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Discussion in 'California' started by jelly, Jul 3, 2019.
Are you an Edu Employee?
I work in a university in socal but I don't think that's a requirement to join the PTA.
I just closed on my loan yesterday and everything went smoothly. It took an hour and a half to do all the paperwork in the Fresno branch. 2.19% is hard to beat! Thanks to the OP for posting the info!!
Are you located in Fresno, or you drive down?
I drove down. I live in Monterey County and I’m
a teacher as well.
How long is the process to do it online or over the phone?
My online application told me to call in. As soon as I did it was like a 5 min convo to confirm things and get approved with instructions for membership.
I'm in socal so then I had to wait for them to mail me a membership packet, because they require a physical one to be filled out, and then I had to mail it back.
So that's the rate limiting step for me.
So NC residents don’t qualify for EECU?
I don't think so. I think the title has to be in California to qualify. Now if you can get to the truth in lending statement you could maybe ratematch it to Lightstream.
But Lightstream seems to make up excuses when they do not like the rate you are asking them to beat. I will find out when I procure the truth in lending statement, but they wouldn't allow me to match with the approval letter (even though the website says they will, and my previous loan with them last year was fine with the approval letter).
Others have posted similar experiences with Lightstream. My guess is that they will nitpick some component of the truth in lending statement (the other post I read said that since the CU had late fees, it wasn't an equivalent loan even though rate, duration, amount, etc. was the same) to get out of rate matching. I'll let you know if they approve my ratematch.
Do they need the membership packet before they can fund? The 2.19% requires funding to happen before 31st correct?
Yes I imagine they need you to be a member to fund. Membership is a prerequisite.
That being said I think if you're approved by 7/31 you will keep the rate (when I asked).
I was also approved for EECU 2.19%. Tried to match with Lightstream but they said I need to supply Truth in Lending statement.
The EECU approval packet says to complete my auto loan, they need a signed purchase order from the dealer (Tesla). Is this the MVPA (Motor Vehicle Purchase Agreement) or something else? Hopefully once I get my account registered I can send them documents as needed online instead of snail mail.
curious, are you a educational employee as well?
No, I had to mail back their membership form + $5 to open checking account + $5 for credit union membership + $10 donation to PTA to become eligible
Yes mvpa and it can be emailed. It's very fast at that point to complete the loan.
Did they approve the rate match? I might go a similar route.
Rates went up to 2.49... still considered cheap
Didn't the fed just drop the discount rate? The CU is going the wrong way!
Lightstream gave me the rate beat with 2.09% and unsecured
I opted against light stream due to GAP insurance. It appears that you're unable, with an unsecured loan, able to obtain legitimate GAP insurance. Please, anyone, correct me if I'm wrong. This was a deal breaker to me given the loss in value for a brand new car. My GAP insurance through my provider is 10 bucks every 6 months.