Can someone put the order of events for application process... Membership vs Donation vs Loan application.. and what documents are needed to get each approved? Just trying to streamline the process to avoid unnecessary delay.. that Power of Attorney thing is tricky and don't have the VIN yet.. but probably would get one in a weeks time
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Credit Unions with good rates that accept applicants anywhere within the US?
- Thread starter YNoVA
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Donate to TowerCares. Apply for loan and include donation number. Get conditional approval. Apply for membership. Provide requested loan documents and finalize loan.
Cyclone
Cyclonic Member ((.oO))
I would honestly do the membership app before the loan app since that’s where the biggest slowdown has been. Upload to the portal front and back of driver’s license + front of social security card or main passport page. If you have your ChexSystems file locked, unlock it first. If you have your TransUnion credit report frozen, unfreeze it.
Does the membership app need the donation number or documents to speed up the process?
Cyclone
Cyclonic Member ((.oO))
Just the docs I mentioned. You can open up just their savings account after making the donation and choose membership in TowerCares as you eligible association when it asks for how you are eligible.
I have a pending application for membership with Tower (1/31)
EDD is March 19th-31st
With as long as Tower is taking to process things, I'm wondering if I should go ahead and get conditional approval with Tower? Or just wait till mid February?
I'd hate for my EDD to get moved up and be crunched for time. Thoughts?
EDD is March 19th-31st
With as long as Tower is taking to process things, I'm wondering if I should go ahead and get conditional approval with Tower? Or just wait till mid February?
I'd hate for my EDD to get moved up and be crunched for time. Thoughts?
I'm just worried they only do 30 days which will be jusssstttt short of the EDD. Having them say the loan is cancelled a day before pickup would be heart breaking
I knew you would say that. My thought is that you can always stall Towers a bit by taking your time to upload the requested documents to buy more time. I think it’s easier to do that than submit your loan application late because you can’t rush them to process the loan fasterI'm just worried they only do 30 days which will be jusssstttt short of the EDD. Having them say the loan is cancelled a day before pickup would be heart breaking
Cyclone
Cyclonic Member ((.oO))
Tower will set the date based on when they process your loan app, not when they get all the docs. So you submit your loan on 2/1, the process and conditionally approve you 2/10, then ask for the MVPA and PoA form. Even you wait to give them this until 2/20, your 30-day window started 2/10 and ends 3/12.
That's what I figured. Now the question is do I wait till the later date in the EDD or chance it with the earlier
. Guess it's been to play it safe and submit things the first week of March.Check finally issued by Tower for delivery this weekend. My takeaways:
- Membership: Make your donation (if required for membership) and start your membership Application immediately. As others have mentioned, upload front/back of your ID and 2 additional forms of verification (passport, social security card, utility bill, bank statement, etc). My 1/16 application was approved on 1/23, I imagine that there is even more of a backlog now.
- Loan Application Timing: This is the tricky one depending on how far out your EDD is. For me, conditional approval only took 3 days from loan application. And you have 30 days from conditional approval to submit your loan documentation (MVPA and POA) which all require a VIN number for which you’re at Tesla’s Mercy
- As soon as you get a VIN number, text your SA for the MVPA and get your POA completed. For reference, my VIN was assigned 1/28, I uploaded final documents on 1/29 and the check was cut 2/6.
I did have to call once after documents were uploaded and let them know my delivery date. No idea if the call made a difference or if they would’ve gotten to the review one way or another.
- With all of that said, Tower was able to fund in time because my delivery was 2 weeks out from VIN assignment. I’ve seen a few people being scheduled for delivery within days of VIN assignment, which might make it impossible to get the check out in time for your delivery — in that case, I would highly recommend a backup lender.
- Membership: Make your donation (if required for membership) and start your membership Application immediately. As others have mentioned, upload front/back of your ID and 2 additional forms of verification (passport, social security card, utility bill, bank statement, etc). My 1/16 application was approved on 1/23, I imagine that there is even more of a backlog now.
- Loan Application Timing: This is the tricky one depending on how far out your EDD is. For me, conditional approval only took 3 days from loan application. And you have 30 days from conditional approval to submit your loan documentation (MVPA and POA) which all require a VIN number for which you’re at Tesla’s Mercy
- As soon as you get a VIN number, text your SA for the MVPA and get your POA completed. For reference, my VIN was assigned 1/28, I uploaded final documents on 1/29 and the check was cut 2/6.
I did have to call once after documents were uploaded and let them know my delivery date. No idea if the call made a difference or if they would’ve gotten to the review one way or another.
- With all of that said, Tower was able to fund in time because my delivery was 2 weeks out from VIN assignment. I’ve seen a few people being scheduled for delivery within days of VIN assignment, which might make it impossible to get the check out in time for your delivery — in that case, I would highly recommend a backup lender.
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Thanks for clarifying. Guess I’ll just take my chance applying early. If I wait to apply later, there’s also a chance of them increasing rate. I’ve seen it with Adelfi and Parsons. It’s a game, can’t really win.
My understanding is that they can probably raise rates any time before final approval. So the only drawback of applying early is potentially needing a second hard pull of your credit report.
I’ve been told to place the order with Tesla as “cash” and then contact your SA to change to 3rd party finance once you’re approved with Towers. Is this correct? Did you do this as well? Where do you get the address for Towers to mail the check to? Thanks
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