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California financing 2.19% 72 months

Discussion in 'California' started by jelly, Jul 3, 2019.

  1. tpekid88

    tpekid88 Member

    Joined:
    Jul 19, 2019
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    Location:
    NorCal
    Are you an Edu Employee?
     
  2. jelly

    jelly Member

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    Location:
    SoCal
    I work in a university in socal but I don't think that's a requirement to join the PTA.
     
  3. Maximus831

    Maximus831 Member

    Joined:
    Mar 3, 2019
    Messages:
    37
    Location:
    CA
    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!!
     
  4. tpekid88

    tpekid88 Member

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    Location:
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    Are you located in Fresno, or you drive down?
     
  5. Maximus831

    Maximus831 Member

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    I drove down. I live in Monterey County and I’m
    a teacher as well.
     
  6. csriram45

    csriram45 Member

    Joined:
    Jun 27, 2019
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    Location:
    SF Bay Area
    How long is the process to do it online or over the phone?
     
  7. jelly

    jelly Member

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    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.
     
  8. Chandu_732

    Chandu_732 Member

    Joined:
    Apr 30, 2019
    Messages:
    15
    Location:
    Charlotte NC
    So NC residents don’t qualify for EECU?
     
  9. jelly

    jelly Member

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    Location:
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    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.
     
  10. csriram45

    csriram45 Member

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    Location:
    SF Bay Area
    Do they need the membership packet before they can fund? The 2.19% requires funding to happen before 31st correct?
     
  11. jelly

    jelly Member

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    Location:
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    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).
     
  12. davidl808

    davidl808 Member

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    Jul 16, 2019
    Messages:
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    Location:
    SF Bay Area
    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.
     
  13. tpekid88

    tpekid88 Member

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    Location:
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    curious, are you a educational employee as well?
     
  14. davidl808

    davidl808 Member

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    Location:
    SF Bay Area
    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
     
  15. jelly

    jelly Member

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    SoCal
    Yes mvpa and it can be emailed. It's very fast at that point to complete the loan.
     
  16. patbaker82

    patbaker82 Member

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    Apr 19, 2019
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    Location:
    San Diego
    Did they approve the rate match? I might go a similar route.

    Thanks!

     
  17. tpekid88

    tpekid88 Member

    Joined:
    Jul 19, 2019
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    6
    Location:
    NorCal
    Rates went up to 2.49... still considered cheap
     
  18. jboy210

    jboy210 Supporting Member

    Joined:
    Dec 2, 2016
    Messages:
    1,503
    Location:
    Northern California
    Didn't the fed just drop the discount rate? The CU is going the wrong way!
     
  19. davidl808

    davidl808 Member

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    Jul 16, 2019
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    Location:
    SF Bay Area
    Lightstream gave me the rate beat with 2.09% and unsecured

     
  20. patbaker82

    patbaker82 Member

    Joined:
    Apr 19, 2019
    Messages:
    42
    Location:
    San Diego
    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.
     

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