rx_for_assyria
Member
They rejected me within a few hours after I submitted my application due to my address not being in their "service area".
So if you are not in the DC area, proceed with caution.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Credit Unions with good rates that accept applicants anywhere within the US?
- Thread starter YNoVA
- Start date
So if you are not in the DC area, proceed with caution.
rx_for_assyria
Member
That's what it appeared to me. Unless you can appeal based on their membership criteria - there a few gray areas that you may qualify.
But then again, the point of this thread is for CUs without such strict membership criteria.
I should be considered in the DC area, thanks for the heads up. Still trying to figure out where the 1% is coming from. Their site says as low as 2.24. Is the 1% off a promo similar to fedchoice?
rx_for_assyria
Member
Yes it's similar to FedChoice but it's tiered floor based on the term. 2.24% is their floor rate for 48 months. Their floor rate for 60 months is 2.49% and their floor rate for 72 months is 2.74%. But to get this you have to enroll in their premium bundle which requires a 20 or 25K minimum balance in addition to transaction requirements, etc.
Thanks for the info! Got approved for adelfi for 2.8 @ 60 months so probably not worth the difference to jump through the hoops. Adelfi was stupidly easy app, applied 11:20pm, got a call at 11:30, got approval via email by 11:45. Highly recommended.
rx_for_assyria
Member
Agree. Adelfi is super responsive and fast with their loan processing. I decided to go with FedChoice due to the 2.74% x 72m. Although you need patience and a week for the loan to be processed.
Agreed! I applied this Sunday and was surprised to receive a call a couple hours later to confirm my application details. I received an approval email shortly after. The rep I spoke with was super friendly and even asked if they needed to expedite my application. I informed them my EDD range as I haven't been notified to schedule delivery.
Got 2.8% for 60mo. as well.
Hey guys--
Quick update. I ordered on 10/24 and got notice today to schedule delivery. I'm picking up this coming Saturday! I thought this was going to be an incredibly drawn out process but apparently it wasn't. It was super quick. This week, I need to finalize financing. FedChoice has been a bit difficult to deal with in getting in contact with someone. I was qualified for 2.74% @ 72 months. For some reason, though the VIN is showing and I selected 3rd party financing and entered details, the MVPA isn't showing. I have no SA since I ordered entirely online. Any thoughts?
Quick update. I ordered on 10/24 and got notice today to schedule delivery. I'm picking up this coming Saturday! I thought this was going to be an incredibly drawn out process but apparently it wasn't. It was super quick. This week, I need to finalize financing. FedChoice has been a bit difficult to deal with in getting in contact with someone. I was qualified for 2.74% @ 72 months. For some reason, though the VIN is showing and I selected 3rd party financing and entered details, the MVPA isn't showing. I have no SA since I ordered entirely online. Any thoughts?
rx_for_assyria
Member
You should have been getting texts from the order/delivery team, it's a 510 number.
Let them know what FedChoice is requesting and they will send it you via email or update your online account. FedChoice will send you a list of documents they need from Tesla.
FedChoice won't respond to chat messages and the rep I spoke to on the phone on Friday morning told me point blank, Loan Reps are too busy to talk to members and no, they do not put their offer in writing. I asked for follow up from someone else to get a clear understanding on how to proceed. She said she would send an email to someone internally. It's the weekend so I didn't expect an update but I also didn't expect to get a text to schedule a delivery date either.
As for texts from order/delivery team, I got the text that says its time to schedule delivery. I have no SA as the MY was ordered entirely online. Discovered today that I would be picking it up about 2 hours and 15 minutes away. Now, I'm trying to find the MVPA as I'm going to call FedChoice again tomorrow to finalize financing.
rx_for_assyria
Member
That number you got a text about scheduling delivery can be replied to. You can text them and definitely ask them for the items needed from FedChoice.
In regards to customer service agent at FedChoice, thats a clear hung up and call again. Make sure you go to "existing loans" when you are listening to their automated intro. Once you are approved for a loan, you are assigned a loan officer and they are reachable by phone but not by web messaging, however you just need to get routed to your loan officer when you call.
My experience, it took 5 days from day of approval to wiring the funds to Tesla. However mine was complicated due to having two addresses, so they required additional documentation to prove residences which delayed it of course.
