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

[Cyclone]

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

I don’t understand what you mean about where to mail a check to Tower to. Why would you be sending them a check?

Ignoring that, Tower will want to see their name listed on the MVPA. So I’d actually choose 3rd Party financing on the Tesla app and pick Tower from the list (they are already listed in Tesla’s options). That will preload their info onto the MVPA. Once you’ve downloaded that MVPA, you can always change to cash if you prefer.

 

[YW555]

I'm

Let me update you.
I applied on Jan 19th and got approved today.
1. Since you refinanced even before you got the title/registration, this is substituted by ‘temporary registration copy that Tesla has given you on the day of delivery’
This is enough for them.
2. For Title, just upload Purchase Order Agreement.
3. You can go online and print out payoff statement. Tower will coordinate with the address provided in ‘payoff letter’

Finally Tower added the loan account into my bank account. Takes about 10 days max provided we upload all documents on time.
Good luck!

I'm trying to refi right now and they seem to not be taking the temp permit I got during delivery in place of the registration. Luckily, I just got a UPS notification that my Tesla registration packet is arriving tomorrow.

 

[Arao]

I have used “Cash” as the financing mode now…but wanting to go with TowerCU. My Loan is conditionally approved on 2/3 and membership is “referred”. My EDD is 2/12 to 2/26. VIN not assigned.

I have 2 questions
1. If I change the Financing to 3rd party now, will it affect the EDD ?
2. If I wait for the VIN and then change the financing option to Tower then will I get the MVPA immediately with Tower CU ’s name on it?

So I’m contemplating on this situation and not sure if I should wait to the VIN to be assigned for me to change the finance to 3rd party or do it now (which may impact the EDD)

Welcome your suggestions and guidance.

Thanks

 

[Cyclone]

I have used “Cash” as the financing mode now…but wanting to go with TowerCU. My Loan is conditionally approved on 2/3 and membership is “referred”. My EDD is 2/12 to 2/26. VIN not assigned.

I have 2 questions
1. If I change the Financing to 3rd party now, will it affect the EDD ?
2. If I wait for the VIN and then change the financing option to Tower then will I get the MVPA immediately with Tower CU ’s name on it?

So I’m contemplating on this situation and not sure if I should wait to the VIN to be assigned for me to change the finance to 3rd party or do it now (which may impact the EDD)

Welcome your suggestions and guidance.

Thanks

No on EDD, unless delivery is within the next 72 hours. Sometimes Tesla won’t tell you the VIN until the car is at the delivery center, so you get a VIN and asked the schedule delivery at the same time. Yes on the MVPA.

 

[YW555]

No on EDD, unless delivery is within the next 72 hours. Sometimes Tesla won’t tell you the VIN until the car is at the delivery center, so you get a VIN and asked the schedule delivery at the same time. Yes on the MVPA.

That's what happened to me. Immediate pickup scheduling after getting VIN. Had to go with Tesla Loan instead and refi.

 

[scSeattle]

I'm

I'm trying to refi right now and they seem to not be taking the temp permit I got during delivery in place of the registration. Luckily, I just got a UPS notification that my Tesla registration packet is arriving tomorrow.

I see. Good that u are getting the title.

 

[morphtk]

My delivery date is between Feb 26 - Mar 7. I'm still waiting on my TowerFCU to approve my loan and membership.
Hoping TowerFCU processes everything in 2 weeks, can I change my financing to them somewhere close to Feb 26 date. I currently have opted for Tesla financing.

 

[shyboy]

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

Incorrect!!!
if you order with tesla as "cash" you don't have to contact your SA to change to 3rd party, you can do that right from the app.

I changed that multiple times, from NFCU to ToweCU then Adelfi CU and then put that back as cash.

Lesson learned is if you keep that option as cash, then TESLA doesn't provide MVPA until the delivery day. I was keep asking my SA to provide the MVPA and had no response, but I see folks were getting MVPA faster, maybe due to they have financing option choosen vs CASH.

 

[onvacayfaraway]

Incorrect!!!
if you order with tesla as "cash" you don't have to contact your SA to change to 3rd party, you can do that right from the app.

I changed that multiple times, from NFCU to ToweCU then Adelfi CU and then put that back as cash.

Lesson learned is if you keep that option as cash, then TESLA doesn't provide MVPA until the delivery day. I was keep asking my SA to provide the MVPA and had no response, but I see folks were getting MVPA faster, maybe due to they have financing option choosen vs CASH.

