Financing

[Tim-in-CA]

One more thought - for anyone that wants to sell their current EV, my experience is Driveway.com provided the best price. My 2020 Tesla Model X LR, I purchased new for $105K + $10K for FSD option. Driveway.com purchased my Model X for $90K. I just completed the transaction. It took about 30-days because they are extremely busy and its based on the order you submit your paperwork and accept their price.

Thanks. They were also the highest (by $125) vs CarMax for my 2020 Telluride. I went the CarMax route as I it took me just a few hours to complete the transaction. Ended up selling it for $1500 MORE than I paid for it 3 years ago (including Sales tax). Decided to strike while the iron was hot as I have other vehicles. I'll go the same route when my Lucid (or Rivian R1S) arrives with my Model S.

 

[zkhan2]

Thanks. They were also the highest (by $125) vs CarMax for my 2020 Telluride. I went the CarMax route as I it took me just a few hours to complete the transaction. Ended up selling it for $1500 MORE than I paid for it 3 years ago (including Sales tax). Decided to strike while the iron was hot as I have other vehicles. I'll go the same route when my Lucid (or Rivian R1S) arrives with my Model S.

I had a hard time finding places that would purchase my Model X. Carmax was one of many places that would not. WeBuyAnyCars.com gave me an offer of $83K and they have local agents I could have done the deal in a day. But the gap was too big. In your case, absolutely, I would even pay $125 to get it done the same day if prices are relatively equal.

 

[hellolucid]

Wow. That is remarkable! I looked at their website and discovered the 0.99% is for 12 months or less. However, they also state that they will reduce their interest rate by 1% for EVs, with a 0.99% minimum. Here is their rate schedule that I took from their website.
1-12 Months 0.99%
13-36 Months 2.24%
37-48 Months 2.49%
49-60 Months 2.49%
61-72 Months 2.99%
73-84 Months 3.49%
85-96 Months 5.99%
Consumers Credit Union's rate that I got was for 60 months so SFCU would still be a little bit cheaper with their 1% discount.

i switched jobs recently and SFCU denied my already approved loan. apparently their requirement is that you need to be employed by your current employer for at least 2yrs. now the rates are much higher

 

[Tim-in-CA]

i switched jobs recently and SFCU denied my already approved loan. apparently their requirement is that you need to be employed by your current employer for at least 2yrs. now the rates are much higher

That sucks. I’m considering going the SFCU route But looks like the EV discount is gone as well. How did you join? Did you join MyPath?

 

[hellolucid]

That sucks. I’m considering going the SFCU route But looks like the EV discount is gone as well. How did you join? Did you join MyPath?

I live in one of the qualifying counties. They opened an account after I got approved.

 

[DJL]

i switched jobs recently and SFCU denied my already approved loan. apparently their requirement is that you need to be employed by your current employer for at least 2yrs. now the rates are much higher

So sorry to hear that. I believe most lenders like to so a stable employment situation. You might wish to check out Consumers Cridit Union. I checked last week and they were still at 1.99% for 60 months. Good luck!

 

[Paladin732]

i switched jobs recently and SFCU denied my already approved loan. apparently their requirement is that you need to be employed by your current employer for at least 2yrs. now the rates are much higher

2 years? That is insane.

Try Carolina Co-op. They are still 1.99 up to 84 months https://www.carolinacoopcu.com/loan-rates. You don't need to be local(I'm in CA and they are in Carolina), but they do act like its 1945.

 

[joec]

2 years? That is insane.

Try Carolina Co-op. They are still 1.99 up to 84 months https://www.carolinacoopcu.com/loan-rates. You don't need to be local(I'm in CA and they are in Carolina), but they do act like its 1945.

Seriously. Who keeps a job for more than 2 years these days?

 

[Paladin732]

Seriously. Who keeps a job for more than 2 years these days?

My last job I had for 6 . I've been at my latest one for over 7 months now, I couldn't imagine being denied based on that.

 

[Impatient7536]

for anyone in the LA area, this is water and power community credit union's rates based on their website currently. ev's apparently get another 0.25% off.

 

[DBV]

Seriously. Who keeps a job for more than 2 years these days?

Seriously - real question? I won’t even hire anyone that jumps around. Everyone I know has worked longer than two months on the job and especially anyone in sales industry if they job hop every two years means they can’t hit their goals.

 

[borski]

Seriously - real question? I won’t even hire anyone that jumps around. Everyone I know has worked longer than two months on the job and especially anyone in sales industry if they job hop every two years means they can’t hit their goals.

Sales is the one exception. For engineering and many other roles, “job hopping” is the best way to ensure career growth.

Not being willing to hire someone who has had relatively short stints in the past is myopic, speaking as someone who was a hiring manager for many years. That said, most of my employees stuck around for nearly a decade, so just because they job hopped in the past doesn’t mean they are prone to. The issue is that most corporations keep employees “on the hook” and don’t promote or provide upward mobility as they should, which is why folks switch jobs - if the corporation values their employees and actually helps them grow, they stick around.

 

[DBV]

Sales is the one exception. For engineering and many other roles, “job hopping” is the best way to ensure career growth.

Not being willing to hire someone who has had relatively short stints in the past is myopic, speaking as someone who was a hiring manager for many years. That said, most of my employees stuck around for nearly a decade, so just because they job hopped in the past doesn’t mean they are prone to. The issue is that most corporations keep employees “on the hook” and don’t promote or provide upward mobility as they should, which is why folks switch jobs - if the corporation values their employees and actually helps them grow, they stick around.

