Documentation needed for Lightstream

[rlb4]

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.

What issues did you have with Lightstream rate matching Everence? Any tips? I plan of doing the same.

 

[favo]

What issues did you have with Lightstream rate matching Everence? Any tips? I plan of doing the same.

They didn't like just a forwarded email. They wanted an actual document. Other people have said LS did accept the email, so it may just depend on who looks at it.

 

[rlb4]

They didn't like just a forwarded email. They wanted an actual document. Other people have said LS did accept the email, so it may just depend on who looks at it.

So you sent them a scan of a document? Did Everence send you what was needed to send to Lightstream? Just trying to be prepared for when my # is called since we have to act quickly.

 

[favo]

So you sent them a scan of a document? Did Everence send you what was needed to send to Lightstream? Just trying to be prepared for when my # is called since we have to act quickly.

Everence emailed me a document on letterhead, which I could then forward to LS. I think Everence may be getting a higher than usual number of applications, and they are a bit swamped as a smaller CU. If you ask for something on letterhead, they should eventually send you one, although they did say it shouldn't be necessary. They didn't seem to have a standard form they send out for approvals (other than email), so it may depend on the rep you get.

 

[rlb4]

Thanks.

 

[sdawg11]

LS denied my rate beat from Allegacy, they didn't like my forward "approval email" from Allegacy that I was sent which outlined the terms/APR etc. I'm a bit annoyed.

 

[tvisdog]

LS denied my rate beat from Allegacy, they didn't like my forward "approval email" from Allegacy that I was sent which outlined the terms/APR etc. I'm a bit annoyed.

What did they say they wanted instead? I'm waiting on an application from Allegacy right now as well.

 

[N3RVOUS]

I got approved by my credit union for 3.44% over 72 months for a $41k loan. I had to get an "official" approval letter from my credit union, which unfortunately did not have the complete terms (only the loan amount). I had the credit union rep detail in an email what my approval is -- "Your approval is for the $41k on a 72 month term at 3.44%" -- then packaged that and the official approval letters as individual .pdfs and sent along to Lightstream. At that point I was approved.

 

[jhonnyXives]

I just want to say all of this did not work with Lightstream Rate Beat. All the loans we get are "Secured" loans ie. with the car as the collateral. Lightstream did not take any of of my approval letters, asking specifically for a Truth In Lending Disclosure, and then when I did manage to get my Truth In Lending disclosure, they rejected it saying "The loan is secured Loan, but we offered you unsecured loan" (It does clearly mention that their rate beat program only works with loan offers that are unsecured") So I am not sure if this is recent but for me I can't use rate beat and at this rate I doubt if anyone can even use their rate beat. Bogus marketing technique.

 

[Ejl80]

I just want to say all of this did not work with Lightstream Rate Beat. All the loans we get are "Secured" loans ie. with the car as the collateral. Lightstream did not take any of of my approval letters, asking specifically for a Truth In Lending Disclosure, and then when I did manage to get my Truth In Lending disclosure, they rejected it saying "The loan is secured Loan, but we offered you unsecured loan" (It does clearly mention that their rate beat program only works with loan offers that are unsecured") So I am not sure if this is recent but for me I can't use rate beat and at this rate I doubt if anyone can even use their rate beat. Bogus marketing technique.

I don’t believe it said that when this thread was active. If I remember right it said loan for the same purpose or something?

 

[EVGo99]

I just want to say all of this did not work with Lightstream Rate Beat. All the loans we get are "Secured" loans ie. with the car as the collateral. Lightstream did not take any of of my approval letters, asking specifically for a Truth In Lending Disclosure, and then when I did manage to get my Truth In Lending disclosure, they rejected it saying "The loan is secured Loan, but we offered you unsecured loan" (It does clearly mention that their rate beat program only works with loan offers that are unsecured") So I am not sure if this is recent but for me I can't use rate beat and at this rate I doubt if anyone can even use their rate beat. Bogus marketing technique.

They must've just recently changed their rate beat program. I used them towards the end of July and they beat a competitor rate. At that time I don't think they mentioned anything about the competitor rate having to be a for a unsecured loan also.