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

[morphtk]

I am close to my delivery date for my MYLR Feb 22.
I originally have Tesla financing (Wells Fargo) with 5.34%.
I have applied for Tower FCU 2/8 (donation/loan app/membership app) with 2.990%.
Currently, loan app says pre-approved and needs 2 documents (MVPA, POA)
membership app says `referred`.

Few questions concerning loan switching:
1. I am not sure what `referred` means for my membership app?
2. Should I go ahead and tell tesla SA to switch my lender from Tesla financing to TowerFCU today? so that I can ask SA tomorrow to generate the MVPA for TowerFCU
3. If I submit POA and MVPA to TowerFCU would they be able to send Tesla (or myself) the check for the loan amount or would they still wait until membership app completes? (not sure what docs they would ask there)
4. If I switch to TowerFCU today and lets say they don't finish the stuff in time; until what time I can switch back (or re-apply for Tesla financing)?
5. should I wait until membership app clears from TowerFCU (and whatever docs they'd need there) to then notify Tesla about switching lender?
6. I don't want to be in the flux where the delivery is screwed because TowerFCU couldn't send check in time... I do want to consider them for refinance (with the rate available to me) if there are financing delays.
7. If I happen to reject the car for un-acceptable conditions; what happens to the check given by TowerFCU (to either Tesla or myself)? Does it get applied towards your account credit so that when a different VIN is assigned it automatically uses there.

 

[onvacayfaraway]

I am close to my delivery date for my MYLR Feb 22.
I originally have Tesla financing (Wells Fargo) with 5.34%.
I have applied for Tower FCU 2/8 (donation/loan app/membership app) with 2.990%.
Currently, loan app says pre-approved and needs 2 documents (MVPA, POA)
membership app says `referred`.

Few questions concerning loan switching:
1. I am not sure what `referred` means for my membership app?
2. Should I go ahead and tell tesla SA to switch my lender from Tesla financing to TowerFCU today? so that I can ask SA tomorrow to generate the MVPA for TowerFCU
3. If I submit POA and MVPA to TowerFCU would they be able to send Tesla (or myself) the check for the loan amount or would they still wait until membership app completes? (not sure what docs they would ask there)
4. If I switch to TowerFCU today and lets say they don't finish the stuff in time; until what time I can switch back (or re-apply for Tesla financing)?
5. should I wait until membership app clears from TowerFCU (and whatever docs they'd need there) to then notify Tesla about switching lender?
6. I don't want to be in the flux where the delivery is screwed because TowerFCU couldn't send check in time... I do want to consider them for refinance (with the rate available to me) if there are financing delays.
7. If I happen to reject the car for un-acceptable conditions; what happens to the check given by TowerFCU (to either Tesla or myself)? Does it get applied towards your account credit so that when a different VIN is assigned it automatically uses there.

So many questions haha

1. Referred means your membership application hasn’t not been reviewed yet. They’re busy. I applied 1/30, barely got membership done today.

2. You can if you plan to use Tower. Tesla won’t generate MVPA until they assign you VIN

3. You need your VIN first before you can complete the POA. They won’t send anybody any check until your loan is done, which requires your membership to be done. Membership-upload front and back DL, passport, utility bills, social security card

4. You can switch back to Tesla financing anytime

5. See number 4

6. You’re probably a week away for membership approval. They’re working on app from 1/30

7. That’s a Tesla question. Call them

 

[D12DirtyDozen]

Submitted all my docs last time Wednesday/Thursday to towerr. I called Thursday morning to let em know everything is submitted and I'm on a deadline with tesla as delivery is upcoming. She got a hold of my loan processor who was busy but was gonna call me after his current customer. Got no call. Called again Friday and he was gone for the day. Called multiple times today and spoke to a manager. Now I'm promised it'll get reviewed and I'll get paperwork to tomorrow. We shall see

 

[venkatm]

I refinanced with Tower from Tesla finance where I was at 5.34%.
My loan started at Tower and Tower sent check to Tesla and I am still seeing payment not posted in Tesla (still showing balance at Tesla). For sure Tesla must have received check last week from Tower.
Tesla finance did mentioned that they accept wire transfer only and Tower send check only
My payoff with Tesla is good through Feb 16th and I hope they accept check and post zero balance and release the title to Tower

The thing is, there is no one to talk at Tesla.. Unknown SA from unknown number (510 area code), some 855 number option 1 (tesla finance) always voicemail full... probably i need to tweet to Elon itself to get some useful information...

Hi, I have question. I am going with Tower and taking Tesla Insurance. where in Tesla Insurance we can add Lien holder for loss pay? I did not see the option
Also, do we see the Gap insurance part of Tesla insurance? do we need to buy that separately
Please help urgent

 

[onvacayfaraway]

Submitted all my docs last time Wednesday/Thursday to towerr. I called Thursday morning to let em know everything is submitted and I'm on a deadline with tesla as delivery is upcoming. She got a hold of my loan processor who was busy but was gonna call me after his current customer. Got no call. Called again Friday and he was gone for the day. Called multiple times today and spoke to a manager. Now I'm promised it'll get reviewed and I'll get paperwork to tomorrow. We shall see

I’m guessing you already got your VIN. When is your scheduled delivery? What state you’re in?

 

[craaaazzy]

Someone on Reddit mentioned ARMCO CU. Auto Loan Special - Armco Credit Union

Saw your post and immediately started the membership/loan process with them. So far so good and have a contingent approval from them. Hopefully that will be done by Wednesday noon as that is when I'm scheduled to pick up. btw, 3.2% for 48 months...saves me over a grand in interest. not quite 2.74% but better than 4.25% from Adelfi, which I also am a member of now.