Being in the sales profession and a hiring manager, I would never hire anyone that hops around. Never have a track record. I work for a large fortune 100 company and know hardly anyone that hops around. To me that is a weakness, especially if only staying a couple years. You don’t ever prove yourself or really even learn what the company is about. Definitely not myopic. Proven strategy. People need to prove themselves and hopping around every two years means you don’t can’t handle it. Everyone gets one pass, but consistent job hopping is bad performance indicator and shows no commitment to anything.

 

[borski]

Being in the sales profession and a hiring manager, I would never hire anyone that hops around. Never have a track record. I work for a large fortune 100 company and know hardly anyone that hops around. To me that is a weakness, especially if only staying a couple years. You don’t ever prove yourself or really even learn what the company is about. Definitely not myopic. Proven strategy. People need to prove themselves and hopping around every two years means you don’t can’t handle it. Everyone gets one pass, but consistent job hopping is bad performance indicator and shows no commitment to anything.

Like I said: sales is the one exception. For other roles, this is a myopic view that results in missing out on some incredible candidates.

 

[AbsoluteZenith]

Like I said: sales is the one exception. For other roles, this is a myopic view that results in missing out on some incredible candidates.

It's a typical boomer take

 

[joec]

Like I said: sales is the one exception. For other roles, this is a myopic view that results in missing out on some incredible candidates.

My tongue was at least slightly planted in my cheek when I made my original comment, but since you brought it up…

The question we’re dealing with here is whether a person who has been at their current employer for less than two years is more of a risk for a bank loan. I’d submit the bank is idiotic at best for thinking so, given today’s employment climate.

For starters, you have no idea whether that person is one year into a job they will keep for the next 20. You have no idea why they left the last job, etc. At the very least, follow up with that much.

In my industry, not changing jobs every so often can be viewed as a sign of a lack of ambition. (I literally heard it described that way by a hiring manager once.) It means you sat at your desk for ten years, swallowing a 1-3% “cost of living” wage increase, while most of your fellow colleagues moved on to opportunities that netted them 20-40% raises for each move.

At Apple, they jokingly refer to it as “taking your sabbatical.” You grind like hell for three years to ship the next great blockbuster product, and then quit to catch your breath. Start a new company. Work somewhere less stressful. And then two years later, recruiters from Apple are knocking at your door to return.

And why not? If you were good enough to hire the first time…

At Google, in some cases, they’ll hold your position open for a year if you just want to walk away.

There’s a reason programmers (not managers, just grunt programmers) now start at upwards of $300k at some of the FAANG companies, and after a few years end up clearing half a million or more. Whereas ten years ago, a senior developer was doing well just breaking six figures.

The old schoolers spent so much time lecturing the young’uns about supply and demand they forgot it works both ways.

So, yeah. Your industry may vary. But like @borski said, if you are hiring software developers, and you skip over anyone who has changed jobs too often, you are likely throwing away most of the best people.

Hey, maybe that’s what Lucid is doing wrong?

 

[Paladin732]

There are also quite a few considerations when hiring jumpers:


Is every one of the last 5 stints a year? That may be a concern.

Were they 3 years in a role, than six months in another company? That may be fine, maybe they didn’t like the culture, growth, or other metrics in their six month stint.

Were they 6 years in one company, than 1 year in two back to back? Maybe they are trying to find their new niche.

Were they a year in each of the last 4 companies? Maybe they grow in their role very fast and just have not found a company that appreciates it.

At least in tech, it’s honestly considered strange if you stay in the same company/role for 4+ years. As a hiring manager I am significantly less likely to hire a candidate that spent 20 years at IBM than one that was at 5 companies in that time span. (Doesn’t mean I won’t, just means I will prod them during the interview about ambition and drive and why they stayed so long)


(In my own personal experience I’ve done 7 months, 1.5 years, 2 years, 6.5 years, etc. I’m not a hopper, but I’m not going to stay for subpar compensation and/or at a company that does not fit my goals. That 6.5 year company? It was a great company, but when I jumped my base grew 40% simply because they were under paying me as I began an IC and left a Director. Further, I may have moved companies due to a relocation or other reasons)

 

[hellolucid]

My tongue was at least slightly planted in my cheek when I made my original comment, but since you brought it up…

The question we’re dealing with here is whether a person who has been at their current employer for less than two years is more of a risk for a bank loan. I’d submit the bank is idiotic at best for thinking so, given today’s employment climate.

For starters, you have no idea whether that person is one year into a job they will keep for the next 20. You have no idea why they left the last job, etc. At the very least, follow up with that much.

exactly. my total comp went up significantly but the loan officer was not interested. oh well.

 

[Volund]

Wow those are super rates. I was happy with PenFed, they are online and their decision is also supoer fast. Only problem, they send a check to you in your and dealer’s name that you then send to them I thought they were the cheapest but SFCU is cheaper. Mine is 3.49% for 72 months. BofA is nowhere close.


It went to 13, wish I bought a bulk then, my avg is about 30 . Why do you believe they cannot match Tesla in 10 years, especially with Saudi help?


You have to only look at Buffet to know it is true. Buy low Sell High. Most Retail go for the home run. I am in your camp unless you are going to keep the money in the Bank you can do better than even 4% over a 5 year period.


PenFed will Finance anyone with good credit. I got 125k for 72M at 3.49% wish I knew about these other 2. 2.99 sounds much better.

Who did you go with to get the 72 months?
I'll probably look into local credit unions here too

 

[Paladin732]

Who did you go with to get the 72 months?
I'll probably look into local credit unions here too

Carolina Coop will do (up to) 84 months at 1.99. They will go nationally.

USAA will do 2.69 up to 84 months as well