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

[j4y_7]

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.

They won’t get to your membership application or the loan application until March?

 

[Jimboy435]

They won’t get to your membership application or the loan application until March?

To process the loan they need to process the membership application which requires them to send you some info or kit(in mail or electronic not sure). That process is taking a long time. Apparently everyone plus their Mother applied for a loan with towerfcu..no one else is giving 2.99% auto loans so no wonder!

 

[j4y_7]

To process the loan they need to process the membership application which requires them to send you some info or kit(in mail or electronic not sure). That process is taking a long time. Apparently everyone plus their Mother applied for a loan with towerfcu..no one else is giving 2.99% auto loans so no wonder!

Gotcha. Here’s my timeline with Tower:

01/13/23: MY ordered
01/16/23: Submitted Membership Application
01/18/23: Submitted Loan Application
01/20/23: Loan Application Conditional Approval
01/21/23: Additional info requested by Tower for Membership. Info submitted online. Received a message requesting that I call to verify credit card info to fund account. Membership documents received and e-signed
01/23/23: Membership Approved
01/28/23: VIN assigned
01/29/23: Remaining documents sent to Tower for loan

Now waiting to hear back

 

[Macb00kemdanno]

Gotcha. Here’s my timeline with Tower:

01/13/23: MY ordered
01/16/23: Submitted Membership Application
01/18/23: Submitted Loan Application
01/20/23: Loan Application Conditional Approval
01/21/23: Additional info requested by Tower for Membership. Info submitted online. Received a message requesting that I call to verify credit card info to fund account. Membership documents received and e-signed
01/23/23: Membership Approved
01/28/23: VIN assigned
01/29/23: Remaining documents sent to Tower for loan

Now waiting to hear back

What’s your EDD for your MY?

 

[batboy]

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?

It was the membership application. The loan was approved and went to underwriting. I had to provide the power of attorney, insurance, and put Tower on the title. Then all of a sudden I get a notification that there was a message pending for me. I check the message, my application was cancelled thus voiding my loan.

 

[j4y_7]

What’s your EDD for your MY?

2/12 - 2/21 which should be plenty of time… but who knows.

 

[Macb00kemdanno]

It was the membership application. The loan was approved and went to underwriting. I had to provide the power of attorney, insurance, and put Tower on the title. Then all of a sudden I get a notification that there was a message pending for me. I check the message, my application was cancelled thus voiding my loan.

Tower is an absolute sh**show right now. I’m avoiding them like the plague.

 

[Dudewermycyber]

It was the membership application. The loan was approved and went to underwriting. I had to provide the power of attorney, insurance, and put Tower on the title. Then all of a sudden I get a notification that there was a message pending for me. I check the message, my application was cancelled thus voiding my loan.

Jeez, I’m sorry about that.

My loan is “approved pending” and membership is “referred” stage.

I’m hoping the same doesn’t happen to me now. I did the power of attorney etc then once I did that they flipped me the membership application. It’s going painfully slow.

They have been drip-requesting information now for the last couple of days. Quite frustrating.

 

[YW555]

Anyone know if TowerCU offers GAP insurance on their loans? I was told Tesla's loan through Wells Fargo Auto offers it, I'm trying to get a quote from them.
Edit: Found their GAP insurance info: Protect My Car

 

[mshort_utk]

Anyone know if TowerCU offers GAP insurance on their loans? I was told Tesla's loan through Wells Fargo Auto offers it, I'm trying to get a quote from them.
Edit: Found their GAP insurance info: Protect My Car

How are you able to edit your post? I had typos in a prior comment and couldn't see the option but perhaps I have too few posts to have the option?

Also, how did you digitally sign your MVPA? Upload copy to docusign or is there another way?

 

[craaaazzy]

Anyone know if TowerCU offers GAP insurance on their loans? I was told Tesla's loan through Wells Fargo Auto offers it, I'm trying to get a quote from them.
Edit: Found their GAP insurance info: Protect My Car

look into adding GAP insurance to your auto insurance. may be cheaper to have that added for a year than added to your loan. doing that at least let's you remove it after a year or so.

