Pandamoanium
Member
1.99% before the change last week with Aspire CU. LS did come back at 3.69% prior to me going to Aspire. Rate beat is up in the air as I don't know if I even want to go for it.
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Let's talk financing rates
- Thread starter flashflooder
- Start date
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- Model 3
What all did you include with your e-mail? I am unable to figure out what I am supposed to include.
Checkout Consumers Credit Union. I am actively talking with them. They also have some killer rates if you move your banking to them.
I was unable to get any credit union to send me any documentation with my rate, they seem to have caught on. I have a 90 day rate lock with Everence at 2.49%, so I will probably be reapplying with Lightstream once I receive my VIN and get more official paperwork.
voip-ninja
Give me some sugar baby
There’s nothing to join, LS is not a credit union it is a bank.
Click the button to apply for a new loan and wait for their response.
They won't rate match a loan that hasn't been approved yet - in other words, LS has to approve you first for a loan before they will consider a rate match.
Okay. Thank you for clarifying. So I will first need to be approved for THEIR loan. Then, after receiving THEIR loan rate, I send them in my approval letter to get a rate match, correct?
debuggr
Member
Correct - and here's a pro tip - always always always better to talk to the customer service rep than trade emails with them. The people are generally very nice and helpful.
Thanks. I'll apply for them right now and hopefully hear back from them in the day/afternoon.
I called earlier and asked what I needed as far documentation goes, but they stated I would need to e-mail them. Do I ask for loan specialist?
After you are approved, just call their customer service line. If they have questions before they approve your app, they'll call you usually within 1-2 days of submitting your loan app. Sometimes as quickly as a few hours.
Goosby
Member
After an incredibly long and frustrating process with Allegacy, I was finally able to get a term sheet to send to Lightstream and have rate beat with an unsecured loan. For anyone wanting to go with Allegacy, you will not get a pre-approval letter; however, when my loan officer sent all the documents for me to sign there was a “final” term sheet which I was then able to send to Lightstream. The only issue Lightstream had with the paperwork is Allegacy marked “variable interest rate” to account for the automatic payment discount; Lightstream’s email reps shot me down twice, but one quick call got it sorted out and approved.
The frustrating part with Allegacy is it took approximately 4 business days to get an auto loan approval, while only taking 15 minutes at a local credit union for the exact same loan (albeit higher interest rate) and ~1.5 hours for an unsecured loan with Lightstream. I want to give Allegacy the benefit of the doubt and chalk it up to high demand for their loans combined with a holiday weekend, but I’m not sure those factors justify the lack of organization and communication.
Agreed. The Lightstream rep I spoke with was incredibly helpful. I think those responding to emails are given little flexibility and look for any reason to deny, hoping people will call it quits.
The frustrating part with Allegacy is it took approximately 4 business days to get an auto loan approval, while only taking 15 minutes at a local credit union for the exact same loan (albeit higher interest rate) and ~1.5 hours for an unsecured loan with Lightstream. I want to give Allegacy the benefit of the doubt and chalk it up to high demand for their loans combined with a holiday weekend, but I’m not sure those factors justify the lack of organization and communication.
Agreed. The Lightstream rep I spoke with was incredibly helpful. I think those responding to emails are given little flexibility and look for any reason to deny, hoping people will call it quits.
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Good to know. I'm working through Allegacy now.
I don't have delivery or contact yet, but I wanted to lock in for 60 days.
What was frustrating with their process beyond getting the loan sheet? So far, they've only asked for 2 paystubs.
How did you sort out the "variable interest rate" wording? Did you have Allegacy change it? What did you say to Lightstream to get them to accept it?
I don't get how people are talking to customer service about the rate beat program. I've called them twice and each time they told me I would need to submit my documentation letter through email. How are people doing this over the phone?
Goosby
Member
My biggest gripe was not being able to speak with my loan officer and square everything away at once. They were always busy with someone else or not in the office; apparently only one officer can assist per loan, even for general questions. I had multiple reps, because I could never get through on the officer’s direct line, “leave a message with them to call me back ASAP,” and I sent multiple emails to call me back as well, but none of them were received according to my loan officer. When I submitted 2x paystubs and all other requested information it was done one email at a time, even though I asked multiple times whether anything else was needed; I let them know I was wanting to take delivery of the vehicle by 9/5 and to please let me know if any additional information was necessary to complete the loan process. ~4 hours later I’d get a response asking for proof of car insurance, which I would send with the same “please let me know if...” After jumping through the hoops a few more times, one email at a time (employment history, scans of drivers license, auto insurance (again, not sure why), etc.), the loan was finally sent to underwriting. I followed up on Tuesday asking if the loan had been pre-approved and if there would be any issue taking delivery on Weds, 9/5. I am told by a rep that my loan officer is busy and would get back to me, but everything looks good and delivery on Wednesday shouldn’t be a problem. Right before my loan officer left for the day I was told, via email, that I had been pre-approved and that the underwriter needed the MVPA, with the associated VIN, to proceed with the final documentation. Of course nobody else can assist me after my loan officer has left for the day, so I called Tesla to delay delivery until Saturday, 9/8. Thankfully yesterday I got the documentation needed to send to Lightstream and everything is squared away for me, but I was told my wife not being a member of Allegacy had been overlooked during the application process and that an account would need to be opened in her name and funded prior to the loan being approved and a check sent.
I think if you have plenty of time to get everything sorted out you won’t have any issues with Allegacy, but I got lucky by unexpectedly being told by Tesla that my car was ready for pickup the following day, so I needed to secure financing quickly. Combined with the holiday weekend and overwhelmed staff at Allegacy, it was a recipe for disaster. Had Lightstream not been an option, I’d have no issue accepting the loan from Allegacy, but I certainly would have been concerned on my way to the delivery center whether the check was actually sent... given the loan fiasco.
Best of luck!
What documentation did you provide to them? Was it just a preapproval letter? And how long did it take? I'm afraid they won't take my official preapproval.
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