How to cancel or reject loan offer.

[cenwesi]

After I got my VIN #, I started shopping around for which credit union will give me the best interest rate. They were four on my list I went after. To my surprise, I got approved at 3.34% at one particular credit union for 72 or 84months. The others were like 4.24% and 5.74%. Anyways, I am going with the one with the lowest rate. The other credit union wants me to send in few documents which I have not done because I wanted to get the lowest rate. I have thus sent the credit union that gave me the lowest rate all necessary documents.

What I need to know is how do I go about telling the other credit unions nicely that I can't take their loan.

PS: of course I only want to do this once they hand me the check or transmit the amount to Tesla.

 

[ucmndd]

Are you asking us how to call random credit unions and tell them you are not interested in finalizing the loan you applied for?

I’d start by… calling them and telling them. But honestly, you don’t even need to do that. They’ll get the hint soon enough if you just stop responding.

 

[jjrandorin]

After I got my VIN #, I started shopping around for which credit union will give me the best interest rate. They were four on my list I went after. To my surprise, I got approved at 3.34% at one particular credit union for 72 or 84months. The others were like 4.24% and 5.74%. Anyways, I am going with the one with the lowest rate. The other credit union wants me to send in few documents which I have not done because I wanted to get the lowest rate. I have thus sent the credit union that gave me the lowest rate all necessary documents.

What I need to know is how do I go about telling the other credit unions nicely that I can't take their loan.

PS: of course I only want to do this once they hand me the check or transmit the amount to Tesla.

You can either ghost them (which is not what I would do) or if you are communicating by email, you send an email to them something like:

=======================

Thank you for working with me on my loan application, and I appreciate the loan approval I received from (insert loan company name). After careful consideration of multiple factors, I have decided to go in a different direction for my financing for my new vehicle. I really appreciate your time and effort in working with me.

Thank you

=======================

At least, this is what I would do, but this is also pretty old school. I try very hard not to burn any bridges, and sending an email (or if you have been working with a specific individual via voice communication, calling them and saying something like the above) is going to be rare enough that they will likely remember you favorably.

Its not necessary, you dont have to do anything, but if (for example) your other deal falls through, if you did something like the above, you could reach back out to them and likely re engage quickly, without any real issues.

 

[cenwesi]

You can either ghost them (which is not what I would do) or if you are communicating by email, you send an email to them something like:

=======================

Thank you for working with me on my loan application, and I appreciate the loan approval I received from (insert loan company name). After careful consideration of multiple factors, I have decided to go in a different direction for my financing for my new vehicle. I really appreciate your time and effort in working with me.

Thank you

=======================

At least, this is what I would do, but this is also pretty old school. I try very hard not to burn any bridges, and sending an email (or if you have been working with a specific individual via voice communication, calling them and saying something like the above) is going to be rare enough that they will likely remember you favorably.

Its not necessary, you dont have to do anything, but if (for example) your other deal falls through, if you did something like the above, you could reach back out to them and likely re engage quickly, without any real issues.

Exactly. I don't want to ghost them or ignore them. You never know if you will need them in the future. I kind of like your response and will end up using it unless someone has a better response. I will only do this once everything is finalized.
Thanks.