 

[Hugatree]

Saw your post and immediately started the membership/loan process with them. So far so good and have a contingent approval from them. Hopefully that will be done by Wednesday noon as that is when I'm scheduled to pick up. btw, 3.2% for 48 months...saves me over a grand in interest. not quite 2.74% but better than 4.25% from Adelfi, which I also am a member of now.

What is the process to become a member?

 

[craaaazzy]

What is the process to become a member?

Everything was online. Just followed the prompts and provided whatever was asked.

 

[morphtk]

So many questions haha

1. Referred means your membership application hasn’t not been reviewed yet. They’re busy. I applied 1/30, barely got membership done today.

2. You can if you plan to use Tower. Tesla won’t generate MVPA until they assign you VIN

3. You need your VIN first before you can complete the POA. They won’t send anybody any check until your loan is done, which requires your membership to be done. Membership-upload front and back DL, passport, utility bills, social security card

4. You can switch back to Tesla financing anytime

5. See number 4

6. You’re probably a week away for membership approval. They’re working on app from 1/30

7. That’s a Tesla question. Call them

Thank you for your prompt and specific responses to each question (yes, it turned out to be a long list and not few )

I have the VIN from Tesla and scheduled delivery on Feb 22.
I’m trying to time things correctly, and if possible speed up the tower loan process. This way I don’t have to do Tesla finance and then do refinance with Tower….
Tower says they can convert loan to refinance with no issues. Just not sure what more docs (from Tesla and tower) it would entail and the timeline for getting refinanced.

 

[rrr_land]

did you try this yet?? I am on the same boat, my preapproval is expiring next week and no vin yet.

Yes, and to my surprise, they extended for almost a month with the same APR - 2.99%. The rep told me that the credit score they pulled for me is valid for 60 days so the preapproval is automatically valid till then. He also mentioned that many prospective future Tesla owners opted for Tower's auto loan are getting extensions because their delivery date is pushed out. Even after this verbal confirmation, I sent a message from their loan status page, asking to confirm the same and got extension for another month. They also sent an email confirming the same. Worth trying, go for it.

Now hopefully I get VIN before that expires!! My latest EDD is Feb 23 to Mar 23.

 

[spacemnspiff]

I am local to Tower in MD. I got pre-approved on 1/28 and account application still showed pending today. So I gave up on online approval and drove to their office and opened the account today. Step 1 done, step 2 is to keep bugging the loan processor for final approval. My DD is 2/22. Hope to get everything in place by then.

 

[D12DirtyDozen]

I’m guessing you already got your VIN. When is your scheduled delivery? What state you’re in?

I did get vin early last week, but car was still being built in transport. It’s supposed to arrive tomorrow I believe. But I scheduled delivery for Saturday to buy me a few more days with tower

 

[D12DirtyDozen]

I am local to Tower in MD. I got pre-approved on 1/28 and account application still showed pending today. So I gave up on online approval and drove to their office and opened the account today. Step 1 done, step 2 is to keep bugging the loan processor for final approval. My DD is 2/22. Hope to get everything in place by then.

Good luck. Because you’re local
You may be in luck when bothering the loan processor. I’ve called a handful of times, left multiple voicemails and nothing. Now his voicemail box is full. I’ve talked to customer service reps who “send him a message” but I have yet to receive a call from him.
You really can’t do any paperwork (insurance, poa) until you have a vin, so hopefully Tesla gives you that with enough time.

 

[spacemnspiff]

I received the VIN on 2/7 and now the DD is 2/22.

I just looked at the vehicle agreement and it doesn’t have the VIN on it, but instead has the order number on it. Don’t I need the order agreement with VIN on it, to submit to Tower?

 

[onvacayfaraway]

I did get vin early last week, but car was still being built in transport. It’s supposed to arrive tomorrow I believe. But I scheduled delivery for Saturday to buy me a few more days with tower

Suggestions. Worse case, do Tesla finance for sake of time and then tell Tower to switch your app to refi.

Otherwise, you can submit new app with ArmCo Credit Union 3.20% 60mth or Adelfi 4.25% 60mth. I heard they can process in 3 days

 

[onvacayfaraway]

I received the VIN on 2/7 and now the DD is 2/22.

I just looked at the vehicle agreement and it doesn’t have the VIN on it, but instead has the order number on it. Don’t I need the order agreement with VIN on it, to submit to Tower?

You probably looked at Order Agreement. Use your desktop/laptop to access the MVPA. Tower needs that

 

[dethspade]

Everything was online. Just followed the prompts and provided whatever was asked.

Looks like they want you to know a member or be part of one of their sponsors. Did you have to do anything special to get access?

 

[spacemnspiff]

You probably looked at Order Agreement. Use your desktop/laptop to access the MVPA. Tower needs that

Thanks for that, all I see under the Manage page for the vehicle under documents section is the order agreement and lemon law, there is no MVPA. Do I need to contact Tesla for that?

 

[spacemnspiff]

Thanks for that, all I see under the Manage page for the vehicle under documents section is the order agreement and lemon law, there is no MVPA. Do I need to contact Tesla for that?

Found it, I had to change the financing option to cash on the app for it show up on the laptop site.

 

[craaaazzy]

Looks like they want you to know a member or be part of one of their sponsors. Did you have to do anything special to get access?

Oh yes...so select the option that you are part of BC3 Alumni (or something like that) when you sign up for membership. They will charge $19.65 in addition to the $1 and $5 needed for savings account.