 

[wow1450]

How are you able to edit your post? I had typos in a prior comment and couldn't see the option but perhaps I have too few posts to have the option?

Also, how did you digitally sign your MVPA? Upload copy to docusign or is there another way?

You print the document single page to sign, and take a picture on our phone. Then use the email they sent you, should be a link to check status application. Once you logged in you have the Upload button then upload your MVPA and Signed copy as well, and etc. If everything looks good someone will give you a call to over teh final loan amount and they will overnight the check to Tesla or send you the check. You have the option to pick.

 

[YW555]

look into adding GAP insurance to your auto insurance. may be cheaper to have that added for a year than added to your loan. doing that at least let's you remove it after a year or so.

So what's the math behind when to drop GAP insurance? I've paid $8000 down right now, should I pay more into my principal and stop worry about getting GAP?

 

[Smolls]

Did you put anything down for the account number on the POA? Technically the loan # hasn’t been assigned yet.

I was told by tower to leave it blank and they will fill it in.

 

[craaaazzy]

So what's the math behind when to drop GAP insurance? I've paid $8000 down right now, should I pay more into my principal and stop worry about getting GAP?

no idea on actual numbers of when to drop GAP, that's up to you to decide.

it's not about how much principal you have...it's about covering the difference in what insurance pays out vs how much the car is worth during a total loss. the biggest difference would be during the early part of a new car purchase since you hear that you lose 20% value as soon as you drive off the lot. the worst would be if you had just bought a Tesla before the price drop.

 

[Smolls]

We used Tower for our financing with a 2.99% rate. It hasn't been easy but it all worked out in the end. Felt frustrated that I had such a small window to proceed with financing from the time I got a VIN assigned (1/28) to when I had to take delivery (2/3)(1 week). Some tips and review of our experience:
Ordered a Model Y on 1/13. Applied for loan on 1/13.
Applied for membership 1/18. -Should have done this right away. My advise here is do this first/immediately, upload picture of both front and back of ID, and then call member services once a week minimum for an update. Eventually on 1/31 I got someone to look into it deeper and they sent over a docusign for me to finalize the membership on 2/1.
Call the loan services dept frequently. They can also eventually provide you the extension of your loan officer once assigned and you can leave them messages letting them know you've submitted all docs, are waiting on approval, taking delivery of your car on x date, etc. Also, the POA document is available in the resources section of the Tower website. You need to sign it with a notary. You can leave the account number or ID blank and Tower will fill it in later.
I didn't get callbacks from my loan officer until today 2/1, the same day I signed the membership document. She said she was ready to close on the loan and overnight the check. With 48 hours to spare until delivery.

Might also help to know that we got nervous and applied for Tesla financing yesterday thinking we would need to allow time for that approval. It was approved instantly. So if you have good credit and good income, I recommend proceeding with Tower until last minute, because you can easily/quickly be approved for Tesla financing if Tower doesnt come through on time. Since our Tower financing came through just after we had given up, we were able to text our Tesla contact at the local branch where we are taking delivery, and they had it switched back to our third-party financing within an hour.

 

[Macb00kemdanno]

For those that went with Adelfi, how long did it take to get your initial approval for a loan? I finally went ahead and submitted our application because the Fed is hiking rates another .25

 

[tx78972]

We used Tower for our financing with a 2.99% rate. It hasn't been easy but it all worked out in the end. Felt frustrated that I had such a small window to proceed with financing from the time I got a VIN assigned (1/28) to when I had to take delivery (2/3)(1 week). Some tips and review of our experience:
Ordered a Model Y on 1/13. Applied for loan on 1/13.
Applied for membership 1/18. -Should have done this right away. My advise here is do this first/immediately, upload picture of both front and back of ID, and then call member services once a week minimum for an update. Eventually on 1/31 I got someone to look into it deeper and they sent over a docusign for me to finalize the membership on 2/1.
Call the loan services dept frequently. They can also eventually provide you the extension of your loan officer once assigned and you can leave them messages letting them know you've submitted all docs, are waiting on approval, taking delivery of your car on x date, etc. Also, the POA document is available in the resources section of the Tower website. You need to sign it with a notary. You can leave the account number or ID blank and Tower will fill it in later.
I didn't get callbacks from my loan officer until today 2/1, the same day I signed the membership document. She said she was ready to close on the loan and overnight the check. With 48 hours to spare until delivery.

