Credit Unions with good rates that accept applicants anywhere within the US?

[Macb00kemdanno]

Hah, two weeks after applying for a membership, Tower sends me a secure message telling me to call an eCommerce Specialist. I reluctantly called, and they said all they needed was the 3-digit code on the back of the CC I used to fund the account. After that, she said that she'd send an email within 10 minutes that I have to DocuSign, then my membership would be processed today.

I also asked her about the wait times for an auto loan, and she said that normally it takes 3 to 4 days, but with the influx they've been getting, it can take a week to two weeks. I told her about the Tesla price drop and TMC, and she was like, "Ohhhh, that explains it." She also asked me to explain how Tesla works delivery because she said that a lot of people have been calling in frantic, saying that they need their checks right away and they're going to lose their spot if they don't get funded. I explained that to her, too and she was appreciative of the commentary because she was confused about the circus that is going on

 

[Cyclone]

As a reference point for others, Tower approved my membership app today. I applied on 1/15, but had an 8 day delay because I needed to unlock my ChexSystems file and had to wait for the bureau to mail me a new pin. So, in essence, it took 1/24 - 2/2 to get done.

My loan app has long been approved and just waiting for my member # and docs like the notarized PoA.

 

[YW555]

Today they just messaged me this about my membership application. Make sure you have this already uploaded to save you time:

Thank you for your account application with Tower. We were unable to complete the verification process with your personal information.

1. Upload an image of your Drivers License. FRONT AND BACK IN COLOR

 2. Provide two (2) of the following that are most recent and valid: IN COLOR. SOCIAL SECURITY CARD IS REQUIRED

• Social Security Card (REQUIRED)
• Passport (UNITED STATES ONLY)
• Student ID
• Military ID
• Utility Bill (GAS, ELECTRIC, SEWAGE, WATERONLY)
• Lease (FULL ODCUMENT WITH SIGNED SIGNATURE PAGES)
• Recent Bank Statement
• Proof of Home Ownership

 

[bleedgreen18]

does Tower send the check directly to Tesla or mail you the check? If electronic payment an option? I am just worried that after VIN assignment, I may no have enough time to receive the check. I am pre-approved and waiting on VIN assignment to upload requested documents.

Tower sends the check directly to Tesla in Fremont.

And YMMV, but my SA asked for tracking number and pictures and front and back of check.

After my loan was approved, I didn't even get confirmation that the check was sent out. I had to call Tower to get the tracking number for the check. And obviously I couldn't get photos because Tower sent the check out before I requested for the pictures.


My SA said as long as the check is in transit to Tesla, then they would be able to release the car on delivery day.

 

[j4y_7]

Tower sends the check directly to Tesla in Fremont.

And YMMV, but my SA asked for tracking number and pictures and front and back of check.

After my loan was approved, I didn't even get confirmation that the check was sent out. I had to call Tower to get the tracking number for the check. And obviously I couldn't get photos because Tower sent the check out before I requested for the pictures.


My SA said as long as the check is in transit to Tesla, then they would be able to release the car on delivery day.

After you uploaded the signed MVPA and POA, did Tower request any additional documents or signatures before providing final approval and cutting the check?

 

[bleedgreen18]

After you uploaded the signed MVPA and POA, did Tower request any additional documents or signatures before providing final approval and cutting the check?

Just the docs that were listed on the preconditional approval email.

Insurance documents
Membership approval letter/card

GAP insurance docs not needed if you didn't get it through Tower or your insurance provider.

If you have all of the docs, just try to be persistent with the Member Center. They could expedite the membership, but not the loan. I must have applied early enough to have received final loan approval in 13 days' time.

My Tower Timeline:
Jan. 18 - Applied for loan
Jan. 24 - Preapproval for loan
Applied for membership
Jan. 27 - Called Tower requesting to have member application expedited
Jan. 28 - Received message requesting for more docs for membership approval
Approved for membership less than an hour after sending requested docs
Jan. 30 - Submitted all required documents for loan
Got in touch with my loan officer and said Underwriting team was reviewing my loan app
Jan. 31 - Received email that loan was approved
Tower sent check to Tesla

 

[Macb00kemdanno]

Just the docs that were listed on the preconditional approval email.

Insurance documents
Membership approval letter/card

GAP insurance docs not needed if you didn't get it through Tower or your insurance provider.

If you have all of the docs, just try to be persistent with the Member Center. They could expedite the membership, but not the loan. I must have applied early enough to have received final loan approval in 13 days' time.

