My credit union will beat a rate by a quarter percent. However, I have to show them an in writing offer from the lender that they will give me that rate. So, in effect, I have to apply, get approved, then take that to my credit union. Then they still have to get that rate approved by underwriting.
So do they send the wire prior to taking delivery of the vehicle?Update from Armco CU loan process:
Today my loan was approved and wire was sent to Tesla.
The loan officer said they are getting about 100 times the loans they typically do. So please be patient
Over all, the process was pretty straight forward for me. Well worth the "hassle" to get half the rate of my local CU.
If you need them to process your loan quickly, its def worth calling.
Yes. She said they could do a check, but wasn't sure it would make it in time for my delivery date (Friday)
If you are banking virtually and a bank isn't willing to send you the check, they send it directly to tesla ahead of time.
No just trying to understand the process here, was wondering what happens if you don’t take delivery because of quality issuesIf you are banking virtually and a bank isn't willing to send you the check, they send it directly to tesla ahead of time.
Tesla isn't going to let you drive off their lot without payment
I recall seeing Tower sends direct to Tesla too.
How did you get them to complete the loan process without getting membership approved? I applied for both on 2/15.Update from Armco CU loan process:
Today my loan was approved and wire was sent to Tesla.
The loan officer said they are getting about 100 times the loans they typically do. So please be patient
Over all, the process was pretty straight forward for me. Well worth the "hassle" to get half the rate of my local CU.
If you need them to process your loan quickly, its def worth calling.
They approved my membership last Thursday when I called for a status update. I knew I needed financing to happen quickly, so I called and waited on hold for about 40 minutes. I told them my pickup was scheduled for this 3/3 and he sent me the paperwork immediately to DocuSign for my membership.
Was able to talk to a rep and Armco - since I am not a citizen (on Work visa) - they calculated loan based on visa expiry date (exp in 09/2023) - and calculated loan for 1yr which was higher than DTI threshold. Tried explaining that visa gets renewed every 3 years but their internal policy is based on current visa expiry date plus 6 months.
You do know the vehicle loan rates are only good through 2/28 according to their website. Kinda late to apply for loan now since you have to get membership as well.
An ARMCO representative on the phone told me that as long as you submit the application before or on 02/28, they will honor the discounted rates.
That what I was told as well this morning when I called in.
Well, i can say, despite the message that went up on Armco's website about a 3-4 week delay, which was posted on their website when I applied does not seem to really be the case, at least not in my experience. I applied on 2.22 and approved on 2.27. It still seems worth it to apply through Armco.
