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Credit Unions with good rates that accept applicants anywhere within the US?
- Thread starter YNoVA
- Start date
Anybody has experience with any of these CUs; in terms of
1. Length of time - start (apply) to finish (sending check or wire transfer to Tesla)
2. Approval process documents needed
3. Getting their lowest rates, I do have excellent credit 750+ and making sizable down payment
Tower is trash. Vin issued yesterday at 3pm est. notary MVPA uploaded within 30 minutes. Of course they say at 330PM eat the loan officer went home. They left a note for him/her.
Called this morning and they said they are prepping for meeting and will leave a note. They said they probably won’t be able to finish the loan in time and told me to just go with Tesla loan and refinance. Will offer same rate supposedly. Has anyone successfully refinanced with tower pretty soon after picking up the car? They told me all they need is a payoff form and the temp registration in the glovebox
Californians have it the worst bc we have no ample time to process loan through other CUs as the date the vin is assigned and date to pickup is only 3-5 day window…
Called this morning and they said they are prepping for meeting and will leave a note. They said they probably won’t be able to finish the loan in time and told me to just go with Tesla loan and refinance. Will offer same rate supposedly. Has anyone successfully refinanced with tower pretty soon after picking up the car? They told me all they need is a payoff form and the temp registration in the glovebox
Californians have it the worst bc we have no ample time to process loan through other CUs as the date the vin is assigned and date to pickup is only 3-5 day window…
I refinanced with Tower, it took a while but I just had to make sure all the documents were uploaded. I applied for refi on 1/27 and everything got finalized on 2/13.
I see you’re from SoCal, I’m near Fremont so may have similar issues like you soon.
After you got the VIN, I know they expect you to take delivery within 3-5 days, but can’t you tell Tesla “hey, can you guys be more realistic? I’ve been pre-approved and my lender has been on standby waiting for the VIN and MVPA from you guys all this time. You got to give me some time to finalize this loan”
They might not care though and force you to take delivery
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I escalated and requested a few extra days to process and they responded, "When matched to a VIN, customers have within a few days of vehicle arrival at the delivery center to take delivery. If this is not possible, we would have to release the VIN and put your account on a 14 day hold. Once this hold is removed, which can be done by you anytime before the 14 days are up, you are put back into the queue to receive another VIN."
Were you already loan approved and membership approved?
When is your delivery date? Farthest available option. Tower has a company-wide meeting today. Loan officer I spoke to yesterday said after you send them POA/MVPA it takes 1-2 days. I saw some said as long as Tower sends you a picture of check and tracking number, the Tesla delivery team is okay with it. Maybe try that?
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wow, this is a terrific deal for those who qualify. here's what I saw on their site:
OPEN AN ACCOUNT
If you live, work, worship, attend school, or volunteer in Porter County, Indiana you are eligible to become a member.Eligibility
Midwest Family FCU is a community-chartered credit union. Our charter defines our field of membership. Our field of membership now includes:- Any existing members of the credit union and their immediate family or household.
- Anyone who lives, works, worships, or attend schoosl in, businesses and other legal entities in Porter County, Indiana
- Volunteers in the community
- Employees of this credit union
- Spouses of persons who died in the field of membership
Hi Guys,
I received the VIN today, OD-1/17, MYLR5 Blue/Black/19, but upgraded via app inventory to MYLR5 Blue/White/20. I have a Tower membership approved and a preapproved loan from Tower with 3.49%. They changed the rates after that. I have a few questions. I submitted the Power of attorney and VIN-related documents today. I don't know how many days it will take to send the check.
1. Will they honor the rate I was approved for?
2. By when they will send the check?
3. What do I need to tell Tesla to schedule the pickup?
4. I have Geico for my current two cars and three drivers, and my insurance is getting increased by $410 from $1057 to $1467 after replacing one existing vehicle. Now I have mechanical breakdown insurance on my vehicles from Geico and was thinking of keeping it on MYLR also, it is around $130 (included in the quote) or so. Progressive is saving me $250 or so, but they don't offer MBD insurance. Does anyone have used MBD from Geico?
5. Does the submission of insurance has any impact on the pickup date? I mean do I need to submit the insurance proof in order to schedule the delivery?
6. Should I go with Tesla loan and then refi with either Tower or Armco?
I received the VIN today, OD-1/17, MYLR5 Blue/Black/19, but upgraded via app inventory to MYLR5 Blue/White/20. I have a Tower membership approved and a preapproved loan from Tower with 3.49%. They changed the rates after that. I have a few questions. I submitted the Power of attorney and VIN-related documents today. I don't know how many days it will take to send the check.
1. Will they honor the rate I was approved for?
2. By when they will send the check?
3. What do I need to tell Tesla to schedule the pickup?
4. I have Geico for my current two cars and three drivers, and my insurance is getting increased by $410 from $1057 to $1467 after replacing one existing vehicle. Now I have mechanical breakdown insurance on my vehicles from Geico and was thinking of keeping it on MYLR also, it is around $130 (included in the quote) or so. Progressive is saving me $250 or so, but they don't offer MBD insurance. Does anyone have used MBD from Geico?
5. Does the submission of insurance has any impact on the pickup date? I mean do I need to submit the insurance proof in order to schedule the delivery?
6. Should I go with Tesla loan and then refi with either Tower or Armco?
StoXto3toY
Member
Tower is extremely frustrating.
Applied for loan and membership 2/3
Loan Approved Pending: 2/7
2/16 Message that my membership application is on hold because of a Chexsystems hold. Which is not true, I don't have a hold on my Chexsystems file and confirmed that with Chexsystems. I can't ever seem to reach anyone by phone at Tower and all my messages in the portal go unanswered. I understand they are "slammed" but if they don't get it together here, I will file a CFPB complaint.
Applied for loan and membership 2/3
Loan Approved Pending: 2/7
2/16 Message that my membership application is on hold because of a Chexsystems hold. Which is not true, I don't have a hold on my Chexsystems file and confirmed that with Chexsystems. I can't ever seem to reach anyone by phone at Tower and all my messages in the portal go unanswered. I understand they are "slammed" but if they don't get it together here, I will file a CFPB complaint.
about a minute for approval, from there the system automates most of the paperwork for you.
I applied to see what rates they are offering for folks who aren't local. "Volunteers in the community" is a pretty wide statement. Making a donation at a local food bank "technically" qualifies you. We'll see what they say
I went with ArmCo….they’re running a promotion- 3.20% 60 months but it ends by Feb 28th. I suspect they may shoot up their rates like Tower did.
They’re pretty easy to work with. My loan got pre-approved in 1 day. Membership is easy to get once you deposit the $19.50 (I did it over phone using my CC). So far all good…I’ll have a better idea about their payment disbursement once I get the VIN assigned.
Teedub21
Member
I applied this morning for a loan, and got approved this afternoon pending membership validation. Was told the lady who approves them was out, and would approve tomorrow via their portal. I submitted all my paperwork for verification and they replied a couple hours later. You might want to circle back as it was extremely fast for me. Ended up getting 3.45% for 72.
Call early in the morning (wait 30 min in hold) to talk to somebody in the load dept. Ask to speak to a manager and hopefully they can get somebody to figure it out for you.
I probably called them like 5 times to bug them about my loan. You gotta be persistent. Al thought it’s frustrating and time consuming, glad I’m paying 3.49% instead of 6% with Tesla or somebody else
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