, this is a winner right here. I would be highly (yet pleasantly) surprised if Chase/Rivian Financial were to match this. How frequently do these rates change? Wondering what they might look like in Q4 of this year, which is when I might expect my R1S.
These rates could stay the same until feds increase the rates. I have been a member of dcu for almost 8 years and financed my current car with them for 1.24(gas guzzler) back in 2013. And then for my wife subaru the apr was 2.74 in 2018. So let's hope feds don't increase the rates😀
 

Atlrivian

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Was fooling around on Chase's website, and it looks like there is no way to apply for Rivian's financing there. It'll all be through Rivian's website when the time comes.

Screenshot_20210611-165320_Chrome.jpg
 

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