Thanks rx_for_assyria. This morning, I was able to get in touch with someone at FedChoice who provided me with the name of my loan officer including extension. Shortly thereafter, I got a message in secure chat confirming details of loan as well as what to upload (MVPA). Next, I called Tesla to advise the MVPA is not showing up. She said she would have have this expedited and available by the end of the day. Once received, I assume it requires a digital signature and once I'm done signing, then TESLA would automatically sign as well? If so, then I assume I would then upload a PDF copy of this to FedChoice via secure messaging along with the 3rd party funding instructions found on the app. Hopefully, this gets done in time for pick up on Saturday! So excited but nervous too. Happened so dang quick that I don't even have the wall charger installed nor has the mobile charger been sent to me by Tesla and the coming supercharger to my city hasn't been built yet. It looks like it'll be ChargePoint for me for awhile.
Please let us know how it goes. I'm going to apply with Adelfi as soon as my VIN is assigned. my EDD is 11/11-11/25 so hopefully that happens soon. Rates seem to only be going up for the time being
I had called Tesla directly to ask for my MVPA. Since things were a whirlwind for me from order to delivery/schedule date, they expedited and told me it'll be on the web. Still isn't showing in the app. All steps completed and says it'll be available 24 hours prior to delivery schedule date. I've already paid down and financing was completed today and will be wired tomorrow.
Just wanted to post my journey as this thread was instrumental in helping me choose the right credit union at the best rate (for me).
Initially applied to AdelFi on 10/24 and was approved the same day for 2.8%, 0 down, 60 months (total loan request was 80k).
Applied to FedChoice Credit Union on 10/25 once I realized I didn't have to be a federal worker to qualify for membership (they say you can donate to Tangerine Foundation--as noted previously, no one even asked me if I donated and no need to show proof)
10/26, my application was approved (but the loan was not finalized) at 2.74%, 5k down, 72 months (total loan approved for 75k)
This is where it took some time to badger customer service. FedChoice is on ET. By 10/31, they finally set me DocuSign info to finalize my membership.
Then I had to badger them again, and finally got the final loan documents to DocuSign on 11/2 (after submitting the latest MVPA with seller and purchaser signatures present)
- It is easiest to dial 1 for loan info, then 2 for "existing loans". Someone always picks up eventually during business hours (830-4p ET)
- Trying to call the extension for the loan officer directly always went to voicemail, and they never called back. They prefer to communicate via the secure messaging portal, but even that can be slow. When I did call, they did reassure me that they knew my pickup date and just had a lot of loan applications to process.
I have been told that they will wire the money by 11/3 or 11/4 (it happens every day at 2p, prob ET) and they will provide proof of wire via email
My Tesla MY pickup date is 11/4. They said they just need proof of wire (and any other outstanding payment due) in order to not delay pickup.
All in all, probably cut it a little close, but I think it'll work out!
Initially applied to AdelFi on 10/24 and was approved the same day for 2.8%, 0 down, 60 months (total loan request was 80k).
Applied to FedChoice Credit Union on 10/25 once I realized I didn't have to be a federal worker to qualify for membership (they say you can donate to Tangerine Foundation--as noted previously, no one even asked me if I donated and no need to show proof)
10/26, my application was approved (but the loan was not finalized) at 2.74%, 5k down, 72 months (total loan approved for 75k)
This is where it took some time to badger customer service. FedChoice is on ET. By 10/31, they finally set me DocuSign info to finalize my membership.
Then I had to badger them again, and finally got the final loan documents to DocuSign on 11/2 (after submitting the latest MVPA with seller and purchaser signatures present)
- It is easiest to dial 1 for loan info, then 2 for "existing loans". Someone always picks up eventually during business hours (830-4p ET)
- Trying to call the extension for the loan officer directly always went to voicemail, and they never called back. They prefer to communicate via the secure messaging portal, but even that can be slow. When I did call, they did reassure me that they knew my pickup date and just had a lot of loan applications to process.
I have been told that they will wire the money by 11/3 or 11/4 (it happens every day at 2p, prob ET) and they will provide proof of wire via email
My Tesla MY pickup date is 11/4. They said they just need proof of wire (and any other outstanding payment due) in order to not delay pickup.
All in all, probably cut it a little close, but I think it'll work out!
Congrats! It was my understanding that Fedchoice was limited to people living in and around MD. Is that correct?
Similar threads
- Article