Might also help to know that we got nervous and applied for Tesla financing yesterday thinking we would need to allow time for that approval. It was approved instantly. So if you have good credit and good income, I recommend proceeding with Tower until last minute, because you can easily/quickly be approved for Tesla financing if Tower doesnt come through on time. Since our Tower financing came through just after we had given up, we were able to text our Tesla contact at the local branch where we are taking delivery, and they had it switched back to our third-party financing within an hour.

does Tower send the check directly to Tesla or mail you the check? If electronic payment an option? I am just worried that after VIN assignment, I may no have enough time to receive the check. I am pre-approved and waiting on VIN assignment to upload requested documents.

 

[j4y_7]

We used Tower for our financing with a 2.99% rate. It hasn't been easy but it all worked out in the end. Felt frustrated that I had such a small window to proceed with financing from the time I got a VIN assigned (1/28) to when I had to take delivery (2/3)(1 week). Some tips and review of our experience:
Ordered a Model Y on 1/13. Applied for loan on 1/13.
Applied for membership 1/18. -Should have done this right away. My advise here is do this first/immediately, upload picture of both front and back of ID, and then call member services once a week minimum for an update. Eventually on 1/31 I got someone to look into it deeper and they sent over a docusign for me to finalize the membership on 2/1.
Call the loan services dept frequently. They can also eventually provide you the extension of your loan officer once assigned and you can leave them messages letting them know you've submitted all docs, are waiting on approval, taking delivery of your car on x date, etc. Also, the POA document is available in the resources section of the Tower website. You need to sign it with a notary. You can leave the account number or ID blank and Tower will fill it in later.
I didn't get callbacks from my loan officer until today 2/1, the same day I signed the membership document. She said she was ready to close on the loan and overnight the check. With 48 hours to spare until delivery.

Might also help to know that we got nervous and applied for Tesla financing yesterday thinking we would need to allow time for that approval. It was approved instantly. So if you have good credit and good income, I recommend proceeding with Tower until last minute, because you can easily/quickly be approved for Tesla financing if Tower doesnt come through on time. Since our Tower financing came through just after we had given up, we were able to text our Tesla contact at the local branch where we are taking delivery, and they had it switched back to our third-party financing within an hour.

Thanks for sharing your experience. Everything seems to be going on track for me as well, except my loan officer won't pick up and his voicemail is full lol

 

[Jimboy435]

We used Tower for our financing with a 2.99% rate. It hasn't been easy but it all worked out in the end. Felt frustrated that I had such a small window to proceed with financing from the time I got a VIN assigned (1/28) to when I had to take delivery (2/3)(1 week). Some tips and review of our experience:
Ordered a Model Y on 1/13. Applied for loan on 1/13.
Applied for membership 1/18. -Should have done this right away. My advise here is do this first/immediately, upload picture of both front and back of ID, and then call member services once a week minimum for an update. Eventually on 1/31 I got someone to look into it deeper and they sent over a docusign for me to finalize the membership on 2/1.
Call the loan services dept frequently. They can also eventually provide you the extension of your loan officer once assigned and you can leave them messages letting them know you've submitted all docs, are waiting on approval, taking delivery of your car on x date, etc. Also, the POA document is available in the resources section of the Tower website. You need to sign it with a notary. You can leave the account number or ID blank and Tower will fill it in later.
I didn't get callbacks from my loan officer until today 2/1, the same day I signed the membership document. She said she was ready to close on the loan and overnight the check. With 48 hours to spare until delivery.

Might also help to know that we got nervous and applied for Tesla financing yesterday thinking we would need to allow time for that approval. It was approved instantly. So if you have good credit and good income, I recommend proceeding with Tower until last minute, because you can easily/quickly be approved for Tesla financing if Tower doesnt come through on time. Since our Tower financing came through just after we had given up, we were able to text our Tesla contact at the local branch where we are taking delivery, and they had it switched back to our third-party financing within an hour.

You got lucky! Been waiting forever since 1/17