$3.3B in aggregate credit union funding for EV lending; more in onboarding process

FI Connect, Origence’s new subsidiary and its previously announced partnership with Tesla, has signed up 21 credit unions with $3.3 billion in annual lending capacity for Electric Vehicles (EVs). Origence announced the Tesla partnership at the end of 2023.

Among those credit unions to join the financing network and provide loans to EV buyers are 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. 

“Having the opportunity to be one of the first credit unions in the nation to partner with FI Connect to provide Tesla financing has been fantastic,” said Mel Valenzuela, SVP & chief lending officer at Silver State Schools Credit Union. “Every part of the process, from onboarding to the instant funding of loans, is innovative and refreshing.” 

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. 

“This partnership gives Tesla customers an easy, convenient, and affordable way to secure credit union financing for their EV purchase while helping credit unions like Patelco keep pace with rapidly growing demand for EV financing,” said Josh Garrison, vice president of consumer lending and cards at Patelco Credit Union.

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.

“The excitement continues to build among credit unions – with nearly 30 credit unions in various stages of implementation and contract negotiations,” said Tony Boutelle, president/CEO of Origence. “As EVs continue to gain popularity by consumer demand and state mandates, it’s important for credit unions to provide EV lending options through embedded financing with dealerships and direct-to-consumer models.”