Thank you

 

[StoXto3toY]

I applied last week with Tower, and I don't recall if during the application process I was asked to choose a term. Today I received an approval email from them with a rate, for those of you who went through this process do you recall what term the rate in the approval email is for?

Thanks!

 

[Flynnaz]

That's what happened to me. Immediate pickup scheduling after getting VIN. Had to go with Tesla Loan instead and refi.

I did the same thing. I applied with Tower for Membership on 1/27, the same day I placed my order. Then I find one in inventory, so I went through Tesla. They used Wellsfargo which is where I bank so I will refinance later. I have yet to hear from Tower. I don't think I would what to deal with a credit union that is so slow at responses. Going through Tesla made everything super easy. There is not that much of a payment difference in the short term.

 

[craaaazzy]

Tower membership done today (applied on 1/26) so took about 2 weeks. Will apply for loan once I get an updated EDD from Tesla, which hopefully takes about 2 weeks from applying to sending out check.

 

[jombolo]

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?

I would get conditional approval now and make sure you apply for their regular membership account as well. that has taken me longer than the loan approval. I spoke with someone on the phone there, and they said if it takes longer than the conditional approval time period, they could extend it. we will see

 

[dethspade]

I would get conditional approval now and make sure you apply for their regular membership account as well. that has taken me longer than the loan approval. I spoke with someone on the phone there, and they said if it takes longer than the conditional approval time period, they could extend it. we will see

It looks like Tower is working on their backlog about a day at a time. with craaaaaazy getting their membership approved today, I expect I will get an email next Wednesday or Thursday. I was going to apply on that Friday for the loan as many Tesla orders are getting pushed.

I'm trying to figure out their process at Tower. If I apply now, and it takes 2 weeks to get approved, through their Auto Express Loan Check option, it says the check is good for 30 days. Does that mean I would get 30 days from loan approval or when I submitted the loan?

 

[Cyclone]

I'm trying to figure out their process at Tower. If I apply now, and it takes 2 weeks to get approved, through their Auto Express Loan Check option, it says the check is good for 30 days. Does that mean I would get 30 days from loan approval or when I submitted the loan?

You have 30 days from conditional approval to get everything to them and processed. When they cut the check, that check is good for 30 days from when they print it.

 

[Dudewermycyber]

Tower membership done today (applied on 1/26) so took about 2 weeks. Will apply for loan once I get an updated EDD from Tesla, which hopefully takes about 2 weeks from applying to sending out check.

Glad you got yours. Applied the same day (with loan approval) and still waiting for membership.

Doesn’t help me though. I lost my allocation and am in EDD purgatory waiting for another allocation. I hope tower extend the loan approval from date of membership approval for another 45 days at least.

21 days and counting from application date is just ridiculous - especially, as they already approved a loan with all the proofs provided at that stage. Membership should be a flip of a switch on their end within 24hrs. TShambles.

 

[morphtk]

I’m waiting on my membership too. Got load pre-approved. They need documentation.
1. Purchased order with VIN
2. Notarized Power of Attorney signed by all proposed title holders
Not sure where would I got those. I’m assuming both would be provided by Tesla when I select third party financing. FYI, I’m the only registrant for the car and loan holder.

 

[jombolo]

You have 30 days from conditional approval to get everything to them and processed. When they cut the check, that check is good for 30 days from when they print it.

I believe it is actually 30 days from the application date. My application date was 1.23.23, the Tower FCU letter states I have until 2.22.23 to provide the necessary documents.

 

[Cyclone]

I believe it is actually 30 days from the application date. My application date was 1.23.23, the Tower FCU letter states I have until 2.22.23 to provide the necessary documents.

I stand corrected. I got hung up on 1/15 app to 2/17 deadline, but 1/15 was my membership app. 1/18 was my loan app and matches what you described.

 

[onvacayfaraway]

I stand corrected. I got hung up on 1/15 app to 2/17 deadline, but 1/15 was my membership app. 1/18 was my loan app and matches what you described.

Just got off the phone with Tower loan officer. Some helpful updates.

POA form can be uploaded on their portal but original still need to be mailed

Membership, they’re currently processing application from 1/26.

Loan approval good for 30 days, but if you need an extension, call them. Can extend to 60 days max.

Autopay required for that rate you see online, but it can be from any bank. Doesn’t have to be with Tower