Origence, a leading technology provider in the U.S. credit union lending sector, has teamed up with Tesla to introduce credit union financing options for Tesla buyers. This collaboration aims to make EVs more accessible and affordable by offering competitive financing rates through credit unions.
The partnership enables Tesla customers to access credit union financing directly at the point of sale, whether they are reserving or purchasing any of Tesla’s models, including the Model Y, Model 3, Model X, Model S, or Cybertruck. This option is available through Tesla’s website and mobile app, simplifying the financing process for consumers.
“Tesla is making their cars more affordable for credit union members with price adjustments,” said Tony Boutelle, president and CEO of Origence, in a statement. “With FI Connect and Tesla coming together, EV buyers can receive affordable financing through credit unions.”
One of the key benefits of this initiative is the provision of lower monthly payments for consumers, thanks to the competitive rates and extended financing terms offered by credit unions. This move is expected to make Tesla’s vehicles more financially attainable for a broader range of customers, particularly credit union members.
Origence will utilize its newly licensed subsidiary, FI Connect, to facilitate this process. FI Connect will handle the purchase and placement of retail contracts with partner credit unions across the nation. When a Tesla buyer chooses to finance their vehicle through FI Connect on Tesla’s website, the contract will be purchased and serviced by a participating credit union.
