Tower FCU should rename themselves as Shower of Sh!t FCU. What a shambles of a financial institution.
It took 45 days to get the check to Tesla -it should never take more than a few days to arrange a car loan, 7 days tops.
After all the usual shenanigans that others have reported here about being on hold for hours on end etc etc - I had the following experiences:
- losing a reservation on car that was available, and held for an extra 5 days even though I had conditional loan approval, as they took SOOO long on the membership side(which should have been automated box tick exercise and done in 30 mins)
- Not sending the ach test transactions -even though I had already given bank details in the membership app for the various deposits needed…took over a week to resolve
- putting a request multiple in times for extension of the conditional approval, as my revised delivery date was way beyond the 30 day loan approval window. Reps promised they’d sent emails to my loan officer.
- on feb 20th the rep said they weren’t giving extensions to loan approvals as of feb 15th….WTF!!!.
- chasing full loan approval right up to the 29th day of the conditional approval as a car was now ready for delivery…literally on the phone from 5am pacific time each day.
- Loan officer didn’t send a picture or tracking number of the check as promised 3 times on the phone
the whole ordeal was totally unnecessarily stressful and full of incompetence. its a good thing the rate is so low, but if and when rates drop or equal what I have, I am refinancing elsewhere..I’m actually considering paying it down 100% now so they don’t get any of the profit.
I hope after this experience that they learn from their mistakes and come out of the Stone Age with their processes…