Let's talk financing rates

[UKayla]

Definitely, though we could note the criteria. A common format would be best. Maybe something like:

Truliant FCU — 36-66mo 2.74%, 72mo 2.99%, 84mo 3.49%; 1000 partner employers or $8 membership for NC, SC, VA, GA, TN

I think this would be really, really helpful!

 

[NathanielHrnblwr]

Are any of you getting GAP insurance? I haven't bought a car in over a decade and it wasn't nearly as much as this car. I'm trying to determine what the optional use case is for GAP. If one financed 100%, GAP likely makes sense in the event the car is totaled out, but at what point does it become overpriced? 30% down?

 

[SageBrush]

Are any of you getting GAP insurance? I haven't bought a car in over a decade and it wasn't nearly as much as this car. I'm trying to determine what the optional use case is for GAP. If one financed 100%, GAP likely makes sense in the event the car is totaled out, but at what point does it become overpriced? 30% down?

Insure what you cannot pay for out of pocket to replace the car.

 

[BrianBradford]

This wasn’t true, for me. I applied at my CU first, and after my approval there asked them for a letter detailing my approval including rate, term and amount. I then applied to LightStream and was approved there at a higher rate, and sent in my letter from the CU. They adjusted the APR to heat the CU within an hour.

Maybe it depends on the lightstream rep? The lightstream rep rejected my Credit Union pre-approval letter. I had to provide them my loan agreement.

 

[hoang51]

Interesting. Any stipulation to get into this credit union?

Qualifications to join Fed Choice here.

 

[NathanielHrnblwr]

likely a dumb question but how are you guys doing financing with Lightstream without final numbers?

Is it just a pre approval for a general amount (Car-Down+10k to cover TTL) and when you get the final contract from Tesla have Lightstream send over the exact amount? I don't want to get an loan for 50k if I end up only needing 45k.

 

[Knightshade]

likely a dumb question but how are you guys doing financing with Lightstream without final numbers?

Is it just a pre approval for a general amount (Car-Down+10k to cover TTL) and when you get the final contract from Tesla have Lightstream send over the exact amount? I don't want to get an loan for 50k if I end up only needing 45k.

I assume most folks can figure out their final cost pretty close without help from Tesla...

Price of car is known, destination fee is known, whatever your state/county/etc charges for TTL is known, how much you already paid (2500 or 3500) is known. What's left?

 

[tentimesodds]

I assume most folks can figure out their final cost pretty close without help from Tesla...

Price of car is known, destination fee is known, whatever your state/county/etc charges for TTL is known, how much you already paid (2500 or 3500) is known. What's left?

My reservation page includes a figure for TTL...that said, in order to get the rate I wanted with my CU I could only finance 90% LTV, so I just told them the retail price of a blue AWD with EAP ($59K) and got approved for 90% of that ($53,100). That's what they put on the approval letter, and is what LightStream matched. I chose the latest possible funding date (30 days away) since I'm not going to be taking delivery any time soon (reserved June 2017 and configed 6/29).

That all being said, if you finance too much with LightStream and don't need the cash, you can just prepay the overage back to them. It's an unsecured loan (if you have top credit) with no prepayment penalties.

 

[dailo]

Light stream is an unsecured loan. They don’t need any info from Tesla.

 

[hoang51]

Has anybody here registered their Model 3 under a business LLC along with your name and successfully applied & approved for a loan from Lightstream and/or fed choice with your business' name on the loan application? Tesla wants the company's name on the loan documents and today is Sunday, I can't verify the banks if they can inclued the company's name.

 

[NathanielHrnblwr]

Thanks for the info. I'll give Lightstream a call Monday after I get the quote from the CU.

 

[spaghetti]

Just FYI for those looking for financing, this is what I found in the last 2 weeks:

Financial Partners CU 2.24/72 max 90% LTV

Alliant 2.99/72

Xceed 2.9/72

Lightstream 4.34/72, will beat any confirmed rate

Everence CU (Mennonite) 2.49/60 2.99/72

Logix Banking 3.24/72

PTO FCU 2.49/72

California CU 2.39/72

Park View FCU 2.49/72

Stanford FCU 2.49/60 2.99/72

Keypoint CU 3.49/72

USAA 2.79/72

San Diego Metropolitan CU 2.49/72

TruMark Financial CU 2.74/72

San Mateo Credit Union 3.24/72

Technology CU 3.74/72

 

[Zidarich]

Thanks spaghetti!

So for the people going through Lightspeed: You’re opening up an account at a CU, full on applying for a loan, asking Lightspeed to beat it, then going back and closing the account at the CU?

 

[dailo]

Thanks spaghetti!

So for the people going through Lightspeed: You’re opening up an account at a CU, full on applying for a loan, asking Lightspeed to beat it, then going back and closing the account at the CU?

I did not have to open an account to apply for the loan. It is assumed you will open an account after you get approved. At least for me.

 

[Plan B]

Just FYI for those looking for financing, this is what I found in the last 2 weeks:

Financial Partners CU 2.24/72 max 90% LTV

Alliant 2.99/72

Xceed 2.9/72

Lightstream 4.34/72, will beat any confirmed rate

Everence CU (Mennonite) 2.49/60 2.99/72

Logix Banking 3.24/72

PTO FCU 2.49/72

California CU 2.39/72

Park View FCU 2.49/72

Stanford FCU 2.49/60 2.99/72

Keypoint CU 3.49/72

USAA 2.79/72

San Diego Metropolitan CU 2.49/72

TruMark Financial CU 2.74/72

San Mateo Credit Union 3.24/72

Technology CU 3.74/72

VERY HELPFUL!

Long gone are the days of .09% for 84

 

[spaghetti]

So for the people going through Lightspeed: You’re opening up an account at a CU, full on applying for a loan, asking Lightspeed to beat it, then going back and closing the account at the CU?

Correct, except that some CU's do not need you to first become a member / open an account - they allow you to first apply for a loan. If you are approved and then proceed, you then become a member / open an account. Xceed is one such CU.

 

[TofuRunner]

Anyone have any experience with
Financial partner credit union; 2.24% for 72 months
or
Rancho Federal credit union; 1.90 for 60 months

 

[mackomon]

What's the best way to contact Lightstream for the Rate Beat Program? Is it via their customer service email address ([email protected])? Or do they have phone number for us to call?

 

[tentimesodds]

What's the best way to contact Lightstream for the Rate Beat Program? Is it via their customer service email address ([email protected])? Or do they have phone number for us to call?

I just used that email address. I’d get your CU approval first and then apply for LS, then email them your approval letter.

 

[dailo]

What's the best way to contact Lightstream for the Rate Beat Program? Is it via their customer service email address ([email protected])? Or do they have phone number for us to call?

I just replied to the approval email they sent and they got back within a few hours. I guess their business model makes sense if they can get the volume, low over head and only lend to high credit individuals. Probably got a decent amount of business just from this thread.