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Let's talk financing rates
- Thread starter flashflooder
- Start date
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- Model 3
wbhokie
Member
It depends. Lightstream can give you a secured OR unsecured loan depending on your credit. If you get an unsecured loan, then they write you a check directly. In that case, yes. You would pay the money "as cash".
voip-ninja
Give me some sugar baby
Allegacy Federal Credit Union auto loans: up to 66 months 2.29% and up to 75 months 2.74%
I was already a member, so unsure if anyone can joint or not but think so.
I applied for loan, get the call back I am approved and lady asks if its for a Tesla. I said yes how did you know? She says anyone asking for a loan over 45k is getting a Tesla these days......Darn you Elon for going private!!!!!!
I was already a member, so unsure if anyone can joint or not but think so.
I applied for loan, get the call back I am approved and lady asks if its for a Tesla. I said yes how did you know? She says anyone asking for a loan over 45k is getting a Tesla these days......Darn you Elon for going private!!!!!!
"Thank you for choosing Allegacy Federal Credit Union. We welcome all residents of the United States to apply." Seems pretty open to me.
Where did you see that? Their join page has the normal local / business limitations.
Edit: I see that on the application page. I'm assuming that they ask for verification of membership to some organizations or employee of approved businesses after you apply.
ConcordeSST
Member
I've seen many references to LightStream here and am considering going that route, I'm just afraid of the timing of it all if I get short notice from Tesla. One thought I had was to get pre-approved at my local bank, then get LightStream to match that rate and send me the money as soon as possible after I first hear from Tesla that I have a VIN. However, when I contacted LightStream and asked them if I have a certain number of days after disbursement of funds to buy the vehicle, they said:
"After we have transferred the funds to your account you have 15 days to complete your transaction to purchase the vehicle of your choice."
Is this true? Does anyone know what proof they require that I have purchased the vehicle? What do they do if I don't have the vehicle yet? Do I have to send the money back?
"After we have transferred the funds to your account you have 15 days to complete your transaction to purchase the vehicle of your choice."
Is this true? Does anyone know what proof they require that I have purchased the vehicle? What do they do if I don't have the vehicle yet? Do I have to send the money back?
stillageek
Member
This is going to be a narrow section of buyer's but I got 2.49 for 72 from Sky One Federal Credit Union (aviation employees) and 1.99 for 72 from Credit Union of Texas. Credit Union of Texas will rate match. I used Dallas Credit Unions 1.99 for 60 as a match case. Painless.
Lightstream is probably the quickest way you can possibly get your money. After you accept your loan, you can have the money deposited into your account the next day. After the approval, you have 30 days to accept the loan so you can wait until then to accept it if your car still isn't available.
NathanielHrnblwr
Member
I have the same question about Lightstream. I was going AWD but I'm trying to switch to P, but it's a slow process. ISA says 4-6 weeks to delivery, but Lightstream already approved my loan and I have to take possession of the money before EOM to keep my rate.
I know I technically need to buy a car with the funds and fully intend to, but it may be a few weeks depending on when Tesla can deliver the car.
To those that financed with Lightstream, did they follow up in regard to the purchase or did they just give you the money and start taking monthly payments out in 30 days?
I know I technically need to buy a car with the funds and fully intend to, but it may be a few weeks depending on when Tesla can deliver the car.
To those that financed with Lightstream, did they follow up in regard to the purchase or did they just give you the money and start taking monthly payments out in 30 days?
wbhokie
Member
I think this is better split into multiple questions. First, assuming it is an unsecured loan, I believe yes they would just start taking out monthly payments regardless. (I've used them for an unsecured loan for my pool before, and I don't remember if they did it for the first month or not) Since it is unsecured, they wouldn't have a lien, so there technically is no reason for them to follow up with you as long as they approved you for an unsecured loan in the first place. But the 2nd question would simply be... did they? If so, I'd just send them your order agreement if you didn't have your VIN yet. The whole point of it being unsecured eliminates any need of proof anyway.
When I closed on my unsecured LightStream loan they allowed me to pick a funding date up to 30 days into the future. Interest will begin to accrue after that funding date. You can then choose which day of the month you want your payment to fall on, and if you choose the date that is roughly 45 (I think) days after your funding date, that will be the latest possible first payment date.
Example: I signed my loan agreement on July 23. The latest available funding date was August 23. You can change that funding date to be earlier at any point up until that time. I was able to select a payment date of the 10th of every month, which showed my first payment as October 10th. If I chose the 11th then the first payment would be September 11th.
I tried to go as late as possible because I'll probably still be waiting for delivery on October 10th...but I get the cash on August 23 and the first payment will come out on that date.
hurjio
Member
Can you get a loan approval from FPCU (to take to Lightstream) without opening an account at FPCU?
ConcordeSST
Member
They didn't say anything about having to prove you bought the car after that funding date?
There is a term in there somewhere that they reserve the right to ask for proof that you bought the car, but I am not sure they actually check. It is an unsecured loan for a reason.
ConcordeSST
Member
I asked their customer service again and they confirmed what you are saying. At first they told me I had to confirm my vehicle purchase within 14 days, but I don't recall if I specified an unsecured loan in my question. This time I did and they said I'm free to purchase the vehicle whenever I want after funding on an unsecured loan.
NathanielHrnblwr
Member
ConcordeSST
Member
Thanks for following up!
PS Nice user name
Thank you!
Another data point for anyone interested, it only took me 5 minutes to fill out the application today and 8 minutes for them to approve me for an unsecured loan at their lowest current rate of 4.54%. I have 30 days to accept the offer. Now to chase down the rate beat option...
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