My Tower Timeline:
Jan. 18 - Applied for loan
Jan. 24 - Preapproval for loan
Applied for membership
Jan. 27 - Called Tower requesting to have member application expedited
Jan. 28 - Received message requesting for more docs for membership approval
Approved for membership less than an hour after sending requested docs
Jan. 30 - Submitted all required documents for loan
Got in touch with my loan officer and said Underwriting team was reviewing my loan app
Jan. 31 - Received email that loan was approved
Tower sent check to Tesla

At what point during all of that did you get your VIN?

 

[j4y_7]

Just the docs that were listed on the preconditional approval email.

Insurance documents
Membership approval letter/card

GAP insurance docs not needed if you didn't get it through Tower or your insurance provider.

If you have all of the docs, just try to be persistent with the Member Center. They could expedite the membership, but not the loan. I must have applied early enough to have received final loan approval in 13 days' time.

My Tower Timeline:
Jan. 18 - Applied for loan
Jan. 24 - Preapproval for loan
Applied for membership
Jan. 27 - Called Tower requesting to have member application expedited
Jan. 28 - Received message requesting for more docs for membership approval
Approved for membership less than an hour after sending requested docs
Jan. 30 - Submitted all required documents for loan
Got in touch with my loan officer and said Underwriting team was reviewing my loan app
Jan. 31 - Received email that loan was approved
Tower sent check to Tesla

I had all of my documents uploaded by 1/30 and radio silence since then. When was your pick/delivery date?

 

[bleedgreen18]

At what point during all of that did you get your VIN?

I got my VIN the same day I got preapproved for the loan.

 

[bleedgreen18]

I had all of my documents uploaded by 1/30 and radio silence since then. When was your pick/delivery date?

In the span of one day (Jan 24), I received my loan preapproval, was assigned the VIN, my EDD changed to Feb 4-11, applied for membership with Tower, and got a call from my local Tesla Service Center saying my car was going to be delivered on Sat. Feb 4.

Stressful day, to say the least.
I was happy the car was going to be delivered a lot earlier than I expected, but freaked out that I didn't even have my membership done.

I just crossed my fingers during that entire time span that it was going to work out and I had an emergency backup with my local credit union just in case Tower couldn't approve me by essentially, today. I wanted to make sure that the financing was done by today just to give a couple of days buffer.

The extreme last minute worst-case scenario was to get financing through Tesla on Sunday and then refi with Tower.

 

[craaaazzy]

Today they just messaged me this about my membership application. Make sure you have this already uploaded to save you time:

Thanks for the info. I started my membership process last week and have not heard from them yet but I went ahead and uploaded these docs as you've mentioned.

 

[Teedub21]

Think I’ll just use Tesla finance and refinance through Tower later.

 

[Jimboy435]

I was near a md for work and walked into a branch. The idiots told me they can’t process my membership application since it’s still with a someone to process and I have finish the process online. Or I could start over but still wouldn’t get the loan funded for another week. What a BS bank

 

[Cyclone]

Think I’ll just use Tesla finance and refinance through Tower later.

You may want to submit a membership application without a loan app to get the ball rolling. Then you’ll have less to do when the time comes.

For me, it looks like Tower would get done in time, but I already lined up backup financing with Digital. I could also pay cash, but I don’t know if Tower is ok with that. I know Digital and PenFed are, so maybe.

 

[Mudit Kumar]

is it only for US citizens or non-residents (H1B) can also get a membership from them?

Were you able to get an answer for this? Can you please share.

 

[mt247]

Were you able to get an answer for this? Can you please share.

they informed as per their membership requirements, non-residents (H1B) are not eligible. try calling them and verify it for yourself once

 

[wooward]

Wow. We submitted at the same time. Given the other poster had their application cancelled, I’d rather not risk double the rate with Tesla.

I’m not beholden to the March cut off. This is a business purchase so it’s eligible for the full def tax rebate at any time this year. The price cuts is why I’m buying, not the tax incentive per se.

Could you please explain how making the car a business purchase qualifies you for the $7,500 credit even after they define how the credits work? I could be in a similar situation. Thanks.

 

[Mudit Kumar]

they informed as per their membership requirements, non-residents (H1B) are not eligible. try calling them and verify it for yourself once

Yes you are right, I called to confirm. Thanks a lot.
Can you (or anyone else) please share any other low rate financing options for peeps on visa (H1B).

 

[rzn89]

Seems Tower has the best rates, any one find another cheap place, the thread is so long!! I know I will get best avail rate as me and wife both have 800+ Fico9. I plan on financing with tesla just because I think I can get the car faster then Ill just eat the payments for 2-3 months and refi.

 

[YW555]

Applied for membership on 1/17 and finally got the account approved today.