bulldog8934
Member
Yes, and they almost force you to do auto payments so the increased rate is in the fine printInteresting, I have not heard of the .25% discount. I just got an email that said this yesterday:
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Yes, and they almost force you to do auto payments so the increased rate is in the fine printInteresting, I have not heard of the .25% discount. I just got an email that said this yesterday:
Tower approved me for the 2.990%. They did not indicate the length of the loan, though. Their offer is very good, indeed, but I have already applied and approved through tesla for the 5.34%.
I was literally amazed how Tesla loan process is smooth and instant. I've never experienced such a fast process. The last loan I've taken was 10 years ago and the dealer experience was terrible.
After that being said, if you got time do the Tower and if not- refinance is the option and I am looking forward to it.
I think tower use transunion ( this was in september) and i had credit lock on all three credit agencies and tower posted the secured message. So i unlocked transunion for a day and replied back on the secured message . Once i got email from transuinion that tower had a hardpull, i let the unlock expire for that day.. Btw.. what is chexsystems?FYI for those who apply at Tower, if you have your ChexSystems file locked, be prepared to unlock it. They reached out to me and I don’t have my pin, so I’m waiting for ChexSystems to mail me a new one.
While I don’t blame Tower for wanting to check my Chex file before proceeding, I’m surprised that in 6 years of having a locked file, this is the first time I was asked to unlock it to open and account. Usually, if I even hit a hiccup, it’s just sent for manual processing.
that is correct. in order to get tower finance, you must maintain insurance deductible not more than $500. so you need to provide insurance copy (for that you need VIN number) and POA (power of attorney to have the title returned to them in case from your DMV because title delays/lost etcI got approved and email says send vin, poa and proof of insurance with $500 or less deductible. only issue my Model y delivery show Feb 28 to march 21 and tower says need to wrap up by 15th Feb.
anyone with similar situation?
yes understood that. issue is timeline of car availability from Tesla (late Feb earliest) vs tower deadline of middle of feb.that is correct. in order to get tower finance, you must maintain insurance deductible not more than $500. so you need to provide insurance copy (for that you need VIN number) and POA (power of attorney to have the title returned to them in case from your DMV because title delays/lost etc
tower takes good 10 business days for them to process (all the way applying for auto loan and cheque delivery) provided some where around 5th or 6th business day where you must submit those documents. Tower is little old school type and will not mail a cheque to you with your name on it to give it to who ever the car dealer. Tower mail the cheque with VIN number and dealer name (in this case, Tesla's instructions on how to receive the cheque)yes understood that. issue is timeline of car availability vs from Nance timeline they gave.
Yup, I had the three bureaus unlocked and they only pulled TransUnion. ChexSystems is another reporting agency used by the banks for recording if you’ve had any bank charge-offs, write bad checks, have excessive overdrafts, etc.I think tower use transunion ( this was in september) and i had credit lock on all three credit agencies and tower posted the secured message. So i unlocked transunion for a day and replied back on the secured message . Once i got email from transuinion that tower had a hardpull, i let the unlock expire for that day.. Btw.. what is chexsystems?
How can anyone close on time? They need a VIN to proceed and usually there's only a week between VIN assignment and delivery.Thank you for the updates in this thread. I applied with Tower today and the rep said they are at 21 business days till loan closes. My delivery date is between Mar 3-Mar 31 so she recommended applying now. If the loan is good for 30 days and if Tesla needs a little more time for delivery then they can work with them to add an extension. Hopefully it all works out and I don't have to go back to USAA with a 4.74% rate. I ordered on 1/16 a 7 seater in black/black to Raleigh, NC.
my experience with Tower was, with in seven days you should be OK provided you already approved and submitting POA, MPV , Insurance Copy (all these need VIN). Tower send you check overnight provided they close the loan process before 3pm on that day. on the closing day, tower call you and go over the terms and conditions (Apr rate, auto debit etc... and if this happens before 3pm and next day morning you can expect check through fedex).How can anyone close on time? They need a VIN to proceed and usually there's only a week between VIN assignment and delivery.
is it only for US citizens or non-residents (H1B) can also get a membership from them?
applied the loan and account on the same day(1/17). I donated on the same day as well to avoid any delays. It's just $35 so no big deal if I lost it and it's for a good cause anyway. And I have no reason to believe I won't be approved. Got a message today so called back and got the account funded, and now my loan shows approved pending. It was showing deferred before but I did get a temporary approval after the initial app.