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

[j4y_7]

You are correct that you pretty much can’t do anything until Tesla provides you the MVPA. They won’t produce the MVPA until after you get a vin assigned. Sometimes they do that right after a vin assignment, sometimes they wait closer to delivery to produce it. Either way, when it is ready, you will download it off the Tesla website, not the app.

Do you mind sharing where in the process you are with Tower?

My membership has been approved and my loan is conditionally approved. Current EDD is 2/12 - 2/21. All documents uploaded yesterday.

The only thing I foresee being an issue is that my insurance won’t provide a policy listing the MY until delivery, but Tower is wanting a copy of that now.

 

[Cyclone]

Do you mind sharing where in the process you are with Tower?

My membership has been approved and my loan is conditionally approved. Current EDD is 2/12 - 2/21. All documents uploaded yesterday.

The only thing I foresee being an issue is that my insurance won’t provide a policy listing the MY until delivery, but Tower is wanting a copy of that now.

I had my ChexSystems file locked, which prevented Tower from completing my membership app 10 days ago. I got that resolved today, but haven’t contacted Tower yet to let them know my file can be pulled.

Meanwhile, DCU (whom I’m already a member of) approved me Saturday (25 min after applying) for a loan, so I’m not worried about Tower done in time for my EDD around Valentine’s Day.

 

[Fleasciante]

Do you mind sharing where in the process you are with Tower?

My membership has been approved and my loan is conditionally approved. Current EDD is 2/12 - 2/21. All documents uploaded yesterday.

The only thing I foresee being an issue is that my insurance won’t provide a policy listing the MY until delivery, but Tower is wanting a copy of that now.

How are you able to upload any of their requested documents without a VIN?

 

[Cyclone]

How are you able to upload any of their requested documents without a VIN?

I believe s/he means they have a VIN, but since delivery isn’t scheduled yet, no active insurance for that VIN to share with Tower.

 

[PickleRick1216]

My tower loan just moved from the first initial step to "forwarded to our Underwriting team for review".

I filed the application last week on the 25th.

 

[mt247]

I guess I was too harsh. I would assume in the year 2023, when Tesla can approve you a loan with simple clicks. Penfed was ready to fund me in 2 days at 5.99%, Adelfi I can’t go with since I am not a Christian which seems to be their requirement but they were also ready to fund in 3-4 days…surprised tower is so behind in getting things done. I will go with Tesla and refinance if tower comes through

Ohh... I didn't know this about Adelfi membership requirements, I was considering it because they had low rates. did you check with them about how lineint on that requirements? anyone have luck discussing with AdelFi?

 

[hoax.killer]

I guess I was too harsh. I would assume in the year 2023, when Tesla can approve you a loan with simple clicks. Penfed was ready to fund me in 2 days at 5.99%, Adelfi I can’t go with since I am not a Christian which seems to be their requirement but they were also ready to fund in 3-4 days…surprised tower is so behind in getting things done. I will go with Tesla and refinance if tower comes through

Although I haven't tried, had once taken a look for membership requirements. You could qualify for Adelfi if you are an alumni from a Christian school, etc. or worst case sign their statement of faith... Best to call and check them.

 

[Jimboy435]

Although I haven't tried, had once taken a look for membership requirements. You could qualify for Adelfi if you are an alumni from a Christian school, etc. or worst case sign their statement of faith... Best to call and check them.

Yes I have to sign the statement of faith. I am not religious at all and don’t care but don’t want to lie if I don’t go to church

 

[YW555]

It's been 11 days and my membership application is still at "Referred" status with TowerCU.

 

[baddiebats]

It's been 11 days and my membership application is still at "Referred" status with TowerCU.

Did they message you for ID yet? I applied for membership on 1/25 and they messaged me for 2 forms of ID yesterday. My status is "Pending".

 

[batboy]

My Tower CU membership application was just cancelled by them stating they couldn't do an online verification of who I was and that I would need to stop into a local branch to continue. That's not going to happen since I'm in MN. This is after I submitted a copy of my passport, driver's lic, and bank statement. They also stated that could not tell me how I failed so I could provide them additional info to move my application forward. My car loan with them was also in the final stages of approval and that is now gone. All that time wasted sitting on hold to actually talk to someone.

