Tesla Partners with Origence to Bring Affordable Credit Union Financing to Electric Vehicle Buyers
January 16, 2024 at 07:00 am
Origence and Tesla have partnered to offer credit union financing to EV buyers through the Tesla website. Origence is leveraging its new licensed subsidiary, FI Connect, to purchase and place retail contracts with partner credit unions nationwide. FI Connect currently has a network of 21 credit unions with $3.3 billion in annual EV lending capacity. Patelco CU, Carter FCU, Langley FCU, Silver State Schools FCU, Sound CU, Vantage West CU, Coast Central CU, Pacific Service CU, Washington State Employees CU, and Whatcom Educational CU are among the first to join the financing network and provide loans to EV buyers. By making credit union financing available at the point of purchase, EV buyers will have easy access to competitive rates and extended financing terms?both important factors in providing consumers with options to lower their monthly payments.
Consumers shopping for Tesla vehicles are provided financing options when reserving or purchasing a vehicle through Tesla?s website or mobile app. The addition of credit union financing makes convenient point-of-sale financing available to millions of credit union members and consumers seeking low-rate financing options.