Tech CU Announces Financing Relationship With Tesla Motors
September 18, 2014 in Electric Vehicles, EV News, Model S, Model X, Tesla
Image courtesy of Technology Credit Union
First Credit Union to Announce 100 Percent Financing With Low Car Loan Rates
SAN JOSE, CA – Tech CU (Technology Credit Union) announced it is working with Tesla Motors as a preferred financing partner for their Model S, Model X and Roadster electric vehicles — offering up to 100 percent financing with a competitive annual percentage rate (APR). Tesla is also a Tech CU Member Company; Tech CU provides Tesla employees with resources that include personal and business banking, commercial lending and comprehensive wealth management services that include investing and financial planning.
Tech CU is among the first credit unions in the country to offer car loans for Tesla vehicles. The availability of affordable financing through Tech CU will help broaden Tesla’s customer base and increase the adoption of electric vehicles.
Tech CU also stands behind Tesla’s Model S resale value guarantee, which ensures the Model S will have the highest residual value of any high-volume, premium sedan (Audi, BMW, Mercedes or Lexus) after three years of ownership.
“Innovation is in Tech CU’s DNA — we were founded by Fairchild Semiconductor employees 54 years ago. Our relationship with Tesla is a natural extension of our heritage and commitment to partner with fellow innovators, while delivering the best financial services to our members,” said Tech CU’s President and CEO Barbara Kamm.
“From its first release of the Roadster, Tesla has redefined innovation in the auto industry by engineering cars that exceed expectations,” said Debra Bowman, Tech CU’s SVP of Retail Banking. “That’s why many of our members, who come from Silicon Valley’s tech community, appreciate and want a Tesla. As a finance partner, we can help them buy their dream car, while also helping to spur electric vehicle adoption by offering financing to a broader base of potential Tesla customers.”
Interested buyers can apply for a Tesla vehicle loan through Tech CU’s easy-to-use online application, by contacting a Tech CU loan specialist at (877) 988-0471, or by visiting one of Tech CU’s branches.
ABOUT TECH CU
Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Tech CU has served the high tech workforce in Silicon Valley for more than 50 years. Today, the credit union has more than 70,000 individual, non-profit and business members and $1.8 billion in assets. Tech CU is recognized as one of the best managed and strongest financial institutions in the country, as indicated by a 5-star rating from Bauer Financial, the nation’s largest independent rating service for banks and credit unions. Tech CU’s members have access to 65,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches throughout the Bay Area, and comprehensive mortgage, wealth management, business banking and commercial lending services.
This article is a repost, credit: TECH CU.
Paul Scott said on September 18, 2014
Anything that increases demand for EVs is a good thing. Thanks to Tech CU for getting this tire rolling.
Given SolarCity’s relation to Tesla, I wonder if Tech CU could bundle a PV lease in with the Tesla?
Depending on various factors, a 2 kW PV system can generate enough energy to drive a LEAF 1,000 miles per month. A Model S would get a bit less than that, maybe 900 miles/month. The cost of installing the PV is well under $10K. The system will generate energy for decades. The long term economics of EV/PV are stellar. Your ROI increases every time the price of gasoline, or a kWh, goes up.
SolarCity invented the solar lease, and now most solar installers are funded. It doesn’t seem like a stretch to see Tech CU bundle a PV system with every Tesla sold.
Jack Collins said on September 18, 2014
Good thought.
Falling solar prices and rising electric vehicle demand should get the housing industry thinking. Eventually net zero homes will be commonplace.
With the speed of tech. these days, tomorrow will have many surprises.
Ngan said on September 26, 2014
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