Documentation needed for Lightstream

[TesWhisperer]

how long does it take for you to get the money after approval? trying to time when I should schedule delivery.

After you are approved. You can sign and agree to the loan online (takes 5 minutes). And they’ll let you select a day to ACH or wire the money into your account for the unsecured loan. Prior to 11am pacific time, you can ACH same day I believe. And I’ve attached a screenshot of the funding page of mine that I took right now.

 

[duy.duck]

After you are approved. You can sign and agree to the loan online (takes 5 minutes). And they’ll let you select a day to ACH or wire the money into your account for the unsecured loan. Prior to 11am pacific time, you can ACH same day I believe. And I’ve attached a screenshot of the funding page of mine that I took right now.

Oh wow, so it's almost instant. Well not really...it takes a couple of days for the wire/ACH to go through.

 

[dailo]

For those that financed with FPCU and Lightstream, what did you send as proof for the match at Lightstream?

 

[kingkondo]

For those that financed with FPCU and Lightstream, what did you send as proof for the match at Lightstream?

I’m also interested to know this. I’m not with FPCU, but is a pre-approval from another lender enough for the Rate Beat program?

 

[Dawg]

Yes. I just sent them the email from my credit union that had the terms in the body of the email and within a few hours they'd matched.

 

[Ejl80]

I’m also interested to know this. I’m not with FPCU, but is a pre-approval from another lender enough for the Rate Beat program?

No. It can’t be a preapproval. I had preapprovals from two banks they wouldn’t honor. Had to be an actual approval even tho some banks won’t give that.

 

[chickensworth]

How is the loan servicing from Lightstream? The fact that there are no phone numbers or contacts outside of the customer service email is a bit concerning. I've been trying to get them to beat a rate from Logix for the last day, but haven't had any response, nor do i have any way to contact them.

 

[Ejl80]

How is the loan servicing from Lightstream? The fact that there are no phone numbers or contacts outside of the customer service email is a bit concerning. I've been trying to get them to beat a rate from Logix for the last day, but haven't had any response, nor do i have any way to contact them.

It usually takes them a few hours to answer an email. Rate beats get approved by their underwriting team so they need to go through there before responding. They will call you or have you call if needed.

 

[favo]

How is the loan servicing from Lightstream? The fact that there are no phone numbers or contacts outside of the customer service email is a bit concerning. I've been trying to get them to beat a rate from Logix for the last day, but haven't had any response, nor do i have any way to contact them.

Can't yet speak to the servicing part, but I got approved by them yesterday in less than 30 mintues for 60 months at 3.69%. Rate Beat documentation took a bit longer. Yesterday, I also applied to Everence and was approved for 60 months at 2.49% (2.99% - 0.50% EV discount). I forwarded the pre-approval to LightStream, with the loan amount, terms and rate. Got Rate Beat approval about 2.5 hours later. They do require auto-pay, but no big deal. I should have the money in my account tomorrow. Overall, a good experience so far.

BTW, if you log on to your LightStream account and click Questions at the top, they show (866) 635-1330.

 

[Ejl80]

Can't yet speak to the servicing part, but I got approved by them yesterday in less than 30 mintues for 60 months at 3.69%. Rate Beat documentation was a bit trickier. Yesterday, I also applied to Everence and was approved for 60 months at 2.49% (2.99% - 0.50% EV discount). I forwarded the pre-approval email to LightStream

Yea, they really don't like preapproval emails. Try to push a lender for an approval letter

 

[chickensworth]

BTW, if you log on to your LightStream account and click Questions at the top, they show (866) 635-1330.

Thanks for the number. I'll have to call them tomorrow... i still haven't heard back on my rate beat request i sent them yesterday and was hoping i could pick up the car this weekend. Your rate is pretty darn good... i'm only getting down to 2.99.

 

[duy.duck]

oh shoot. I have a preapproval letter and it took a lot of energy to get it. poor service by xceed financial. so it won't be honored 100%?

 

[spaghetti]

I just went through the process with Xceed and Lightstream. The trick is to forward xceed’s email with the attached letter to lighstream. The email body should have the rate and the term while the letter will have the amount. Be explicit in your email to lightstream what you want: cite your loan application number, ask them to rate beat the autopay rate that xceed is giving you. It took me 3 rounds of emails to lightstream but i finally got the rate beat.

 

[duy.duck]

I just went through the process with Xceed and Lightstream. The trick is to forward xceed’s email with the attached letter to lighstream. The email body should have the rate and the term while the letter will have the amount. Be explicit in your email to lightstream what you want: cite your loan application number, ask them to rate beat the autopay rate that xceed is giving you. It took me 3 rounds of emails to lightstream but i finally got the rate beat.

but the body of my email doesn't state the terms at all. it just says PA letter for pre-approval.

in all honesty, the not accepting pre-approval letters is ridiculous. it's just semantics.

 

[spaghetti]

Ask xceed to provide you a letter with loan amount, term, rate with autopay, and purpose of loan (ie auto loan). I got all of these but the term and rate were in the email body, while the loan amount and purpose were in the letter. I think they intentionally do it this way because all Tesla (or any other dealer) cares for is the amount financed and purpose of financing.

 

[duy.duck]

but the body of my email doesn't state the terms at all. it just says PA letter for pre-approval.

Ask xceed to provide you a letter with loan amount, term, rate with autopay, and purpose of loan (ie auto loan). I got all of these but the term and rate were in the email body, while the loan amount and purpose were in the letter. I think they intentionally do it this way because all Tesla (or any other dealer) cares for is the amount financed and purpose of financing.

I have a letter with all the above. it just says pre-approval instead of approval. there's no way to ask them to remove the "pre" without raising suspicion.

 

[spaghetti]

I have a letter with all the above. it just says pre-approval instead of approval. there's no way to ask them to remove the "pre" without raising suspicion.

Miy letter from Xceed also says preapproval, and that worked fine with Lighstream

 

[duy.duck]

Miy letter from Xceed also says preapproval, and that worked fine with Lighstream

oh great! everyone above is saying how their's was denied because it stated pre.

 

[dailo]

Hm they wouldn't take my pre approval email for some reason. I'll have to try to see if I can get a more official letter and try again.

 

[spaghetti]

Hm they wouldn't take my pre approval email for some reason. I'll have to try to see if I can get a more official letter and try again.

Pre-approval letter worked for me. A pre-approval email did not for me too at first. They consider a letter to be an official document.