 

[Sneakerhead]

My tower membership is finally processed after docu signing. Now hopefully I receive a vin already…

 

[YW555]

Anyone know if refinancing with Adelfi will only give me 'Used Car' rate? I'm starting to think TowerCU is going to be a big waste of time. A good way to get a bunch of donation money with promise of low rates.

Did they message you for ID yet? I applied for membership on 1/25 and they messaged me for 2 forms of ID yesterday. My status is "Pending".

No I have not heard back from them but I've just uploaded 2 forms of ID preemptively.

 

[Jimboy435]

It's been 11 days and my membership application is still at "Referred" status with TowerCU.

Same here

 

[D12DirtyDozen]

My tower loan just moved from the first initial step to "forwarded to our Underwriting team for review".

I filed the application last week on the 25th.

Is your car ready? You have a vin? What are all the docs they had you submit? Did you fax or email?

 

[wow1450]

It's been 11 days and my membership application is still at "Referred" status with TowerCU.

Is your car ready? You have a vin? What are all the docs they had you submit? Did you fax or email?

Mine took a total of 8 days and waited until VIN assigned another 5 days, messaged Tesla SA and have them take your loan information then they will email/upload it to your account for mvap to sign and provide it to Tower it should of been done all via email/docusign/upload via Tower authentication page.

My check is overnight to Tesla pending for pickup in 1-2 weeks. I just need to make final down payment and should be good.

 

[Dudewermycyber]

My tower membership is finally processed after docu signing. Now hopefully I receive a vin already…

Same here

So it’s not just me.

My car has been ready to pick up (within 3 days of order placement) and I applied the morning after I placed my order.

It’s now 14 days since I started and they STILL haven’t finalized the loan docs. Try calling them but it’s an hour on hold every time and you never get your loan officer.

Today my vin was released and now my account is on hold until I can get Tower to get their act together.

Now I need to do it all over again with a new vin, with notary signature etc.

Total PITA.

 

[Jimboy435]

So it’s not just me.

My car has been ready to pick up (within 3 days of order placement) and I applied the morning after I placed my order.

It’s now 14 days since I started and they STILL haven’t finalized the loan docs. Try calling them but it’s an hour on hold every time and you never get your loan officer.

Today my vin was released and now my account is on hold until I can get Tower to get their act together.

Now I need to do it all over again with a new vin, with notary signature etc.

Total PITA.

Just go with Tesla finance and refinance later. I spoke to a very nice lady at tower who basically told me they have 2 loan processors and 1 person processing membership applications. She hinted they may not get to my application (submitted 1/17) until early March. You may miss out on the tax credit if you wait for tower! I am picking up my car this weekend and selected Tesla finance.

 

[Dudewermycyber]

My Tower CU membership application was just cancelled by them stating they couldn't do an online verification of who I was and that I would need to stop into a local branch to continue. That's not going to happen since I'm in MN. This is after I submitted a copy of my passport, driver's lic, and bank statement. They also stated that could not tell me how I failed so I could provide them additional info to move my application forward. My car loan with them was also in the final stages of approval and that is now gone. All that time wasted sitting on hold to actually talk to someone.

Was this the membership application that was cancelled or the loan application?

If it was the loan stage, did you get your conditional approval before they cancelled or had you not gotten that far yet?

 

[Dudewermycyber]

Just go with Tesla finance and refinance later. I spoke to a very nice lady at tower who basically told me they have 2 loan processors and 1 person processing membership applications. She hinted they may not get to my application (submitted 1/17) until early March. You may miss out on the tax credit if you wait for tower! I am picking up my car this weekend and selected Tesla finance.

Wow. We submitted at the same time. Given the other poster had their application cancelled, I’d rather not risk double the rate with Tesla.

I’m not beholden to the March cut off. This is a business purchase so it’s eligible for the full def tax rebate at any time this year. The price cuts is why I’m buying, not the tax incentive per se.