Yes, and they almost force you to do auto payments so the increased rate is in the fine print
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Credit Unions with good rates that accept applicants anywhere within the US?
- Thread starter YNoVA
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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 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.
Cyclone
Cyclonic Member ((.oO))
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.
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.
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?
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
yes understood that. issue is timeline of car availability from Tesla (late Feb earliest) vs tower deadline of middle of feb.
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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)
Cyclone
Cyclonic Member ((.oO))
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.
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.
(moderator note)
I havent been keeping up with this thread at all, and I am not going to read through all the backlog now, but I want to remind people of something important.
TMC does not allow referral codes, or anything that looks like a referral codes. This means that if anyone is saying "oh, sign up here use my email when you do because XXXXX" they shouldnt be doing that in a thread here. We have had issues with these type of threads in the past (specifically with DCU) where this was going on so much I had to start banning people.
People were creating new accounts to get around that rule (there was a financial incentive) and not only did we ban the new account, we started tracking down the original account and banning that one too.
Im not taking any actions right now, and as I said, "at this time" I am not going back through the thread. If anyone is engaging in anything that looks like referral codes, now is the time to stop.
I havent been keeping up with this thread at all, and I am not going to read through all the backlog now, but I want to remind people of something important.
TMC does not allow referral codes, or anything that looks like a referral codes. This means that if anyone is saying "oh, sign up here use my email when you do because XXXXX" they shouldnt be doing that in a thread here. We have had issues with these type of threads in the past (specifically with DCU) where this was going on so much I had to start banning people.
People were creating new accounts to get around that rule (there was a financial incentive) and not only did we ban the new account, we started tracking down the original account and banning that one too.
Im not taking any actions right now, and as I said, "at this time" I am not going back through the thread. If anyone is engaging in anything that looks like referral codes, now is the time to stop.
How can anyone close on time? They need a VIN to proceed and usually there's only a week between VIN assignment and delivery.
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).
Generally Tesla will be calling you to confirm the delivery date and my case was, initially tesla gave me chance to pick the delivery date and time and later on i asked SA to push the date to another 4 days. I also got tesla automated voice and option 2 is to change the delivery date (option 1 is to confirm the date and time, 2 to change and 3 to speak advisor ( most cases you never get a call from advisor)
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.
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