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Tesla Motors offers high-end all-electric sports cars that are hot commodities in California, where they are manufactured. And if you ask about financing your Tesla, you may be referred to Technology Credit Union, which is among the carmaker’s preferred financing partners and one of the first credit unions in the country to offer loans for these cars.
“Tesla is a top-tier Silicon Valley brand, known for their technologically advanced vehicles. This makes for excellent brand association for Tech CU, and it’s consistent with our focus on serving the technology ecosystem,” says Debra Bowman, SVP/retail banking for the $1.8 billion San Jose, Calif., credit union with more than 70,000 members.
Tech CU offers up to 100 percent financing for three Tesla models, which an Internet search shows have manufacturer’s suggested retail prices up to $100,000. The CU has developed a streamlined process for funding the loans, with a dedicated phone number for Tesla buyers.
Not only are the electric vehicles popular with existing members, but Tech CU sees the financing partnership as a path to recruiting new members in its home market. Bowman cites from a recent Automotive News article that sales of the Model S in the San Francisco Bay Area outpaced nationwide sales of Cadillac’s all-electric ELR in the first six months of 2014.
Given the credit union’s history of serving Silicon Valley, “we see value in partnering with innovative, high-tech leaders like Tesla,” Bowman says. “And it deepens our relationship with Tesla as a member company affiliate of Tech CU, a program that enables us to provide the benefits of Tech CU membership to its employees. We actively seek ways to partner with and promote our member companies whenever possible.”
Promoting the adoption of electric vehicles is one additional benefit of the partnership, she adds.
Karen Bankston is proprietor of Precision Prose, Stoughton, Wis.
